Irresponsible lending

Laurajake123

Hi I am just after advice on a letter I have received from Barclays partner finance (Clydesdale) The letter states they were carrying out reviews from an old loan and have noted my loan may not have been assessed correctly for affordability they have apologised and advised they will do full review and write to me within 8 weeks on how they will be putting things right this is from a loan that was taking out 9 years ago I did after 2yrs of taking the loan default as I could not afford the payments but didn’t realise irresponsible lending was a thing any advice would be appreciated 

TadleyBaggie

My advice is to wait until they contact you again.

Laurajake123

Thanks just seems a bit odd I havnt gave  any details as unsure this could be some sort of scam but they did have the correct reference numbers il wait and see what they say 

Ryan_Holden

If you're in doubt, ring Barclays on their main number and see if they have got the case on file. Then you'd know it's genuine.

But other than that there's nothing you can do. Sounds like you might have some money coming your way.

Laurajake123

great thanks just rang them and it is genuine they have a case open suppose if there saying they shouldn't of lent me then I'll take that let's just wait and see

Thanks

superbigal

Did you simply default ? or have you at least paid back more then you borrowed ?
If the former then anything you get, would likely simply offset what you are still due.

MalMonroe

Laurajake123 said:

great thanks just rang them and it is genuine they have a case open suppose if there saying they shouldn't of lent me then I'll take that let's just wait and see

Thanks

Hi, sometimes these things happen. A couple of years ago I received a cheque from HSBC out of the blue. They advised that they'd been reviewing files and I was entitled to receive some money because of mismanagement of my credit card. I was puzzled because I'd never banked with HSBC (applied but was declined) but it was something to do with them having taken over John Lewis finances and reviewing old credit card accounts. I had been a JL finance customer in the past and didn't actually pay everything I owed on my credit card (ended up having a DRO but that's another story) but it didn't matter, I still received a refund because of 'mismanagement of my JL credit card' - same as irresponsible lending, I guess.

I did phone HSBC because, like you, I thought it may be some kind of scam or hoax but it wasn't and I was very grateful to receive the money. Not a fortune but a fortune to me and it was unexpected, which made it even better.

Good luck, hopefully you will receive a small (could be large?!) lump sum.    

Laurajake123

Hi thanks for advice the loan was for 2465 total payable 5604 at 46.70 over 120 months total interest was 3139 as there was also document fee of 149 i paid for 3 years until default issued debt was sold on and I am still paying that back to date it is part of my debt management plan with step change there is just over £600 left to pay not sure if they may write off the amount left 

sourcrates

Laurajake123 said:

Hi thanks for advice the loan was for 2465 total payable 5604 at 46.70 over 120 months total interest was 3139 as there was also document fee of 149 i paid for 3 years until default issued debt was sold on and I am still paying that back to date it is part of my debt management plan with step change there is just over £600 left to pay not sure if they may write off the amount left 

Redress may take a number of forms, they may do any one, or all of the following -

(1) Reimburse all interest charges and fee`s paid,
(2) They may reduce your balance,
(3) They may write off your outstanding balance,
(4) They may remove the entire entry from your credit file.