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| ben121 |
Posted - 09 December 2008 : 07:18:27
are my banks responsible for lending me too much? They have lent me more than my annual wage and now i cant cope. Do they have a duty of care? Is bankrupcy the answer? Are they to blame what can i do? |
| 12 L A T E S T R E P L I E S (Newest First) |
| debtrider |
Posted - 06 January 2009 : 14:48:42
Hi
I had my say in an earlier post on this subject, but after reading the last few posts I am not surprised the banks are in such a mess. I am sure the banks have been lending irresponsibly for years and we have taken it. Again the OR questions our spending and borrowings but I wonder if they consider how irresponsible the banks have been in their lending. I know we had a choice when borrowing the money and could have refused, but the banks should not have even offered in the first place in some instances. I was given thousands of pounds in credit limit increases over the years no questions asked. None of these stories surprise me.
Debtrider
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| hanlou |
Posted - 06 January 2009 : 14:25:33
hey mines a good one i had a personal loan and wanted to consolidate credit card and store cards etc the original loan was about four thousand i needed sixteen thousand to cover mine and other halfs debt my high street bank said yes in fact they wanted me to have twenty thousand i said no dont need it i was asked dont you want a holiday or new car no i said even though tempted, this was all done on the phone i then had to go to my local branch and sign the paperwork and the money was in my account by the end of the day heres the good bit i dont work my husband does but as we have a joint account they look to see whats coming in each month unbelievible but they would not give the loan to my husband as he had an eight pound default with a mobile phone company from four years previous its crazy how banks work as they expected him to pay it but not have the loan in his name |
| RHB |
Posted - 06 January 2009 : 08:48:23
I suppose in that situation the person in question could well have got another job very quickly, who knows? I know when I went for my mortgage I was very honest about my circumstances but my advisor did bend the truth a bit or I'd never have got it. However, i knew that I could afford to pay it back I wouldn't have taken it on if it was beyond my means. |
| joella68 |
Posted - 05 January 2009 : 18:17:20
hi all just found this post and i would just like to add my bit too.............i can see it from both sides, i used to be a personal banker for one of te major high street banks and i can tell you a little bit from "behind the scenes" some of the methods used for lending in my opinion where very underhand, i can recall one example of when i was sitting in the managers office having a meeting and one of my collegues came in saying she had a customer with her who had lmits of up to 25k to borrow with us but she had just confessed to loosing her job but really wanted the loan to help her out, the manager then to my horror said, lets pretend we didnt hear her say that!!!! yes go ahead and give it to her !!! so totally 100% yes the banks MUST accept some of the blame here ! there are many stories i could tell you, which would make your blood boil !!
the fact still remains "they gave .....we took " |
| Needafriend |
Posted - 09 December 2008 : 15:39:16
hey Skip
I dont think anyone minds, this is why debate is good.
Its not all about just bankrutcy its nice just to generally chat about everything and i know it was a question that often came into my head.
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| Skippy |
Posted - 09 December 2008 : 14:22:11
I totally agree - once you get into the cycle it's difficult to get out of it and I hope no-one thinks I was blaming anyone!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| Needafriend |
Posted - 09 December 2008 : 13:57:43
Here here DR
It is a vicous circle. Its like a roundabout that no one can off of and our heads just spin and spin until your almost sick (With worry and stress)
The banks should also be made to account to OUR OR's about why they did not stop it when they could see there was a problem starting.:-)
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| debtrider |
Posted - 09 December 2008 : 13:47:41
Great to get some feedback on this subject.
In this financial climate we find ourselves in, the banks will stop this irresponsible lending that can ruin peoples lives. What gets me is that we are accountable by the OR for our irresponsible lending, but the banks do not come under scrutiny for their actions in lending to us.
I agree with skippy and yes we are responsible for our borrowings but once the borrowing cycle starts it is difficult to stop especially when we get letters through the post giving us credit limit increases. I know we don’t have to take it but try telling that to someone who is trying to keep their head above water and having to feed and cloth the family.
Debtrider
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| Needafriend |
Posted - 09 December 2008 : 13:20:34
Hi Skip
This is a good subject to add in on.
I too think that its 50/50 when it comes to the debts and ability to pay.
1, I should not have continued to borrow, but i thought as the many that it would be ok as i could borrow again and refinance and the bank up until 2-3 years ago used to do that.
2, The banks should have stopped when my OD got too high or they realised that we had an awful amount of debts with them.
Again my arm was never twisted but i feel that it was 50/50.
I should have known better and not carried on and the banks should have stopped calling me or writing offering me more money and tempting me and then i would have maybe stopped it before it got to this stage.
So yes its the banks and yes its us. We all knew really what we were doing and so we are all to blame.
Thats my view only, dont shout at me either:-)
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| Skippy |
Posted - 09 December 2008 : 13:03:23
I'm going to play devil's advocate now, so please don't all shout at me!
Yes, the banks made borrowing too easy, but no-one twisted my arm behind my back and made me borrow and spend the money. I chose to get my first loan when I was 22, the same way as I chose to get a credit card when I was 18. I then extended my loan and applied for other credit cards, so it was my choice.
The banks should never have lent as much as they did and have to take a big share of the responsibility, but those of us that borrowed the money also have to take responsibility, which we have done by facing up to our problems and dealing with them the best way we can.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| debtrider |
Posted - 09 December 2008 : 10:28:32
Hello Ben121
I know it is seem easy to blame the banks for lending us too much when we are in a bankruptcy situation, but I am glad somenone as bought this up because I feel quite strongly about this.
I have been borrowing from credit cards for over 20 years and up to about 3 years ago the banks have always been happy to lend money to vunerable people who can't really afford it. People on low pay have been able to aquire large credit limits and the card companies have always been happy to increase limits without any checks.
I acquired my first credit card when I was in my 20’s and did not understand how credit card interest rates worked, and thought this money was mine and always repaid the minimum thinking it would eventually repaid. I acquired more cards and the banks were quite happy to increase my limits on all my cards. At the end of the day I was I good customer to them, always paying on time and only the minimum. Borrowing money was a way of life for me because the banks were feeding me with the money.
These credit cards companies were in effect giving me a noose to hang my myself, and unfortunately people have actually committed suicide due to their debt. A few people who have posted on this site have come over as quite desperate at times and feel so sorry for them. I feel the banks have lent too much money and in some cases have contributed towards people getting desperate and causing a lot of misery.
I know we have a responsibility when borrowing money but the banks also a responsibility in lending money. I’m just listening to David Cameron on TV and he just said, “after borrowing so much surely it irresponsible to borrow more” and he his talking about the government. This as also been happening in our personnel lives and there as been a culture of living on borrowed money by many us, now look at the financial state of the country.
When the OR interviews us he questions how and why we have spent and borrowed so much money. Well I think they the OR ought to ask the question, why have the banks lent the money in the first place.
So lets go back to the question ben121 asked, is it the banks fault? have they lent too much?. Although not entirely the banks fault, they have lent far too much money to people like me and others who could not afford it in the first place.
Still ben121 you will get some great help from this site and you will eventually sort yourself out.
All the best
debtrider
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| Needafriend |
Posted - 09 December 2008 : 07:27:03
Hi Ben and Welcome
I am sorry to hear about your current situation and i would like to try and help you:-)
How much do you owe and what is your total income and expeniture each month.
Do you have any assets like a home or car.
Have you looked into an IVA or DMP.
Sorry for all the questions but in order to help we need a little more info.
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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