Credit card contract

Nasqueron

Banks tend to destroy documents for closed accounts after 6 years (though some will keep them longer or file them away so they no longer appear in the immediate access systems). It's worth an ask if you really want it though they may be allowed to reproduce a copy of the form (not 100% sure on this).

No-one will get compensation for what you are talking about as it's your choice to spend money or not, if they would it would destroy the entire banking system as every single person with a debt would claim compensation.

culfish17

I'll get in contact with them and see if it is possible then.

Yeah very understandable, like I said that wasn't my original goal to take down the banking system waving my original credit card application in their faces.

Mainly investigating a little for my own piece of mind and interest. Shall continue closely following the Wonga stories, and read more into irresponsible lending.

eskbanker

culfish17 wrote: »

Anyone else feel Irresponsible Lending to be the next PPI in regards to payback and compensation?

Perhaps the next one will be Irresponsible Spending?!

culfish17

I fully understand I put myself in the position I am in - applying for credit was a last resort, as it is for many people.

I feel the Wonga ruling may have opened a can of worms regarding other companies lending money to people fully aware themselves that the customers cannot afford to pay it back.

And as I said earlier if I can prove I(and others) should never have been given the opportunity to spiral into debt - then surely the company should be held responsible, if they were fully aware of this, and did not do proper checks.

It is widely regarded in the media that firms like Wonga, Capital One; and other Payday Lenders / Credit Card Companies prey on those in vulnerable money situations.

Although not fully agreeing with this - these companies do help a lot of individuals out and will have numerous happy customers.

I will look further into the conduct of responsible lending for such companies which they should adhere to.

bargainbetty

culfish17 wrote: »

And as I said earlier if I can prove I(and others) should never have been given the opportunity to spiral into debt - then surely the company should be held responsible, if they were fully aware of this, and did not do proper checks.

It is widely regarded in the media that firms like Wonga, Capital One; and other Payday Lenders / Credit Card Companies prey on those in vulnerable money situations.

Although not fully agreeing with this - these companies do help a lot of individuals out and will have numerous happy customers.

I will look further into the conduct of responsible lending for such companies which they should adhere to.

You were issued a credit facility. You spent it. You had a responsibility to not spend what you couldn't afford to repay. There are plenty of people on here complaining that since the banks toughened up lending rules they can't get credit cards/loans/mortgages etc, so please remember people can't have it both ways.

You are ultimately responsible for spending the money. A credit facility is different to a payday loan. At any point, you could have stopped using the credit and asked for the card to be frozen. It did not force you to 'spiral into debt'. You did it yourself.

If you accept that the fault is yours, why are you bothering to try to prove otherwise?

culfish17

This is not the point of my arguement though.

If I was a young, stupid unemployed teenager in between University courses - I feel that if I was lent money with the companies failing to do proper, legally-binding checks on myself, then they should be held responsible as they have not done their job properly or ethically?

InsideInsurance

culfish17 wrote: »

I see...thanks for that.

Anyone else feel Irresponsible Lending to be the next PPI in regards to payback and compensation? Or am I dreaming?

More likely to be the next thing for annoying phone calls from similar to PPI, bank charges, unaffordable debt and injuries.

The "issue" you have is that Wonga have only talked about writing off outstanding debt and/ or the interest/ fees on it. At no point has there been any discussion of reimbursing those that have already paid off their debts or any form of compensation.

Obviously that wont stop the phone calls but then they may as well pitch for general debt management/ IVAs than try and find the needle in the haystack of those applying for loans when they were unemployed rather than those that had a loan when in employment and then lost their job making the debt unmanagable - of cause if they'd had PPI then it wouldnt have been a problem :A

ricky_v

culfish17 wrote: »

If I was a young, stupid unemployed teenager in between University courses -I feel that if I was lent money with the companies failing to do proper, legally-binding checks on myself, then they should be held responsible as they have not done their job properly or ethically?

I'm sorry but nobody forces people to take out credit and spend it! I never went to university but I realised at 18 that if you spend on a credit card or take out a loan that you've got to pay it back, with interest in most cases.

It would appear that taking responsibility for your own actions is a revolutionary concept. Never rely on other people/organisations to look after you. Personally I find companies/organisations trying to look after me rather insulting.

Lenders are private for profit companies, they're not a charity trying to help people.