Was I Mis-sold a £10,000 loan? Changing

#1
In 2008 I was a Barclays Bank customer and had a joint account which my fianc! and I paid in two full time wages. We broke up and I phoned Barclays and explained that there would be only one wage going in and we would be removing him from the account. I asked if I could borrow £1000 as I needed to pay him my half of a previous loan with another company. They said yes and went on to say that because there had been two wages going in they could offer me a £10,000 loan. Initially I said no and explained my income had dropped considerably because I was only one wage and I was now using another bank for my wages so the income going into Barclays wasn't even mine but after some gentle persuasion I said yes and I got a £10,000 loan. Initially it was great but I couldn't afford it and keep up with payments. I defaulted and I'm still paying it back today.



Other than that loan I am debt free but it has always really bothered me that I explained I couldn't afford it but was given it anyway. Was I mis-sold and is there anything I can do about it?

#3
You weren't 'given' anything, you 'took' it. The ethics of what they said or how they 'persuaded' you are another matter altogether.



It sounds harsh but the only person responsible for taking the loan out is you - you had the option to say no. I'm speaking from experience - I've been in your shoes. Looked at ways to excuse what I'd done, and then one day realised nope, it was my own doing. You'll feel a load better when you accept that and chalk it down to experience.

#4
They were irresponsible for lending it to you when you said you couldn't afford it, but equally you were irresponsible taking it when you knew you wouldn't be able to pay it back. I appreciate it might be disappointing to hear, but it wasn't missold.

#5
Believe me I kick myself everyday for being such an idiot but I was young and stupid. I'll have it paid off next year but I do think that they should never have authorised a loan knowing that I couldn't afford it.



Guess I'll just have to suck it up.

#6
Where's the £10k that you didn't NEED gone?



My available AmEx credit would just about cover my taking myself and herindoors to New York flying First class, and stopping a few nights in th Waldorf Astoria. Yup, $22,000 would just about cover it.



That doesn't mean I can afford it. Nor does it mean I have a case against AmEx for mis-selling if I did it.

#7



Believe me I kick myself everyday for being such an idiot but I was young and stupid. I'll have it paid off next year but I do think that they should never have authorised a loan knowing that I couldn't afford it.



Guess I'll just have to suck it up.
Originally posted by Changing


It'll be an experience you won't forget. Next time a bank offers you money you can't afford to borrow, you should be able to think back to this mess and say no.



It'll change the way you look at borrowing, and for that reason alone, this experience will have been worth it. All the best.

#9
Just to be clear, as I said I have learnt my lesson. At the time if I was good with money I wouldn't of taken the loan. The majority of the loan paid of joint debt so I could financially split from my ex. My question wasn't asking for it to be pointed out how stupid I had been, I'm very aware of that, it was just to see if I had a case against Barclays Mis-selling as they were told I couldn't afford the repayments but authorised it anyway.



Thanks for answering the question. I'm sure you didn't mean to but people feel rubbish enough about debt without it needing to be pointed out again and again that they made a mistake. I did learn from my mistake which is how we are almost debt free.

#10



I asked if I could borrow £1000 as I needed to pay him my half of a previous loan with another company.
Originally posted by Changing





The majority of the loan paid of joint debt so I could financially split from my ex.
Originally posted by Changing


In your first post you said you needed £1,000 to pay off joint loan, now it turns out the majority of the £10k was needed for that. If you had just taken the £1,000 initially offered, how would you have paid off the rest of the joint debt?

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