Taking out Payday Loans while mentally impaired

FireWyrm

[Deleted User] wrote:

If you do contact the lenders then ask them for their policy on loans issued to those with mental impairments.

No such policy exists.

All requests for a loan are assumed to come from a responsible adult and you actually have to tick a box to say that (I am over 18 and have read the Ts&Cs etc). If they open that door, everyone at his dog will be claiming that they had a mental break and accidentally applied for PDLs that they cannot now repay (but somehow the money was still spent). Short of administering a psych test or requiring a letter of competence from a doctor, I dont see how a bank could possibly have acted differently when granting the loan, especially as the OP says that they might have been untruthful in the details of the request. I dont believe the vast majority of people who do not have a mental illness would tolerate such requirements before granting a loan and it is therefore up to the person in question to take steps to limit their exposure when in this situation. Plenty of people give power to their relatives in this situation precisely to stop this sort of thing happening.

Just because they have a mental problem, does not excuse the behaviour, nor is it likely to be written off.

tomtontom

If people with mental health problems want to be treated as equals, then we need to take responsibility for our actions. I've done some terrible things whilst in severe episodes, relating to money and relationships, but once I have become aware of my actions I have done my best to make amends. And that means paying my debts - if I've borrowed it, for whatever frivolous reason, I have paid it back.

I appreciate OP is in the early stages of living with mental illness but the best lesson they can learn is one of taking responsibility. That may well mean holding their hands up to what they have done, and getting support from a debt management charity, but the alternative is using mental illness as an excuse, and that does no one any favours.

[Deleted User]

FireWyrm wrote: »

No such policy exists.

From the Peachy website: "We will take particular care if you are suffering from health problems, including mental health difficulties, when we are made aware of this. In order to do this we may need to ask for appropriate evidence of your health problem and may need your permission to record this information on our system."

Brock_and_Roll

[Deleted User] wrote:

From the Peachy website: "We will take particular care if you are suffering from health problems, including mental health difficulties, when we are made aware of this. In order to do this we may need to ask for appropriate evidence of your health problem and may need your permission to record this information on our system."

Think the key phrase there is "when we are made aware of this" !!!!

andyfromotley

Hi Bill,

If i was you i would write a letter clearly explaining the situation when you took out the loans, your diagnosis and your current financial situation. Include a report from your psychiatrist. Ask what they would be prepared to consider. i think that is probably about all you can do.

Dont worry about any lies told during application, its a non issue.

If they are unable to help contact Stepchange or National Debt Helpline as debt relief will probably be your best option.

Good luck.

Scad

Bill seems to have gone all quiet ... Bill are you there?

Bill?

Bill?

Biiiiiiiiiiiiiiiiiiiiiiiilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll !

Someone should go round and check on him, he might be having another episode.

slink85

so not of sound mind enough to apply for these loans, but of sound mind enough to ensure you said you were employed, earned xxx, to give false employer details etc etc to ensure you the best chance of being accepted.

pull the other one.