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British Bank Lends Woman on Welfare £5,000 For Nose Job

Bank Lends Woman on Welfare £5,000 For Nose Job

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

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?

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lickety-split lickety-split 8 years
ummmm, 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?
lickety-split lickety-split 8 years
ummmm, 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?
hotstuff hotstuff 8 years
Meanwhile, families who work for a living and are having a hard time and need a small loan can't get it!
JennaV JennaV 8 years
Ridiculous
JennaV JennaV 8 years
Ridiculous
linds1019 linds1019 8 years
18, 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.
karisaamy karisaamy 8 years
I 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.
GlowingMoon GlowingMoon 8 years
Personally, 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.
GlowingMoon GlowingMoon 8 years
Personally, 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.
serenavallentine serenavallentine 8 years
....and yes i definitely thought of becky bloomwood. though even becky probably has a better head on her shoulders than this girl! ick.
serenavallentine serenavallentine 8 years
not 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.
aimeeb aimeeb 8 years
good lord...
aimeeb aimeeb 8 years
good lord...
juliarose23 juliarose23 8 years
that is absolutely ridiculous. are they serious??
Beauty Beauty 8 years
I 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!
Beauty Beauty 8 years
I'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!
LaLaLaurie06 LaLaLaurie06 8 years
WHAT?????!!!!!!!
LaLaLaurie06 LaLaLaurie06 8 years
WHAT?????!!!!!!!
ninjastarlett ninjastarlett 8 years
hahaha syako
ninjastarlett ninjastarlett 8 years
hahaha syako
syako syako 8 years
can a bank repossess a nose?
syako syako 8 years
can a bank repossess a nose?
jennifer76 jennifer76 8 years
Anyone else having flashbacks to Sweetie Smeath and Becky Bloomwood?
Geisha-Runner Geisha-Runner 8 years
Ok, 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?
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