Last Monday Nights Panorama

[davelee1097]

Hi I watched Panorama last Monday and someone on there got £100,000 written off their £120,000 debt!

They mentioned mistakes in the Credit Agreements issued by the lenders.

Now my question is this;

August 3 years ago I had a letter sent to me from Leeds Building Society saying I am Preliminarily approved for a £10,000 loan because I had a mortgage with them.

When I rang them to ask about the letter they told me they would have to process an application in which I failed and subsequently I was declined the loan. A couple of hours later I had a phone call from a lady from Ikano (Leeds BS) Regarding the letter I had received and offered me the loan. She send the Credit Agreement out to me and I received the money.

Now Wouldn't that actually be classed as "Irresponsible Lending"?

 

As I already had a poor credit history and really struggled to get the mortgage I had with my income and credit rating.

 

Do you think I would have a case in trying to get all or part of this debt written off?

 

Thanks for taking your time to read this, I know it's unethical but I'm just really considering my options.

 

David

[geministar2007]

hmmm, maybe be worth questionning. Does seem odd you were declined and accepted in the same day.

 

By responding to your thread, it will be bumped back to the first page. Hopefully someone else could shed some more light on the matter.

 

Good luck

[davelee1097]

I requested a copy of the credit agreement, Could you have a look at it please and see if there is anything wrong with it?

 

Thanks

[42man]

Dave can you photo/scan what they have sent you and post it up here ? (please delete the personal stuff and any reference numbers) - use Image hosting, free photo sharing & video sharing at Photobucket if need be (it is free) and there is a tutorial here - http://www.consumeractiongroup.co.uk/forum/bear-garden/165941-photobucket-video-tutorial.html

[davelee1097]

Here is the link to the CCA I received.

 

Thanks again for replying

 

http://i376.photobucket.com/albums/oo205/davelee1097/LeedsCCA1.jpg

[djgordyp]

Had a look at your agreement. Not sure as to wehter it's enforceable or not but what you say does sound like irresponsible lending on their part. Especially if, as you say, you have a poor credit rating.

 

My main question to you is. If you have a poor credit rating, how the heck did you manage to get 6.9% .

I took out a loan in 2004, with a good credit rating, and an interest rate of 18.9% with PPI added (reluctantly) to boost their profits even more.

[davelee1097]

I know! I was amazed too when I took out the loan, at the time I remember seeing that A + L were doing the same rate and that was the cheapest!

My credit rating was absolutely shocking I had CCJ's and Defaults. Like I said at the begining of my post I really struggled to get my Mortgage (Thinking about it that wasn't a bad rate either 6.4%)

I think they are irresponsible lenders, Any opinions on what I could possibly do?

 

Again thank you very much for taking your time to read and reply to this thread everybody.

 

Dave

[creditcardmug]

Yes that agreement is enforceable IMO

[patrickq1]

FSA Handbook - Full Handbook

read this about irresponsible lending first from the FSA

hope it helps

patrickq1

[42man]

It does look enforceable, you could double check the figures, I know one cagger has been working on this aspect... - http://www.consumeractiongroup.co.uk/forum/general-debt-issues/168115-mathematicians-needed-help-credit.html

[ReasonableRon]

I'm not sure if I follow the logic here correctly or not.

 

Are you saying that you wish to challenge the enforcability of the credit agreement because you got a good deal on the interest rate? If it had been a lot higher would you be happier?

[geministar2007]

i think he/she is questionning the fact that at one point in the day the loan was declined and then it was eligible??? Surely this questions the fact of why was the loan agreed if credit rating was so bad? It sounds like they should not of agreed the loan????