14 days cooling off - all that it takes to make it responsible?
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sarettawow
Posts: 18 Forumite
in Loans
Hello everyone.
In 2012 I was
a student (with a student current account)
working as a contractor
pregnant
in debt with credit cards and one existing loan
in financial difficulties.
The responsibility of the poor financial situation of that time is entirely mine: extremely poor money management, immaturity and being irresponsible.
Lloyds calls me for a chat which I thought was a ‘money & debt advice’, 'learn to budget' kind of session.
I walk out of that with a new £10K loan, offered to me to pay off the credit cards and give me cash flow which according to the LLoyds adviser was much needed seeing as I was expecting.
I didn't want that large amount (My overall debt was just under £5K) and I made it clear to the Lloyds personal finances manager.
She used scare tactics such as: imagine not being able to provide for your baby, not being able to buy nappies...
And: Are you married? No? So what if your child's father leaves you with the baby to look after all by yourself?
She deflected all my objections and by the end of the appointment I felt so insecure that I decided to take that loan.
I open a complaint. I don't even want compensation: there's another reason why I need the Ombudsman to uphold this complaint.
Having this 'mis-sold/irresponsible loan' complain upheld is an open door to look into another issue (credit file related) which the ombudsman can't look at - because it's been more than six months since I complained.
The FOS advised me to complain about this to try and enable them to get Lloyds to remove my credit file bad mark.
However the bank's response was: We gave you 14 days to change your mind, plus, you've used the money, so we do not think that the loan was missold.
The FOS Adjudicators so far say that they think the bank is right.
I've now escalated it to the Ombudsman, but I am struggling to understand: Is a 14 days cooling off clause really all it takes - legally - to fight an irresponsible lending claim?
Advice and opinions welcome.
In 2012 I was
a student (with a student current account)
working as a contractor
pregnant
in debt with credit cards and one existing loan
in financial difficulties.
The responsibility of the poor financial situation of that time is entirely mine: extremely poor money management, immaturity and being irresponsible.
Lloyds calls me for a chat which I thought was a ‘money & debt advice’, 'learn to budget' kind of session.
I walk out of that with a new £10K loan, offered to me to pay off the credit cards and give me cash flow which according to the LLoyds adviser was much needed seeing as I was expecting.
I didn't want that large amount (My overall debt was just under £5K) and I made it clear to the Lloyds personal finances manager.
She used scare tactics such as: imagine not being able to provide for your baby, not being able to buy nappies...
And: Are you married? No? So what if your child's father leaves you with the baby to look after all by yourself?
She deflected all my objections and by the end of the appointment I felt so insecure that I decided to take that loan.
I open a complaint. I don't even want compensation: there's another reason why I need the Ombudsman to uphold this complaint.
Having this 'mis-sold/irresponsible loan' complain upheld is an open door to look into another issue (credit file related) which the ombudsman can't look at - because it's been more than six months since I complained.
The FOS advised me to complain about this to try and enable them to get Lloyds to remove my credit file bad mark.
However the bank's response was: We gave you 14 days to change your mind, plus, you've used the money, so we do not think that the loan was missold.
The FOS Adjudicators so far say that they think the bank is right.
I've now escalated it to the Ombudsman, but I am struggling to understand: Is a 14 days cooling off clause really all it takes - legally - to fight an irresponsible lending claim?
Advice and opinions welcome.
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Comments
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If you had kept the £5k extra separate, or used the right to withdraw, then I think you would have a case.
As it stands, it seems to me as a "he said, she said", which you then signed and spent.0 -
So technically is 14 days cooling off enough to make a loan not mis-sold?0
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sarettawow wrote: »So technically is 14 days cooling off enough to make a loan not mis-sold?
Very few loans are mis-sold.
An adult customer signs a loan agreement stating the amount borrowed, the interest rate, the term and the monthly payment.
Even before the cooling off period comes into play it's pretty clear what's in play for both lender and customer.
You signed up for the extra money. You've had the benefit of the extra money. The agreement states the amounts involved clearly.0 -
According to the law.......yes. In reality....who knows? I learned many years ago that a cosy chat with an advisor was just a reason to get you in so they could sell you something.sarettawow wrote: »So technically is 14 days cooling off enough to make a loan not mis-sold?
Companies like Sky are still trying to sell to you no matter why you ring them. I rang to change my DD last week and had to listen to almost 15 mins of sales patter. When banks were told to stop doing this, the 'come and have a chat' letter appeared.I came into this world with nothing and I've got most of it left.0 -
Telephone calls are recorded, it's a pity meetings are not.I came into this world with nothing and I've got most of it left.0
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OP you didn't have to take the loan, you chose to do so ergo it wasn't mis-sold !0
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sarettawow wrote: »Hello everyone.
In 2012 I was
a student (with a student current account)
working as a contractor
pregnant
in debt with credit cards and one existing loan
in financial difficulties.
The responsibility of the poor financial situation of that time is entirely mine: extremely poor money management, immaturity and being irresponsible.
.
You nailed your question in your first paragraph.
You seem to recognise this yet still refuse to take responsibility0 -
davidwood123 wrote: »You nailed your question in your first paragraph.
You seem to recognise this yet still refuse to take responsibility
I'm not in the least refusing responsibility, I've asked a technical question, not the vote of the popular jury. Thanks to everyone who abstained from judgemental responses and kept to the technical aspect of my question.
Much love :-)0 -
OP you didn't have to take the loan, you chose to do so ergo it wasn't mis-sold !
I gave the lady a long list of reasons why I did not wish to take the loan.
She deflected each and one of those using scare tactics.
This is all I am unhappy with.
I signed as I felt intimidated and she made me feel stupid not to.
I would have thought this counts but if for the law it doesn't, that is all I wanted to know.0 -
It may count, if you have evidence you signed under duress.sarettawow wrote: »I gave the lady a long list of reasons why I did not wish to take the loan.
She deflected each and one of those using scare tactics.
This is all I am unhappy with.
I signed as I felt intimidated and she made me feel stupid not to.
I would have thought this counts but if for the law it doesn't, that is all I wanted to know.
Do you? And I mean more than "he said, she said".
If you don't, then it comes down to a simple question of the bank's word against yours. And the bank have a piece of paper, signed by you, stating that you are happy to accept the loan."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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