Pushed Unwanted Loan

Saints2011

DCFC79 wrote: »

well theres a few in contention, theres the 1 who wants to borrow £4.5k whos only a teenager at 17 i think or maybe 18, the 1 who used some of his credit card balance to lend to a friend.

Very true & we've still got 7days of the month left could be a close one :rotfl:

CH27

ESwan wrote: »

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.

Have you heard the phrase No thankyou?

ESwan

Hehe, yes I do come across as very bitter but it is not the case. I have stood by my bad choices even when it was (is) easier for me to just go bankrupt. I except your responses.

Young and dumb is the term and yes hindsight is great thing, please do not think I have not spent many hours thinking about those choices but I did stop beating myself up about it a long time ago.

Funny at the time when you have no money and the bank just keeps offering in more and more ways and the debts are building up, yes it is very hard to say "no thank you". You kind of need to be in that situation to understand, a smiling manager to take away your feeling of impending doom for a while.

The only reason I found myself here was they send me letters from time to time but recently they keep having the words in bold "........as a RESPONSIBLE LENDER.....". As you have all pointed out it is the borrower that is responsible! Maybe I am reading it in the "wrong light" but can someone tell me what the difference is between a "Responsible Lender" and a "Lender" is? The term just grated me.

Also the cheques did have a use by date on them but they probably missed off the word "must", what a shame.

Thanks.

donnap83

McKneff wrote: »

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

Somwthings will never change.....

fozmcfc

I do generally agree with others here, but I know a bit where the OP is coming from.

About 10 years ago, Natwest asked me in for an account review, I was bricking it, I was always well into my overdraft even after being paid. The overdraft was also double what I earnt each month.

I was ready for a bollocking.

What did I get, well the account manager says I see you have a loan and overdraft, but no credit cards, you will get them if you want.

A simple ok from me and he then proceeded, to fill in the relevant forms, for a Visa and Mastercard, which I duly got.

Oh yeah, I also had my overdraft increased as well.

Now I accept that yes I agreed and used the cards and that it is my responsiblilty and not the banks fault.

But because of the above, I can understand that certainly years ago, there was an extremely thin line being a customer accepting and being railroaded into agreeing.

Ultimately many of us have been young and foolish with money and for me anyway also not so young and foolish.

Nice to see the OP has basically not got all uppity with the replies, like so many do, I appauld them for that :T

ESwan

Oh yes the ever increasing CC and OD limit. Anyone ever call the CC company and say "I don't want the extra £1200 credit you just put on my card", what did they say?

I am just happy that they put the "newbie alert" next to my name or people may have really laid into me - dodged a bullet there!

ESwan

ILW wrote: »

Bet it was fun spending it though.

Really! Hmmm I know that it seems like I got £50k out of Lloyds but it was spent on a debt spiral, ever bought one of those? Trust me don't both they are so rubbish, much more rewarding things out there to spend your money on.

RichGold

fozmcfc wrote: »

About 10 years ago, Natwest asked me in for an account review

I've had all my accounts marked "No Marketing" for several years now, so no-one from the bank ever calls me to try to sell me stuff or review my account. It works for me.

fozmcfc

Haven't had a review since then.

I can't remember the last time I needed to use the counter service in a bank, that's when they used to try to reel me in for one. Last time I spoke to a Natwest worker was on the phone about 4 years ago when my debit card didn't turn up.

I have no reason to go into the bank and touching wood, have had no issues that I have needed to talk to Natwest for about 4 years.

Online banking for years has covered my requirements/needs.

Morglin

NatWest, along with other banks and finance companies, did try and push cards and loans onto people a few years ago - they used to corner me when I went to the branch and phone up at least once a week to offer me £25k lol

Even after I explained (again) that I was on a fixed income. and would probably struggle 'hugely' to pay them back, they still said it wouldn't matter - staff were bing pushed to sell as much as they could, and they didn't really take adequate precautions about who they were lending to or why..:wall:

However, it's just a case of being firm and refusing to borrow what cannot be paid back - they cannot force money on you, if nothing is signed.

Oh, and I always avoided those credit cards, like the plague - the interest rate on those used to be far above what was reasonable.:eek::eek:

The banks were irresonsible, hence the reason the world economy is in such a state now, but I think people also have to be responsible for their own choices in life.

Lin