Commenting on the figures, HSBC spokesperson Tim Pie said cheques will eventually become obsolete.

The reality of it is that it will reach a point whereby it simply costs the industry too much to maintain the systems to produce, receive, validate and clear cheques,

he said.

The rise of internet shopping and banking has hastened the decline of cheques, Pie claimed.

“We used to always pay by cheque, you’d give your plumber a cheque as he was leaving,” he said.

“Tradespeople are increasingly using their online accounts to receive payments and also to make them themselves.

“That is increasing and as a result, fewer cheques are being used.”

Now with Experian this will mean that the account will come off the system 6 years from the default date

If the default date is LATER than your IVA commencement date, or the account is NOT marked as satisfied (including partial settlements) then is it INCORRECT and you will need to follow the advice in this post and amend the letter to suit the needs of the IVA:

CallCredit

This is the least used of the CRF,s and they sell their information to a lot of the pay for your credit file companies, such as Annual Credit Report, Check My File.com, etc. CallCredit is notoriously incorrect to say the least, so will form a separate section that will cover them and the main companies that they also sell to; so there will be several examples.

At present I urge people correcting their files to concentrate on Equifax and Experian and I will do an update when I get certain information back from CallCredit and the companies they sell to.

How Much Does It Cost Getting Them Updated?

Honest answer is very little:

You need to obtain your reports, which can be done on line or by post, the cost of the statutory report is £2
The cost of a recorded letter to each of your former creditors and/or debt buyers
After 2 months you need to check them again to ensure that the former creditors / debt buyers have updated
The cost of posting a complaint to the ICO if the former creditor doesn’t up date

So basically not a lot and hell of a lot cheaper that the companies that charge for this will charge you.
In my case I had 18 creditors so the total cost for me (using statutory reports) was £23.20, which was about 1/3 of the cost.

How Long Will It Take Getting Them Updated?
From the time you receive your CRFs’ and send your formal request for the creditors to update.
Allow 28 days (plus about 14) for the files to update.
If they have NOT been updated after 2 months then raise the complaint to the ICO

The ICO is SNOWED UNDER so you need to allow them around 60 days.

Why Should I Bother?

Once the accounts are marked as satisfied and the account is correctly closed with the creditor / debt buyer.

They can’t sell it on to another debt buyer, so you won’t get hassled in the future

There have been instances of this happening 4 – 5 years later where the files have not been cleaned

Your CRFs will automatically clean after 6 years from default/settlement date, so you will have a squeaky clean file from then. – There have been MANY instances where former creditors only close the account off several years after your discharge, thus knackering your CRF’s for many many years. In effect creating a very bad CRF for a lot longer than 6 years and in the worst case I have heard off a full 11 years!

Your accounts will be marked as settled in the meantime, which ADDS to your credit score

With this bill we are putting in place some common sense reforms designed to protect consumers,

he said.

The bill is designed to protect credit card users from unexpected fees or increases to their interest rates.

Some of the major US banks have warned the changes may reduce the amount of credit available to some card holders.

They say this is because the new rules will make it more difficult for them to set rates based on the risk customers pose.

Americans currently owe nearly $1 trillion (£630bn) on their credit cards.

This cements a victory for every American consumer who has ever suffered at the hands of the credit card industry,

said Senator Christopher Dodd, chairman of the Senate banking committee.

The US government has been concerned to tighten its regulation of the banking system in the light of the credit crunch and banking crisis.

Virgin credit card offers one of the longest introductory 0% interest periods, with up to 16 months available for a balance transfer fee of 2.98%.

Six in ten (60%) credit cards, meanwhile, offer a 0% introductory interest rate on purchases for an average of 4.4 months.

However, Defaqto warned that many customers fail to receive the advertised offer.

An individual’s credit report, employment and property status, affordability, indebtedness, financial behaviour and usage are all part of the mix in the lender’s decision making process,

said Defaqto spokesperson David Black.

Black also pointed out that balance transfers are subject to an average fee of 2.85%.

A: You may do, it depends on the card issuer. Compare all the cards on offer from the various providers and check the details carefully.

Q: I want to buy some furniture but need some time to pay for it. The shop doesn’t offer an interest-free payment option, can I use my card for this?

A: If you have a 0% Purchase Credit Card then you can pay with your card and pay no interest, but only for the period offered by your card. The shop will get the money and the credit free arrangement is between you and your card issuer.

