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Giant overdraft - should I complain about irresponsible lending?


DarrenAs
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Hi all - I hope someone can help with this query - thanks in advance for any advice!

 

My situation - I've been on a Debt Management Plan for a few years and use one of my two bank accounts to make the payments. Last summer while I was making my usual DMP payments I noticed online that an overdraft facility had become available on that account, interest free for a year.

 

I thought it'd be a good way to help pay off the few creditors who were still charging me interest, including a couple of payday loan firms. The problem is that in the coming months every time I clicked on the overdraft link online I was allowed to borrow more - taking it from £200 up to almost £6,000 now. I was stupid to keep clicking, I know...

 

But the bank gave me this overdraft despite me: a) not paying my salary into the account; b) having multiple defaults on my credit record; c) making payments to two or more debt collection firms each month; d) using payday lenders and, e) even more stupidly, gambling online - a big part of how I ended up in this mess in the first place.

 

So - they are due to start charging interest on this overdraft soon and it's going to tip me over the edge (again). I really don't want to default and want to find a way through it. But my question is whether I should complain about a breach of their responsible lending guidelines. Would that serve any purpose? Do I have a case? What might they do, for better or worse?

 

I've actually had refunds from a few payday loan firms who acknowledged they should never have issued loans to me, so I'd have thought a mainstream bank must have some sort of similar view? Any advice would be very much appreciated! Thanks

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