Irresponsible lending

JJ_22

Not sure if this fall under irresponsible lending or not so wanted to get some opinion's…

I applied for a £25,000 to consolidate loans. I was pre-approved for this through credit karma. Anyway, long story short I ended up applying for it twice and ended up with £45,000 in my bank about 24 or so hours later. No proof of income or anything required. Credit score was pretty bad to. 

On their website it says they only give personal loans up to £35,000 so not sure if they even made a mistake giving out £45,000 so easily. 

I’m incredibly impulsive due to having adhd and unfortunately blew about half of it on stocks in 2 days… but that’s not the lenders fault, just my lack of dopamine giving me terrible impulse control! 

Also from what I can remember, the income question was pretty general. I think the amount of income I put on the application(s) was an average amount I put in including regular overtime (not guaranteed) 

So without this overtime I absolutely can not afford this somewhat accidental loan that’s twice the amount that I had originally planned.

so my questions are…

1. Is it irresponsible lending for them to have granted 2 very large loans in the space of possibly 2 minutes? 

2. Is it irresponsible for them to have granted £10,000 over what they advertise as the maximum personal loan amount? 

3. How do I go about getting a copy of the application I would of filled out at the time as I can’t remember exactly what I put on it.

4. Is it irresponsible to give such a large loan so quickly with out having some sort of proof of income and outgoings? 

Any advice would be greatly appreciated! 

[Deleted User]

They'll have assessed you as being an acceptable risk from the details you put in. There's no benefit to them in lending to people who will default.

 If you misled them regarding your income, they won't have known that. Not all incomes are checked.

You can submit a SAR to find out what you put in the application.

Sell your stocks so you can repay the loans. In future, be careful not to borrow more than you can afford. Although lenders will assess you for risk, no one knows your circumstances better than you.

sammyjammy

What have you done with the rest of the money?  Suggest you pay as much back as you have immediately

elsien

If you received twice as much as you asked for, was it not irresponsible borrowing not to contact them straight away to query it? 

diystarter7

I'd get on to them and tell them about their or your mistake and take it from there.

k3lvc

JJ_22 said:

Any advice would be greatly appreciated! 

Contact them, let them know of their error, and arrange to repay the extra funds asap

Any other course of action is likely to have long-term implications on your future 

And stop blaming them - your actions when the money was in your account are indefensible

k3lvc

JJ_22 said:

Not sure if this fall under irresponsible lending or not so wanted to get some opinion's…

I applied for a £25,000 to consolidate loans. I was pre-approved for this through credit karma. Anyway, long story short I ended up applying for it twice and ended up with £45,000 in my bank about 24 or so hours later. No proof of income or anything required. Credit score was pretty bad to. 

On their website it says they only give personal loans up to £35,000 so not sure if they even made a mistake giving out £45,000 so easily. 

I’m incredibly impulsive due to having adhd and unfortunately blew about half of it on stocks in 2 days… but that’s not the lenders fault, just my lack of dopamine giving me terrible impulse control! 

Also from what I can remember, the income question was pretty general. I think the amount of income I put on the application(s) was an average amount I put in including regular overtime (not guaranteed) 

So without this overtime I absolutely can not afford this somewhat accidental loan that’s twice the amount that I had originally planned.

so my questions are…

1. Is it irresponsible lending for them to have granted 2 very large loans in the space of possibly 2 minutes? 

2. Is it irresponsible for them to have granted £10,000 over what they advertise as the maximum personal loan amount? 

3. How do I go about getting a copy of the application I would of filled out at the time as I can’t remember exactly what I put on it.

4. Is it irresponsible to give such a large loan so quickly with out having some sort of proof of income and outgoings? 

Any advice would be greatly appreciated! 

Please direct me to my comments where I have placed blame on them?? 

All of the above in bold - it's either a fraudulent/duplicated application (in which case why £45k instead of £50k) or a genuine mistake. Neither of which needed anything other than an immediate notification to them and repayment of the additional amount.

Trying to blame/question/challenge anyone else's actions in this is just wrong

turnitround

JJ_22 said:

I’m not suggesting that I have miss lead them in any way, rather that In hindsight I would of expected more affordability checks to be carried out for such a large sum on money

Yet you didn't give an accurate answer to the income question, you put an amount with overtime which was not guaranteed. If you really wanted them to lend you money based on your true affordability then you would have been honest. Had you been honest then you would remember exactly what figures you put down.

You need to take personal responsibility here. If they gave you twice as much as you asked to borrow then you must have known it would be impossible to afford the payments before you started splurging.

JJ_22

turnitround said:

JJ_22 said:

I’m not suggesting that I have miss lead them in any way, rather that In hindsight I would of expected more affordability checks to be carried out for such a large sum on money

Yet you didn't give an accurate answer to the income question, you put an amount with overtime which was not guaranteed. If you really wanted them to lend you money based on your true affordability then you would have been honest. Had you been honest then you would remember exactly what figures you put down.

You need to take personal responsibility here. If they gave you twice as much as you asked to borrow then you must have known it would be impossible to afford the payments before you started splurging.

My income was declared as it is. My point was that the way it was listed on the application is that it only asked for income, it hasn’t separated it in any way, I haven’t exaggerated it in any way and for the hours that I work and the income that I have it is affordable, even with the increased amount. You are missing the point here and using this as an opportunity to give a lecture that’s not wanted or needed 👍🏻  

k3lvc

JJ_22 said:

My income was declared as it is. My point was that the way it was listed on the application is that it only asked for income, it hasn’t separated it in any way, I haven’t exaggerated it in any way and for the hours that I work and the income that I have it is affordable, even with the increased amount. You are missing the point here and using this as an opportunity to give a lecture that’s not wanted or needed 👍🏻  

So what are you wanting ?

The additional amount writing off ?

Compensation ?

You had your chance for it to be 'affordable' by paying back the excess when received - and then you could have challenged the process - unfortunately you lost any moral high ground when you chose a different action

turnitround

Didn't realise I had given you a lecture. You asked for opinions. This is mine, sorry if you dont like it but if the only opinions you want are those which agree the firm have been irresponsible then please feel free to ignore.

 You needed a substantial amount to consolidate debt you already had and you have a decent income. Yet, you actually chose to apply twice then blow a large amount of the money straight away. If you an an income which makes the 2 loans you applied for  affordable then there is no problem is there?