How do i complain that a credit card company hasn't been a responsible lender

darkangel2828

I've just recently found out my husband of 8 years, has 2 credit cards with £25000 debt between them!

most of this debt was accrued before we were married and I never knew about it. (Thats another story!)

But in the last year he had a debt of £13000 on one card and the lender offered him a raise to £15000 despite him only paying minimum payments every month and spending on neccessary things like petrol and food... and he has now maxed the card out thanks to their 'kind' offer to raise the limit.

Not only am a furious with my husband, but with the lenders for not being responsible... surely they can see from the type of purchaces that he makes nad the fact that he only makes min payments that a raise is only making things worse for someone who is obviously sinking in debt?

What can I do? Can I complain/ get compensation back for him?

nomoneytoday

He's over 18 and spent the money.
By paying the minimum payments they're earning a profit too.

I would go after your husband with the rolling pin, not the banks IMHO.

_Andy_

darkangel2828 wrote: »

I've just recently found out my husband of 8 years, has 2 credit cards with £25000 debt between them!

most of this debt was accrued before we were married and I never knew about it. (Thats another story!)

But in the last year he had a debt of £13000 on one card and the lender offered him a raise to £15000 despite him only paying minimum payments every month and spending on neccessary things like petrol and food... and he has now maxed the card out thanks to their 'kind' offer to raise the limit.

Not only am a furious with my husband, but with the lenders for not being responsible... surely they can see from the type of purchaces that he makes nad the fact that he only makes min payments that a raise is only making things worse for someone who is obviously sinking in debt?

What can I do? Can I complain/ get compensation back for him?

Compensation? !!!!!! what for? He's an adult, he ran up the debt. Stop trying to blame others.
Threads on these forums are getting more and more pathetic by the day.

_Andy_

darkangel2828 wrote: »

and he has now maxed the card out thanks to their 'kind' offer to raise the limit.
?

I see so nothing to do with him, the card provider held a gun to his head and forced him to spend it all.
please.

chattychappy

Whilst "responsible lending" is something CCs might use as a reason not to lend, or something quoted in a corporate social responsibility brochure, failure to lend responsibly (even if you could define it) doesn't give rise to a legal claim.

High levels of regulation apply to some other financial products - ie where a consumer might rely on the expertise of the seller. But for borrowing, it's considered that adults can make their own decisions.

darkangel2828

Wow- Thanks for your kind help.... and thanks for being supportive to a 'newbie'
I am not pathetic.... I am a worried, confussed young wife and mother who is sick to death with worry, and has nowhere to turn to for help...
Stupidly I thought I might get some support or help at MSE... ive often read forums and found people to be nice to each other....

I know its my husbands fault... but thought credit card companies had to be responsible lenders... I am obviously a naive fool.

Sorry to bother you all

ses6jwg

Responsible lending is about making sure that it is affordable.

If your husband is making the minimum payments, then to a credit card company that is affordable as he is meeting their minimum requirement to pay off the debt.

You will now need to figure out the best course of action on how to proceed.

It would be a good idea, if your husbands credit rating is still intact, to consider transferring some of the debt to a 0% balance transfer credit card or cards.

Otherwise, if you have a mortgage, it may be an idea to seek an additional loan on that (as the rate will be much lower than a credit card), and use that to pay off the credit cards, then beat your husband severely to make sure he never takes out a credit card again.

If he is spending on neccessary items such as food and petrol, this suggests you have underlying budgeting issues in your family.

You need to sit down and see exactly where your income in going and reduce/ rebalance it accordingly. In a nutshell, it means going without holidays, treats, new cars and clothes until you sort yourselves out. Sorry for the reality check but that is what people in debt require more than anything else.

_Andy_

I get that you're upset about it but you can't blame other people for him spending the money. Whilst I'm not saying you as a person are pathetic, seeking to get 'compensation' is, and is just ridiculous.

fracturedsun

Darkangel, I don't think you or your husband have any legal claim against the credit card company I'm afraid.

I can suggest that you try posting on the debtfreewannabes board for some advice on how best to work yourselves out of debt, TBH you'll probably get a more sympathetic response too.

Don't be put off by the negative response here, people here can get annoyed by the number of posts by people apparently wanting to disclaim all responsibility for their situation and unfortunately this means that sometimes newbies feel a little jumped on. There is some really good advice available on these boards for people trying to work themselves and their families out of debt.

vax2002

Universal scissors £4.99 wilkos, stop all credit card debts in their tracks..

darkangel2828

Cards were cut up this morning, and the husband is now black and blue (JK!)

Thank you for the kinder responses.... Andy, I appreciate that in this world of compensation and entitlement people get mad at the words or suggestion, of compensation...

To be honest, I am DEVESTATED by the position I find myself.... I've always lived frugally, and saved up for holidays and Christmasses, Never owned a credit card, store card or had debt, so I'm at a loss as to where to go from here....
I've always been responsible with money, and only bought what was within reach of my funds,... so to find myself with £25000 of debt is a HUGE shock to the system, and I am so worried for my (and my daughters) future....