can i sue my bank for irresponsible lending

[vixx]

Hi just joined forum today and i really need some advice regarding irresponsible lending from my credit card provider.

Years ago i took out a card with had £1000 credit limit, i had no children and lived with parents and had a full time job, finances were good.

Now 8 years down the line i have a house, 2 small children and only a part time job but the bank has seen it fit to increase my credit limit to nearly £13,000 which is maxed out due to having to pay my monthly card bill from my credit card. When i cut up my card to prevent me from using it i was suddenly bombarded with credit card cheques, some i used to prevent me from going into the red, little did i know the huge intrest rate that comes with these and my repayments have gone through the roof, i have struggled for years and now can no longer afford these repayments. What i would like to know is do i have a case against the bank as i was never asked if i could repay the thousands more they gave me, when i did contact the bank about not increasing my limit i was talked out of it. The OFT points out that banks must make checks to ensure the debtor has the means to repay, though no checks were ever made. What is my options, please help

[GamekeeperToPoacher]

Hi Vixx,

 

I would suggest a more productive route would be to try CCAing them and looking at the agreement.

 

GK

[42man]

Vixx as GKTP has said, I think the first step is to request a copy of your agreement you need to send the letter with a £1 postal order and send recorded this is the link here - http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter

[palomino]

I don't want to sound moralistic but I think you are several years overdue for a visit to a debt counsellor of sort sort.

I know (only too well!) how time goes by with the expectation that finances will improve and you will have a little money to start paying off these debts. Unfortunately it never happens. And, as you have now found out, the merry-go-round eventually grinds to a halt.

 

While you may accuse the banks of irresponsible lending they can equally accuse you of irresponsible borrowing. At which point things start getting heated.

I don't think this is the right way to go.

 

Instead could I suggest that you talk to your local Citizen's Advice Bureau or the National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

I'm sure others here will also come up with useful advice.

[vixx]

Hi Vixx,

 

I would suggest a more productive route would be to try CCAing them and looking at the agreement.

 

GK

 

Hi, thanks for your reply, i have already requsted my CAA, sent with postal order and have had no reply, how much time do they need to reply to my request and does anyone have a letter template to send to them after the time has elapsed, Thanks

[GamekeeperToPoacher]

12+2 working days

 

There are mixed feelings about the letter follow up. While there is a template I believe it is a waste of time as they know, or should know, the LAW! They are supposed to be the professionals.

 

GK

[vixx]

12+2 working days

 

There are mixed feelings about the letter follow up. While there is a template I believe it is a waste of time as they know, or should know, the LAW! They are supposed to be the professionals.

 

GK

Hi, my so called CCA arrived today with a very snotty letter. But it doesnt look like a CCA, its just a computer printout of terms and conditions, my signiture is nowhere on it and it stated in the letter and i quote " The copy of the agreement enclosed with this lettercomplies with the requirements of the consumer credit (cancellations notices and copies of documents) regulations 1983. Regulation 3 (2)b provides that a copy can omit any signature box,signiture or date of signature. In summary we are not required to produce a copy with your clients signature on it. By providing a copy of the agreement complying with the requirements of the regulations the agreement remains enforceable" It then goes on to say the will have no further correspondance with me on this matter.

Anyone got any suggestions, thanks

[GamekeeperToPoacher]

A standard response!

 

I wrote requesting that they show where the document applied to me and was not the contents of the closest rubbish bin.

 

I since had a reply with yet more tosh so I am being exceptionally kind by giving them one last chance them I will go CPR route and use their replies against them in the court.

 

GK

[angry cat]

The Office of Fair Trading: Irresponsible lending consultation response published

 

AC