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Could I have some advice please?
Hi everyone, I had a profile on here years ago but I don't have access to the email address anymore.
I'll first of all admit I was an idiot and keep my fingers crossed some of you can tell me if there's anything I can do or if I should suck it up and carry on.
While I was with my ex he convinced me to take out a personal loan. It was unsecured as we rented and it was allegedly to help pay for our wedding. At the time I was receiving a salary of £16000 per annum and had a credit card with around £700 of a balance on it. I also had a personal loan which I had nearly cleared. For clarity I should say all loans were with the bank of Scotland. On 10/3/12 I successfully borrowed £4000 and the following weekend my then fianc! "borrowed" £1000 as he went on a losing streak at the bookies.
Over the next couple of months he continued to demand more money and also refused to contribute towards rent/utilities, food etc so my credit card was pushed to its limit and I ended up with an overdraft of £1500 too.
He told me to go back to the bank and increase my loan or he wouldn't be able to marry me in the August (oh now I wish I'd told him where to go!!) And due to other unpleasant factors I won't bother you with, I agreed. So on 24/7/12 I went back to the bank and increased the loan to £5000.
Roll on to August and my ahem big day passed and things just got worse. Long story short, I ended up on a payment plan in February 2013 because I was giving him my wages each month and paid £100 instead of the £255 I should have. In the June I went on maternity leave and reduced the payments further to £30 a month.
I left him (woohko.) Just over 2years agonow and have had a couple of issues with them charging interest which is higher than the payment I was making but since I got moved to a collection agency this hasn't happened.
Anyway, the question I hope you can give me your opinions on is this-should the bank have approved me for the second loan given that they offer a 3 month repayment holiday? I made 1 payment before borrowing an additional £1000 and they didn't bat an eye. Seems crazy that they did since between my overdraft and credit card I owed £2700 plus I had the £4000(plus interest) loan.
The reason I'm asking is I still owe £2980 on it and my credit file is obviously wrecked. I don't intend to shirk paying back the money because I was stupid enough to borrow it but at the rate I'm going I'll never have a decent credit rating.
I'll first of all admit I was an idiot and keep my fingers crossed some of you can tell me if there's anything I can do or if I should suck it up and carry on.
While I was with my ex he convinced me to take out a personal loan. It was unsecured as we rented and it was allegedly to help pay for our wedding. At the time I was receiving a salary of £16000 per annum and had a credit card with around £700 of a balance on it. I also had a personal loan which I had nearly cleared. For clarity I should say all loans were with the bank of Scotland. On 10/3/12 I successfully borrowed £4000 and the following weekend my then fianc! "borrowed" £1000 as he went on a losing streak at the bookies.
Over the next couple of months he continued to demand more money and also refused to contribute towards rent/utilities, food etc so my credit card was pushed to its limit and I ended up with an overdraft of £1500 too.
He told me to go back to the bank and increase my loan or he wouldn't be able to marry me in the August (oh now I wish I'd told him where to go!!) And due to other unpleasant factors I won't bother you with, I agreed. So on 24/7/12 I went back to the bank and increased the loan to £5000.
Roll on to August and my ahem big day passed and things just got worse. Long story short, I ended up on a payment plan in February 2013 because I was giving him my wages each month and paid £100 instead of the £255 I should have. In the June I went on maternity leave and reduced the payments further to £30 a month.
I left him (woohko.) Just over 2years agonow and have had a couple of issues with them charging interest which is higher than the payment I was making but since I got moved to a collection agency this hasn't happened.
Anyway, the question I hope you can give me your opinions on is this-should the bank have approved me for the second loan given that they offer a 3 month repayment holiday? I made 1 payment before borrowing an additional £1000 and they didn't bat an eye. Seems crazy that they did since between my overdraft and credit card I owed £2700 plus I had the £4000(plus interest) loan.
The reason I'm asking is I still owe £2980 on it and my credit file is obviously wrecked. I don't intend to shirk paying back the money because I was stupid enough to borrow it but at the rate I'm going I'll never have a decent credit rating.
0
Comments
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Lenders don't see your credit rating, only you do.
Sorry to hear your in this situation.0 -
You applied for the loan, the back accepted you, believing that you could afford the new loan and trusting you to repay them as agreed.
In hindsight I bet they wished they had said no, that is because you have failed to keep up with your side of the agreement, nothing to do with mis-lending.0 -
Thanks for your replies, its something that's been in the back of my mind for ages as to me it seems crazy to lend someone over half their annual salary. I'm hoping to find a job once I finish college in summer so fingers crossed in 7/8 years my credit is back to mediocre☺
Can I just check what you mean by lenders don't see my credit rating?0 -
The score that credit reference agencies give you is seen only by those credit reference agencies. Lenders don't see it. You don't have a credit rating.Can I just check what you mean by lenders don't see my credit rating?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
What lenders do see is your credit handling history!0
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Well done for ditching this moron. Hope that you and your child have a lovely future.0
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Your credit history is a financial profile. It lets lenders, landlords and employers know how you have managed money in the past and helps them decide whether or not to do business with you. This history is contained in a credit report that is kept on file by the three independent credit bureaus listed below. It may include such information as:
How promptly you have paid off credit cards and loans
How much available credit you have on credit cards and home equity loans
How well you have handled paying other bills, such as rent and utilities
Your total outstanding debts0
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