Resolved Question

Credit card...minimum payment...please help!!!?

I need to lower the minimum payment in order to achieve that I know I need to pay more than the minimum payment per month.
I don't know how to calculate that.I'm not very good at maths.can you help?and explain as if you were talking like a 8 year old kid? subtract or divide this and that or multiply...in that terms so I understand.

will it lower considerably if I pay £500?

please help

minimum payment £141
estimated interest £118
credit card's total amount £6800

Additional Details

I meant, talking to an eight year old.

when I said I'm thinking amount paying £500...it's just for this month.I can't afford to pay £500 next month...would that make a lot of difference to the minimum payment?

2 weeks ago

Best Answer - Chosen by Asker

Based on the info you gave, it seems the minimum payment is 2.1% of the balance (£141/£6800). Paying the £500 and assuming you do not use the card, the balance will be about £6450 (£6800 - £500 + £118), meaning your new minimum payment will be about £136 (£6450 * .021).

With about £120 of all payments going towards interest, the only way you are going to significantly lower your balance and payments is to stop using the card and to pay significantly more than the minimum payment each month - say at least £300

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Other Answers (4)

• It wouldn't really reduce the minimum payment by a significant amount.
  
  Not sure on the requirements for you minimum payment (usually it's 5% or something), but in the figures you've provided £141 is a little over 2% of the balance (£141/£6800*100=2.07%).
  
  If you use this as the basis for calculating the following months minumum payment it would be as follows:
  
  Current Balance - £6800
  Less paid this month £500
  Plus interest - £118
  total next month: £6418
  
  2.07% of 6418 would be £132.85, so your minimum payment will only have been reduced by a small amount.
  
  hope that helps.
• It depends what your interest rate is.
  
  It sounds like your interest rate is quite high, I think around 1.75% but without knowing your credit card terms it's hard to judge, however £141 is approx 2.07% of £6800.
  
  If you pay off £500 this month, the interest will be calculated on £6300 so next month the total amount outstanding would be £6410 approx. The minimum payment would probably be in the region of £133 (2.07% of £6410).
  
  The quick answer is the faster you can pay it off, the less it will cost you.
• the lower the balance the lower the minimum payment will be, if u pay off £500 then yr balance would be £6300 plus next months interest. so yr minimum payment would be a bit less next month. just paying the minimum means u will be paying it forever however if u have a crisis at the moment then a few months at min payment wont do much harm.
• If you pay 500 this month then the minimum payment should lower a bit if you don't buy anything else on this credit card. The 118 should be the interest that will be charged if you don't pay in a year.

Resolved Question

Applied for a loan how long roughly does it take to go through?

I applied for a loan today through my bank and they said it was accepted but couldn't tell me how long it would take. Roughly how long does it usually take for a loan to go through?? As I need the money by monday to secure a home or we are homeless. If you have any other ways to make money would be appreciated UK ONLY please and no online surveys or spam.

Additional Details

does no one understand english I said UK ONLY AND NO SPAM so far apart from 2 answers thats all Iv recived is info about american loans ( I dont live in the usa) And people spamming. Anyone else who spams will get reported

2 weeks ago

Best Answer - Chosen by Asker

Depends on your bank, if they said its accepted I would have thought it should be available in your account tomorrow.

As long as its the same bank you hold your current account with other wise it'll take at least 3 days

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Other Answers (5)

• If you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different terms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know more, then here is a guide to some of the basic loan terms you might need to know.
  
  http://www.worldbestloans.com/
  
  The lower the APR, then the cheaper the loan interest will be. Credit scoring is a method that lenders use to determine your eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scored, and the better your score then the more likely you are to be accepted for a loan.
• Hello everyone,
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• Hello my dear do not full prey to those hoodlums at they that call them self money lender they are all scam , all they want is your money and you well not hear from them again they have done it to me twice before I met Mr. Brown Wilson the most interesting part of it is that my loan was transfer to me within 74hours so I well advice you to contact Mr. Brown if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email brownwilsonloan4@live.com
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• I am Natasha Chan i was in need of a loan of $300 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John Clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com
• You will not see the money in your account by Monday that's for sure.
  Usually takes 7 business days depending on size of the loan

Resolved Question

How do you go about changing your solo card details?

ive just changed my name by deed poll and im just about to send the legal document to the bank. but how do i get the details on my card changed? do i send it with the legal document? do i need to pay? or what

Best Answer - Chosen by Voters

You need to call your bank and ask what the procedure is. No you shouldn't have to pay and yes you will need to send the document to them and you also need to ask for a new card.

