Tricky Question for the Experts

xlnc99

@Boo star

there are always reasons and answers for anything. The point is, based on the information and based on the FOS website, all the information should have been checked. You are making all assumptions which the lender should not do. If we look at the facts, and only facts then it should not have been done in the first place.

I.E - unemployment means no income. Vulnerability means just that. Bank Account empty means just that.

Lender can look at it and assume, surely he can afford 10 quid, surely they have another bank account etc. Even if they did, they should have asked the questions - which they did not

xlnc99

I am not talking about interest or charges. The topic of this discussion is affordable lending. That is what i am focusing on as going by the guidelines from the FOS own website.

boo_star

xlnc99 wrote: »

@Boo star

there are always reasons and answers for anything. The point is, based on the information and based on the FOS website, all the information should have been checked. You are making all assumptions which the lender should not do. If we look at the facts, and only facts then it should not have been done in the first place.

I.E - unemployment means no income. Vulnerability means just that. Bank Account empty means just that.

Lender can look at it and assume, surely he can afford 10 quid, surely they have another bank account etc. Even if they did, they should have asked the questions - which they did not

They absolutely can make assumptions, they do it every day!

I'm usually asked what my income is when I apply for (mainstream) credit. I've never been asked for my expenditure yet, so they're making assumptions about my spending habits. All perfectly above board.

BoGoF

Seems like you have all the answers xinc99, so not sure why you are looking for advice. Or just advice that supports your view?

xlnc99

I wasnt even asked about my income and second of all no lender can make offer loan based on assumptions! They probably do to save time but this is when the problems start hence the issues with the PAY DAY LOANS.

This is why the FOS have all these rules in place, its not allowed

boo_star

xlnc99 wrote: »

I wasnt even asked about my income and second of all no lender can make offer loan based on assumptions! They probably do to save time but this is when the problems start hence the issues with the PAY DAY LOANS.

This is why the FOS have all these rules in place, its not allowed

It's a tenner a month. You're being ridiculous (in my opinion.)

xlnc99

BoGoF wrote: »

Seems like you have all the answers xinc99, so not sure why you are looking for advice. Or just advice that supports your view?

I have my own opinions i am asking for others. My opinions are based just on the FOS website. There are alot of people with more knowledge then me on this subject so the more input the better.

xlnc99

Its actually 5 pound per month!

But i am just looking for answers in relation to the FOS guidelines that i have posted in the thread. Not assumptions or hearsay, just based on that.

boo_star

xlnc99 wrote: »

Its actually 5 pound per month!

But i am just looking for answers in relation to the FOS guidelines that i have posted in the thread. Not assumptions or hearsay, just based on that.

That's the problem, you're asking for an interpretation of a fairly wishy-washy guidance leaflet and when people give you their interpretation of it, you say they're wrong.

So what's the point of the thread?

If you want a definitive answer, take it to the FOS.

BoGoF

xlnc99 wrote: »

I have my own opinions i am asking for others. My opinions are based just on the FOS website. There are alot of people with more knowledge then me on this subject so the more input the better.

Which you will just ignore.