HELP! Lloyds have made my life hell...

sourcrates

ViolaLass wrote: »

There's no indication that the ID Aware thing did not deliver what the OP was told it would i.e. just because s/he could not afford it (and should not have agreed to pay for it), doesn't mean it was mis-sold.

Actually that's exactly the point, it is the banks responsibility to check affordability, as well as suitability, the product should not have been sold to the OP if he could not afford it, basic rule of selling there, and just grounds for mis-selling.

ViolaLass

sourcrates wrote: »

Actually that's exactly the point, it is the banks responsibility to check affordability, as well as suitability, the product should not have been sold to the OP if he could not afford it, basic rule of selling there, and just grounds for mis-selling.

As long as the fee was made clear up front and nothing was promised about the product that could not be delivered, surely it was up to the OP to say 'no, I can't afford it?'

In the same way that if I want to buy something, it's up to me to work out whether I can afford it, not up to the seller. I would have thought that the bank's only responsibility would be to say that they wouldn't lend the OP the £5 a month.

sourcrates

ViolaLass wrote: »

As long as the fee was made clear up front and nothing was promised about the product that could not be delivered, surely it was up to the OP to say 'no, I can't afford it?'

In the same way that if I want to buy something, it's up to me to work out whether I can afford it, not up to the seller. I would have thought that the bank's only responsibility would be to say that they wouldn't lend the OP the £5 a month.

I agree its a bit of a grey area, but notice what the OP said, he states he was "bullied into signing up for it" now that alone can constitute mis-selling, banks have been notorious for aggressively pushing various financial products over the years, we are all aware of the PPI fiasco, as it was his own bank, it was in a better position than most to be aware of the OP`s financial situation, and clearly should not of "bullied" him into signing up for something he clearly could not afford.

ViolaLass

I do note that the OP feels they were 'bullied' into signing up for it but I've seen that claim before and I'm wary of necessarily giving it too much credence. There have been threads before saying "I wanted to borrow £3k, the bank said £7k would get me a lower rate. Now I've spent the money but I can't pay it back, it was mis-sold". Well, no, it wasn't mis-sold provided the reason for borrowing the extra (getting a lower rate) was made clear. The choice, in the end, belongs to the consumer, as does the responsibility to make the right choice for them.

The phrase 'pretty much bullied' is too subjective. What did the bank employee(s) actually do? What did they claim? Why did the OP sign up - what did they think they would be getting out of it?

sourcrates

ViolaLass wrote: »

The phrase 'pretty much bullied' is too subjective. What did the bank employee(s) actually do? What did they claim? Why did the OP sign up - what did they think they would be getting out of it?

Again I take your point, and I have no wish to get into a protracted argument here, we don't know the exact details of what was said, the banks incentive, I assume, was profit, I would not attempt to make a judgement on the OP here, if the OP feels he was bullied into this , then he has a perfect right to make a complaint about it, and if need be, let the FOS decide who, if anyone may of been at fault.

ed84

Just want to say a big thanks to everyone for you kind words and advice. It's nice to know that there are people out there willing to give help and advice, especially to people who feel confined to the debt cocoon that surrounds them. It's an awful place to be and it's really hard to come out from and when you finally do (which could be many years later), it's like climbing through quicksand.

HappyBunny - £100 was issued as a goodwill gesture to compensate me for some of the money taken from my JSA and also the ID Aware.

DCA is the 'lovely Lovell'.

Missu - I really wish it was that easy. Being broke, homeless and depressed didn't assist me it trying to sort my life out. If I could turn back the clock I would.

cheifsfanuk Thanks for your kind words. I'm worried if I make arrangements with the debt collectors, the defaults will still be there and it will take years to rebuild. I want to negotiate but wouldn't know where to start?

Patman99 - I did consider this but my rating is abysmal. All they see on my credit file is hundreds of little red circles with DF. Very unattractive.

BossyMoo - Wish I did! I've never had a loan or credit card. It's this bloody graduate overdraft that has ruined me. I learnt 1 thing from Uni - Don't bank with Lloyds.

Violalass - They sold it to me when I was at my most vulnerable. They saw the devastation in my face when I found that my account was with collections and they said this will affect my credit rating. They said this will never happen again if you sign up to ID Aware. Great sales techniques I must say.

Taff - They first applied the default in Sept 2010. If it's sold onto a DCA, will this mean a new default date is issued? Therefore 2 different defaults.


Also, I've seen some forums on something called 'Statute Barred'. Is this anything to do with me?

Thanks again!

happy_bunny_2

Default date stays the same. Even if sold. DCAs sometimes change it. Keep a copy of your report showing the correct date as any funny business can be corrected.

Statute barred means they can't take you to court if you have not paid or acknowledged the debt in writing. Basically can't make you pay.

-taff

If you haven't paid or acknowledged the debt in 6 years.

happy_bunny_2

Oops. Thanks Taff. Forgot that bit!

ed84

So...if I wait another 2 years, the debt AND the default disappear?

(As much as I would love to do this, not sure if it's a great idea )