Hello all,
I have been gamble free for a while now, it must be since January 2019 and it’s great.
However in April 2018 I was in the thick of it and couldn’t see for the wood for the trees so to speak.
I went to a loan company and wanted a short loan, I was aware that the interest rate was high however it was a small amount (£500) and it wouldn’t of been a big issue.
As with loans they need to see bank statements and at that time they were awful, there were a hell of a lot of gambling transactions and it would have been as plain as day that I had an issue.
I found the loan salesman very pushy and instead of lending me the small amount he came back and wanted to lend me £3000 to clear a credit card in the form of a cheque and £500 to my bank account.
I have settled this account today as it happens but that loan has cost me approx. £10000.
What I am asking is that the advisor was very pushy and I felt forced into taking this higher amount, it was clear as day I had a gambling problem and I was struggling as the evidence was there in front of him. If I had not been loaned that money then more than likely I would have sought help for my issue. Instead I got lumbered with a massive interest loan
Is this irresponsible lending of them, do I have a case to complain. I do feel strong about this.
Thanks in advance
Nico
I'd recommend researching similiar complaints on the financial ombudsman's website. (Providing the firm you borrowed from are regulated by the Financial Conduct Authority then you do have the right to complain and they can support you in that).
If you choose to complain, you will have to do so with the company that lent you the money in the first place. If they don't provide you with the outcome you desire, you can then escalate to the ombudman.
I would say the evidence was all there to prove you were in a vulnerable position, just research well and keep your complaint as factual as possible. You were a vulnerable customer and they didn't treat you fairly. You wanted to borrow x amount and were pressed into taking out a product that wasn't suitable type thing.
All the best.
Drama x
Hi Nico and Welcome.
You may well have a case and I feel you should follow it up if its not going to stress you
There has been a recent case of a big door to door lender having to set aside compensation and it will finish that side of their operation. They had to write to everybody asking if the loan was affordable and whether the person wished to put in a claim. So it is a big issue and lenders should be held to account,
They act like salesman maximising profits and the banks are no angels either
Overlending is Rife and its been going on since I first remember in the 1980s. Deregulated credit is a relatively modern thing as my parents didnt have the access to credit cards and loans that I had, Deregulated credit is not really a good thing and leads to all sorts of problems.
I felt I was getting an invite to the big party but couldnt compute the misery it would actually cause
I used to get piles of leaflets through the door with pictures of tropical beaches and fast cars. I was young depressed and naive. I wanted to pretend I was a yuppy (and actually started to believe it) because my flat had increased in value and I was earning a steady if lowish salary.
None of them checked what else I had been borrowing or if I could really afford it...it was a tickbox exercise of employed and a home buyer but they didnt care. I used multiple lenders and if some of them had refused I could have saved my situation
The result was bankruptcy clinical depression and watching all my things go...car.... flat.... hi fi...everything...all on borrowed time because I never really owned any of it. Rushing to sell everything before it was taken as an asset.. dodgy house clearance people offering me pennies for what remained and stealing my watches....makes me shudder now thinking about it.
That should have been a lesson but I still gambled for another twenty years and had lesser credit problems again a couple of times. Being frank with you it took me until I was fifty to face up to the dangers of credit, borrowing...and GAMBLING
Yes I have to take responsibility but very much like gambling I was not protected from myself.
So I would say get some further advice and write to the financial authorities. keep strong with the gambling blocks and please remember that whatever happens the core issues of your gambling must be faced
Best wishes from everyone on the forum
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