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Responsible lending.
owen1234
Posts: 1 Newbie
Hi all,
I was invited to my local branch of Lloyds for an account review in 2011. I was maxed out on my overdraft at £4000, and at my MBNA credit card limit of approx £11000 at the time of my interview. I asked for a loan to clear my credit card balance and was refused. I was however accepted for another credit card from Lloyds for £10000. Over the course of a couple of years this too became maxed out and I ended up with payday loans to make minimum payments on credit cards, overdraft interest whilst getting hit with bank charges left right and centre by Lloyds. I am pleased to be past this now and have today just signed up for a switching service ending my 26 year relationship with Lloyds. My question is where do I stand with redress from Lloyds for irresponsible lending and how to go about it? Your comments are appreciated.:T
I was invited to my local branch of Lloyds for an account review in 2011. I was maxed out on my overdraft at £4000, and at my MBNA credit card limit of approx £11000 at the time of my interview. I asked for a loan to clear my credit card balance and was refused. I was however accepted for another credit card from Lloyds for £10000. Over the course of a couple of years this too became maxed out and I ended up with payday loans to make minimum payments on credit cards, overdraft interest whilst getting hit with bank charges left right and centre by Lloyds. I am pleased to be past this now and have today just signed up for a switching service ending my 26 year relationship with Lloyds. My question is where do I stand with redress from Lloyds for irresponsible lending and how to go about it? Your comments are appreciated.:T
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Comments
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Nowhere.
Make sure you stay within your limits of what you can afford. A credit limit is not a target.0 -
What are you hoping to achieve? They will not give you money because you weren't financially responsible - they did not force you to max out the card.
If they gave you a loan that was £4000 OD + £11000 credit card + £11000 loan = £26000 debt (no guarantee you would pay off the card/OD with the loan money), then you'd have ended up with more debt and more interest. The new card could have helped you live day to day while clearing off other debt if you had used it sensibly but you chose not to.
Even if you move to another bank and run up overdrafts you will end up paying charges and paying interest.
Rather than a fool's errand of thinking people owe you money, go over to the Debt Free forum and ask for help
https://forums.moneysavingexpert.com/forumdisplay.php?f=76Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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y question is where do I stand with redress from Lloyds for irresponsible lending and how to go about it? Your comments are appreciated.
You mean your irresponsible borrowing?
Very few complaints succeed about irresponsible borrowing in the mainstream.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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