You will then be sent a new card with your new name on.

Easy!

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67% 2 Votes

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Other Answers (1)

• If I remember correctly, when I changed my name by deed poll, I sent the bank my document and in due course they issued me with a new card. Call your bank to check first though.

  33% 1 Vote

Resolved Question

How long does it take to receive tesco club card vouchers once you have applied for them.?

Best Answer - Chosen by Asker

You have to spend money in the store to earn the vouchers. Is that what you are referring to or are you exchanging your vouchers for travel ones.
If so it can take a week or so.

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Other Answers (2)

• They send them to you every month, depending on how much you spent. You get 2 points for every £1 you spend, so once you've spent £50 you will get a whole pound!! Mind you, if you drive make sure to fill up at Tesco and hand over your card so you get points for that. It will soon add up if you do this.
  
  They will also send you coupons for savings and extra points, which you redeem against particular things. Like "50p off any purchase of dairy products to a value of £1 or above" or "500 extra points when you spend £1 or more on toilet rolls" stuff like that
• every 3 months and petrol counts as 1 point. 500 extra points when u spend a pound? Do me a favour

Resolved Question

Can you overdraft a Paypal Debit Card and/or a Visa Pre-paid credit card or will it decline?

I am tired of getting overdrafted by banks, so I switched to a credit union, but I still do not want to use their debit card. I want to use the Paypal Debit card (and/or Visa Pre-Paid giftcards) for my purchases instead.

I want to know if the Paypal Debit card will decline my purchase if I am out of money and have no backup funding connected, and/or will a Visa Pre-Paid credit card? I want to be declined when I have no funds, rather than face an overdraft or insufficient funds fee.

Best Answer - Chosen by Asker

The transaction will not be authorised if insufficient funds are available.

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Other Answers (0)

No other answers.

Resolved Question

Can I use a 0% credit card to get out of my overdraft?

Hiya,

I'm nearly £700 into my overdraft (debit card) and would love to get out of it. Is there any way that I could apply for a credit card (0%) and transfer the amount needed to get out of it. I have a job and I'd be able to make repayments on time ... it's just I'm new to credit cards so I dont really know where to start.

Any advice please. Please avoid silly answers ... what IS the point of them?

Best Answer - Chosen by Voters

If you are looking for a 0% balance transfer card to pay off your overdraft, then you need a combination of
(a) the 0% BT and also
(b) the ability to do that BT from a bank account.
Ideally you want both of those in one card.

Failing that, you need two cards. One that does the 0% BT and the other than has the ability to BT from a bank.

67% 2 Votes

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Other Answers (2)

• Unsecured credit card funds CANNOT be transferred to a debit card (secured) because you put the funds that belong to you for your debit card. The credit card funds DO NOT belong to you but the bank issuing you the card. You have to pay the funds with your OWN monies. The only way it works is if you have a credit card through your bank and a debit card through your bank. Then you can use the debit card as overdraft protection for your credit card to avoid the over the limit fee. But the credit card CANNOT be used to cover overdraft fee transactions on debit cards.

  0% 0 Votes
• It's hard to give a clear, complete answer without getting more information. I will answer this way... Yes, you can use a credit card to repay an overdraft IF...
  
  IF the credit card allows you to get a 0% cash advance (not a balance transfer), and IF the new credit card gives you a large enough credit line to cover the entire 700 you owe.
  
  You won't be able to tell the credit card company to send the 700 to your checking account where you have the overdraft. They don't do that. It's essential they allow you to take the 700 personally, then YOU can deposit it to cover the overdrafts. Make sure when you apply for a credit card you understand in advance whether you will be able to do that. Not all of them offer that.
  
