Pushed Unwanted Loan

ESwan

I live in a small town where I banked with Lloyds TSB, however, I worked in London.

Some years back I walked into a branch in London to change some dollars to pounds, I gave the cashier my card as it a some Gold account that gave me good rate. She changed the money and then said "Sir the bank manager would like to see you, can you see him now?"

Thinking something was wrong with my account as it was lunch tome and the bank was very busy, strange he was waiting for me. I sat with him and (and I paraphrase) he said “Looking at your account I am happy to give you a loan for £25,000 today, what would you spend it on?”, I said “I am not sure” and he said ”I do not mind what it is for, a new car, home improvements but I would need to put something on the form”. I said “it would be nice to have a new car” and he said “that is fine, I will make sure the money is in your account this afternoon”.

The money turned up which as a seemed great. Years later when I could not afford the loan I looked back and felt this was pushed on me somewhat and that it was not really responsible lending. As the money was hard to find each month my Lloyds overdraft eventually swelled to £9000 limit and my Lloyds credit card maxed out but not before they kept increasing the limit until it got to £15000 (I mean they sent me cheques for my credit card!) – then the charges started to happen all over the place (easily £200 - £300 each month which just topped it off.

I entered into a no interest repayment plan and I have probably paid half the debt off (on the books, probably paid back much more).

I am now starting to think that some of the responsibility lays with them and am considering seeing a solicitor to see if they can get some fees, charges, discount or whatever but thought I would start here in case anyone had any experience or advice on this.

Any thoughts would be appreciated.

Emmzi

I don't believe you.

You MUST have signed something. If you chose not to read it then that is your own problem.

I think time may have altered you rmemory of events.

In my experience (former bank manager) you're on a hiding to nothing. Yet to find one person on thos board - and there are several every week - claiming irresponsible lending, who has made a case of it.

ILW

Don't be so stupid, they offered you a loan and you decided to take it. End of.

ESwan

Sorry yes I signed the bottom of it which is why for 8 years I have just been paying. I mean I

I just felt that a £25k loan should not be presented as an impulse buy.

At least if nothing can be done for me at it may serve as a warning to others.

ILW

Bet it was fun spending it though.

RichGold

ESwan wrote: »

I just felt that a £25k loan should not be presented as an impulse buy.

Depends if you're an impulsive kind of person. If I go to John Lewis to buy a new microwave I don't come home with a cooker, washing machine, flat screen tv and a hoover as well, much like if i go to the bank to change dollars into pounds, I don't also come away from the bank with a £25,000 loan.

Banks are like any other company. If they don't sell products, they don't make a profit.

McKneff

Why is it always someone elses fault............sigh.................

Apples2

ESwan wrote: »

(I mean they sent me cheques for my credit card!)

You didn't realise that using these cheques was optional??

Have you successfully walked past a car dealership without buying all the cars?

somethingcorporate

Did you go to the police about this? obviously they held a gun to your head when you were signing and subsequently spent the £25k??

RichGold

ESwan wrote: »

Some years back......

Not what you would call instant regret then?

ILW

Apples2 wrote: »

You didn't realise that using these cheques was optional??

Have you successfully walked past a car dealership without buying all the cars?

It is not optional, there is a clause that says "this cheque MUST be used by XX/XX/XXXX" Cannot argue with that.