Mortgages/Loans etc

M

Marb

Journeyman
Joined
Mar 8, 2016
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Has anyone else had negative experiences with banks in terms of loans and mortgages etc if you are seen as a 'gambler'.

I believe in privacy in an age where what Joe Bloggs has for breakfast is probably of interest to some bank or government department.

Reading one website just now providing guidance on such matters, it says that not only should we take long breaks from gambling for the benefit our financial credit rating but also our 'mental health' aswell.

Meanwhile. I turn on the tele and all i see is adverts advertising gambling.

What a farce.

Surely either gambling is legal which it currently is and one shouldn't be discriminated for betting, even if this person is in receipt of some state benefit etc, or gambling is illegal which its currently not?

What an earth is going on?
 
Last edited:
Marb,
Your points on gambling being legal are correct but many lenders have been rightly criticised (and often financially punished) for making loans to people that their due diligence should have indicated might not be able to service. There is an overabundance of legislation putting responsibility on lenders to try and ensure that people are not overburdened by debt.That the legislation is needed is a certainty as there were far too many lenders with usurious terms taking advantage of people that had no alternative. There are numerous examples of well known lenders/ credit providers and hire purchase companies that have been effectively driven out of the loans market by the regulations.
Unfortunately whilst this has reduced the number of people paying high interest rates on debt that they cannot repay it means that it is increasingly difficult to get credit/loans unless one has a good credit score. If the score is not high enough the lender risks prosecution so the result is there is a greatly reduced availability of credit for the people who desperately need it.

There is no simple alternative.
 
My earlier, rather rushed, response did not include my deep concern for those unable to obtain credit. With inflation and interest rates beginning to rise once again, borrowing by people unable to meet their basic bills will increase. Unfortunately it will be much more difficult to get credit from traditional lenders and there is a likelihood that loan sharks will reappear.
If anyone does have difficulty I strongly suggest they approach Stepchange or one of the other charitable organisations that provide help. Helping out both extended family and a couple of friends I found StepChange extremely useful and effective allies in achieving a solution.
 
A couple who worked for me about five years ago decided to get married and buy a home. Combined they were on the guts of 200K PA and debtless.

Continuously rejected for mortgage because Paul would throw in about €50 a year to Betfair to have 2 euro bets on American golf at the weekend. They worked it through eventually, but the stress of it nearly wrecked their heads. They certainly were not gamblers.
 
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