  Also make sure that you understand exactly how long the 0% rate is in effect. If you can't repay it all before the 0% rate expires, you have to look at what the interest rate will be on what you haven't yet paid back.
  
  I have to say it's a concern that you will need an amount that large to cover overdrafts. Make sure you aren't digging a deeper hole by getting a credit card.

  33% 1 Vote

Resolved Question

Please help.....Loans for bad credit.....?

Hi there

My husband and i are in desperate need of a loan between 4,000 and 6,000 pound the thing is i am on maternity leave at the moment and am not sure if i will be returning back to work for some time and am only receieving maternity allowance and child benifit so do not bring in enough to meet the criteria of applying for a loan and even if i did, i applied for a current account with abbey several months ago and they have credit checked me 6 times in one day so now making my good credit score poor and no reputable loan company is going to touch me now(prior to this i got our sofas and washing macheine on credit in my name so my score was good), my husband is in the armed forces full time after checking his credit score and file they seem to be in good shape yet he is being refused a loan by reputable companys like the banks and post office etc etc,

About a month ago i had a loan company called loanandgo get in touch with me saying they could give the full 6,000 pound we were after me being very niave and not realising what these brokers are actually like i gave them the admin fee they were asking for (49pound) later on to find out they had put me into a memebership with MRSCASHBACK who actually take the admin fee for loan and go this is now being disputed by my bank due to me not wanting the service they put my details into, i have not recieved any paper work or anything to do with this loan.... so they have take 49pound of my sons child benifit and i havent even had a letter from them they are a real scam.

Well last friday my husband came across a loan company called Loans4sure we had been told that we could borrow 4,000pound and that they wanted a admin fee of 49pound wich we said we could not pay as of yet but in a few weeks time we could they said it was ok and that they will send the paperwork out for us to look over before making any decision well i typed in Loans4sure on google about 20mins ago and what i came up with has made me a little dubiouse i came across a site that basicly say this company is another scam, my husband and i are so in need of a loan but we cannot afford to be ripped off again (we wouldnt be applying for a loan if we have money here and there to throw away)

My husband and i are currently on loan finder data base who based on the criteria my husband and i have stated they are trying to find us the best loans etc etc, well we have to both pay a fee to that company to have there service and as of yet they have found sod all!!! to help us and we just keep being refused by the people they are suggesting.

What i was wondering does anyone have any experience with a loan company for bad credit (loan in my husbands name) who dont go thorugh a brokerage and are the people who will finance your loan themselves? We do not mind paying a fee as long as we know we will recieve the money.

Sorry this is so long winded but we are at a lost end right now.
p.s can i say we are not intrested in any sort of debt consilidation.

Thanks guys.

Additional Details

BTW I AM IN THE UK SO I DO NOT NEED ANY AMERICAN ANSWERS as they are complately useless to me.

1 week ago

Btw can i ask why the fact y husband being in the military is bad he has a secure job no risk of being made redundant and has secure income of a good wage we have no problems with making repayments back

1 week ago

Best Answer - Chosen by Voters

creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

100% 2 Votes

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Other Answers (7)

• Your can try for for some Bad Credit Loans. Just Google Bad Credit Loans and you will find a number of lenders there. Or otherwise you can try for Payday Loans. I know that these loans have high interest rates and charges but you can get them easily and without any hassles. If not much but can be of some help to you. You can get more details from http://www.samedaypaydayloans.co.uk but this can only give you a loan of up to 1000 GBP and not more. Otherwise you need to search out for some good bad credit loan provider from your locality who can provide you with the loan mount.
  
  I hope that this could be of some help to you.
  
  All the best...........

  0% 0 Votes
• you need to go to the military charities who will help you, you must stop joining these online loan schemes they are legal, but take the fee and then look for a loan...it all goes on your credit file even if you dont get one...I dont think you're going to get such a large loan as you've been refused several times...you may just have to accept this and sell some items...you need to check your credit history with Experion...but, mainly get some advice from a military charity...you're not doing your husband's career much good at the moment.

