Help! Unaffordable loan advice

Curiouspug

Hello!
does anyone have any thoughts on whether my loan should have been approved….

I took out a loan to consolidate some of my debt £25,000 back in September last year with repayments of £711 pm I already had £32,000 worth of debt over other loans and credit cards….( not including my car HP)

My income at the time was about £2,200 take home give or take….

My regular
DD totalled £800 car, phone, pet insurances etc….

my other debts which I was consolidating was about £1000 but with the new loan would not cover all of the debt meaning I would still be paying on those too! 

Most months I would end up in my overdraft ( yes probably have been living beyond my means but when I took my car and other loans I was earning almost double my wage so got into a little pickle! 

My original application for the loan was declined after providing bank statements etc l….

i have always had good credit rating as I’d never missed or been late with any payments…. So I can only think this would have been down to affordablilty and DTI ratio….
however within 2 hours of the decline my loan had been approved….

I'm now in a worse financial situation than I have ever been! 

My credit cards have been going up due to not having money left after bills and general expenditures of life!

I’m stuck in a loan for another 40 months at 19% apr l…. I can’t get any more credit cards to balance transfer so essentially I’m paying silly amounts of interest and only affording minimum payments in my cards to avoid being in arrears! 

I’m at breaking point with my mental health suffering…. 

I have lodged a complaint with admiral as I do believe that I shouldn’t have been offered the loan based on my DTI ratio and spending trends and overdraft usage..::

would you think I’ll have a chance to have a complaint being resolved? 

fatbelly

It doesn't really matter what we think.

Admiral are likely to reject your complaint

You can then escalate it to FOS and it is their findings that mattter.

Process here

https://debtcamel.co.uk/refunds-large-high-cost-loans/

If you need help on the whole situation, post on debt free wanabee

sourcrates

Consolidation of debt is normally one symptom of ongoing bad financial choices, and its seldom the right strategy to deal with your debts.

Your story is a familiar one, your debts are higher than the amount you can borrow, but you do it anyway, the bank may pretend to care and do checks, but most of the time they approve loans that should never have seen the light of day.

In my book it should be 50/50 culpability, but as the bank has a duty of care to its customers, and you don`t, that shifts the onus onto them to get it right, and they don`t always do that.

As fatbelly says, they will likely reject your complaint, and it will be down to the FOS to decide on it.