Bad Banking Advice

[durbs]

My friend and husband have a personal loan at the Nat West for �12,000 plus an overdraft facility which is currently standing at �4,500 and her husband has been made redundant. My friend only earns approx �900 per month and they have a 14yr old son. My friend's husband was in jail last year for a period of four months and during this time he had no income but the bank still allowed them to increase their overdraft facility to �8,000 I feel that the bank has been negligent in their handling and advice to them can they do anything about this?

[kevshakry]

of course, they need to cancel the extra overdraft facility that they have not used or they are placing their debt higher and more out of control.

[Sparkles3]

I would suggest your friend and her husband have knowingly entered into this situation, surely it is they who are responsible, not the bank.

[durbs]

Dear Sparkles3 I agree with you to a point but surely the Bank should also take some responsibility, are there no rules in a bank to what they are allowed to do and not do? I would have thought a bank would be more careful with their customers than the credit card companies and loan sharks that are out there. I would have thought this is not good financial advise and certainly wouldn't expect my bank to act in this way.

[Sparkles3]

I understand where you're coming from on that, but I just feel that in society we're always looking for someone else to blame. I prefer to make my own decisions on what I think I can afford - and if I misjudge it, then I've only myself to blame on that. If you are missold a policy or something, then yes, I believe there is a case for the bank having responsibility, but in the case of loans and overdrafts, we all know it's not free money and that it must be repaid - regardless of what our circumstances are or what happens in the future.

I think probably we both understand each others' perspective - just don't agree - perhaps we should just agree to disagree! :-)