Re: Irresponsible lending

Originally posted by croc View Post
Hello all.

I want to hight light a situation and ask for advise. Whilst studying for medicine, in your third year of study, you could walk into any Natwest and ask for a loan up to 20k. You did not have to repay this loan until after 6 months of graduation. (it was called a professional Trainee Loan at the time). No questions were asked about the money, what it was used for, it was simply granted.
This is how the money was given....

29/11/07 - £5750
01/02/08 - £1000
11/02/08 - £1000
18/11/08 - £9,700
19/02/09 - £11,100
02/06/09 - £13,200
03/07/09 - £2000
03/08/09 - £1000.

Money was used to buy shares, gambled with, holidays, cars, over spending as a student does. a substantial has been payed back but a fair amount (around 20k) remains.
Can afford the monthly repayments at a stretch but it seems a bit irresponsible of a banking institution to lend in this way.

Have their been any cases like this or any body have any thoughts.

All opinions welcome.

Kind regards
I'm playing Devils Advocate here, The Bank would argue that when you applied for this particular designated loan and you would be considered an intelligent borrower, that you obtained the loan for a specifice designated purpose, and were well aware that these laons were for a specifice purpose...............they could argue that by using the money for the purposes you say you used the largest majority of the funds for that you are liable for a charge of deception....possibly fraud..............Just me playing Devils Advocate

Sparkie

I am not a lawyer and this is my own opinion ....not to be taken as legal advice