  0% 0 Votes
• You might want to avoid payday loans some suggest, these will make things worse!
  
  Do not pay anyone any fee you can find the information online searching sites like http://www.cheaper-loan.co.uk the search box at the bottom.
  
  I am ex military and can only assume it is due to moving around a lot they penalise you?
  
  Also you can look @ removing entries from your credit file, its easy you do not need to pay some company to do it for you UK Credit Secrets has some very powerful info that does work for bad credit repair http://ukcreditsecrets.co.uk/
  
  Good luck

  0% 0 Votes
• Hi.
  I honestly don't want to come across as being nasty but I think you are going to have real problems getting a loan and even if you do, the interest rate is going to sky high.
  I can't understand why your husband has been refused credit, would it not be worth making an appointment with his bank manager to discuss what the problem is?
  If your finances are really stretched at the moment, is it wise to try and take out a loan that you will probably not be able to pay back, probably not.
  Anyway, what ever happens, I wish you well.

  0% 0 Votes
• I would be very carfull with any online loans asking for your personal info. Alot of scams are out there and any thing asking for money before giving you aloan.

  0% 0 Votes
• These days, it is almost impossible to stay out of debt; outside pressures from family or work can sometimes be the cause. All is not lost if you have acquired a bad credit score; there are many online bad credit loan lenders to help. Money provided to a person experiencing financial hardship is no different to any other type of loan and can be used by the applicant in the same way.
  
  http://www.worldbestloans.com/
  
  There are other reasons bad credit loans may be required such as for domestic emergencies, unforeseen circumstances or for consolidating previous debts. It is not uncommon for a person to arrange a loan just so they can repair their damaged credit history. They may not require the money for any specific situation.

  0% 0 Votes
• You should stop looking at a loan as the answer to your problems. A loan is only going to dig you further into debt You are unemployed and your husband is in the military. Neither of you are in a position to get a loan. You should stop trying to live beyond your means. A loan will not help you.

  0% 0 Votes

Resolved Question

Three Mobile - Advice About Fraud.?

My girlfriend has had a contract taken out in her name without permission. This has been done by her brother who has illegally used her information to gain a contract for him and his girlfriend. My question is, when we inform Three today, will they be able to find a definitive connection between the contracts and the persons with the contracts, or will they just sweep them under the rug as it were? I would like for Three to give them all they've got, but it's a £100 debt and a fraud case at that... but I've never heard of any dealings like this with Three, so could someone please explain the procedure if known and how they will (if they bother) trace the parties. I just want to provide Three with as much information as possible to get this resolved and make sure they give the parties involved what they deserve.

Also... how would someone go about getting a contract in someone else's name? I know they would have had letters as my girlfriend previously lived at their address. So they had letters with my girlfriends name on it... but doesn't someone have to have ID? Passport, Drivers License? I know they can forge her signature too. I just think this is stupid.

Additional Details

Thanks for the answer. I didn't think the police would do anything about it but I shall make them a port of call. I'm contacting Three to let them know about the contract and hopefully I'll get it all sorted. Thanks =]

1 week ago

Best Answer - Chosen by Asker

All you have to do, is tell Three that you did not take out the contract.
that this is the first you are aware that the contract is in existance.

When Three accepted the contract, it was their choice how much proof they accepted that the person contracting the phone was who they said they were. - that from their point of view is a 'risk' assessment that it will be a bad debt.

However, they will be happy so long as the bill is paid.
If it turns into a bad debt, then they will followup on the proofs/chase the person.

If you are now the first person they have contacted, your response is to explain that it was not you.
I would help them all you can, but do note any time and expenditure/inconvienience in case it becomes significant (small ammounts are not worth the bother) - you never know.

It is however for the Police to prosecute for fraud in behalf of Three
and for ID theft on behalf of youself .. if you wish to go to the police.


How would you get a contract in another persons name ?:
By signing a form/applying on line and possibly giving some proof of address.
A borrowed utility bill (hence why they should be shredded or kept under lock and key)
If the bill stays online, it goes to any enail account
If the bill payment is not taken from a credit card/Bank account in your name... I would suggest that for a company, they would want a good reason why not... but again, many may just accept the account number. - Unless the person has taken out a card in your name also !

