benaj
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Post by benaj on Nov 2, 2018 10:26:52 GMT
This is a bit dated, the 'new rule' was introduced back in 1st March 2018. However, I have received a letter from a Credit card firm about this change in T&C, I got the 26 months 0% purchase offer and now the remaining balance was paid off 2 months ago.
I wonder if this rule change could drive up p2p lending such as Zopa, RS, etc? I suppose the Credit cards could be suspended for 'persistent debt' and the borrowers need other means to fill the 'gap', such as a consolidation loans or even other loans.
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aju
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Post by aju on Nov 2, 2018 17:28:39 GMT
This is a bit dated, the 'new rule' was introduced back in 1st March 2018. However, I have received a letter from a Credit card firm about this change in T&C, I got the 26 months 0% purchase offer and now the remaining balance was paid off 2 months ago. I wonder if this rule change could drive up p2p lending such as Zopa, RS, etc? I suppose the Credit cards could be suspended for 'persistent debt' and the borrowers need other means to fill the 'gap', such as a consolidation loans or even other loans. It's an interesting thought. I seem to remember that this was introduced in Mar but action was only to start in September, perhaps that's why you've now got a letter. That said I thought that this was only directed at people who are paying more interest than capital payments by value month on month for certain defined periods. Perhaps some of these people could do the credit card shuffle (I think that's what it used to be called) where one just moves from one card deal to another when each one is finished. although it might make sense for the CC companies to pass that information around on the transfer.
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