Barclays- IRRESPONSIBLE LENDING

tmac6855

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
Irresponsible Lending by BARCLAYS.

A loan was taken out in 2010 for the sum of £15,000.00 with a monthly repayment figure of £346.00.
I believe this was irresponsibly lent by BARCLAYS for various reason.
We had just taken out a Mortgage for the sum of £210,000.00 (approx) with monthly repayments of £900.00 (approx), with our mortgage there was also a mortgage account with an offset of in excess of £25,000.00 granted. In the same time frame a further £10,000.00 loan had also been granted with a repayment of £256.00 per month and was available without the necessary responsibility checks.' Just by clicking a button online.

In a very small time frame with Barclays in addition to just taking out a mortgage for the sum of £210,000.
2 No loans @ £25,000.00 and a mortgage offset of £25,000.00 was granted.

Our income would NOT have covered these loans once all our necessary payments were paid out at the end of each month. All this information was given to Barclays at the time of taking out our mortgage.

If Barclays had carried out the correct necessary affordability checks you would have seen that these loans were not suitable or viable at all and should not have been granted.

Consequently this has had a detrimental effect ever since. defaulting the loans, putting our home in jeopardy by even effecting our mortgage payments. At the time of taking the loan i had a wage account were all our income was paid into. This would have also proved that the loan was not viable to be granted and can only insist has been irresponsible lending by Barclays.

Eight years on this has caused a spiral effect on our living as this account was later on defaulted and sold over to PRA Group. Consistently we have had to take out a further secured loan to pay this one back with an extortionate APR and time period.

In addition to this i have been hounded by both Barclays and PRA for this loan to be paid back.

OVER £50,000.00 IN UNSECURED CREDIT WITHIN SIX MONTH OF TAKING OUT A WELL STRETCHED MORTGAGE.

I have complained to Barclays and they have said because i haven't complained within 6 years of taking the loans then basically they are not obliged to do anything. I then took my complaint to the FOS and they have stipulated the same.

WHAT CAN I DO AS THIS IS REALLY AFFECTING MY LIFE.
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

kwame41

I think this is a good example of why new affordability checks have been imposed on lenders since then.


I know people in similar situations when money was just being thrown at people.


However, you knew you couldnt afford them so I would ask why you went ahead and borrowed the money.


Not judging, just making an observation.

Pixie5740

tmac6855 wrote: »

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
Irresponsible Lending by BARCLAYS.

A loan was taken out in 2010 for the sum of £15,000.00 with a monthly repayment figure of £346.00.
I believe this was irresponsibly lent by BARCLAYS for various reason.
We had just taken out a Mortgage for the sum of £210,000.00 (approx) with monthly repayments of £900.00 (approx), with our mortgage there was also a mortgage account with an offset of in excess of £25,000.00 granted. In the same time frame a further £10,000.00 loan had also been granted with a repayment of £256.00 per month and was available without the necessary responsibility checks.' Just by clicking a button online.

In a very small time frame with Barclays in addition to just taking out a mortgage for the sum of £210,000.
2 No loans @ £25,000.00 and a mortgage offset of £25,000.00 was granted.

Our income would NOT have covered these loans once all our necessary payments were paid out at the end of each month. All this information was given to Barclays at the time of taking out our mortgage.

If Barclays had carried out the correct necessary affordability checks you would have seen that these loans were not suitable or viable at all and should not have been granted.

Consequently this has had a detrimental effect ever since. defaulting the loans, putting our home in jeopardy by even effecting our mortgage payments. At the time of taking the loan i had a wage account were all our income was paid into. This would have also proved that the loan was not viable to be granted and can only insist has been irresponsible lending by Barclays.

Eight years on this has caused a spiral effect on our living as this account was later on defaulted and sold over to PRA Group. Consistently we have had to take out a further secured loan to pay this one back with an extortionate APR and time period.

In addition to this i have been hounded by both Barclays and PRA for this loan to be paid back.

OVER £50,000.00 IN UNSECURED CREDIT WITHIN SIX MONTH OF TAKING OUT A WELL STRETCHED MORTGAGE.

I have complained to Barclays and they have said because i haven't complained within 6 years of taking the loans then basically they are not obliged to do anything. I then took my complaint to the FOS and they have stipulated the same.

WHAT CAN I DO AS THIS IS REALLY AFFECTING MY LIFE.
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

Grow up and take responsibility for your own actions. You chose to borrow the money and just because you applied online and got an instant decision does not mean that Barclays did not carry out affordability and credit checks.

