Unaffordable credit

born_again

p3ncilsharpener said:

But we've yet to see them go after credit card companies who almost never do hard credit checks before offering limit increases, nor demand payslips and bank statements.

A hard credit check has nothing to do with affordability.

Remember a card provider gets a full insight into a customers financial status. Missed payments anywhere get flagged onto banks systems.

MalMonroe

lynds98 said:

Back in 2016 I was offered credit by JD Williams, it starred out with a small limit which I kept and paid on time.  As time went on credit was increased without any affordability checks, I assumed I was safe to use this credit as the payments stayed low. Credit was increased again with no checks and my cooker blew up along with the drum of the washer finally giving up, I took the extra credit thinking it would be affordable....it was but they didn't tell me the repayments were not covering the interest or balance. I then got hit with a demand to pay big monthly repayments which were way above what I could pay and was told if I didn't keep up these really high payments then the interest and charges would take me back to square one. I asked for help as part of their credit agreement and they offered nothing and stuck to their guns.  Unable to pay I left it,  its now at debt collectors which is fine but up until recently I was unaware of companies who are being pulled up for offering unaffordable credit with no checks.   So how can I go back and sort out this unaffordable credit that should never of been offered and lied to me about now that its in the hands of debt collectors? 

I would definitely contact one of the debt help agencies, as others have suggested. StepChange is my favourite because the people there helped me so much to get out of my hole of debt. You will not regret contacting them.

I do think it's shameful how this company kept raising the limit though and lulled you into a false sense of security. That kind of thing really can happen to the best of us, although some people here appear to believe they are above that kind of thing. Many of us on this forum have ended up in very similar circumstances to yours, via one route or another. 

Here is the link to StepChange. https://www.stepchange.org/  They listen, they help and best of all, they do not judge.  If they can't help you, they can point you in the right direction.   

Tokmon

lynds98 said:

Back in 2016 I was offered credit by JD Williams, it starred out with a small limit which I kept and paid on time.  As time went on credit was increased without any affordability checks, I assumed I was safe to use this credit as the payments stayed low. Credit was increased again with no checks and my cooker blew up along with the drum of the washer finally giving up, I took the extra credit thinking it would be affordable....it was but they didn't tell me the repayments were not covering the interest or balance. I then got hit with a demand to pay big monthly repayments which were way above what I could pay and was told if I didn't keep up these really high payments then the interest and charges would take me back to square one. I asked for help as part of their credit agreement and they offered nothing and stuck to their guns.  Unable to pay I left it,  its now at debt collectors which is fine but up until recently I was unaware of companies who are being pulled up for offering unaffordable credit with no checks.   So how can I go back and sort out this unaffordable credit that should never of been offered and lied to me about now that its in the hands of debt collectors? 

Why did you have to buy a brand new washing machine and cooker? 

I currently have a second hand washing machine, i could have easily afforded a brand new one if i wanted but i thought what's the point when i found a decent second hand one. Buying a brand new washing machine when you didn't have enough money and had to borrow the money isn't very sensible to start with, buying with credit that you don't understand the repayments on is even less sensible and then just ignoring the debt well...

Do you really want to go back and make a complaint basically saying you can't be trusted with money and the credit companies need to treat you like a kid and tell you when your spending enough?. If so then it's probably best to get someone to handle your own financial affairs from now on.