When you contact Three, ask how and from where it is being paid, and if the account is in your name also (just in case)

Ultimately, it is for Three to show that it 'was you' that took the account out, till then they cannot (and should not) take any legal action against you. Hence the risk they take in not making strong checks at the start. They may commercially consider it cheaper to chase the few bad contracts than fully check all the good ones. But even more reason why any costs that you incurr for their 'laziness' and 'commercial assessment' should include your costs as well.

Good luck with your chat with Three,

But focus on clearing your name and liability,
so do register the situation with the police in case there are other things (credit card etc)

not any (possibly vindictive) action of getting the person who did this.
- that can be a secondary issue, and will follow naturally if slightly slower.

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Other Answers (1)

• my father never had anything to do with three and had to go to the police sometime ago because he received a £300 bill in his name.
  He managed to solve the issue

Resolved Question

Sky bill..........................…

hi does anyone know if i can be defaulted for not paying my sky bill, i have had it for for three years so i am not on my 12 month contract anymore. thanks for any help

Additional Details

........................................…

1 week ago

Best Answer - Chosen by Asker

Dunno about the default part but you need to try and negotiate with SKY. Try offering to pay half up front and the balance in instalments. They will be flexible as long as they see a payment and an offer to clear the outstanding unlike say council tax or rent arrears. They will possibly put your box back on too. Good luck!

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Other Answers (2)

• Normally when the contract ends, or you end it, you lose all Sky programmes except the freeview channels. In theory they can reclaim the box, but they never do as it's uneconomic to do so. So as long as you are not receiving Sky specific channels they can't pursue you. If you are, you owe and they can chase you and bugger your credit rating if you don't cough up.
• Yes.
  
  Why not get rid of Sky and go freeview.

Resolved Question

Can my grandmother receive pension credit thru her prepaid credit card?

She usually has to go to the postoffice and stand in the queue for ages. She has no bank account but she has a prepaid credit card.

thx

Additional Details

by the way I'm in the uk

1 week ago

Best Answer - Chosen by Voters

Most prepaid cards allow free top ups from wages. It shouldn't be any different for pension. PostOffice offers its own Prepaid card too, so there must be a way to do what you're trying to achieve.

What card does your grandmother have?

This link compares more than 20 prepaid cards in UK. PostOffice is one of the best ones after O2.

Source(s):

67% 2 Votes

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Other Answers (2)

• Tell her to open an account with the Co-Op Bank. Just a basic account, she will be issued a Debit Card where she withdraw money from most cash points FREE.
  
  If she uses a prepaid card she pays every time she withdraws cash

  33% 1 Vote
• Why cant she open up any basic bank account and have it paid into that? and no it cant be paid into the prepaid credit card.

  0% 0 Votes

Resolved Question

I am new to UK and hold fresh debit card my credit check is declined , can any one tell me of reason?

Best Answer - Chosen by Asker

You have to have been at your current address for 3 years and you must be on the electoral roll. The debit card has nothing to do with a credit card, if you want to build your credit scoring you need to get a credit card to raise your scoring level, you will get one from Vanquis or Capital One but I would not recommend Capital One and both of them have high interest and only give you a limit of £250 but it help get you on the ladder. Try Barclaycard or Virgin Credit Card.

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Other Answers (2)

• to get a higher credit rating you have to have a record of credit, so if you have had credit cards in the past and they are clean, then you credit rating goes up.
  if you have not used credit it is as bad as having defaults on you record.
• You have to credit history so request for credit card is declined.
  Your debit card is just that it debits money from your checking account. No money in checking account then debit is declined

Resolved Question

I used my credit card, and its not valid yet, what will happen?

My new card came through last week and I activated it then and put it in my purse. I went to buy my tax disc on line and accidently used the card not active till Oct, but the sale went through, even though its not valid yet.

Should I contact DVLA to buy it again with the other card, or just leave it since it went through and its for the same account anyway.

