What does Irresponsible Lending mean?

Options
Banquo21
Banquo21 Posts: 83 Forumite
edited 18 November 2014 at 4:20PM in Loans
I have always had a problem with gambling, this was tapered by me not having enough disposable income. However in March/April this year I applied and got three loans from Nat West (my bank at the time) for £3000,£4000 and £7000 all in the space of 6 weeks. I applied online and found It really easy to get the money. I have never been in the black of my account for over 15 years, constantly living on my overdraft of £3100 which they kept on increasing. I also amassed a debt of £3000 on my Nat West Credit Card. I also had debts of £2000 on a Barclaycard.



Obviously my credit rating was non-existent so I was wondering if Nat West neglected in their duty to protect me from debt. I know it was entirely my fault and unfortunately my gambling addiction got the better of me. Subsequently I am now in an IVA paying off debts I can ill afford.
«13

Comments

  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    Options
    I know it was entirely my fault

    Sadly, that says it all. You can't blame the banks for lending you money - it is what they do. You need professional help with you addiction and then help to get out of debt.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Options
    Irresponsible lending is offering mortgages for 125% of the value of the asset. Reasonable levels of unsecured debt are often based against the rule of thumb of 50% of your available income. Not knowing what you earn, the regularity of your income etc, it is impossible to say that they behaved in any other manner than that of a high street lender responding to the request of an established customer.

    You applied for the money and got it. I don't know what you indicated it was for. I doubt you put 'p*ssing up the wall on Texas Hold 'Em'
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • stator
    stator Posts: 7,441 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    It may be irresponsible but that doesn't mean it's illegal.
    Changing the world, one sarcastic comment at a time.
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    Options
    Irresponsible/unethical, yes. Illegal, no.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    Options
    Banquo21 wrote: »
    I have always had a problem with gambling, this was tapered by me not having enough disposable income. However in March/April this year I applied and got three loans from Nat West (my bank at the time) for £3000,£4000 and £7000 all in the space of 6 weeks. I applied online and found It really easy to get the money. I have never been in the black of my account for over 15 years, constantly living on my overdraft of £3100 which they kept on increasing. I also amassed a debt of £3000 on my Nat West Credit Card. I also had debts of £2000 on a Barclaycard.



    Obviously my credit rating was non-existent so I was wondering if Nat West neglected in their duty to protect me from debt. I know it was entirely my fault and unfortunately my gambling addiction got the better of me. Subsequently I am now in an IVA paying off debts I can ill afford.
    What are you hoping for?
  • Banquo21
    Banquo21 Posts: 83 Forumite
    Options
    Bantex wrote: »
    What are you hoping for?

    For Nat West to use a person to assess your loan application not a computer. And Nat West to admit irresponsible lending.

    I know I won't get the debt written off but hopefully other people won't fall in the same trap.
  • James_B.
    James_B. Posts: 404 Forumite
    Options
    Banquo21 wrote: »
    I was wondering if Nat West neglected in their duty to protect me from debt.

    Their what?

    What makes you think that they have this duty? Do you also believe that the supermarket has a duty to protect you from alcoholism, that McDonalds has a duty to protect you from obesity, or that your local car dealer has a duty to protect you from buying a little sports car when your wife is expecting twins?


    I know it's been said a million times before on here, but I'll say it again. You are an adult, people do not have a duty of care to you, you have to accept adult responsibility, and not blame others for your decisions.
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Options
    Banquo21 wrote: »
    For Nat West to use a person to assess your loan application not a computer. And Nat West to admit irresponsible lending.

    I know I won't get the debt written off but hopefully other people won't fall in the same trap.

    You do realise that the reason the banks use a computer system to avoid the possibility of real people being pressurised into giving loans to borrowers with sob stories, heartbreaking tales of woe, family or friends, right? They are there so that there is a fixed algorithm of criteria that cannot be influenced by an individual at the bank. For their protection and that of the borrower.

    Be honest, if you had walked in there and a person had been assessing it, would you have told them it was for gambling? No. You would have told them it was for a new car, or a new boiler, or found another way to lie to them.

    If you want to stop other people falling into your 'trap', go to GA, get away from your demons and then act as a sponsor for other recovering gamblers. Stop blaming the bank for your own actions.
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • Marker_2
    Marker_2 Posts: 3,260 Forumite
    Options
    So Natwest gave you 2 more loans despite you not paying off the original - that doesnt sound right.

    My husband has a gambling addiction (and we are in limbo right now, its one way or the other), so I am familiar with your issue, though I do not fully understand it.
    99.9% of my posts include sarcasm!
    Touch my bum :money:
    Tesco - £1000 , Carpet - £20, Barclaycard - £50, HSBC - £50 + Car - £1700
    SAVED =£0
    Debts - £2850
  • Marker_2
    Marker_2 Posts: 3,260 Forumite
    Options
    ConsumerWizkid wrote: »
    Oh grow up.

    Whats the point in commenting at all.

    I hate gambling addicts and their excuses more than most. I suffer the consequence of someones selfish addiction along with my children. However gambling addiction is not a dirty disease like drug or booze. It is a hidden issue that affects normal people, men in suits and home maker mums. It is 100% a mental health problem. Drugs is a difficult one, but alchohol which can be bought in your local supermarket. You can refuse to sell a drink to someone who clearly looks like they have a problem, it is physically telling. But gambling addiction is not obvious, and when banks, payday loans etc, which are advertised day and night are enticing you in with easy money, someone with a mental issue like gambling addiction can be easily hooked in.

    Personal responsibility, selfishness, weak, thoughtless, immature, stupid, naiive, desperate, narrowminded, loser - everything that my husband is and thousands of other gamblers. Getting out of that spiral is not impossible but it is so hard when temptation is everywhere.

    Banks and other lenders have responsibility (as well as the customer). it is a two way street, that neither side seems to be doing much good on.
    99.9% of my posts include sarcasm!
    Touch my bum :money:
    Tesco - £1000 , Carpet - £20, Barclaycard - £50, HSBC - £50 + Car - £1700
    SAVED =£0
    Debts - £2850
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards