LegalBeagles: RT @DowningStreet: If you have concerns about credit and store cards, h

[Twitter Beagle]

LegalBeagles: RT @DowningStreet: If you have concerns about credit and store cards, have your say in our webchat. Submit your questions now:Number 10 Webchat


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[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

I posted a question

"Three years have passed since the Office of Fair Trading's report Calculating fair default charges in credit card contracts (April 2006). Does the Government now have any further plans to finally abolish the obviously penal triple charging regimes of the credit card companies or should Consumer continue to seek personal redress through the County Court system? "

[natweststaffmember]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

I have asked something on the same lines re bank charges/credit cards

[Amethyst]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

on soon.......

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

Am watchin

Is anyone copying and pasting ?

[Amethyst]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

go for it

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

Not a lot happening yet

[Amethyst]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

like, nothing?

who said it started at 2 then?


ohhhh the government !

[Amethyst]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

Moderator says:
Kevin Brennan has just arrived at Downing Street so we will be starting the webchat shortly.


must have been the traffic lol

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

Late lunch more likely

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

Moderator says:
Kevin Brennan is just having a wee so we will be starting the webchat shortly.

[natweststaffmember]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

I think he is zipping up now, budgie

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

I will try and cut and paste any interesting bits into one long document and then post up afterwards. It someone else does the same we can make sure we do not miss anything.

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

First three questions and answers

Ann Bull:
Can the minimum amount payable each month be raised to 5%? This could help people not get in too deep by thinking more about what they can afford.

Kevin replies:
Hello Ann. Thanks for your question. It is a bit daft that it could take you longer to pay off some credit card debts, if you only pay the minimum, than it would to pay off your mortgage.
We are asking people whether we ought to do exactly what you suggest. Although if we do decide to raise the minimum we want to make sure that it's brought in in such a way that it doesn't make matters worse for people trying to manage their debts.


David Turner:
I understand that in America credit card companies have to put customer's payments towards the most expensive debts first, which helps people pay off their debts faster as higher interest is avoided. Do you agree that it is unfair that our credit cards dont do the same, and when please can UK citizens expect the same protection as our US cousins?

Kevin replies:
I am concerned about this David, and in our consultation we are suggesting that we should do a similar thing to the changes that have been made in America. A lot of people don't realise that most credit card companies use any money paid by the customer towards the cheapest debt first rather than the most expensive. When people are told this they feel cheated. We'd like to hear from people if they think we're right to suggest this change.



Phil Jones:
You want to ban unsolicted credit cheques immediately, which is great, but you are holding off on the other aspects of the crackdown. To act decisively to prevent irrssponsible lending, wouldn't it be better to include other measures like banning companies from giving credit limit increases without a customer request in the Financial Services Bill?

Kevin replies:
You're right that we are banning sending out unsolictied credit card cheques, but we did consult on that because it's always important to make sure that there are no unintended consequences when you bring in an important change. However, we are committed to taking firm action to improve the position for customers and help put them back in the driving seat and we're consulting on the proposal you suggest.

[Budgie]

Re: LegalBeagles: RT @DowningStreet: If you have concerns about credit and store card

WATCH IT LIVE NOW

If you have concerns about credit and store cards, have your say in our webchat. Submit your questions now:Number 10 Webchat