Improper Lending Practices

Potential-Monke

Hey everyone. Long story short, I'm looking for who would look into and determine improper lending practices? I need to have loans looked at for this reason, but i'm stumped as to who to go to. I've googled but i can't find who I would go to. They're from a Credit Union if that makes any difference.

Thanks in advance!

notharrypotter

Are the loans in question your's?
Were you refused?
Did you get a loan under dubious pretences and cannot repay?
Are you been over charged?
Are you been under charged?
Is this something you heard in the pub or do you have direct involvement/information?

If they are your's have you approached the credit union concerned?
If so this should be your first step.

Potential-Monke

Yup, approached them, they're looking for way more than I can now pay (like, 300% more than I can afford). My wages are half of what they used to be, and I want to double check to make sure all the loans given were proper. I know I took the money, but I was young and didn't know any better. I just want to check if the loans were given after proper oversight., or as you say, under dubious pretences (made the decision based on potential future earnings rather than actual ability to pay).

notharrypotter

Potential-Monke wrote: »

Yup, approached them, they're looking for way more than I can now pay (like, 300% more than I can afford). My wages are half of what they used to be, and I want to double check to make sure all the loans given were proper. I know I took the money, but I was young and didn't know any better. I just want to check if the loans were given after proper oversight., or as you say, under dubious pretences (made the decision based on potential future earnings rather than actual ability to pay).

So you applied for loans per your post.
That's more than one.
It takes two to tango, so you would have to provide proof of ability to pay.
So did you exagerate your earning potential by misstating overtime or bonus amounts?


If not the decision to lend to you would be based on the pay slips and bank statements you provided.



You now state that you cannot afford the agreed repayment.
Due to a change in circumstances.


Go and talk to them.
Explain your new circumstances.
Agree a new repayment rate which you can afford.

Potential-Monke

Did all that but the amount I can afford to pay is not enough. And the credit union was very easy to get money from due to my job, I'd imagine the usual checks were relaxed going by my own ability to get money from them (when no one else would give it to me), and they would usually give more than you asked for. Again, yes, I know I accepted it, but I'm not good with finances and I want to ensure I wasn't taken advantage of. I did provide everything they requested, and there was no over estimation of anything, so I believe they were judging me based on future guaranteed pay rises, which of course is no good to me now that I'm gone from that job and back to a job that pays less than half of what I was earning.

I wouldn't be able to tell this myself, but if there was someone I could bring it to to make sure I should have been accepted in the first place, for each loan, or if the documents I provided should have led to them refusing the loan.

Heres Johnny

Come off it buddy. You're trying to get out of paying altogether by putting the blame on the credit union.

Credit union have no control over your bank account. Pay what you can when you can until it's cleared. They can't force you to pay more than you want. Really they can't force you to pay at all. But you'll never get another loan. They will work with you to keep it affordable rather than risk no payment at all. I guarantee you that.

People have to be accountable for their own actions. Taking a loan is great craic but paying it back is not.

I work in finance so I am financially literate but the only loan I've ever had is my mortgage. I refuse to borrow for anything. I love my big German cars but I buy them used when they get to a value I can afford.

Don't blame the CU, don't blame being young and don't blame being in a lower paid job now. And don't try go official with this. Go talk to the CU and put an offer on the table.

Trish56

How was the Credit Union to know when they were lending to you that you would move to a lower paid job no more than you did. The Credit Union lent to you on your earnings at that time and your past record with them in paying previous loans with them.

Your circumstances have changed and you approached the Credit Union and based on your current income and their experience in lending and credit control they have now suggested a repayment plan that you say you can't afford. Why would you think the loans were issued to you under dubious pretences and because you were young you were taken advantage of it ??

I think you should take responsibility for your borrowings and come to a suitable arrangement with the Credit Union to repay and perhaps take into consideration that if you do not honour your commitments your credit rating will be affected and you will not be able to get a mortgage or any short term borrowings in the future.

Potential-Monke wrote: »

Did all that but the amount I can afford to pay is not enough. And the credit union was very easy to get money from due to my job, I'd imagine the usual checks were relaxed going by my own ability to get money from them (when no one else would give it to me), and they would usually give more than you asked for. Again, yes, I know I accepted it, but I'm not good with finances and I want to ensure I wasn't taken advantage of. I did provide everything they requested, and there was no over estimation of anything, so I believe they were judging me based on future guaranteed pay rises, which of course is no good to me now that I'm gone from that job and back to a job that pays less than half of what I was earning.

I wouldn't be able to tell this myself, but if there was someone I could bring it to to make sure I should have been accepted in the first place, for each loan, or if the documents I provided should have led to them refusing the loan.

Potential-Monke

I knew it would turn into this. I have been taking responsibility, but they're requesting an unaffordable amount. And yes, I am convinced there were improper loans, because no other financial institution would give me a loan at the same time, but the CU kept throwing them at me. Never mind. I'll search another way. Thanks for any advice that was in this.

Heres Johnny

They can request all they want but you just pay what you can afford. Pay the 1/3 of what they are requesting. You're looking to pull a fast one.

When I got my mortgage I was turned down by banks and AIB was my only offer so my only option. Luckily the rate was also good. But does this make the loan improper? Not at all.

The answer to your question is the office of the financial services ombudsman but you need to go through complaints procedure with credit union and exhaust that avenue first before they will talk to you.

Trying to get out of paying it altogether won't help you though.

Work with your lender and I guarantee 100% you will get a repayment schedule that will suit you (unless what suits you is pulling a fast one)

Avatar MIA

What's the end game here - not repaying the loan. Unlikely. So, go talk to the CU and say you will be paying X amount. Your credit history may be affected, if it isn't already. As a matter of interest, how much are we talking about?

Potential-Monke

Heres Johnny wrote: »

The answer to your question is the office of the financial services ombudsman but you need to go through complaints procedure with credit union and exhaust that avenue first before they will talk to you.

Thank you, that's exactly what I needed.

I'm not trying to pull a fast one, I took the loans, I need to pay them back. I had an unaffordable mortgage so I sold the house and it's the deposit that's left (amalgamated with other smaller loans I had with them). I just want to make sure all the loans were correctly given, that's all. I'm not trying to get out of paying back what I owe, but I'm looking at all options.

End game is to make sure I'm paying back what I can afford, but I also want to make sure everything was legitimate. They weren't to know I was going to leave, but I want to know that I was given all the loans correctly, that's all. If i wasn't, I'll see what happens at that stage, but I'm not looking to get out of repaying. I have my responsibilities, but it's the manner that i've an issue with and has led me here. There are other factors at play which I'm not going to go into on here. It's 22k, and my credit history is already bad, I'll never be able to get another loan but I'm ok with that.

Thanks for the information.

ANXIOUS

When did you take the last loan?

Potential-Monke

ANXIOUS wrote: »

When did you take the last loan?

I'd say about 7 years ago.