Re: Irresponsible lending by credit companies


"Peter Crosland" <g6jns@xxxxxxxxxxx> wrote in message
news:43b6fe20$0$1455$ed2619ec@xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
>> Can a loan provider be pursuaded to make a loan null and void if it is
>> pointed out to them that no financial checks (ability to pay) were
>> carried out on the person taking the loan?
>
> Highly unlikely.
>
>> My p60 will show (and did last year) that I earnt £6500. As well as
>> mortgage commitments etc can it be shown that lending me £10,000 over 5
>> years is irresponsible lending?
>
> Irresponsible borrowing might be more accurate. Whilst the lenders should
> take more care ultimately people need to take responsibility for their own
> actions. Go and see the CAB and get them to try to renegotiate the
> repayments.
>
> Peter Crosland
It was just a thought, can easily pay the loans but would be nice if i didnt
have to ;-)

Took a couple of loans on (1 for home imrovements and 1 for a caravan) but
neither of them actually looked how much I earned. I was really really
concerned that I wouldnt get accepted for the finance so went out of my way
to show my basic of £6,500 was supplemented by expenses of around £35,000
but they just were not bothered at all. All they seemed to be interested in
was been a house owner and having a good credit repayment history, which I
have of course.

So, was just thinking to myself after seeing something on a web page about
"irresponsible lending" and the Consumer credit bill 2005 that it would be
nice if I didnt have to pay them anymore cos it could be shown that someone
earning (says this on my P60) £6,500 could not possibly afford to pay £800 a
month in mortgage/loan repayments etc.

Thanks,

If anyone else wants to comment then please feel free, I will not be
offended if you say im a pikey lowlife for trying it!!

Steve


.

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