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Irresponsible lending by bank
I took out my credit card and loan with halifax.
Halifax knew i was unemployed and on benefits when they gave me credit.
They kept on increasing my credit limit on my credit card which i didn't want; they automatically did this every time i paid the minimum payment.
When i took the credit card out in 2006, they knew i was unemployed and set my original credit limit to around £1000.
It is now around £9000, and i have a debt of £3,500 on it.
As with the loan, i took it out last year.
They let me have it no questions asked; they didn't even ask me for proof of my benefit income.
As a result of this lending by halifax, i am now on an iva.
Can i argue what the bank did by lending me credit i am unable to pay back was irresponsible and do i have a claim against the bank!!??
Halifax knew i was unemployed and on benefits when they gave me credit.
They kept on increasing my credit limit on my credit card which i didn't want; they automatically did this every time i paid the minimum payment.
When i took the credit card out in 2006, they knew i was unemployed and set my original credit limit to around £1000.
It is now around £9000, and i have a debt of £3,500 on it.
As with the loan, i took it out last year.
They let me have it no questions asked; they didn't even ask me for proof of my benefit income.
As a result of this lending by halifax, i am now on an iva.
Can i argue what the bank did by lending me credit i am unable to pay back was irresponsible and do i have a claim against the bank!!??
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Comments
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As a result of this lending by halifax, i am now on an iva.
No, you are on an IVA because you spent the money, borrowed more and spent that too. You had a choice about it.
They offered you a line of credit at a point when you were handling your credit competently. You, and only you, spent it and got into difficulties.
Unless you are willing to claim that you are mentally unfit to be allowed any form of financial control since you are unable to exercise restraint, then no, I wouldn't say you have a case.
That may sound harsh, but there is an element of self-indulgence about people who claim that they aren't responsible for their own behaviour. I have a credit card with a limit of £5,600.00 on it, which has increased year on year from the £2k is started at.
I have a balance of £0.00. Just because it is there, doesn't mean I have to use it.Some days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200 -
No. Obviously not. They didn't make you spend it.0
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I took out my credit card and loan with halifax.
Halifax knew i was unemployed and on benefits when they gave me credit.
They kept on increasing my credit limit on my credit card which i didn't want; they automatically did this every time i paid the minimum payment.
When i took the credit card out in 2006, they knew i was unemployed and set my original credit limit to around £1000.
It is now around £9000, and i have a debt of £3,500 on it.
As with the loan, i took it out last year.
They let me have it no questions asked; they didn't even ask me for proof of my benefit income.
As a result of this lending by halifax, i am now on an iva.
Can i argue what the bank did by lending me credit i am unable to pay back was irresponsible and do i have a claim against the bank!!??
OP I think you need to take responsibility for spending the money and consequently ending up up on a iva.
Maybe irresponsible spending is what the title should be. Cut the card up now to stop spending on it and start paying off the debts.0 -
I'm in an IVA. But it is largely my own fault. Halifax did not threaten to beat you up if you didn't take and spend their money - you applied for and spent the loan.
Hope things pick up for you soon, OP - but you do need to take responsibility for your own actions.0 -
Agreed. You knew you were unemployed but still took out a credit card, accepted their limit rises and spent the money.
You have to accept responsibility yourself.0 -
Take responsibility
You applied for the loan, and i'm sure you were told the repayments - if you are unemployed how were you planning on making these?
As for the CC and the increased limit - just becasue the credit is available doesn't mean you have to use it. I think i have something like £15k - £20k available credit, current balance is about £1k on an interest free card.
You got into the debt, halifax didn't hold a gun to your head and make you spend the money.
What did you spend the money on?
Was the loan maybe for a car - you could sell it?
Did you purchase any gadgets that you could sell over - TV's, game consoles, mobile phones etc?Weight loss challenge, lose 15lb in 6 weeks before Christmas.0 -
I don't see what you are trying to achieve, if im honest.
You're on an IVA, you're already probably not going to have to pay back the full amount and after 5 years.
IVAs are there for people, really, that have had a change in circumstances so can no longer afford to repay.
You didn't have a change in circumstances, you just spent money you couldn't afford to pay back.
I'm not having a go at you, I once got to the point where 1 more loan/card could have put me over the edge of being able to afford to pay my bills, I was just about lucky enough to realise and start paying off my debt.
It's a pain, it's hard and it means you're going to have a few years of saying "sorry guys, I can't do X this weekend, as I'm broke" but it's worth it to get your finances under control.
Out of interest, are you still unemployed? Is there any way you can go back to work?From £8,800 to £2,200 in 2 years.
Nearly there, just the 0% credit card to go!0 -
You have to take responsibility for yourself rather than try and find someone else to blame.SPC #1813
Addicted to collecting Nectar Points!!
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I took out my credit card and loan with halifax.
Halifax knew i was unemployed and on benefits when they gave me credit.
They kept on increasing my credit limit on my credit card which i didn't want; they automatically did this every time i paid the minimum payment.
When i took the credit card out in 2006, they knew i was unemployed and set my original credit limit to around £1000.
It is now around £9000, and i have a debt of £3,500 on it.
As with the loan, i took it out last year.
They let me have it no questions asked; they didn't even ask me for proof of my benefit income.
As a result of this lending by halifax, i am now on an iva.
Can i argue what the bank did by lending me credit i am unable to pay back was irresponsible and do i have a claim against the bank!!??
Which you applied for!SPC #1813
Addicted to collecting Nectar Points!!
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I don't think it's irresponsible lending. I think it's irresponsible borrowing.0
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