Would you loan £10000 to someone unemployed?

John1993_2

cyclonebri1 wrote: »

Let me get this straight then, no financial lender has any responsibility to ensure that the person they loan to has any means of repayment?


A simple yes or no will do.

If you mean legal respponsibility, then no.

As pointed out above, though, they do have responsibility to their shareholders, their immediate managers, etc.

cyclonebri1

John1993 wrote: »

If you mean legal respponsibility, then no.

As pointed out above, though, they do have responsibility to their shareholders, their immediate managers, etc.

The scales are somewhat weighted then.

ilovelondontown

cyclonebri1 wrote: »

Let me get this straight then, no financial lender has any responsibility to ensure that the person they loan to has any means of repayment?

In principle yes, but unfortuately it's not always put into practice, this is exactly why the economy went belly up, money was being dolled out like it was growing on trees to people that couldn't really afford it.

I understand what you're asking, was this person missold finances that they shoudn't have been able to get access given their personal financial stats?

While I agree it's crafty that this practice still goes on, there has to be a level of personal responsiblity- if you know you can't afford it then don't ask for it.

John1993_2

cyclonebri1 wrote: »

The scales are somewhat weighted then.

In what way? In the same way that McDonalds have no legal responsibility to judge whether another burger is a good idea for you?

The general assumption in british law is that unless shown otherwise, adults are to be considered capable of making their own decisions, and must bear responsibility for them. This is not "weighting the scales" against anyone.

You seem determined to blame other people for your friend's actions. It is no-one else's fault, it is his, and all his.

The_Magnificent_Spoon

People should take responsibility for their own actions.

Nobody but your friend made that decision. Nobody but your friend is responsible for it.

gb12345

cyclonebri1 wrote: »

And again, they didn't take it serious? well I have a case number that it is logged against.

In that case they have failed to resolve the complaint in 8 weeks, so you/the borrower are free to go to the FOS.

matttye

He has paid the majority of the loan off for 4 years so it was clearly affordable. Now due to unforeseen circumstances he can no longer afford to keep paying.

On what basis has the loan been missold? Think about it; this could happen to absolutely anybody if they lost their jobs. The banks cannot be held responsible for every unforeseen event that affects affordability for their customers or they wouldn't lend to anyone.

Whether he was on benefits or not, he has demonstrated that he was able to pay back the loan as agreed. So it can't even be said that the bank didnt consider his affordability.

Sorry to say but I don't think there's any basis for a complaint whatsoever here. I would withdraw it, save yourself the bother and start looking for a real solution.

imoneyop

cyclonebri1 wrote: »

I know that the issue is clouded by the fact that he has made those payments for 3 years, but the actual payee is now deceased.

And to whoever was surprised that the Finance company talked to me,gb 12345 was it? yes or course he was there to give permission, they wouldn't have accepted anything else.

The highlighted bits above confuse me.

Has the borrower died since you originally made the complaint to the company in June? If not when did he die and who gave the permission for you to speak to the lender.

If the borrower is now dead then the finance should have be cleared from his estate, you shouldn't still be paying it monthly.

telboyo

Who is Dead?
Was he working when he took out the disputed loan?
If he has been unemployed for 5 years and paid off 4 years he obviously was unemployed.
What has this got to do with his first 2 cars?
As the OP pleads ignorance of all things financial why is he helping his friend?
I know nothing about motorcycle riding and that is why I didn't offer to teach my friend's son how to ride!

gb12345

telboyo wrote: »

I know nothing about motorcycle riding and that is why I didn't offer to teach my friend's son how to ride!

You should have had a go - you could have complained to the manufacturer when he failed his test.