Best Answer - Chosen by Voters

If it went through, it's done.

100% 1 Vote

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Other Answers (3)

• if it is a follow- on card it'll be fine...otherwise see if the payment has gone through....keep an eye on your statements...my guess is as it wasn't denied at the time it's o.k.

  0% 0 Votes
• If it was activated, it should be fine otherwise it should have been disapproved.

  0% 0 Votes
• as u activated you card, and the sale went thru, u wont have any problems.

  0% 0 Votes

Resolved Question

Can i purchase a credit card but im unemployed?

Best Answer - Chosen by Voters

You do not purchase a credit card you apply for a credit card, since you have no income you would be denied.

You can purchase a PREPAID credit card at most retail stores, they are prepaid so you do not need to be employed, and you use them just like a regular credit card, you just have the money upfront.

100% 2 Votes

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Other Answers (3)

• Okay all the above answers are incorrect. You can apply for a credit card, but only if you have an income. For example if a partner provides for you. If you dont have an income, you cant apply. But just to confirm, phone the credit provider to do the application and check where you stand with them first.

  Source(s):

  0% 0 Votes
• no, credit card company's always ask for details of your work and your annual income, if it is under a certain amount,( different company's specify different amounts) then they will decline your application.

  0% 0 Votes
• Uk answer: If you're unemployed, you can't afford to have a credit card. Simple as that. Why would any company want to advance you money you can't pay back?

  0% 0 Votes

Resolved Question

Help with mortage problem?

Hi all on the 29th of july 09 i recieved a letter from the halifax advising me that my mortage is almost repaid an amount of 638.75 remains outstandig plus a 50.00 payment for my deeds dispatch.I then got another letter on the 0th july 09 and it went up to 660.32 i have paid them too payments one in august for 458.00 and another in sept for 252.64 a total amount paid to them of 710.00 clearing my mortage and for the release of my deeds.Iam now recieving letters on a daily basis requesting more money and every letter is stating different amounts to be paid i have contacted them on numerous occassions but no one at there office can give me an explanation of what is going onall they tell me is there is outstanding legal fees to be paid even though the letters i recieve states there is no legal fees pending.I have all the letters from hem and proof of all my payments to them this is causing my wife and i undue stress and arguments resulting in me leaving home for 2 weeks what can we do to get this matter resolved many thanks in advance.

Best Answer - Chosen by Asker

Sounds like a classic case of Halifax left hand not talking to right hand. Going into your local branch seems a good idea. Frighten them by asking for a written copy of their complaints procedure. If they know you are thinking of making a formal complaint - I bet they sort it for you. If they don't you can complain to the Financial Ombudsman, but they insist on all complaints being formally dealt with internally by the Halifax first. The FSA will not do anything.
As far as I am aware there should be no 'legal' charges merely admin fees when paying off your mortgage. However if you have had your mortgage for 20+years these fees could be £200+.
Good luck, but please don't worry. Hope this helps..

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Other Answers (3)

• We have just had hell with Halifax on 2 savings accounts. World's worst incompetent financial company.
  
  I am afraid the only answer is to make appt. to see local Branch Manager go in and explain and show the situation. DON'T shout at him as he will be embarrassed as he is probably inundated with their incompetence.
  
  Then tell him to sort out. We sat in our local offices branch for 3 hours until they sorted out!
  
  Demand compensation, we got £50 each there and then!
• i'm more concern why call yourself Jennifer as your avatar and yet you've a wife wouldn't something more masculine be more appropriate
• If it was me, I would write a letter to the manager of the department that I was receiving all of the letters from. I would include with the letter copies of all of their recent letters to me, as well as evidence of recent payments made which I believe have cleared all outstanding funds.
  
  I would also list all of the times that you have contacted the company in an effort to resolve the matter, including date, time and name of person spoken to if you have it.
  
  I would ask that someone look into the situation as a matter of urgency and clarify to you in writing whether there are any outstanding monies, and if so how much and an explanation of how they arose. I would ask for a response within 7 days of my letter, failing which, and as a result of the conflicting letters received and their inability to deal with the matter, I would contact the FSA for further advice.
  
