19 years old, shafted, HELP

[charlie*]

I just don't believe this....

 

Before my granson left 6th form at 18 he was given a credit card with a limit of £3000... he was then earning $400 a month as a part time shelf stacker at Sainsbury's, long before he left college. Bit like Toad in Toad Hall, HE HAD TO HAVE A MOTOR CAR.

 

Now he's earning £500 a month elsewhere - no thoughts of uni yet.

 

This is the

Abbey

National (Santander).

 

Now he's up tohis limit and he has an overdraft too. I don't yet know the full story, but he has been ringing around to see if anyone would give him a better deal like zero rate to start - BUT, on his income for £3000 + o/draft? NO CHANCE - none of them want to know £3000 to his income - never, maybe £1000.

 

Santander say £3000 is the normal credit to start, any age. I ask myself WHY do they seem to be bucking the rest of the industry?

 

Now, having been paying the minimum to Satander is well stuffed and they want him to take out a 5 year loan agreement to cover his two debts.

 

Talk about 'churning'.

 

Now, being a cynic and knowing the real truth about banks - and how the bank employee/bonus/income/to keep your job you must learn to lend system works, I believe he has been deliberately and cynically stuffed by one of the people in the local branch simply to make them look good - maybe they were even warned about a bad lending record.

 

There are people in CAG who know about handling situations like these and I really do beg anyone who has any constructive ideas to come forward and express their thoughts.

 

I know that he should do whatever it takes to keep his record clean - that would be to structure the debt, but, these people really do need shafting - at local level.

 

I am aware that they were

[EDIT]

even before the spaniards took over.

 

Could it be, I ask myself, all part of building up their structured debt asset (income) value prior to seeking a quotation - which the press reports they are proposing to do -

[EDIT]

 

Thanks

charlie*

 

 

 

Edited February 22, 2012 by dx100uk
insults are not welcome here - dx