Irresponsible lending-FOS 17 January 2022 at 5:41PM in Loans 25 replies 2.3K views

ManyWays

MikeJXE said:

martinjn said:

I started off with Barclays and while doing so realised that most of my other creditors shouldn't have lent me money either so I've raised all mine separate. 

FOS upheld my Barclays complaint just this week but I think I'll be rejecting it as I don't agree with the outcome the FOS has put forward.  I think I'll be moving on to the small claims court now. 

Not sure why I'm looking at this but it intrigued me

Are you actually saying people borrow money then blame the company for lending it to them ?

Can't get my head round that 

Not sure where you have been for the past 5 years. It is these unaffordable lending complaints that have put most of the large payday lenders, Amigo and Provident out of business. 

ManyWays

I wasn't talking about loans as such but more about borrowing in general ie credit cards

Look around MSE the hundreds of people with high credit card debt, I mean £17,000 and such

Half a dozen credit cards maxed out

It's not the fault of the companies lending you the money, thats what they are there for, it's the  shear stupidity of over spending
 

So far as I can see, the main reason for complaining about a credit card is that they increased your credit limit while you were only making the minimum payments and a check on your credit record would have shown this was not a sensible move.

LeRedoute

ManyWays said:

I wasn't talking about loans as such but more about borrowing in general ie credit cards

Look around MSE the hundreds of people with high credit card debt, I mean £17,000 and such

Half a dozen credit cards maxed out

It's not the fault of the companies lending you the money, thats what they are there for, it's the  shear stupidity of over spending
 

So far as I can see, the main reason for complaining about a credit card is that they increased your credit limit while you were only making the minimum payments and a check on your credit record would have shown this was not a sensible move.

Which is the fault of the borrower, not the lender, regardless of how people try to wriggle their way out of responsibility.

phillw

~Brock~ said:
There are certain websites that positively encourage this type of behaviour, and i can't get my head around it either because the complainant is effectively saying "I shouldn't be allowed out without wearing my mittens because I have no individual mind and can't be trusted to make my own decisions".

Most people make terrible decisions a lot of the time, it's how politicians stay in their jobs.
 

phillw

LeRedoute said:
Which is the fault of the borrower, not the lender, regardless of how people try to wriggle their way out of responsibility.

Tempting people to take out expensive loans, knowing they will struggle to pay the money back and that the borrower doesn't understand how difficult it will be to pay the money back, is the fault of the lender.

By the time the debts are wiped off, the borrower has often repaid the original loan amount many times over & still owed more than they borrowed.

Most importantly, irresponsible lending is against the law. The lenders are perfectly aware of what they are doing.

Of course, someone could claim they were lended to irresponsibly when that is not the case. It's by no means a guaranteed get out of jail free card.