Mis Sold Loan or Overdraft?

johnnybrando

Hi,

I am not a regular poster, and I am sorry if this should be under the 'loans' section. I have a debt management plan with StepChange.

I took out a huge loan a few years back, which i could never afford, I subsequently lived off my overdraft which my bank (Natwest) agreed to increase time and time again.

I know we are able to claim for mis sold PPI etc, but has anybody ever claimed a loan or overdraft, or credit card for that matter, was missold? i.e. The client could not afford the loan, and it should never have been agreed etc? Or should it have rang alarm bells with the bank if somebody has a huge loan, and paying for it out of their overdraft, and they are subsequently on a debt management plan? Just trying to get a bit of info, as the main site doesn't have much info.
Thanks you in advance for any advice.
John

safestored4

Sorry, but if from the outset you knew that you could not afford this "huge" loan as you describe it why did you take it out? Once you realised that you could not afford the repayments what steps did you take to discuss the position with the bank and seek to resolve the problem? Banks may have a lot to answer for, but equally borrowers have to accept a degree of personal responsibility for their decisions.

_Andy_

#clutchingatstraws

DevCoder

This is a primary example of mis-bought rather than mis-sold

dunstonh

Only if you are mentally incapable of understanding what you are doing are complaints like that successful. For everyone else, it comes down to personal responsibility to control your spending. That is not a requirement of the bank.

magpiecottage

dunstonh wrote: »

Only if you are mentally incapable of understanding what you are doing are complaints like that successful.

Even then, it is necessary to show that the bank should have realised that you were mentally incapable. The case study cited by FOS included a testimony from the manager of an electrical store that he had refused credit the same day because it was obvious that the borrower was not capable.

roonaldo

another I lived beyond my means but its the banks fault post.

when you borrow money you are obliged to pay it back.

mrginge

Have you considered suing the government for failing to provide you with even a basic level of education.

dunstonh

mrginge wrote: »

Have you considered suing the government for failing to provide you with even a basic level of education.

Shall we play a game of top trumps

I take you your Suing of the Govt and raising it to Suing his parents for being born

mrginge

dunstonh wrote: »

Shall we play a game of top trumps

I take you your Suing of the Govt and raising it to Suing his parents for being born

Damn you!

Let me think......

It's Thatcher's fault.