  I would send the letter by Special Delivery, so you will have evidence that it was delivered to the company, and then give them 7 days from the day of delivery.
  
  Good luck

Resolved Question

Who is to blame for the credit crunch?

I need substantive facts please

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jif said it right! I have one more to blame is our educational institution, I graduated from high school in 1995 and only got a week snapshot of managing personal budgets and importance of credit cards. All of this went right over our heads. In college in our principle of finance course It was a blessing to have Dr. Paulson half of the course was solely on personal finance. The other three professors that taught that class only spend a week on personal finance as. Dr. Paulson predicted this mess we are in this was back in 1998. She said consumers and big business are too greedy now. She pushed for a manitory 2 credit class on personal finance to all majors in the university, it failed. If there was more education and yes Dr. Paulson explained sub prime lending. The consumer would be much more educated on this. this is my 2 cents.

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Other Answers (9)

• I think somewhere along the line we (the general public) need to take our share of responsibility. Yes the banks have a lot to answer for and were irresponsible lending to people who couldn't afford the debt but who were they lending to?
  
  We were the ones that wanted the consumer goods and houses we couldn't afford and applied for the 125% mortgages, credit cards, loans, overdrafts etc that we couldn't afford to have or pay back and now we're all saying it's the banks fault for lending it to us.
• You cant just point a finger at one politician its all governments all round the world they are the greedy scumbags that are draining away our cash on needless stupid things if not just lining their own pockets lets face it thats been revealed in the papers but believe me thats just the tip of the iceberg
  if the real truth got out about the way they are misusing our cash there would be a civil war

  Source(s):

• first I would suggest you read the following retrospective from CNBC:
  http://www.cnbc.com/id/31489482/
  
  second, once you finished reading it you will probably be disgusted with the entire American financial system.
  
  finally you will realise that every household (i.e. Main street) has been deeply screwed by the vampires of Wall street.
• Well! definitely not the poor and needy of this world, or the unemployed, the aged, disabled and ill, but these and others like them suffer!, for what, to give greedy fat-cats more?. and we let them!, Can you blame them?...

  Source(s):

• 1. Borrowers
  2. Lenders
  3. Credit Rating Agencies
  4. Investment Banks
  5. Government Regulators
  6. Congress
  
  The blame spreads all around. That's the inconvenient truth. Those who point to just one party are kidding themselves.
• banks..
  
  they borrowed short and leant long
  they leant to idiots,
  they borrowed from worse (bankers)
  
  the entire mess is their fault, as they had no constraints on themselves of their customers .
• 1. Lenders
  2. Borrowers
  3. The Government for not regulating lending
• The jews.
• bush. it's all bush and his stupid wars

Resolved Question

Second wave to the credit crunch?

I read today that the measures we thought had worked to an extent were doomed to fail because the banks were not passing the money on. So it may have been a false dawn. Now credit card defaults in the US are massive, house prices are not moving and more industries will fail as they can't get money and unemployment will soar s we could go into depression. What do you think? True or not?

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The biggest thing is consumer confidence, if consumers refuse to participate in a recession, then it will be mild. If people start / continue to be tight (protectionist) then things will go downhill. Protectionist policies are not helpful on either a personal or a national level.

This is also one reason that the bailouts were a bad idea. The people have to make this work, the government is kidding us all that they can do it for us.

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Other Answers (4)

• Too many American households could not pay their mortgage, which put the banking/financial system in trouble.
  The injection by the Fed of billion of dollars did show a temporary recovery effect, except that this was not on the expected side: instead of clearing out the toxic assets from the loans and mortgages, banks and other financial entities kept playing with the Fed cash !!!
  Credit card interest are going up to 30% now because the housholds have to pay back the errors of the banks.
  This is truely unfair and the best things that could happen now is that the American financial system collapses and starts again from zero. But nobody on this planet can forecast the world consequences of this event...
• Probably
• Next is commercial real estate.
• True. As the President said it's going to get worse before it gets better. No government can't do it all, and they shouldn't have. The crust of the problem is no honor amoung thieves. The Aig's, big mortgage banks, the big 3 automakers and a host of other stock market giants have proven that private industry can't be trusted if their not watched. The media is churning out half truths to keep their jobs and their media venues afloat causing flustration and panic over important issues that need to be rectified.
  
