Irresponsible lending complaints advice

Debtmess2010

so I've now got a Monzo bank account would that be at risk of closing even though I have no borrowing with them? Is the marker just a blanket " this person inflated her income so she's a big risk" even if I'm not asking to borrow?

Altior

Not stating it applies to you, however one cifas marker is Application Fraud. Basically when an individual has used false details in a credit application, not their personal details but employment/earnings etc. The marker sits on their credit reports, so any financial organisation will be able to view it whilst it's on the credit report.

It's a flag basically, it doesn't prescribe the treatment. You may have heard of the phrase 'debanked', that's what could happen, existing accounts could be closed and it could be impossible to find a bank that will accept a new application.

I can only suggest from my own perspective that I would not be drawing attention to myself if I knew had done something daft. A cifas marker can be a huge hindrance to normal life. There might be others on this board that would persist with the complaint anyway.

Debtmess2010

@altior

Thank you I appreciate your help.. You're of course correct it was completely daft and no excuses other than i was in a crappy situation at the time and i could afford the repayments at that point, but like so much in life you cant predict the future and unfortunately with my son leaving home my finances took a big hit, obviously i shouldn't have lied on the application nor should i have relied on child maintenance etc but it is what it is and it's just knowing how to move forward. I think I'll leave the FOS for this one as I can't take the risk to be without a bank account…thanks again for your help

ManyWays

I can't think of any reason why castle would add a CIFAS marker. They said if you didnt use the loan to consolidate debt, you were a dishonest person. But (a) that isnt a reason to add a CIFAS marker and (b) you did use it to consolidate, didnt you?

Debtmess2010

@manyways

Im just worried now that I'm not going to have a bank account.. But you're absolutely right they've not said anything about application fraud re: income just that im dishonest if i didnt consolidate that debt, which i did..Blimey im so confused with what to do … I don't want to draw attention to anything that may stop me having a bank account as that would be problematic but on the other side this is a large loan, and the biggest debt I have that i believe wasn't lent at all responsibly, honestly if I could go back I'd never have applied for it, I just wasn't in a great place at the time ..

Thank you for your balanced reply, I think I'm going to take the risk and send to FOS as if I can get that reduced even by a little would be a massive help.

Rob5342

I'd put a comment on the debtcamel page and see what Sara thinks. She might have an idea of the reality when it comes to cifas markers.

Debtmess2010

@rob5342

Yes I'll do that thank you

striker335

Hi everyone,

I just wanted to share something in case it helps someone here.

I recently went through a claim for irresponsible lending with a law firm and I’ve just had a successful outcome. It took some time and patience, but I’m really glad I did it. I genuinely didn’t realise how many checks lenders are meant to do before approving credit.

If you’ve had loans, credit cards, catalogue accounts or similar that you struggled to repay at the time, it might be worth looking into. I know how overwhelming it can feel, especially when you’re already under financial pressure.

I’m not selling anything and I don’t work for the firm, I just know how stressful it is dealing with money problems and wanted to mention it in case it helps someone else.

If anyone wants to know what the process was like or how I started, feel free to reply or message me. Happy to share my experience.

Hope everyone’s doing okay.

ManyWays

gosh a newbie leaves two posts both suggesting people use a law firm and inviting people to message them.

Rob5342

Or you could just do it yourself following the guidance on www.debtcamel.co.uk, then you wouldn't have to pay a claims management company 30% of your refund for pasting a few details you've given then into an email.