Getting a bit personal! - Help!

Corvo

Hi,

I'm hoping you can provide some information on a recent situation which occurred to myself recently with an electrical store.

The store in question provided a hire purchase/finance service to its customers, over a 12 month period when buying electrical items, in this case a laptop.

The store clerk told me that I needed to produce a bank statement, photo ID and a utility bill, and within a few days they would return with an answer whether I was accepted for this service or not.

After a few days they called and before giving me an answer, required that I went through a "interview" stage over the phone, in which the person on the line went through each and every transaction on the statement before asking various personal questions such as:

• Do I have any dependants?
• Do I live at home?
• If so, how much do I "hand up" at home? (i.e. rent)
• Why had I blanked some of the (personal!) transactions from the statement? (Not the amounts, just the names of the transaction)
• Do I save money?

I wonder could you shed some light on this situation? Is it a breach of my rights to ask such personal questions when I had provided all the information they originally needed?

I appreciate the help.

drunkmonkey

All the questions seem relevant to a credit decision, if you don't want to answer withdraw your credit application. Store credit is expensive your best deal with your bank or get an interest free credit card.

Corvo

Thanks.

Still thought it was very invasive. I know credit is a dangerous game these days, but asking questions like how much I would hand my parents if I lived at home??? I was shocked.

Eventually I just said I spent all the blanked out transactions in the casino which should keep her away for awhile.

Paulw

They are simply asking for information about your banking and saving transactions. They want to know how/where all your money goes, so they can judge if you are risk or not.

Nothing at all wrong with what they are asking.

Corvo

Yeah I realise that, but all the information they originally asked for was in front of them. Why would they need to know where the money goes once it leaves my account and is in my hand?

Das Kitty

It's not personal they're just trying to get a proper picture of your income and expenditure.

See it as breaking you in for when you have to get some insurance underwritten :P

Corvo

I work in Insurance! Hah! Maybe I'm not one to complain eh?

Zab

I can't agree with you here Griffin, they're asking about your finances which are obviously pertinent. I'm surprised you think that the amount you give to your parents, which you admit is rent, isn't relevant. That said, I would have told them I wasn't revealing what the blanked out transactions were, which was why I blanked them out in the first place. Really it depends on how much you want to finance vs privacy.

listermint

Why would someone give you a finance credit agreement without knowing if you have the facility to pay it back.

Those questions are pertinent to the application.

I dont see why you have issue with it. If you work in insurance as you say then you can see this would be standard fare with financial agreements.

Corvo

I guess your right Zab, but they should have outlined that there would be a "interview" process while advising me.

If my finances outside of the bank account were of such importance, why not just include it on the application?

listermint

Griffin1988 wrote: »

I guess your right Zab, but they should have outlined that there would be a "interview" process while advising me.

If my finances outside of the bank account were of such importance, why not just include it on the application?

Because maybe your initial application was not successful, but the additional questions might allow it to pass the credit checks. Its not exactly rocket science.

Corvo

My point Listermint is that my statement showed a regular stream of money into the account, which showed it was more than capable of paying it.

I realise it has toughened up, but surely they dont need to know where the say €50.00 has gone once I removed it from the ATM? Its gone. Who cares if its on chocolate buttons? I would have thought that the money in vs. the money out was the only concern, not if I had some addiciton.

listermint

They could need to know if you have a rental contract starting i.e. not living at home, you could have just signed up for a rental shag pad in the docklands for all they know.

So yes they do need to ask you these questions, it is designed to cover themselves if you fail to fulfil your end.

dudara

Moved to Banking & Insurance & Pensions, as this is more of a financial matter.

dudara

Pablo Sanchez

Griffin1988 wrote: »

My point Listermint is that my statement showed a regular stream of money into the account, which showed it was more than capable of paying it.

I realise it has toughened up, but surely they dont need to know where the say €50.00 has gone once I removed it from the ATM? Its gone. Who cares if its on chocolate buttons? I would have thought that the money in vs. the money out was the only concern, not if I had some addiciton.

If your current account shows evidence of online or any other sort of gambling, this could have an effect on your application.

Nonoperational

Perfectly reasonable. Asking about your outgoings is common. If you pay rent to your parents that's an outgoing they have to consider. Gambling of any kind on a statement is looked on very unfavourably.

Oral Surgeon

In order to qualify for a loan- first you must prove that you do not need it...!!!!!!!:D:D

Marcusm

OP, you were asked to provide a copy of your bank statement to verify your financial status and you blanked out some transactions. This would be a fairly serious red flag and I'm surprised that, in the current environment, they even bothered to ask you for further information rather than simply rejecting you. The finance company will be seeking to get an idea of your income and expenditure not just of your income. They will presumably have established whether you have any other credit agreements from the credit reference agency but want a larger picture. What you spend on living, including rent is a part of this. If you are spending money on items you don't want to disclose, better to have 2 bank accounts!!

Zab

I assume he just blanked out the merchant and not the amount. They can see all his outgoings.

Corvo

Marcusm wrote: »

OP, you were asked to provide a copy of your bank statement to verify your financial status and you blanked out some transactions. This would be a fairly serious red flag and I'm surprised that, in the current environment, they even bothered to ask you for further information rather than simply rejecting you. The finance company will be seeking to get an idea of your income and expenditure not just of your income. They will presumably have established whether you have any other credit agreements from the credit reference agency but want a larger picture. What you spend on living, including rent is a part of this. If you are spending money on items you don't want to disclose, better to have 2 bank accounts!!

Hi Marcusm,

I only blanked out the merchant as the below poster said, not the transaction. Coincedentally, I just had a call from the manager of the shop saying that it is normal procedure to ask so many questions, especially with the Financial Regulator being so strict nowadays.

I'm not so much complaining about the fact that it was so personal, just that with an account already there and a great credit history I found it a bit insulting to be so in-depth.

In the end they rejected my proposal for credit anyway! Elsewhere it is!