Q: I run a small business of 8 people who often travel abroad. Administering the expenses at the end of the month is starting to become difficult. Could a business credit card help?

A: Yes. Having all transactions go through business credit cards can help a lot and most business cards often feature very good facilities and features. You would be able to give each of the 8 employees their own card and keep track of all spending. It will also help them to keep their personal finances separate from company business.

Q: It’s good for me, but why is my new credit card company willing to take on my old balance at 0% interest for a year?

A: It’s an incentive to change. You are a new customer to them and you may prove to be a very good customer in the future.

Q: I have had a CCJ against me and have been unable to get a credit card in the past. It does make it very difficult to buy things on the web, even though I have the money. Is there an option for me?

A: There are Credit Cards for Bad Credit that may be suitable. The APR on these cards is very high, but if you are buying online and then paying off your balance straight away you will also be helping to repair your credit rating.
More Questions and Answers »

Barclaycard holders will not have their interest rate increased before June, whilst around three million ‘low risk’ customers will have their interest rate reduced by between 2.5 and 5 percentage points.

The credit card provider said it is still committed to risk based pricing, but is choosing to freeze rates in a bid to help customers struggling in the difficult economic climate.

With people across the UK straining to keep up with financial demands, Barclaycard has also launched a new helpline for customers in financial hardship.

Borrowers who call the helpline and actively work with Barclaycard advisers will be given two months grace if they miss payments.

A statement from the company said debt collections advisors are being trained

to ensure that all customers in difficulty are treated with compassion, empathy and respect.

In addition,

Barclaycard will work with each individual customer to find the best way of helping them which may include reducing interest and fees as well as long term repayment plans.

Antony Jenkins, Barclaycard chief executive, said:

We recognise that 2009 is going to be a difficult year for many people and want to do what we can, when we can, to help our customers.

The company providing the software is SAS UK. Explaining how it works, the firm’s spokesperson Bart Patrick said:

When you put your card in the machine it’s carrying out an automatic check against your pattern of normal use and making a decision about whether that is real or fraudulent.

HSBC has warned that more legitimate transactions could be queried or even declined as a result of closer monitoring.

It has therefore urged travellers to carry cash or travellers’ cheques as well as credit cards when they go abroad, in case fraud is suspected and their transactions are cancelled.

Figures from the UK payments association Apacs show that fraud abroad accounted for 40% of all plastic card fraud losses during the first half of 2008.

Fathers paying child support are also being urged to meet missed payments as quickly as possible and many are relying on plastic to do so, the party claims.

Its housing spokesperson Sarah Teather said: “While offering a range of payment methods increases choices for tenants, public bodies should be wary of actively encouraging credit card payments.”

She suggested that using credit cards for arrears could exacerbate debt problems, since interest rates are typically much higher than for other forms of borrowing.

Research carried out last month by AXA revealed that 3.7 million people in the UK are struggling to cope with their credit card debts.

Consumers looking for lower credit card rates should compare deals online now.

Consumers have been urged to take care with their credit card details, both when using them in the UK and when going overseas.

Its figures show that 40% of all plastic card fraud losses between January and June 2008 were the result of fraud abroad.

A female spokesperson for the organisation said criminals are obtaining the card details of UK consumers and using them in countries that do not have Chip and PIN technology.

Your card can be used abroad even when you’re not,

she warned.

You are getting cards being compromised in the UK and then going abroad without you.

The spokesperson advised consumers to make sure their credit card provider has their correct contact details, enabling them to get in touch if they suspect fraudulent activity.

However, the most important anti-fraud measures to take, she stressed, are simply to keep PINs and passwords safe and to check all statements thoroughly.

Consumers looking for a better rate of interest or more attractive rewards on their credit cards could consider switching to a different provider.

According to Michael Lynch, a fraud expert at CPP, one in ten boys make an “illicit” purchase using their mum and dad’s credit cards each month.

As well as racking up large bills, they could also be putting their parents at risk of credit card fraud by using potentially unsecure websites.

They are putting up credit card details and home address details on the internet which can be used by fraudsters, whether it’s through phishing attacks to either sell the data or commit fraud using their credit card details,

Mr Lynch explained.

According to research carried out by CPP, 23% of children purchase items online without the permission of their parents or guardians.

Furthermore, 9% of children know where their parents keep their online banking details and where on the internet they use them.