co operative loans and deep dark days

spikadahypa

Hi all, i just wanted to know your opinion on this, i by no means expect anything and i know how the system works and the whole point is pretty much to screw us over for money anyway, 3 years ago during the lowest point of my life a drug and alcohol fueled haze, i somehow managed to apply for 3 seperate co-operative loans over 5 months from the internet which totalled to around 8k. I never went into the bank for these loans and i was in and out of employment on minimum wages most the time, is this irresponsible lending? is there anything i can do? Im guessing no but worth asking i suppose

I dont know if its worth adding, i did not have a bank account with them.

Regards

Adam

CLAPTON

spikadahypa wrote: »

Hi all, i just wanted to know your opinion on this, i by no means expect anything and i know how the system works and the whole point is pretty much to screw us over for money anyway, 3 years ago during the lowest point of my life a drug and alcohol fueled haze, i somehow managed to apply for 3 seperate co-operative loans over 5 months from the internet which totalled to around 8k. I never went into the bank for these loans and i was in and out of employment on minimum wages most the time, is this irresponsible lending? is there anything i can do? Im guessing no but worth asking i suppose

I dont know if its worth adding, i did not have a bank account with them.

Regards

Adam

presumably you lied and committed fraud?

DevCoder

Sounds more like irresponsible borrowing.

And the system isn't there to screw everyone over, they lend money, they charge interest rates at an acceptable level to their regulators and a person either accepts or rejects that offer. Not sure thats screwing everyone over.

andyfromotley

Doubt it mate, you were in some sort of employment. You made applications which I'm sure suggested that you could afford them, even if this involved you stretching the truth about your income (CRA do not know if you have an income let alone how much it is). They had no way of knowing your personal circus so the dug/booze thing can't be laid at their door.

Given the above they lent you 8K, its not as if they gave you a £500k mortgage on the above infer. Cant see by any stretch that this would be irresponsible lending, sadly for you it was irresponsible borrowing.

andyfromotley

Ha, circs auto corrected to circus. Quite apt!

jimmy*c

Apprently Co-op felt you could manage 8k. I see where you're coming from though - I believe the "system" should do more. So many stories I've read about people ending up in debt twice their level of annual income. Besides spiralling, how else could this happen? If i were on 20k a year, and was lent more than that (assuming the CRA and creditors reported correctly to my file), IMO that's irresponsible.

Enough waffle though, I would put it down to experience, keep yourself on the straight and narrow and only borrow what you absolutely need to.