There are ways of dealing with unsecured debt that don't involve losing your home. You however compounded your debt issues by turning unsecured debt into secured debt. I suggest you put together a statement of affairs and head over to the Debt Free Wannabe board.

http://www.stoozing.com/calculator/soa.php

[Deleted User]

Nothing, unless you feel like taking them to court. It's been judged not to irresponsible lending. But certainly irresponsible borrowing.

Why on earth did you ask for the money if you knew you couldn't repay it?

lindens

Beggars belief. Take some responsibility for your actions. No-one forced you to take out the loans.
Get yourself over to the debt free wannabee board, do an SOA and try and pay everything off as soon as you can

Shakin_Steve

I've taken out loans with Barclays, it is a very simple online process with the money in your account immediately. However, there are conditions attached, stuff for you to read, asking you if you really need the money and telling you to proceed only if you are sure you can afford the repayments. You cannot blame the lender if you chose to borrow the money.
This kind of thing crops up on here periodically, the replies are always the same.

MABLE

tmac6855 wrote: »

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
Irresponsible Lending by BARCLAYS.

A loan was taken out in 2010 for the sum of £15,000.00 with a monthly repayment figure of £346.00.
I believe this was irresponsibly lent by BARCLAYS for various reason.
We had just taken out a Mortgage for the sum of £210,000.00 (approx) with monthly repayments of £900.00 (approx), with our mortgage there was also a mortgage account with an offset of in excess of £25,000.00 granted. In the same time frame a further £10,000.00 loan had also been granted with a repayment of £256.00 per month and was available without the necessary responsibility checks.' Just by clicking a button online.

In a very small time frame with Barclays in addition to just taking out a mortgage for the sum of £210,000.
2 No loans @ £25,000.00 and a mortgage offset of £25,000.00 was granted.

Our income would NOT have covered these loans once all our necessary payments were paid out at the end of each month. All this information was given to Barclays at the time of taking out our mortgage.

If Barclays had carried out the correct necessary affordability checks you would have seen that these loans were not suitable or viable at all and should not have been granted.

Consequently this has had a detrimental effect ever since. defaulting the loans, putting our home in jeopardy by even effecting our mortgage payments. At the time of taking the loan i had a wage account were all our income was paid into. This would have also proved that the loan was not viable to be granted and can only insist has been irresponsible lending by Barclays.

Eight years on this has caused a spiral effect on our living as this account was later on defaulted and sold over to PRA Group. Consistently we have had to take out a further secured loan to pay this one back with an extortionate APR and time period.

In addition to this i have been hounded by both Barclays and PRA for this loan to be paid back.

OVER £50,000.00 IN UNSECURED CREDIT WITHIN SIX MONTH OF TAKING OUT A WELL STRETCHED MORTGAGE.

I have complained to Barclays and they have said because i haven't complained within 6 years of taking the loans then basically they are not obliged to do anything. I then took my complaint to the FOS and they have stipulated the same.

WHAT CAN I DO AS THIS IS REALLY AFFECTING MY LIFE.
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

Take responsibility and accept you have behaved irresponsibly. You are not forced to take the loan.

Willing2Learn

tmac6855 wrote: »

OVER £50,000.00 IN UNSECURED CREDIT WITHIN SIX MONTH OF TAKING OUT A WELL STRETCHED MORTGAGE.

If you had a "well stretched mortgage", why did you apply for further credit? You should have known it would only lead to affordability problems...

tmac6855 wrote: »

WHAT CAN I DO AS THIS IS REALLY AFFECTING MY LIFE.

You need to head over the DFW (Debt-Free Wannabe) board and post up your Statement of Affairs (SOA). That way you will receive targeted and non-judgemental support and advice.
http://www.stoozing.com/calculator/soa.php

Edit: And welcome to the forum tmac6855

wjr4

Surely this is a joke?

Shakin_Steve

wjr4 wrote: »

Surely this is a joke?

Wel tmac certainly ain't laughing.

tmac6855

Its the first time i have been on this website Forum.

I should have made my story a little clearer.
We had just taken our mortgage out six months prior and money was already tight.
Yes i totally understand i that i am also to blame as i shouldn't have taken them out.
I lost my father and wasn't in a very good state. I need to pay for the funeral of my father. i looked online and the money was available. 'you can have upton £25,000.00 loan' in your account today! So the first loan i took out paid for my fathers funeral.
A few months later i then had to take my sister in and support my niece as her mother was sectioned. Bills were coming out of my head bearing in mind we had just taken out a mortgage.
A one year old and a baby on the way also.