irresponsible lending

[Amy]

Re: irresponsible lending

ok fair enough. i gather from what you are saying that you dont think there is any onus on them to check what is actually written on the forms.

Well, yes I do think they should have checked, but also I think that some of the onus lies equally and squarely with you.

[qwedr]

Re: irresponsible lending

some of the loans were from the same group. i would have been moving money between various accounts. now you have mentioned this it would explain why i was also offered reasonable sized overdraft limits.
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amy,

you have a fairt point. but as things stand all of the onus lies with me

[Amy]

Re: irresponsible lending

some of the loans were from the same group. i would have been moving money between various accounts. now you have mentioned this it would explain why i was also offered reasonable sized overdraft limits.
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amy,

you have a fairt point. but as things stand all of the onus lies with me

If you would like to have a chat in the chatroom, just let me know and we can talk through things if you like.

[qwedr]

Re: irresponsible lending

4.3 There is also pre-existing guidance, particularly that available in the OFT's
Non-Status Lending Guidelines (OFT 192, revised in 1997). In terms of
irresponsible lending, this focused primarily on issues related to the
consumer's ability to repay any loan and to meet the terms of the
agreement including:
'Lenders should comply at all times with the principle of responsible
lending. All underwriting decisions should be subject to a proper
assessment of the borrower's ability to repay, taking full account of all
relevant circumstances including the purpose of the loan, the borrower's
income, outgoings, employment, age, state of health and previous credit
history, and details of any other mortgages or loans or any life assurance

OFT

Lenders should take all reasonable steps to verify the accuracy of
information provided on or in support of the loan application. They should
check any apparent omissions or discrepancies, and query any unusual

features.
1012


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the last paragraph is the part that i think they have failed on.

i could of course just be talking through my pocket

[Curlyben]

Re: irresponsible lending

A quick question.
This loan is surely secured on your property anyway as it's too big for the 25k CCA limit.
Or was this a number of smaller loans ??

[qwedr]

Re: irresponsible lending

a number of small loans

[Celestine]

Re: irresponsible lending

So do you own a property that they could come after?

Whilst I agree that it was outrageous that they didn't check the forms and 'proofs' better, I feel that if you try and go after them for that, they will come back even harder at you for fraud.

If you genuinely cannot manage any of these debts, then you may have to consider bankruptcy. It sounds like you need to start your finances over whatever you do.

I wish you good luck in your journey back to financial sanity x