loan to someone who cant afford it??

Bradani

my husband a few years ago was on his computor looking at his bank account page and a window opened up and got his attention, saying he had been preapproved for a loan of £12,000 and all he had to do was press a button and it would immediatly be in his account, as he was disabled and on income support and only had one of the simple bank accounts the government allowed such people to hold, and all his benefits were being paid into his account, has the bank any responsibility in this, i did not know about this as he kept it a secret. We bank seperatly as he is notoriously bad with money, he suffers with severe depression and has frittered it all away. we hav e had severe problems trying to pay it. can anyone help.

paddyrg

I don't think you'll get the answer you are hoping for to be honest, the money was borrowed, he was an adult, the money was spent and enjoyed, now it needs paying back. Try explaining the situation to the bank who may have a tiny bit of sympathy if it was them lending it, they should have been smarter about their lending criteria, but the debt won't vanish unless you trash your credit record for 6+ yrs and go bankrupt. But then you sound like that may not be a bad thing in your circumstances anyway!

Tixy

If he is struggling with repayments then suggest he contacts one of the debt advice charities for some advice on possible options he may have.

IMPORTANT - Where to seek professional impartial advice about your debts.

If he knew he was only in receipt of benefits and would be unable to meet repayments then he should not have applied for the loan offered to him.

If the loan was offered in the way he has told you I would agree that was poor practice of the bank but it was still his decision and as an adult he is responsible for accepting the loan.

Apples2

Why do you allow him internet access unsupervised?

You're clearly suggesting he cannot make informed decisions on his own so you should have complete control over his finances.
Seek legal advice to get everything transferred into your name so he never even holds any bank account.

If that's not what you are saying, well, he is an adult and knew what he was doing, even if he knew it was wrong.

RichGold

OP, you're not serious surely? If it was possible to make debts disappear without repercussions then I'd be outside my bank managers office every other morning with a fresh application. And so would everyone else. It just doesn't work that way.

If you are serious and really cant pay then bankruptcy may be your only hope.

bouncydog1

Bradani wrote: »

i did not know about this as he kept it a secret. We bank seperatly as he is notoriously bad with money, he suffers with severe depression and has frittered it all away. we hav e had severe problems trying to pay it.

Something doesn't quite add up - firstly you say you didn't know about it and then that you have had severe problems trying to pay it. Who has been making the repayments up to now as you say this happened "a few years ago".

I agree with the others that there is little chance of you getting it written off - suggest you contact one of the debt charities for help or post over on the Debt free board.

barbarawright

Sell the caravan site perhaps? https://forums.moneysavingexpert.com/discussion/comment/45569760#Comment_45569760

iluvmarmite

barbarawright wrote: »

Sell the caravan site perhaps? https://forums.moneysavingexpert.com/discussion/comment/45569760#Comment_45569760

Oh my god soo busted lol.

paddyrg

iluvmarmite wrote: »

Oh my god soo busted lol.

Hardly 'busted', the OP didn't try to post under different names or anything. They are hitting financial problems and looking for ways out. The caravan site may not be as valuable as originally hoped, that's unlucky, not 'busted'.

skintandscared_2

paddyrg wrote: »

Hardly 'busted', the OP didn't try to post under different names or anything. They are hitting financial problems and looking for ways out. The caravan site may not be as valuable as originally hoped, that's unlucky, not 'busted'.

But there is the slight issue of the £40k they had to buy the site, which looks like it was long after this loan was taken out...

telboyo

A window just popped on the OP's pc saying "Buy this field earn £xxxxx per year tax free guaranteed"!!!!!!