Can you complain about a personal loan?

shelf1984

We have already worked out cutbacks on expenditure where possible but unfortunately it isn't just the loan that's the problem. He has further credit card debt and is in a position where the cost of furnishing all this debt is more than his basic salary now that overtime is not an option for him.

He has spent too long living beyond his means and not understanding the consequences of what he was doing unfortunately. Yes it is his fault he's in this position but my own thoughts are that he should have been pointed towards debt advice rather than a personal loan which has not addressed the problem.

Thanks for all your thoughts.

iolanthe07

he should have been pointed towards debt advice rather than a personal loan which has not addressed the problem.

It's always important to remember that banks are not there to help you, they are there to make money for their shareholders and pay outrageous salaries to their executives.

Clive_Woody

shelf1984 wrote: »

We have already worked out cutbacks on expenditure where possible but unfortunately it isn't just the loan that's the problem. He has further credit card debt and is in a position where the cost of furnishing all this debt is more than his basic salary now that overtime is not an option for him.

He has spent too long living beyond his means and not understanding the consequences of what he was doing unfortunately. Yes it is his fault he's in this position but my own thoughts are that he should have been pointed towards debt advice rather than a personal loan which has not addressed the problem.

Thanks for all your thoughts.

Sorry to sound harsh but it certainly sounds like one of the main reasons that the loan is unaffordable is because he has run up other debts and now has to pay them too. I am not sure a bank could see into the future and know he would borrow lots of other money too then tell them he couldn't repay their loan.

As far as I can see only one person has been irresponsible but his best bet now is to talk with one of the debt charities such as Stepchange who will be able to offer free advice on what he should do next and what options are open to him. Tell him to give them a call

daniel86_2

If his debts are now preventing him from living then the only realistic option is to contact step change they have a debt remedy page, which will give you the best options to deal with the overall level of debt but honesty with them is necessary however hard it might be.

https://debtremedy.stepchange.org/quickassessment.aspx

In the meantime, with regards the loan the best thing to do is call the bank and explain that he can no longer keep up the payments and asks what they can do to help.

I would also say that your brother should open a bank account with someone he does not owe money to and have his money paid into this account as banks can take money out of your bank accounts to pay for debts without asking if the loans or Credit cards are with the same bank as his current account.

fusionx212

Deleted_User wrote: »

If it was obvious, why did he take the loan?

some people just can't see a light at the end of the tunnel and make un thought out decisions under pressure, me being one of those people in the past.