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bloomsberg78

I would appreciate any comments from any one who has been in a similar circumstance and who has sucessfully or otherwise taking action against a bank for irresponsible lending.

PS: the bank knew she was a discharged bankrupt, she even told them about the monthly payment of £150 that she's still making to the OR. But I have asked LTSB for a transcript of the call so I can see for myself what exactly was said.

DAVETHE_CARDBOARDBOX

Good luck against the bank Blopomsberg, the signed credit issue etc and as you say the call needs assessed.
As to your earlier statement on whether you should bail her out, I suspect you will, three month old child and all although that is entirely up to you as noone else knows the ins and outs of your own circumstances. Whats to stop her doing it again ? Nothing, she is your partner, not your child and should be an equal, you cannot babysit her forever. If this is the system shock she needs you will move on from this. If she doesnt learn, you may have some tricky times ahead.

rog2

Tootsie_Roll wrote: »

I am more than happy to be proved wrong.

Once again our resident TROLL amazed that ANYONE could question the 'Gospel according to Tootsie.'
The Financial World is MUCH BIGGER than one bitter old 'Ex-Debt Collector' who sees 'Debt' as the sole fault of debtors, and does his best to discredit ANY genuine advice offered, regardless of the validity of such advice.

rog2

bloomsberg78 wrote: »

I would appreciate any comments from any one who has been in a similar circumstance and who has sucessfully or otherwise taking action against a bank for irresponsible lending.

PS: the bank knew she was a discharged bankrupt, she even told them about the monthly payment of £150 that she's still making to the OR. But I have asked LTSB for a transcript of the call so I can see for myself what exactly was said.

I think that you have, commendably, highlighted the irresponsibility of the Bank, in that they were willing to grant your wife a Credit Limit of £6,500, in the knowledge that she was a recently discharged bankrupt, and still making IPA payments to the OR.
There ARE some Credit Card Companies (Capital One for example) who WILL issue credit cards to people as soon as six months after discharge from bankruptcy - however, these usually carry a maximum credit of £250, and are loaded with high interest charges.
Unfortunately, the Banks are no longer the trusted custodians of our money that they once were. They are merely financial supermarkets, where employee performance is measured purely on results. No wonder that many employees will 'bypass' what would normally be considered as an essential process, in order to meet targets and earn bonuses.
I am pleased that you are able to take such a balanced view of your wife's situation, and I wish you every success with any potential action against LTSB.

dukesy_2

bloomsberg78 wrote: »

Anyway, my grounds my complaint with LTSB are as follows:
1. She hasn't signed anything, she was pressurised into speaking to the loans dept and went through an application and they said they would send something out, but has receieved nothing AND must importantly hasn't signed anything (I have asked them to send any evidence they have). The money was just put into her account. (i know a contract can be made verbally, but they would have to produce a recording of the call).

So the OH thought it was HER money ?

2. She hadn't recieved bank or credit card statements for 5 months and didn't realise the loan was in and Naively kept spending

Honestly ??????? (BTW , NOT opened is not the same as not recieved)
3. They clearly made no assement of her circumstances
Agreed
4. She was presurised, despite asking them to stop asking her to take out loans (weak point I know)
Agreed...Weak
5. Becuase we have no documentation we have no T&Cs, and no idea of the interest rate or any other detail of the loan
Has to be sent out to meet CCA, hard to belive there was NO paperwork at all
6. She has basically caned most of the money (no idea on what!) and simply can not pay it back (without me steping)
Errrrm.....So spent it then ? Are any of the things "bought" now sellable ?
7. 6.5k of credit is an irresponsible amount to give to a bankrupt on maternity leave with a low income
Agreed....As long as they KNEW that

No matter what the rights and wrongs are, I feel there is some negligence on the part of LTSB. Yes my wife is has been silly and am upset that she didn't feel she could trust me enough to talk to me about her finances, but I don't believe she is 100% to blame.

What % age WOULD you say ?

I am not denying the irresposibility of the lender, but is it not thecase that the lendee bears SOME resposiblity

I am just concerned that his site is going away from MSE and becoming a "who can we sue/avoid debt from next".

I do NOT agree with our resident Troll, (please dont feed him )

But there is a middle ground of reasonble-ness in between here somewhere.

NekoZombie

Tootsie_Roll wrote: »

Yes I talk to myself regularly !

Forgive me, but isn't talking to yourself a bad sign???