venting Unsolicited credit

Milenio · Nov 9, 2015

I just opened a letter from one of the clothing shop chains called Truworths, with an in-store credit card loaded with credit PLUS bonus vouchers. I did not apply for this credit, why should I? I live credit free, even our house is virtually paid for. If I wasn't savvy, I would fall for the wonderful words in the cover letter. I wonder how many WILL fall for this, especially students or the newly employed, dunking them into debt before they've even had a chance to find out about the perils of credit.

I'm not sure if we have some law or other that I can throw at them, but I will make work of this unsolicited offer :Hammer:

*vent off

*staring out the window to get my equilibrium back

Kylabelle · Nov 10, 2015

I hear you! Good for you for living credit- and debt-free.

I doubt if this is against the law, though, as it is such a common practice. You're right, people will get burned. With luck, they'll learn not to take such offers at face value.

*been burned before*

Milenio · Nov 10, 2015

Kylabelle said:
*been burned before*

Me too, that's why I'm credit-free now. When I was in corporate, I earned a huge salary. The credit cards were thrown at me, had huge credit limits with the more expensive retailers.

It's a hard lesson to learn and I believe one that should be taught in schools.

We have a big credit problem here and it just makes me so mad that retailers and banks send such unsolicited credit out.

GailD · Nov 10, 2015

I don't know where you live, Milenio, but here in SA (where Truworths is a big chain) there actually is a law regulating the availability of credit. Check the 'terms and conditions', including the fine print in the letter. It's possible that this 'wonderful' offer is actually subject to the recipient passing the required credit checks etc.

Milenio · Nov 10, 2015

GailD said:
I don't know where you live, Milenio, but here in SA (where Truworths is a big chain) there actually is a law regulating the availability of credit. Check the 'terms and conditions', including the fine print in the letter. It's possible that this 'wonderful' offer is actually subject to the recipient passing the required credit checks etc.

Howdy!

Yes, I'm in Johannesburg! Where are you? And yes, the fine print says exactly that, and that is also exactly my problem with this whole thing - I did NOT apply for this credit, so where does this whole "credit check" come in? It was also delivered to my street post box.

- update -

Yes, I see you're also here in JHB :snoopy:

GailD · Nov 10, 2015

Milenio said:
Howdy! Yes, I'm in Johannesburg! Where are you? And yes, the fine print says exactly that, and that is also exactly my problem with this whole thing - I did NOT apply for this credit, so where does this whole "credit check" come in? It was also delivered to my street post box.

- update -

Yes, I see you're also here in JHB

Hey!!! Another Saffer!!! :hooray:

I'm in the north-west, near the Westpark cemetary - you know, the dead center of town?

And yes, this is a common marketing trick used by the Wooltru Group. It's like phishing. You aren't really being offered 'free' credit, just the appearance of it. Once they get the poor 'victim' into the store - and have captured all their personal details, I might add, - they will then run a proper credit check and, pass or fail, the vic... *cough*... customer will then get years and years of marketing cra... uh...material sent to them.

I'm with you on the anti-credit thing. Chains, like the Wooltru Group, say they don't charge interest, but have you seen the price of their goods? I only have two words for them. Rip! Off!

Milenio · Nov 10, 2015

GailD said:
Hey!!! Another Saffer!!! I'm in the north-west, near the Westpark cemetary - you know, the dead center of town?

Yeah, know where that is... which row are you in? :ROFL:

I'm on the Edenvale side, can more-or-less see Greenstone from my house.

GailD said:
I'm with you on the anti-credit thing. Chains, like the Wooltru Group, say they don't charge interest, but have you seen the price of their goods? I only have two words for them. Rip! Off!

The older I get, the more I see how we are being ripped off here. Getting into the whole consumerism whirlpool is not my thing anymore.

GailD · Nov 10, 2015

Edenvale. That's a lovely area.

The problem, as I see it, is that we're in a recessionary economy at the moment and all the big chains are desperate to increase sales. This is fairly good, in the short term, as it stimulates the economy but increased debt from buying on credit has a much worse long-term effect. Unfortunately, your average shopper doesn't know this and gets lured in by these things. :Shrug:

We live and learn.

Milenio · Nov 10, 2015

GailD said:
The problem, as I see it, is that we're in a recessionary economy at the moment and all the big chains are desperate to increase sales. This is fairly good, in the short term, as it stimulates the economy but increased debt from buying on credit has a much worse long-term effect. Unfortunately, your average shopper doesn't know this and gets lured in by these things.

We live and learn.

Well, I never studied economics, but in my simple little brain I would imagine that you stimulate sales by STOPPING THE RIP-OFF! Then people who refuse to buy from you because of that policy, will return to spend their cash money with you quite happily.

*sigh*

*stare out the window again*

GailD · Nov 10, 2015

*cranks up sewing machine*

*sigh*

*joins in stare out of window*

shadowwalker · Nov 10, 2015

It's common practice in the States. They send out "pre-approved" credit cards or offers - then you find out that you have to pass the credit check before it's activated. The real problem is that people think that pre-approved means the credit check is just a formality to getting the card, or people with less than stellar credit think they're finally able to get one, so they go ahead and send it in; in fact, every time someone formally checks your credit, it's a tick against you.

Shadow_Ferret · Nov 10, 2015

Milenio said:
I live credit free...

Good for you. That means there's more credit for me.

Milenio · Nov 10, 2015

Shadow_Ferret said:
Good for you. That means there's more credit for me.

Do you want a full cheque book to go with that? :e2point:

Shadow_Ferret · Nov 10, 2015

Milenio said:
Do you want a full cheque book to go with that?

No. I only use check books.

Milenio · Nov 10, 2015

Shadow_Ferret said:
No. I only use check books.

Webster was wrong, you know. :Soapbox:

Shadow_Ferret · Nov 10, 2015

And it wasn't on the air very long either because of it.

jjdebenedictis · Nov 10, 2015

Milenio said:
Webster was wrong, you know.

Damned straight, he was wrong. He convinced a whole bunch of people the last letter of the alphabet is pronounced "zee".

Dude was a troll.

Milenio · Nov 10, 2015

Shadow_Ferret said:
And it wasn't on the air very long either because of it.

But long enough to do damage :Hammer:

venting Unsolicited credit

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venting Unsolicited credit