Irresponsible lending? If so, what do I do?

Jdevaney89_2

Okay, its about time i sorted this.

When i was 19 years old (about 6 years ago) i was stupid enough to get a car on finance from car shaft, they car cost about 6k and ended up costing closer to 12..

Months after, when i started to struggle on my small wage, i took out plenty of pay day loans and even credit cards. To which i couldnt afford to pay off and again, ended up owing thousands more than i should have.

What im wondering is, what criteria is needed to be classed as Irresponsible lending? When i went to get my car i was turned away, i was walking out the door and the sales lady stopped me and asked me to come back, she asked if i could provide a guarantor, i couldnt.. She said Blackhorse would provide me a loan, with All In One Finance (subsidiary of carshaft) to top it up to the desired amount. I still couldn't provide one, so she had me wait around for close to a hour and eventually got me the loan (with the above companies), i dont know how, the credit check had failed but still, she managed to get me the loan. If i were to fail that, how could i possibly get a credit card or pay day loan.

Now, before anyone says anything, the whole debt situation was my own stupid fault and ive learnt from it. The next time i even consider finance, itll be for a house! Ive paid off around £17,000 in debt over the last few years and im within 3k of being debt free (hopefully by the end of the year).

Now ive grown up and gained a bit of intelligence ive come to the conclusion that i dont know how its possible for me to get into such a situation at such an age, no one was around stopping me from doing all this, surely the lenders have a duty of care to customers?

I just think that every debt i gained was stupid on my part, but equally as bad as on the lenders side?

Anyone got any thoughts, advice, help? Could do with trying to get some of this money back, my credit file has been destroyed by all this and will take years to get it back.

Thanks for reading,

James.

jaydeeuk1

jdevaney89 wrote: »

Okay, its about time i sorted this.

When i was 19 years old (about 6 years ago) i was stupid enough to get a car on finance from car shaft, they car cost about 6k and ended up costing closer to 12..

Lol. Excellent name for a car finance company.

jdevaney89 wrote: »

Okay, its about time i sorted this.

When i was 19 years old (about 6 years ago) i was stupid enough to get a car on finance from car shaft, they car cost about 6k and ended up costing closer to 12..

You were over 18. You were an adult. Irresponsible borrowing?

Jdevaney89_2

jaydeeuk1 wrote: »

Lol. Excellent name for a car finance company.




You were over 18. You were an adult. Irresponsible borrowing?

Thats the name they should be trading under.

I believe it was irresponsible on my part, but was it on theirs?

Monkeyballs

Possibly with the payday loans if you were borrowing the same or more each month continually for more than 12 months in a row, you'll need to make a complaint to the lender first explaining why you believe they were irresponsible and will likely have to take it further after their final reply - remember though that if you lied on your application then it's likely to be a lost cause.

As for the car, I doubt it. If they never gave you the finance deal then you'd have been without the car and as you've had use of it (and presumably still have it?) the FOS would likely not even consider your complaint.

My best advice personally is to chalk it up to experience, you'll not make your credit file any better anyway...

MB

FireWyrm

Why is it irresponsible? You took out the car loan FIRST and THEN 'plenty' of payday loans. You were living beyond your income and you could not service the car loan. How is this irresponsible lending?

Now, before anyone says anything, the whole debt situation was my own stupid fault and ive learnt from it.

You said it yourself.

Now ive grown up and gained a bit of intelligence ive come to the conclusion that i dont know how its possible for me to get into such a situation at such an age, no one was around stopping me from doing all this, surely the lenders have a duty of care to customers?

Would you like someone to help you cross the road or get dressed too?

You were an adult. Adults are expected to understand what they are doing when they sign a contract. If you did not understand, you had no business signing the contract.

Jdevaney89_2

Monkeyballs wrote: »

Possibly with the payday loans if you were borrowing the same or more each month continually for more than 12 months in a row, you'll need to make a complaint to the lender first explaining why you believe they were irresponsible and will likely have to take it further after their final reply - remember though that if you lied on your application then it's likely to be a lost cause.

As for the car, I doubt it. If they never gave you the finance deal then you'd have been without the car and as you've had use of it (and presumably still have it?) the FOS would likely not even consider your complaint.

My best advice personally is to chalk it up to experience, you'll not make your credit file any better anyway...

MB

With the debt i had, i couldnt afford the car, the car went in 2012.

Cyberman60

You can't blame a lender for you not having financial commonsense. Move on !!

Jdevaney89_2

Im wondering how they got it through even though they declined it at the start..

Move onto the next thread if youre not going to help.

FireWyrm

jdevaney89 wrote: »

Move onto the next thread if youre not going to help.

There is no help. You were legally an adult, you signed a contract you could not honour. How is this the lenders' responsibility. You have evidently learned your lesson - dont do it again.

She said Blackhorse would provide me a loan, with All In One Finance (subsidiary of carshaft) to top it up to the desired amount. I still couldn't provide one, so she had me wait around for close to a hour and eventually got me the loan (with the above companies), i dont know how, the credit check had failed but still, she managed to get me the loan. If i were to fail that, how could i possibly get a credit card or pay day loan.

So, someone was willing to take the risk. You didnt have to accept it, nor the terms that were offered. Presumably you were quite willing to drive the car away from the showroom?

Jdevaney89_2

Just looked into a bit more, Blackhorse refused the full loan, carcrafts other company topped up the loan.

This is after the credit check failed.

27col

There was no irresponsible lending here. Just irresponsible borrowing on your part.
Banks and loan companies are not the guardians of their customers. No-one knew your financial situation better then you did, and you chose to ignore the fact the you were unlikely to be able to repay your loans.
Actions have consequences and the consequences of your actions are the situation in which you now find yourself.