irresponsible lending?

mojobloo

hi everyone.
i don't know if this is the right section of the forum but here goes.
is there or has there ever been a section on how to claim against banks irresponsible lending or have i imagined it?
i'm trying to contest a loan which we were pretty much pressured into accepting whilst on holiday to purchase 'shares' in a holiday club.
i'm self employed and at no time were books (obvioulsy as we were on hiloday) or income taken into account to work out if we could even afford this loan. it was all done over the phone in private between them and Barclays and i'll admit the pressure selling did get us to sign.
i hope there is a way out of this mess.:(

many thanks.

dunstonh

is there or has there ever been a section on how to claim against banks irresponsible lending or have i imagined it?

There is no section and no reported issues on this front.

Yes, banks did give out money too freely but it is their money to lend. If they want to lend to higher risk cases then it is their choice.

i'm trying to contest a loan which we were pretty much pressured into accepting whilst on holiday to purchase 'shares' in a holiday club.

That wouldnt be the lender's fault though.

'm self employed and at no time were books (obvioulsy as we were on hiloday) or income taken into account to work out if we could even afford this loan.

They didnt have to. You made an application giving them figures on your income which you declared to be correct. Are you now saying you lied about these? The bank always had the right to check these figures and would do on a sample but in the majority of cases they would not.

i hope there is a way out of this mess.

You are chasing the wrong people. It isnt the lender you have an issue with. it is the firm that sold you the mortgage. Although if this is not a residential mortgage then it would be a commercial arrangement and you dont get the same consumer protection that came in during 2004.

roonaldo

don't you mean irresponsible borrowing?