Inappropriate / irresponsible lending

danihulo

That'll be the 1st and LAST time I post then.

Chainguy, I truly hope you never find out what mental illness is like and does to people you are close to.

I simply asked whether further lending could be prevented by a person whom the law considers to be unfit for other responsibilities such as jury service. And whether the banks should be held partially responsible for thrusting loans at extortionate rates at vulnerable members of society.

Personally I have NEVER been in debt or financially irresponsible in any way. I have always worked and only bought things when I could afford them. I have never missed a payment on any mortgage or whatever and have a credit rating of 99/100. (I checked with the credit rating bureaus.) My sister behaved similarly to me until she became ill.

I have come to the conclusion, through the more helpful posts that have been made, that there is no way to reduce the debt and that we cannot prevent a mentally unstable person from getting themselves back into the same situation.

Personally I find that a poor reflection on today's society.

cattie

Perhaps if her mental illness is so severe she should have an appointee so she won't actually be able to access money to use so recklessly in the future.

It's no good expecting to be able to tell a bank that a person has a mental disability & expecting them to supervise the persons spending. A bank is an institution that exists to make money for it's shareholders.

I don't want to sound harsh but on some levels we have a lot of people moaning about the nanny state then on other levels they are expecting to have big brother stepping in when things don't go quite right.

Spending lots of money is a common occurence in depression, many of us know this only too well, so it's wise to try to take steps to minimise the financial damage.

Newone_2

not sure if this would work, but coould you get hold of anything she could use as id, passport (if she has one), bankcards, visa etc and keep hold of them. if the accounts are unapid, they will not issue replacements anyway and she cannot use the ones you hold as id for any further applications. the only way to stop it happening again is to remove any and all opportunity from her. whether this be taking all cards and id from her, making sure there is always someone with her to stop her siging anything.

i think an appointment with cab and/or cccs is now needed for money advice.

also worth a shot, would her doctor be willing to declare her illness as being so severe that you or another responsible relative could take over her finances under court of protection. (this is a "for good" version of the power of attorney documentation"

if i think of anything else, ill post again

Mrs_pbradley936

Oh come on you lot this person wants our help not our condemnation. I have no idea what they should do but I still would not insult and upset them. On a practical note danihulo I think I would go with her to the GP and see if s/he would give you a letter to say that she should not be given loans in future. If they lend to her after that I would say you might get more sympathy meanwhile I think you just have to work out a payment schedule.

whambamboo

danihulo wrote:

Dear All,

Thanks for the comments.

To clarify, Lloyds were fully informed of her condition at all times so they knew she has bipolar disorder so severely that she cannot and (barring a miracle) will not ever work. This is the basis that I believe the lending, which was to her personally not in joint names with her husband, was irresponsible.

Sadly she does not really have anything to show for the loans - 5K car - they are a one car household and do need something reliable, so not unreasonable, couple of new sofas, bathroom refit with new shower. Much of the money was frittered on takeaways etc I suspect.

Whilst her husband is lovely he has not a clue when it comes to money. She tells him they have the money and he believes her - yes this is something we will try to address as a family.

Any further suggestions?

Cheers.

Wow, £15k on takeaways - maybe they should see if they have a discount for regular customers.

moonrakerz

danihulo wrote:

That'll be the 1st and LAST time I post then.

Chainguy, I truly hope you never find out what mental illness is like and does to people you are close to.

Don't take it to heart danihulo. This is a brilliant website, but there are one or two people who seem to delight in showing how clever or sanctimonious they are. Or perhaps they just take a perverse delight in trying to upset people - especially those they consider to be an "easy target". Just ignore them, that's all they are worth.