I’m a teacher, a husband, and a father. What I thought would be a straightforward loan process with a regulated financial firm has instead left me feeling deeply distressed and struggling with my mental health.
Over the past few years, I’ve had ongoing problems with this company. Two separate complaints I raised about irresponsible lending were upheld by the firm itself. Despite that, I continued to experience difficulties with my account, including confusing and contradictory loan schedules and balance changes that I couldn’t make sense of.Just last week, over £7k was deducted from my loan balance and then added back on, along with two extra months to my schedule!!
Throughout this period, I repeatedly told the firm (more than 40 times) that I was struggling with my mental health and was in a vulnerable position, including suicidal ideation. Instead of feeling supported, I received multiple arrears notices in a very short period of time- one time I received 7 in 24 hours , which contributed to a serious mental health crisis for me.
When the firm finally sent me a formal response, it included a small offer of £50 for distress, which I personally found inadequate given the impact this situation has had on my wellbeing. At the same time, I was told someone would contact me about a payment plan, even though my complaint was still ongoing with the FOS. To me, that felt confusing and out of step with the complaints process.
despite telling them of my vulnerabilities they still emailed me, inviting me to apply for a new loan.
recently I had to reach out to a mental health crisis support organisation as the stress of this has pushed me to the very brink.
From my perspective, this experience highlights the challenges vulnerable customers can face when dealing with financial firms, and why I believe stronger safeguards are needed. The FCA’s Consumer Duty requires firms to avoid foreseeable harm and treat customers fairly. In my own case, I don’t feel those principles were met.
I wanted to share my story in case it helps others who may be going through something similar, and to raise awareness of how important it is for regulated firms to handle vulnerable customers with care.