Natwest gave husband 5 loans - can we claim for exploitation?

Bermonia

Would agree with most the posts here... poor borrowing, not poor lending.

If you want to make a complaint then that is your choice, but stand ANY kind of chance you will have to demonstrate that he is in financial difficulty which can be attributed to the banks dealings - this would mean that he has more important debts or liabilities that are not being met, and an income and expenditure form detailing how and where money is spent - note if there is non-essential spending on there then this is an absolute non-starter.

For what it’s worth let this be a teaching point to your husband and let him deal with it, with your support - I promise you this will be a valuable lesson and not one he should shy away from.

sourcrates

I think you would be better off looking at solutions to your debt problems rather that attempting to pursue an irresponsible lending complaint.

Are the debts all in his name, if so, any reason he cannot declare bankruptcy ?

Banks have a tendency to be seen as sqeeky clean in these matters, when in fact the reality is far from it.

poppy10_2

Jcb85 wrote: »

This just seems absurd to me that [STRIKE]Natwest have given my husband[/STRIKE] my husband has taken out loan after loan with high interest rates even though he has struggled to make payments on some months yet [STRIKE]they give him more loans[/STRIKE] he takes out more loans.

Fixed that for you

Dean000000

Magnifique :beer:

System

£2900 outgoings excluding debt is a bit horrific. I'm afraid you're going to have to do without some of your luxuries and things like Sky TV for a while or going out every weekend.

Craig1981

what was he putting down on his applications for the loans? if he were declaring other expenses correctly, i doubt very much loan after loan would have been agreed.

however to be more to the point, what has the money been used on??? i think that is priority number 1 to get sorted! is it just lavish purchases, holidays, etc? or gambling, drinking etc?

kazwookie

You need to go through all the bank/ CC statements and see exactly where is money is going, what the true outgoings are for BOTH of you.

Sort out what is incoming

Cancell all extras such as sky / netflix / takeaways etc sell expensive cars get a run around for now, sort out mobile phones to sim only.

Then come back with a SOA can we will be able to see what else can be cut, who to pay first etc etc

foxy-stoat

If the loans are old then try the PPI thing - over pay the highest interest loans first or the ones that finish first.

You should also try your luck with your past debts, I see you had an IVA years ago....whatever you get pay off this debt or your husband may go down the same road as you did.

macman

So at present he has £300pm surplus to service all the loans and overdraft. What is the current monthly cost of servicing the debt? Take £300 from that and then do an SOA and look for ways to reduce expenditure.
Next, look at each loan and see what can be moved to a lower rate.
Do you have any income? If so, and assuming you are contributing to the monthly household expenditure, then I too cannot see how he is burning through £2.9K every month?

dealer_wins

Maybe your hubby could look into an IVA like you had a few years back lol

But first go to the debt free wannabe board and do a full SOE. The best thing would be to cut outgoings down to the bone for a couple of years to get your debts under control.