Loan that should never have been approved?

PawleyN

When I was 18 I managed to take out a loan online with Halifax, the questions were very simple and I entered everything legitimately and managed to secure a loan of £3000. The problem I have was that my income was low and was spent within days of me being paid, also I have several direct debits and standing orders each month. Once I received my loan it was gone withing a few months and then left me with even greater debts. Over the years I successfully managed to repay my loan and other debts yet it was a struggle and caused me to get a rather poor credit rating.

Now being 27 I have lived with no money problems for the past few years, yet now I am waiting on foreign cheques to clear and so requested an overdraft increase to get me by for the next few weeks. Of course this, and all other efforts to get some have been unsuccessful and now I do not know what else to do. Also not getting these small amounts of credits leaves me worrying for when I finally try to get on the property ladder.

I know most of these is my own fault for spending, but I was a typical young lad spending money on all sorts of things whereas now I am far more sensible and to be honest, frugal. What I really need to know is whether this loan should have ever been approved, if it hadn't I would have not got into such debt at such a young age and wouldn't have this poor credit rating today. Overall this loan has caused a lot of problems for me.

CLAPTON

what do your credit files say?

defaults etc drop off your files after 6 years so your 18 year old debt shouldn't be hindering you now

Cycrow

The same could be said about everyone who has debts. If they wern't lent the money and struggled to pay it back, they wouldn't be in debt now.

Its your responsibility to pay it, being young and ignorant is no excuse.

Besides, i a loan from 9 years ago would be effecting your credit file that much.
how long was the actual loan term and did you default on it?
if it was less than 3 years, then it will make no difference to your credit file now

[Deleted User]

You applied for it and they approved it. So it seems you got what you wanted.

DCFC79

PawleyN wrote: »

When I was 18 I managed to take out a loan online with Halifax, the questions were very simple and I entered everything legitimately and managed to secure a loan of £3000. The problem I have was that my income was low and was spent within days of me being paid, also I have several direct debits and standing orders each month. Once I received my loan it was gone withing a few months and then left me with even greater debts. Over the years I successfully managed to repay my loan and other debts yet it was a struggle and caused me to get a rather poor credit rating.

Now being 27 I have lived with no money problems for the past few years, yet now I am waiting on foreign cheques to clear and so requested an overdraft increase to get me by for the next few weeks. Of course this, and all other efforts to get some have been unsuccessful and now I do not know what else to do. Also not getting these small amounts of credits leaves me worrying for when I finally try to get on the property ladder.

I know most of these is my own fault for spending, but I was a typical young lad spending money on all sorts of things whereas now I am far more sensible and to be honest, frugal. What I really need to know is whether this loan should have ever been approved, if it hadn't I would have not got into such debt at such a young age and wouldn't have this poor credit rating today. Overall this loan has caused a lot of problems for me.

Welcome to MSE

Well you didnt need to spend it, what did you spend it on ? why did you request a loan ?

You say you " requested an overdraft increase to get me by for the next few weeks " yet in another sentence you say " frugal " so I presume your careful with your money am I right ?

R_P_W

PawleyN wrote: »

When I was 18 I managed to take out a loan online with Halifax, the questions were very simple and I entered everything legitimately and managed to secure a loan of £3000. The problem I have was that my income was low and was spent within days of me being paid, also I have several direct debits and standing orders each month. Once I received my loan it was gone withing a few months and then left me with even greater debts. Over the years I successfully managed to repay my loan and other debts yet it was a struggle and caused me to get a rather poor credit rating.

Now being 27 I have lived with no money problems for the past few years, yet now I am waiting on foreign cheques to clear and so requested an overdraft increase to get me by for the next few weeks. Of course this, and all other efforts to get some have been unsuccessful and now I do not know what else to do. Also not getting these small amounts of credits leaves me worrying for when I finally try to get on the property ladder.

I know most of these is my own fault for spending, but I was a typical young lad spending money on all sorts of things whereas now I am far more sensible and to be honest, frugal. What I really need to know is whether this loan should have ever been approved, if it hadn't I would have not got into such debt at such a young age and wouldn't have this poor credit rating today. Overall this loan has caused a lot of problems for me.

You applied for the loan. You spent the money. You were 18 years old I.e. an adult! Struggle to understand why you think the blame lies with anyone other than yourself.

Clive_Woody

PawleyN wrote: »

What I really need to know is whether this loan should have ever been approved, if it hadn't I would have not got into such debt at such a young age and wouldn't have this poor credit rating today.

You applied for the loan, you met their criteria for lending. You spent the loan and spent your money elsewhere rather than on repayments.

Not sure the bank is to blame anywhere here.

_Andy_

Love it, another first poster 'mis sold' type thing. Genius trolling

StuC75

Guess the OP wants the application form to be more of a test then?

Apples2

It's posts like this which remind us all, there IS a point to those warnings on coffee cups that the contents may be hot or a packet of peanuts may contain nuts.

John1993_2

I made a loan to a person to whom I never should have lent money, my cousin's lad. He needed it to go on holiday, but ow he's back he's realised that he doesn''t have enough mpney left after his nights out etc to pay me back when he said he would.

By the logic of some on here, he should be pursuing me for compensation for stress.