The current credit-crunch isn't confined to the US and across the Atlantic Great Britain has been trying to solve their own credit crisis. In what some have called "one of the most irresponsible loans ever," British bank NatWest lent 18-year-old Roma Shears £5,000 for a nose job. Roma is a single mom living on state benefits and admits that she doesn't have any savings. When she approached the bank for £4,000 to cover a £3,600 nose job, the bank responded by giving her a loan for £5,000. Feeling nosy? Just read more
The £5,000 loan came with a five year repayment period and an interest rate of 10.8 percent, while the interest rate for a £4,000 loan would have been more than 15 percent. She bought hair extensions and Christmas presents with the remaining £1,400, and when she failed to make payments on her loan the bank gave her an additional £1,000. If she paid £172 a month over five years on the total £6,000 loan, taking interest into account she would owe a total of £10,320.
NatWest says they'll encourage Roma to contact a credit counselor for advice on how to repay the loan, but debt experts have criticized the bank for making a nonessential loan to someone who could have difficulties affording repayment. Do you think the bank had the obligation to say no to this type of loan when it's obvious that Roma may have defaulted? Does it matter how the loan will be used when considering whether to lend money or not?
Chloe
Philosophy di Alberta Ferretti
Y-3
And when she finds herself pregnant in a few years, raising a child and having to pay ACTUAL bills, I'm sure she'll love that new nose of hers that will be the source of so many financial problems.
1This is ridiculous. This is why our countries are in economic turmoil. People want loans for frivolous things and these banks give it to them!
2If she is already on welfare without kids, imagine what she would be like with kids...
3The article states that she is a single mom. So she was more concerned about her looks than the welfare of her child? what's wrong with her that she can't get a job? Ridiculous!
4maybe her hideous nose was keeping her from getting a job?
5Maybe having a pretty nose was part of her job?
This is still really silly though.
6Ok, a personal loan is a personal loan. You can do whatever you want with it. This chick obviously doesn't know the word responsibility. I do think the bank is cracked out for giving her the loan. She is a single mom living off the system. What were they thinking?!?! Do they honestly think they'll ever see that money again?
7Anyone else having flashbacks to Sweetie Smeath and Becky Bloomwood?
8can a bank repossess a nose?
9hahaha syako
10WHAT?????!!!!!!!
11I'm not shocked. I've read about the way people pay for cosmetic surgery. The majority of people make $35k or less a year and take out loans to pay for it. I'd argue that instead of a new nose, what this woman needs is a dual course in self-acceptance and financial skills!
12I should add, as others have said: There is NO WAY this bank loan will be repaid. And sadly, the child involved will be the one who unfairly suffers because there's not enough money to go around. Ridiculous!
13that is absolutely ridiculous. are they serious??
14good lord...
15not only did she buy herself a nose job... but hair extensions too?!? honestly, some people at eighteen really have their priorities out of line. i feel bad for her child/children. i wouldn't doubt that part of the reason she is on welfare is because of her bad spending habits and 'splurges' on herself.
16....and yes i definitely thought of becky bloomwood. though even becky probably has a better head on her shoulders than this girl! ick.
17Personally, I don't understand the bank. To me, she doesn't seem to be creditworthy. What made the bank think she could pay them back with interest??
Isn't the bank a for-profit company? If they keep issuing stupid loans like this, they would go out of business. Who's the moronic underwriter that approved of this loan?
Don't get me started on the woman, but that's whole other issue.
18I just don't get how the bank approved her for such a loan, you would think this one wouldn't get past the loan advisors.
1918, single mom, already living off the state, no savings, wants a nose job...Wow, sounds like a great candidate for a loan. I hope the bank doesn't get the money back for making such a foolish decision in the first place.
20Ridiculous
21Meanwhile, families who work for a living and are having a hard time and need a small loan can't get it!
22ummmm, makes me wonder how bad her nose was. are we talking paris hilton's nose or jimmy durante's?
the $ she spent for christmas gifts was obviously wasted. this girl has a whole history of poor choices, but the shes got moxy. can you imagine if your 18 year old single mother friend told you she was going to the bank for a loan like this?
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