Help! can I claim irresponsible lending?

suzz00

I was given a very large overdraft in 2009/2010 at this point I was a single parent on benefits with very low income the overdraft then was passed on to debt recovery as a student now I still dont have the funds to pay this back. Could I claim irresponsible lending against the bank and if so how do I do this
Any help would be great
Thankyou

merlot123

I doubt it very much, they gave you the overdraft and you spend the money, so you are equally to blame.

Can you get a part time job to offer the bank a token payment towards the overdraft?

Have you now changed bank accounts? If not, you need to do this, they can use any money you pay into the account to repay your overdraft without your consent, and its perfectly legal for them to do so. It is called setting off, Martin has an article at the top of this page about it.

merlot123

suzz00

Yes had to change banks as they froze my account so I could not withdraw any money. Citzens advise said they thought i would have a case for this but didnt advise me on how to go about it, thats why I thought I would try on here. I know its my own fault and I spent the money although 1500 of it is charges and interest taken by them
thanks for your reply

merlot123

http://www.moneysavingexpert.com/reclaim/bank-charges?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

This is a link from Martin Lewis, you may be able to claim your bank charges back.

What did the CAB say to you about the irresponsible lending? Or was it the bank charges they were talking about?

opinions4u

suzz00 wrote: »

I was given a very large overdraft in 2009/2010 at this point I was a single parent on benefits with very low income the overdraft then was passed on to debt recovery as a student now I still dont have the funds to pay this back. Could I claim irresponsible lending against the bank and if so how do I do this
Any help would be great
Thankyou

You could. But that doesn't get the debt written off.

You asked for a facility and they provided it.

While you now clearly know it wasn't such a good idea, you'd be much better off focusing on how to deal with the debt rather than some futile battle that's doomed to failure.

This forum can be your friend.

[Deleted User]

I don't agree, I think you should always try. Whilst this should not be the solution it could be of some help.

So why not follow the process, write the letters that take minutes and see what happens. You have nothing to loose and you can still be here taking the above advice. That way its a win win situation going forward :-)

[Deleted User]

I have just read the charged and interest figure that you provided, what on earth did you borrow and for how long?

The first step is to write to the provider and tell them of what your situation is and then put to them your case, don't forget to include what you want as the end result.

I would also think about CAB again as they may be able to give you some time with someone who deals with this. If not then lots of reading online and just give things a go.

As I said before as long as you don't take it to Court you have nothing to loose, I am sure you would reconsider the time and bother should it get that far and you are without a good legal rep, having said that you may find CAB back you enough for this.

HTH and let us know how it all goes.

suzz00

assj wrote: »

I have just read the charged and interest figure that you provided, what on earth did you borrow and for how long?

The first step is to write to the provider and tell them of what your situation is and then put to them your case, don't forget to include what you want as the end result.

I would also think about CAB again as they may be able to give you some time with someone who deals with this. If not then lots of reading online and just give things a go.

As I said before as long as you don't take it to Court you have nothing to loose, I am sure you would reconsider the time and bother should it get that far and you are without a good legal rep, having said that you may find CAB back you enough for this.

HTH and let us know how it all goes.

It ended up been a £5000 overdraft and the interest and charge for having the account where more then whAt money was coming in and then the situation got worse as I was being charged for being over a agreed limit. I know it was really stupid to have a overdraft that large but wasnt thinking clearly at the time it jus seem to make life a little easier while it was there until the reality of the whole thing kicked in. I am trying to sort out my financial situation now but didnt realise how hard it was and how much money you have to spend ringing collector after collecter. Hopefully I will be able to manage without a legal rep as it would be a huge weight of my shoulders. I just hoped there was a way of clearing the charges and interest and still be able to pay in installments as they offered me a £2500 pay off but had to pay all in one go and im not in the situation to pay a large lump like that as I just dont have it.

[Deleted User]

Well I am really surprised at the overdraft that you were given, that is certainly very high "you must have previously had a very good record".

I can't really help you a lot as you have only provided very limited information.

I would not bank on getting anything from this situation, that does not mean you should stop trying.

I don't mean to be rude to you, but you also seem very new to this forum and I think you could really use some help from some of the experienced people on here. I can't see your previous posts as my pc is playing up, but have you done your SOA?

You have made the best start by coming here, I only arrived a few months back and I have made a very very good start, without this site I may have been living on the street at this point.

Anyway good luck with everything and if you have any direct questions then be sure to post these. I think the topic you have asked about is rare and new and therefore this is the reason the response has been poor.

[Deleted User]

Also just saw the student bit, could you not use some of your student loan to help with this?

[Deleted User]

Sorry also meant to say start reading online and google everything, you will see a lot of cases that you can use to help you with yours.