Irresponsible Lending

jweaver53

I have been told by a colleague about the irresponsible lending claim for credit cards..... Is this still something we can claim on?  How do you go about this?

Brie

I would suggest that you write to the CC with a clear concise argument about why they should not have given you the card and/or increased your credit limit.

Be methodic in your approach, i.e. On 1 July 2016 I applied for a card fully knowing that I already had significant debt and was behind on the mortgage and several catalogue accounts.  Despite this you gave me a card with a £5k limit.  Without requesting it, you kept increasing my credit limit each time my debt grew and did so knowing that I had missed payments and was paying less than the interest that was accruing each month.  

Your alternative is to have this thread moved over to the debtfree wannabe board so that people can assist with what might be a larger problem. 

Nasqueron

jweaver53 said:

I have been told by a colleague about the irresponsible lending claim for credit cards..... Is this still something we can claim on?  How do you go about this?

The chances are this is just another scam they saw on social media where people claim their spending and debt was the fault of the bank and just click here, fill in your details and some scam CMC will start claiming tax for you and taking a cut.

You don't just get free money, you would have to show a genuine history of costs beyond your means e.g. cycle of interest, charges, they increase the limit, you keep spending etc. I would assume you'll get nothing and you never know - if you accepted limit increases for example vs opt out.

elsien

While acknowledging that some banks in the past have offered more credit than they should have done the circumstances, I can’t help, but think that irresponsible borrowing should also be a thing to take personal responsibility for. 

born_again

jweaver53 said:

I have been told by a colleague about the irresponsible lending claim for credit cards..... Is this still something we can claim on?  How do you go about this?

Have you been in persistent debt, or defaulted on any debts?
Advised your CC that you have been struggling to meet payments?

If not then all you do is give the staff a laugh 👍