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Predatory Lending


shinobi101
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I got to the point where I had way too much debt years ago.

 

From that point, I had two pre-approved loans, and several pre-approved overdraft increases. It is all with the same bank. All the extra credit was simply a tick in a box, no questions asked.

 

By the time I took the most recent pre-approved loan my current account was overdrawn by a grand or more at the end of an average month.

 

I think I would have looked like a very poor credit risk, due to being overburdened already and the poor management of my current account.

 

Admitted, I was very stupid to accept these offers, and yes it's my own fault, and yes I have fully and finally learned my lesson.

 

My question is whether the bank acted improperly in offering me more debt when I had too much already. And of course, how can I use this against them?

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I was once refused a loan on the basis I could not afford to pay our bills.... the account was always in credit. That was many many moons ago when they assumed all bills against 1 income when you had 2 incomes and did not offer joint loans.

 

Above is intended to show you how things have changed over the years, ie in the old days you would be unlikely to have got the loan.

 

I disagree with your last statement to some extent. The bank should have made some condition for you to use £1000 to clear the overdraft and reduced your overdraft limit drastically..... well that is my opinion of what be responsible lending.

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I must admit their attitude to risk really surpised me at the time. Knowing what my account was like I don't see how they thought I would keep payments going for 5 years.

 

I was living on overtime back then, of course there's not much of that left.:(

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I am convinced that current lenders want you to get into debt.

My credit file rubbish, nothing but defaults, but 6 months ago I decided to apply for a new credit card as an experiment to see if I got it. A wwek later there it was on the doormat. only £250 limit but still more credit I can't afford to pay back if I used it.

 

Make a couple a token purchases on it paid it off each month, after 3 months limit was up to £1000, continued making token purchases and paying off each month, limit is now £2000, never ask for any limit increase, they just keep increasing it,

 

It is like they think

"look this bloke has a crap credit rating and owes £1000's, lets tempt him with more and more credit, when he can't afford the re-payment then we can slap the charges and exstotionate interest on and make a killing in the courts"

 

They financial industry is making no effort in my opinion to reduce the level of borrowing to those already in debt.

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