Make sure youíre covered for Olympics tickets

If you applied for tickets for the London 2012 Olympics last month, then this week you may well find out whether youíve got any ñ and if so, how many. The only snag is that you wonít know which events youíll be attending, or the dates and times ñ only how much money has been loaded on to your credit card, or taken out of your bank account.

Around 1.8 million people made more than 20 million applications for the 6.6 million tickets available between 15 March and 26 April, at prices ranging from £20 to £2,012.

Because ticket allocation is completely random, there are bound to some applicants unlucky to end up without any at all, while there may be others that get everything they applied for.

So what happens if you are one of the ëluckyí ones ñ but got more than you bargained for?

London 2012 have been at pains to advise people to make sure they have sufficient funds available[2], but in many cases, the money will be taken out of peopleís accounts before they even know which tickets they have been successfully allocated.

In addition, because many people use online credit card banking they may not be made aware of their ticket charges being added to their account until the accountís minimum payment deadline.

With ticket notifications not set to start until June 10 at the earliest, there could be four full weeks between being charged and knowing what youíve actually got.

One hopeful has splashed out a potential £36,000 ñ in theory ñ in tickets, and may well be hoping that they donít all come up at once.

Londoner Stephen Hunt, who as luck would have it is an insolvency practitioner by day, told the BBC;

“The chances of me getting all my allocation are almost nil, in fact the chances of getting one ticket out of that lot is quite small.

“If I can get two or three, hopefully one for my daughter’s birthday, I’d be happy.”

It is especially vital to make sure that you donít spend money you havenít got, or canít afford to pay back ñ as your credit rating could be affected.

Lenders donít expect you to have a perfect credit rating, but they do want to know that you will make repayments on time and that you arenít already over-stretched.

They do not want to see a patchy credit history that shows missed repayments or bad debts ó it means that you could let them down, too.

Missed and late payments stay on your credit report for at least three years and may give lenders the impression that you could be a bad risk.

Try to keep a close eye on your credit card and bank accounts to check what has gone in and come out, and ensure that you have enough there to cover yourself before it comes to the day the minimum payment is due.

It is also worth checking your credit report. This lists your credit accounts, such as loans, cards and interest free deals, along with your repayment history. If anything looks wrong, you can put it right by taking it up with the relevant lender.

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