  Tell me this...why didn't the automakers come up with the cash for clunkers instead of the government? Why are they still advertising autos harping on and on about the bells and whistles of their products and the MPG is still the same? It's because they don't care...that's why they're in the shape that their in. Ford is the only company that's been on track, listening to the people and giving us what we want. That's why they didn't need bailout money.
  
  Everybody's looking to make a killing and they don't care who they step on to get it done. I thought at first that the bailouts were a great idea, but all the government did was hand over money to the fox guarding the chicken house. They still want to pay out huge bonuses to undeserving degreed theives.
  
  Yes the next arena is commerical projects and lenders. I heard that casino building in Vegas is at a stand still...this is unheard of.
  
  I don't think immigration will be an issue anytime soon. You'd be shocked at the amount of illegals that have FHA loans. FHA did not bother to check the validity of social security numbers before issuing out home loans by the truck full. If we deport them the amount of foreclosures will definately lead to a depression.
  
  We, the common man, are no more than sheeple to the rich and media. To be lied to and fleeced at will. The more time we waste on the likes of Congressman Joe Wilson, Kayne West and other pettiness, the less time spent watching what's really going on behind the madness.
  
  Hold on to your seats 'cause we're still in for a bumpy ride

  Source(s):

Resolved Question

How can I get a small business loan with bad credit ranking (no debts, just not enough credit history)?

Hi, I was wondering how easy it is to get a small business loan (app. 2000 pound) if you have a bad credit ranking? I haven't been long enough in the UK to build up a good credit history...I have just recently got a debit card and I do have a credit card with a credit facility of 100 pound, hoping that this will help me to get a better ranking (I always pay the full amount on time). But I moved quite a lot, which doesn't help...I do have a job but don't earn as much as I used to 3 month ago...So I'm looking to start my own business...Not sure how I can persuade my bank?

Best Answer - Chosen by Asker

Wow, you really got some rubbish answers there! Seriously though, it is extremely difficult to get money out of banks at the moment. I started my business early last year and haven't had a penny from them and have had to do it all myself.

The first thing you need is a solid business plan. Try contacting your local business link who will be able to help with this. They will also be able to put you in touch with grant funding organisations who will be able to help but they will also want to see your business plan.

There is a lot of grant funding available for new start ups and I think this will be your best bet. The bank may offer you free banking for 6 months or something like that but I doubt they will lend you anything.

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Resolved Question

How do you know how much money you have on your prepaid credit card?

i don't know how. n my paypal won't tell me.

Best Answer - Chosen by Asker

There should be toll free number on the back of your card that will let you check your balance. There may also be a website that you can go to to check your balance.

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No other answers.

Resolved Question

Instant loans/quick loans/payday loans?

Hi all, my partner took out one of those payday loans, hasn't received the money in his account yet but he has changed his mind, is there anyway of cancelling this loan? Thanks

Additional Details

Thank you, just contacted them, luckily he done it same day cos otherwise if he done it tomorrow he would have been held responsible for the interest too as the funds were due to go into his bank tomorrow, so saved us money!!!
His credit is ok by the way just wanted a quick small easy loan to purchase something that was needed before payday, luckily a bit of luck came our way and we dont need the loan afterall.

4 days ago

Best Answer - Chosen by Asker

Call the company and ask what you can do. You will find the number on the internet and on any paperwork you got with the loan.

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Other Answers (2)

• Glad yall were able to get that taken care of
  
  But if i may offer this tad bit of advise: dont ever use those payday/quick loan places......they are ALL rip offs
  
  If you and your partner can put a few dollars aside in a savings account each pay period and use that money for that last minute pop up situations...you'll be better off
• first, I'm sure he had a bunch of paper work, if he signed most likely he can't back out now.........pls in future don't use these places, work on ur credit and get a credit card (that's better) but don't go crazy like i did