Guidelines Confusion

Hello,

Quick question for the community of shoppers. When the guidelines say, "During the interaction, the shopper must <...> indicate that you're looking to get out of debt and not use additional credit, but just pay off what you have" - do you understand that this needs to be stated upfront?

Here's how the shop went: I met with a teller, who asked me which credit card I wanted, and then directed me to the manager. The manager mentioned spontaneously the balance transfer fee, so I did not have to state it. The report was rejected because I did not ask for it specifically and then I was told by the project manager it was necessary to state it upfront... Did I understand the guidelines wrong in your opinion?

This was a shop without out-of-pocket expenses, so I won't fight it with the MSC, but wanted to have the shoppers' opinions.

Thanks

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I would have said "So, if I do that, I can pay off my existing amount, and I won't be adding to my debt at all?", "So, I'm actually incurring more debt by transferring the balance?", or something.

But, frankly, if you clearly stated in the report that it was spontaneously mentioned by the banker, I would have thought you were golden.

But a "fee", and clearly stating that you want to pay off outstanding debt seem to be totally separate and different things. After all, it is up to the MSC and their client.

And also, I doubt I would have been "thinking on my feet" fast enough to actually say any of the above things.

The reason why I did not continue further stating it is exactly because the banker spontaneously mentioned it ! Anyway, as you say, it's up to the MSC and their client. Thanks for the prompt reply, I appreciate it

off to the next shops!

@charlhenri wrote:

Quick question for the community of shoppers. When the guidelines say, "During the interaction, the shopper must <...> indicate that you're looking to get out of debt and not use additional credit, but just pay off what you have" - do you understand that this needs to be stated upfront?

Here's how the shop went: I met with a teller, who asked me which credit card I wanted, and then directed me to the manager. The manager mentioned spontaneously the balance transfer fee, so I did not have to state it. The report was rejected because I did not ask for it specifically and then I was told by the project manager it was necessary to state it upfront... Did I understand the guidelines wrong in your opinion?

It sounds to me like it needs to be stated upfront. It sounds like they want to prompt the employee to mention a specific thing. When I met with a teller, who asked me which credit card I wanted, I would have probably said "Hmmm... I don't know, I am looking to get out of debt and not use additional credit, but just pay off what I already have," before being referred to the manager. Then if I was referred to the manager, I would have said "I'm really not looking for additional credit. I am looking to get out of debit and I just want to pay off what I have."

Bank guidelines are often compliance related, so from what you said, the bank wants to measure just how the employees at the location will respond to a consumer looking to get out of debt and pay off what they have, which might not be a credit card. It could be a lead in for a personal loan or some form of debt consolidation.

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Guidelines Confusion

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