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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to think it's no wonder the banks are in a mess when they just offered to lend me £8000 when i dont have a job

14 replies

racmac · 06/01/2011 07:53

Went into the bank to pay some money in and the cashier says

"oh good news you are entitled to a loan of £8,000.00 - isnt that great

me - no not really

cashier - think of what you could buy

me - but I dont have a job so how would i pay it back

cashier - oh but the system says we can lend you this money

me - but i dont have any means of paying it back

cashier - thank you (handing me back my paying in book) have a nice day

Im at a loss - its no wonder the bank caused such a financial mess

OP posts:
altinkum · 06/01/2011 08:06

This reply has been deleted

Message withdrawn at poster's request.

cobbledtogether · 06/01/2011 08:33

What Altinkum said. As soon as you start filling in the forms that ask for your income etc, you'd find that you wouldn't get one.

BeenBeta · 06/01/2011 08:38

Its just a marketing 'hook' all that 'you are entitled to a loan' thing they do.

As others have said, you still have to fill in the forms.

Chil1234 · 06/01/2011 09:29

What bank was it?

Numberfour · 06/01/2011 09:39

It still is bloody ridiculous regardless of whether the applicant would be declined or not.

To offer someone a loan and then, after the offer has been declined, to say "Think off all the things you could buy!" Fucking stupid.

Original poster
racmac · 06/01/2011 10:19

Lloyds TSB - the way she was saying it was i was pre approved for the loan

But why even suggest it - I dont have a regular income - whats the point

OP posts:
FabbyChic · 06/01/2011 10:36

You would not necessarily get the loan.

An offer like that is not a guarantee.

Chil1234 · 06/01/2011 10:45

I would actually write and complain to the branch manager. Accuse the member of staff of pushing credit onto people that can't afford it and misleading customers with the implication that this 'entitled to' loan has been pre-approved. Banks are scared shitless of another misselling scandal. The cashier will be on a commission for every loan they sell and needs reminding of the rules.

LoveBeingADaddysGirl · 06/01/2011 10:48

She completely mis sold to you please complain. This is unlikey to be they way she has been trained ( well not completly)

bupcakesandcunting · 06/01/2011 10:49

Ha ha, my bank tried to tell me this. I told them that my credit rating would laugh in their face and to pull the other one.

sakura · 06/01/2011 10:50

Whether she would get it after the form-filling is hardly the point, is it? The point is that it's a hard sell, it puts the idea of loans in people's heads, when they wouldn't otherwise contemplate getting one. Then, if they are turned down, they feel dissapointed, almost like a failure.. All psychological

theevildead2 · 06/01/2011 10:53

Have they got you down with your partner? I was able to get a larger loan then I woudl on my own based on my husband's income even though he wasn't on the loan IYSWIM

LisasCat · 06/01/2011 11:01

The credit rating bit doesn't necessarily apply. My bank were able to offer me a loan based solely on my banking history with them. It was pre-approved, they didn't do a credit search, I filled in a rough outline of my income and outgoings, but with a lot of room for 'data manipulation', shall we say (no evidence was required of anything - it was based on my own disclosure).

I think they're trying to take it back to the old days when the nice friendly bank manager would base a loan approval on having known you and your mum for decades, and lend you the money because you had a trustworthy face!

In my circumstances it's a welcome change - they can see from my 8 year history with them that my earning potential has increased, as has my ability to manage my finances responsibly. However, in the OP's case, it reminds me more of my old bank who, the day after my eighteenth birthday (while I was still in full time education) sent me an application for a credit card. They then approved this application, and gave me £2000 of credit. Let me repeat...I was in full time education! The consequences left me in debt for years. Yes, I take responsibility, it was my very poor attitude to spending, but they should never have made that possible for an 18 year old.

RockChick1984 · 06/01/2011 11:06

Cashiers aren't on commission (at the bank I work for the sales people aren't either but that's beside the point). They are targetted on referring a certain number of customers to a sales person, but this is part of their job, not something they get paid extra for! Having said that, I would ask to have a word with the manager as this to me would not be acceptable from a staff or customer perspective and I know of cashiers who have had a slap on the wrist for this. All the cashier will have based this assumption on is an overview of how u manage your accounts there, and will not have looked at income/ outgoings and CANNOT credit score you. I think it's a bit of a stretch to try and say this is why the banks are in trouble, because 1 member of staff worded something incorrectly!

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