Co-Op bank

Mara69

noh wrote: »

Were the facts stated on the loan application or did he misrepresent his income and employment status?

essex_jim wrote: »

I don't know

Quite. You don't know; therefore it is unfair to be slating the bank without all the facts.

essex_jim_2

Mara69 wrote: »

Quite. You don't know; therefore it is unfair to be slating the bank without all the facts.

Oh how I would love to ask the person in question for the facts!

My point is that even he did lie (and I have no idea either way because as I say he killed himself last week) the bank were well aware of his mental state. It's not all done on a computer, the advisor in a branch makes the last call (was speaking to my sister earlier who is the deputy manager of a busy high st branch of Barclays) and she has rejected people for various reasons despite the credit limit allowing.

Also, I'm free to slate whatever bank I want matey. This is a forum for this kind of thing.

DevCoder

Actually a lot of loans are done on a computer, do you think a senior advisor vets every application?

Unless a marker was placed on his account as regarding his mental state (and this would be a very difficult marker to apply unless the person himself asked for it, after all Im not sure I'd like to legally defend myself if I applied a note to your file saying you were mentally unstable without being very very very sure of myself!).

And no this isn't a forum to unjustly just slate any bank because they "must be the bad guys". There are other forums for that.

This is a forum for sensible advice on money matters.

essex_jim_2

Christ the knives are out for me on here. Kris I'm well aware loans are done on computers, what I'm saying is that in a branch an advisor can easily make a call. I used to work in Natwest myself, my sister Barclays as I said above so have 1st hand knowledge of this.

Looking at this forum I think there's a few (not all) people who have too much time on their hands acting as know it all for banks etc. whilst completely ignoring the immoral practices most of the them carry out.

DevCoder

An advisor can make a call but it wouldn't be a good move to add anything to a client file (which can be recalled under the DPA by the aforementioned client) that you couldn't fully justify.

If it was one incident then I would not expect any mention on a client file of this, repeated "scenes" and Id expect the police to be called, a marker to be placed on the file and the client to be requested to take his custom elsewhere.

This didn't happen by the looks of it and a loan full repayment was made (although a file note should have been made at this point highlighting that someone else repaid it).

However the bank should have almost certainly checked prior information that they had (given the prior loan was with this bank!) and made a call on this, this should've raised alarm bells enough to check that the applicant had filled out their forms truthfully.

From what I can see so far, both parties are to blame

essex_jim_2

A better and more reasoned response indeed. As I say I've no idea what he put on those forms. If he said he had an income and the bank could see quite obviously in their own records that he had no job. (he had his main current account there too so wouldn't have been hard) but then I suppose benefits do count as income do they not? Hmm, suppose they do.

bigadaj

It does look very strange, as with little ability to repay a loan then it would not make sense to lend money, were his family continually paying off the debts?

John_Pierpoint

Presumably someone at the bank will have a mark on their file for losing the bank £7K ?

Nationwide made a four figure loan to a derelict caravan parked in a field next to me.

Johnmcl7

I agree it seems a flaw in their system it would loan so much money to someone with no income, affordability seems to get people's backs up on this forum due to the number of threads where people are looking to get out of loans they believe they were mis-sold but this seems a different case to me.

The BBC had a headline up today about a more extreme case where a dementia patient was lent £18,000:

http://www.bbc.co.uk/news/business-18374230

Just seems strange when there are people with more income to their name struggling to get lower loans although it's clearly a complex system.

Sorry to hear of your loss particularly as it sounds a particularly unpleasant situation.

John

Valli

Johnmcl7 wrote: »

I agree it seems a flaw in their system it would loan so much money to someone with no income, affordability seems to get people's backs up on this forum due to the number of threads where people are looking to get out of loans they believe they were mis-sold but this seems a different case to me.

The BBC had a headline up today about a more extreme case where a dementia patient was lent £18,000:

http://www.bbc.co.uk/news/business-18374230

I'm guessing this is the same lady, whose story was featured on Moneybox. Apparently the loan was for home improvements BUT she was a tenant. Also she then banked the money in a b.soc deposit account - so one wonders why the normal 'money laundering' questions weren't applied!
They found out she had the £18K after her death!