cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Jul 2, 2016 1:20:23 GMT
The sort of people are people like me - no mortgage since 1993, last purchase on credit in mid '70s, never had a credit card in my life. In other words no credit = no credit rating. I nearly always have to send in ID. I see. Thanks. I like your style. My father was a great disapprover of credit and borrowing and buying things on the Never Never. He always used to tell me when I was young that if you haven't got the money then you can't afford it. He went through his life without having a credit card. He disapproved of credit cards very strongly and used to get annoyed on occasions when he was asked to pay by one. I think this was before the days of debit cards. He was a cash and Cheque man. I have always tried to follow his example and save for things I wanted although while I have now also paid off my mortgage I will confess to having a credit card although in my favour I always pay the balance off at the end of the month to avoid paying them interest and having a credit card is really a matter of Convenience rather than a case of me going out and buying things on credit. In other words if I do pay on a credit card I've still got the money and i'll use the money to clear the card after a month so I just use it to get a month's free money if you like. I don't have one; my parents were all too happy to have credit cards, and handled it well, but when life got hard, and finances got tough, instead of budgeting and decreasing their expenses, they simply saw the credit cards as a "we'll handle it later" solution. They ended up going bankrupt. The problem with credit cards is, that you have this magic card in your pocket, and it is simply thought free credit.... whether or not you actually have money to cover it. In this modern world, the temptation to use and abuse that credit is enormous. I spend what I have in the bank. If I don't have it, I don't buy it. In fact, I go one step further, by keeping a minimum £10,000 in my bank, and see that as my overdraft; I make sure that everyday spending doesn't touch that £10,000, and only delve into it on emergency situations.
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NSFW
Posts: 118
Likes: 58
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Post by NSFW on Jul 2, 2016 3:33:15 GMT
I have not been asked to send in any ID stuff and I wasn't when I joined up a few years ago. I'd like to know what sort of people have to send in ID. Is that for people who live abroad or who aren't British or for company accounts or something? I also thought of the security problem in putting on your website that if you are asked to send in your documents it is genuine. The sort of people are people like me - no mortgage since 1993, last purchase on credit in mid '70s, never had a credit card in my life. In other words no credit = no credit rating. I nearly always have to send in ID. I've got a couple of credit cards and I'm on the electoral roll etc but still been asked to send docs. Don't really understand it as banks and credit card companies never do this for me when opening accounts online as Experian/Equifax are checked instead. Obviously it's a different story when opening accounts on the high street in person. I'm guessing P2P companies are being overly cautious.
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jul 2, 2016 6:10:39 GMT
The sort of people are people like me - no mortgage since 1993, last purchase on credit in mid '70s, never had a credit card in my life. In other words no credit = no credit rating. I nearly always have to send in ID. I've got a couple of credit cards and I'm on the electoral roll etc but still been asked to send docs. Don't really understand it as banks and credit card companies never do this for me when opening accounts online as Experian/Equifax are checked instead. Obviously it's a different story when opening accounts on the high street in person. I'm guessing P2P companies are being overly cautious. I suspect this is nowt to do with credit checks but more to do with anti money laundering checks lots of companies are now required to do. I've setup a number of investments over the years and have myself occasionally been asked to send in ID - there seems to be a bit of a pattern with the bank (or credit) account I use to initially fund it. If the name or the address of the card/account holder isn't the same as what you've entered then it might look suspicious. I once funded an account from a foreign bank account in my wifes name - took about a million emails to sort out, but they eventually allowed me access.  Also, these details now (at least I think they do) need passing over to HMRC, so again they may be asking for proof for this reason (supplying our NI number would be simpler, but I guess overseas investors wouldn't have this)
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on Jul 2, 2016 10:38:13 GMT
I see. Thanks. I like your style. My father was a great disapprover of credit and borrowing and buying things on the Never Never. He always used to tell me when I was young that if you haven't got the money then you can't afford it. He went through his life without having a credit card. He disapproved of credit cards very strongly and used to get annoyed on occasions when he was asked to pay by one. I think this was before the days of debit cards. He was a cash and Cheque man. I have always tried to follow his example and save for things I wanted although while I have now also paid off my mortgage I will confess to having a credit card although in my favour I always pay the balance off at the end of the month to avoid paying them interest and having a credit card is really a matter of Convenience rather than a case of me going out and buying things on credit. In other words if I do pay on a credit card I've still got the money and i'll use the money to clear the card after a month so I just use it to get a month's free money if you like. I don't have one; my parents were all too happy to have credit cards, and handled it well, but when life got hard, and finances got tough, instead of budgeting and decreasing their expenses, they simply saw the credit cards as a "we'll handle it later" solution. They ended up going bankrupt. The problem with credit cards is, that you have this magic card in your pocket, and it is simply thought free credit.... whether or not you actually have money to cover it. In this modern world, the temptation to use and abuse that credit is enormous. I spend what I have in the bank. If I don't have it, I don't buy it. In fact, I go one step further, by keeping a minimum £10,000 in my bank, and see that as my overdraft; I make sure that everyday spending doesn't touch that £10,000, and only delve into it on emergency situations. That £10k could earn £100 per month in interest 
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Post by robthos on Jul 7, 2016 8:48:53 GMT
Yes - I also received an email yesterday.when I signed in today there was a banner saying it was a genuine request. I was not too surptrised as I have had same thing from another platform with whom I deal, So sent the required docs. today by post as I was not able to emai them. Hopefully .that will be that! Have jus- so I guess all is OK nowt had a nice email from SS confirming receipt of my documents and confirming my ID verification
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Post by robthos on Jul 7, 2016 8:53:09 GMT
sorry about the mis typing - was simply confirming that SS had received my documents and now verified my ID
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