Apologies: I’d seen the CRAs try to flog their wares, presumably on the back of this.
I have no issue with affordability checks and the like. I do have an issue with private companies declaring they have a legitimate interest in me and collecting all sorts of personal data.
As I said in the previous message, I don’t think that Monzo has done anything wrong here - in fact the measures to make sure this isn’t another Wonga are excellent - but more with the system that determines what form those measures take.
Having had a mini rant I shall now be shush as I’m in danger of taking us off topic.
Question that I’m not sure has been covered (feel free to link me to the post if it has). I can’t find this in any of the help articles either.
Say my Monzo balance is £200 and I have no overdraft. I want to buy something worth £300 and Flex the transaction.
Do I need to have the full £300 available in my Monzo account to even complete the transaction in the first place and be able to Flex it?
I assume the virtual card will fix this problem eventually?
Do most income verification systems look at the net income, rather than specific inbound payments?
Eg, say I input my salary as £40k, and have two jobs, one paid at £25k and another at 15k.
Each month I’ll be paid two payments, one of roughly £1700, and one of roughly £1000 after all taxes etc (numbers purely hypothetical here). Should that kind of situation pass income verification checks?
About to try this out for the first time. Been after one of the new Samsung watches for a while now, but didn’t fancy paying for it all at once - so Flex makes it all possible to do.
First transaction Flexed. Process was all pretty smooth . I can’t imagine this is something I’ll be using much - I’ve never been the sort of person to throw an ASOS transaction etc. on finance, but for the odd electrical treat yo’ self item, this is great.
I also quite like the fact that it’s only 3 months interest-free. The larger repayments mean that you really have to think ‘do I need this thing’ before you splash out.
Typical. I applied for a Tymit card a couple of weeks back for just this usage case. Ah well. I can close it again easily enough once my invite comes through.
. I can’t imagine this is something I’ll be using much - I’ve never been the sort of person to throw an ASOS transaction etc. on finance, but for the odd electrical treat yo’ self item, this is great.
