Irresponsible bank lending? if so how do I complain?

babyrosie101

Hi all and thanks for reading and hopefully replying. Am currently in the process of setting up a DMP - as unfortunately built up a lot of debt through foolishly gambling (now under control - thank goodness - wont go there again in a hurry) and then unfortunately being made redundant. But my reason for posting is that lloyds tsb gave me a very large overdraft and I believe they were irresponsible for doing so - not sure whether to try and complain (because obviously I owe it to them) and if I do even where to begin. The reasons I think they were irresponsible is because:
I only worked part time and was completely honest about that and how much I earnt. Lloyds only saw between £570 and £870 a month going in to my account - I had applied for an overdraft and a loan with them on numerous occasions and been turned down ( and by lots of other companies too). I know from contacting the credit reference agencies my credit score was low which was why I was being turned down. Well I had a couple of small gambling wins in one week meaning I'd had about £600 transferred in to my account by the gambling sites I used - so obvious where it came from. Stupidly then gambled it all away again ( and yes I know how stupid I am so please try not to judge me on it) and then applied for an overdraft again - to my surprise got one for £500. Over the next 3/4 weeks I basically swung back and forward between gambling my overdraft and winning couple of hundred pounds here and there and one lot of £700 (I know still incredibly stupid) all deposits in to my bank clearly by a gambling company. by the end of the 4 weeks my overdraft was an agreed £3000. Each time I applied online I told truth and said I was part time worker and yet they increase it - I can only assume it was because of the amount of money going in to my account through gambling. Anyway my luck dried up -as it does - lost my job and have overdraft I can't pay. Since then lloyds have added in nearly £600 in unpaid and overlimit charges. Not sure if I should complain because I told them just how many hours I worked and what I earnt - did they really think I had any hope of paying back a £3000 overdraft and how did I get it with a bad credit score in the first place?? Anyway irresponsible lending or not? Thanks

miduck

You did not have to spend the money, did you? You cannot blame anybody but yourself for your spending habits.

inmypocketnottheirs

Irresponsible borrowing would be my view.

roonaldo

So you spunked all your money but its the bank fault? of course.
Surely a hoax post or the most stupid person in the world.

babyrosie101

Yes I gambled the money - stupid? Yes very. But what's done is done. And no I don't think it's all their fault because I know it's me who spent it and I'm working on paying it back. I'm just saying I can't understand why they would lend it to me in the first place. I told them honestly what I earnt and how many hours and they gave me a giant overdraft even though I had a rubbish credit score, so yes i do think they are a little at fault.
Now on a DMP - I've asked them to help me out by stopping the interest and charges whilst I try and pay back the original amount I owe they won't. They add more on each month in charges and interest than I can pay them - meaning I'll never pay it off.

babyrosie101

Oh and if you don't come on here to help people or for advice yourself - just to judge them and write sarcastic comments - why bother? Go and watch an episode of Jeremy Kyle or an old episode of Trisha and jeer and judge to your hearts content!! And while you're at it keep kidding yourself that you've never done anything that you shouldn't have or anything that you regret.

miduck

Banks are in the business of making a profit - offering you an overdraft is a profit making exercise.

Forget about the complaint - focus on ways to manage your debts. Post an SOA on the Debt Free Wannabe board for ideas on how to manage your budget.

antrobus

babyrosie101 wrote: »

...
Now on a DMP - I've asked them to help me out by stopping the interest and charges whilst I try and pay back the original amount I owe they won't. They add more on each month in charges and interest than I can pay them - meaning I'll never pay it off.

Read this.

http://www.moneysavingexpert.com/reclaim/bank-charges

Try again. Take it to FOS if they say no again.

DevCoder

Although creditors do not need to agree to a DMP/freezing of interest etc.

It's considered good practise for maintaining relationships but not against the COBS is they don't.

roonaldo

but is the issue the bank or your gambling? if you didnt gamble would their be an issue? I doubt it.

Miduck provides you some good advice.

magpiecottage

I doubt the bank would have made the loan if you had told them you were going to use it to gamble.

So I would say it is irresponsible borrowing.

You can complain but I don't think you will find much sympathy here, at Lloyds TSB or at FOS.