Unsecured Loan – Can I send Formal Complaint Regarding Irresponsible Lending

New_User_333

I had problem with Gambling and a few Months ago I took so many loans: at least 11 Payday loans, 3 unsecured Loans, I had on this time already 2 credit cards and two fully used overdrafts.
I have one loan which its incredible expensive, borrowing £3000 I have to return over 11,000 after 3 years. Can send them Formal complains ?

All my Payday loans are sorted almost (some of them write off, some I am still waiting), but this one I was not sure if I can complain and if I have chance to write off all interest.
They didn’t ask for Bank statements where I had daily transactions from online casinos, they did Credit check and all my payday loans were there and this didn’t stop them still to lend me Money.

Can I complain?

meer53

No, it's called irresponsible borrowing.

[Deleted User]

Why did you apply for a loan if you didn't want them to lend you money?

Ebe_Scrooge

New_User_333 wrote: »

I have one loan which its incredible expensive, borrowing £3000 I have to return over 11,000 after 3 years.


They didn’t ask for Bank statements


they did Credit check and all my payday loans were there and this didn’t stop them still to lend me Money.

Can I complain?

Of course you can't complain. Yes the lender will have checked your credit file, yes they will have seen the numerous payday loans and current debts. Your very high-risk profile will be the reason they imposed a very high interest rate - I'm guessing they were not a main-stream lender ? They offered you the loan at an extortionate APR, you accepted it on those terms. If you like, I'll pay it off for you - just send me your bank details.

poppasmurf_bewdley

New_User_333 wrote: »

I had problem with Gambling and a few Months ago I took so many loans: at least 11 Payday loans, 3 unsecured Loans, I had on this time already 2 credit cards and two fully used overdrafts.
I have one loan which its incredible expensive, borrowing £3000 I have to return over 11,000 after 3 years. Can send them Formal complains ?

All my Payday loans are sorted almost (some of them write off, some I am still waiting), but this one I was not sure if I can complain and if I have chance to write off all interest.
They didn’t ask for Bank statements where I had daily transactions from online casinos, they did Credit check and all my payday loans were there and this didn’t stop them still to lend me Money.

Can I complain?

I guess it boils down to how many lies you told to get the loans in the first place. It was as much your responsibility to tell the loan companies of your financial state as it was theirs to ask you.

robatwork

As others have said - your basis for complaining probably relies on you not being entirely honest with them in your applications, so you won't get far.

Have you tried a letter where you state you have problems paying, are in financial distress, and politely request they reduce or stop interest on the loan for a period?

PeacefulWaters

You can complain about whatever you want.

Don't expect a positive outcome though.

zippygeorgeandben

Have you seeked help to combat your gambling? I think it's incredibly important that you get professional help for this. It seems to me that we are getting more and more posts on MSE about the trouble people have got into because of gambling.
Like someone else has stated, you can complain about whatever you want to in life but in this situation, I don't think you would be getting the outcome you wanted. Start looking forward, head over to the DFW board and we can help you decide which debts to pay first and go from there.
Good luck.

cj1974cr

You clearly need professional help with regards to your gambling addiction; and you need to speak with Step Change there a charity.

My question are this ; do you work ? The chances are that you do; and you need to look at a budget plan with step change.

It isn’t reasonable to expect the finance companies to just write off the debt; we could all say with have a gambling addiction but how do you prove it.

You raise a good point around responsibie lending and the amount of credit you have manage to acquire, but you haven’t said over what period of time this took place, also going back to the point it is highly likely you work .

You have a salary that covers essential bills Rent; Utilises, Food and Travel Expenses ; they remained of the disposable income should be used to repay back creditors.

If all else’s fails; depending on value of the debt a Debt Relief Order ; IVA or Bankruptcy; and Step Change will discuss all this with you for FREE; and you pay them directly to cover CREDITORS repayments,

But little point complaining ; get help.

Good luck

NCC-1701

PeacefulWaters wrote: »

You can complain about whatever you want.

Don't expect a positive outcome though.

The sad fact is sometimes it appears there is and the debt spiral continues ever downwards because the lesson to be learnt hasn't been sadly. It's always someone else's fault.

stuartJo1989

NCC-1701 wrote: »

The sad fact is sometimes it appears there is and the debt spiral continues ever downwards because the lesson to be learnt hasn't been sadly. It's always someone else's fault.

Hey OP, this is the sort of thing you have to listen to when you have a gambling problem!!

You haven't learnt your lesson....

You want to blame someone else for the mess you are in....

To some degree it is all true, BUT it has absolutely NO appreciation for what a compulsive addiction to gambling can be like.

Compulsive gambling is an ILLNESS and one which has afflicted me too. I've been there too, payday loan after payday loan and a large trail of debt and personal ruin to match. A long list of "responsible borrowers" (like NCC-1701) all ready to tell you that you just haven't learnt your lesson, or that you haven't taken responsibility for your mess. And yet, in your mind, this gambling is on par with with breathing; you'll always revert back to it.

I still struggle with my compulsive gambling, but I am so much better than I used to be. My advice to you would be:

1. Go to your nearest Gamblers Anonymous meeting (https://gamblersanonymous.org.uk/) - they also have a forum/chatroom if you'd like more information before going.

2. Look into GamCare (I haven't used these because, I believe, they are sponsored by gambling companies but they may be useful).

3. Contact StepChange and be 1000% open and honest about your financial situation (this is linked to one of the steps of GA)

If you don't tackle the gambling problem at this stage then you run the risk of repeating the same rubbish further down the line (it was 5 years in my case). Now is the time to stand up and decide that gambling has you licked; that you cannot gamble without loading up a bunch of payday loans.

If you would like some help/guidance with the gambling aspect then please feel free to private message me More than happy to help in any way I can. All the best