Start of debt free journey

RAS

A lot depends on how much you can save as an emergency fund before the debt defaults. You really do need at least a month's essential spends and I'd suggest enough to cover the mortgage for three months.

MEM62

sourcrates said:

MEM62 said:

turbocat2024 said:

I got the triple lock offer with Clear Score for the loan from memory which guarantee rate, amount and approval but may or may not have accurately put down my monthly expenses or financial dependants,

If you lied on the application then I do not see how you can successfully argue a complaint based on affordability.  

One of the main reasons for the 2008 financial crash was lenders own staff inflating customers income figures to make them appear a more attractive prospect, in order for the customer to secure the borrowing, and them to secure their bonus.

It`s also a well known fact customers artificially inflate their incomes on loan applications.

However, it should be expected that lenders are held to a higher degree of scrutiny, as a professional body, and at the time no one was doing so.

This kind of thing was rife in the industry, alongside PPI mis-selling, the rules were being broken on a daily basis by all and sundry, and they lied about it !!

This continued well into the next decade, until these sorts of practices were revealed by the likes of this and other websites, and caused the FCA to act.

Don`t imagine for one second these lending institutions were above this kind of thing, they were as deep into it as an Alabama tick on a coyote, which is why they have repaid millions in redress.

I was aware of some of that but the detail is interesting.  As is the fact that making a fraudulent application, if that is not too strong a word for it, does not prevent a complaint being submitted.  

turbocat2024

A little update from me, 3 months of missed payments, household budget in check and holding, EF is now at £5k.
Have had the usual letters but no phone calls as my phone automatically blocks spam call, love you google pixel !
Loads of text messages but they are fine, I have written only two complaints, one on the Novuna loan which today came back to say the complaint is upheld and they would write with their offer of waiving interest and provide new balance, the other on a settled car HP for undisclosed commission. All but one creditor has frozen interest which feels nice, I jumped the gun early and went to Step Change with breathing space but cancelled Step change during the breathing space when I discovered this forum, and so the interest has been frozen since then, all apart from Virgin Money who have re-instated interest last month.

Plan now is to continue to save and live within the budget and wait for defaults. It was a big moral boost to hear the loan irresponsible lending complaint was successful, I was on the fence about complaining to MBNA where I have 3 credit cards, I thought I may as well get defaults and shoot for Full and Final settlements 3-4 years down the line, If I could get 50% settlement this would surely be better then interest waived, I haven't worked out what interest that took but most of the MBNA Debt was balance transfers with 3-5% BT fees on 0% which only ticked over Nov-Dec last year but will probably look into writing to those, as well as other settled loans I took the Novuna loan out for.

Sorry for the stream of consciousness, feeling pretty good in myself, 2022-2023 was pretty dark, I put on 15 kg, drinking too much, not getting enough sleep, snappy with stress.. I thought I was fine... normal. Now looking back at it I was a mess. I have now lost the 15kg and want to lose another 15kg to get back to a healthy BMI, sleep is getting better and I am much more positive. I don't want to live off credit again what a soul sucker

Anyways hope your all doing well, sun is out, onward and upward

sourcrates

MEM62 said:

sourcrates said:

MEM62 said:

turbocat2024 said:

I got the triple lock offer with Clear Score for the loan from memory which guarantee rate, amount and approval but may or may not have accurately put down my monthly expenses or financial dependants,

If you lied on the application then I do not see how you can successfully argue a complaint based on affordability.  

One of the main reasons for the 2008 financial crash was lenders own staff inflating customers income figures to make them appear a more attractive prospect, in order for the customer to secure the borrowing, and them to secure their bonus.

It`s also a well known fact customers artificially inflate their incomes on loan applications.

However, it should be expected that lenders are held to a higher degree of scrutiny, as a professional body, and at the time no one was doing so.

This kind of thing was rife in the industry, alongside PPI mis-selling, the rules were being broken on a daily basis by all and sundry, and they lied about it !!

This continued well into the next decade, until these sorts of practices were revealed by the likes of this and other websites, and caused the FCA to act.

Don`t imagine for one second these lending institutions were above this kind of thing, they were as deep into it as an Alabama tick on a coyote, which is why they have repaid millions in redress.

I was aware of some of that but the detail is interesting.  As is the fact that making a fraudulent application, if that is not too strong a word for it, does not prevent a complaint being submitted.  

When "your copy" loan papers are returned showing inflated figures for income etc, which you did not provide, then its pretty obvious someone at the firm must have changed them.

To this day not a single individual broker/banker/employee has been charged with a crime, nor admitted any wrong doing, I don`t expect that will change, do you ?