Student Loans discussion

dmg24

gazat wrote: »

Idiophreak,

Perhaps more useful would be to get hold of the criteria for something to be classed as misselling.

That would be a useful contribution to this discussion.

Could you point me in the direction where I might find such a criteria?

To answer your question, though, I have always been aware that the loan will need to be paid back. This is really not an problem for me

I'm not sure why you expect someone else to find you that information - surely a graduate such as yourself would be more than capable of doing that themselves?

I am also interested in why you feel that the loan was missold?

gazat

Thanks, Soolin,

A good question.

Perhaps one of the reasons is that I never saw a key facts document that is now required for all loans by the FSA. I do not know whether that was a requirement back then, however.

Whilst I agree that the key facts documents can still be ambiguous they are a pretty useful document.

Still, to understand misselling better it would be useful to have a criteria as to exactly what this comprises (for 98 - 02)

soolin

gazat wrote: »

Thanks, Soolin,

A good question.

Perhaps one of the reasons is that I never saw a key facts document that is now required for all loans by the FSA. I do not know whether that was a requirement back then, however.

Whilst I agree that the key facts documents can still be ambiguous they are a pretty useful document.

Still, to understand misselling better it would be useful to have a criteria as to exactly what this comprises (for 98 - 02)

So you are looking for a technical loophole, which suggests that you don't have any reason to suspect it was mis selling.

gazat

dmg24 wrote: »

I'm not sure why you expect someone else to find you that information - surely a graduate such as yourself would be more than capable of doing that themselves?

I am also interested in why you feel that the loan was missold?

This is not useful! Why are you interested? It does not sound as if you are looking to help me.

I'm also not looking for someone to do the work for me. However if someone has already done the work, they might like to share that information so that we can all benfit

gazat

Soolin,

I'm looking to ensure that I have been treated fairly and in accordance with the law. This is not unreasonable (see Martin's credit card charges etc).

I agree, this will probably require some technical knowledge.

dmg24

gazat wrote: »

This is not useful! Why are you interested? It does not sound as if you are looking to help me.

I'm also not looking for someone to do the work for me. However if someone has already done the work, they might like to share that information so that we can all benfit

No, I am not looking to help you get out of your financial responsibilities.

Still waiting to hear why you feel that you were missold (I fear we will be waiting a long time for a direct answer to this question)?

lilysgarden

I have to agree with most of the comments here which seem to indicate that it sounds as though your trying to find a way of getting out of re-paying your loans. Like any mature student looking to go to uni, I had no choice but to rely on the loans, but I still had the sense to look into them to see if I could realistically become a student again.

As I recall, I was never told 'take the money, in theory it's free' or any of the other things you say you were told. It's sounds as though it was a uni finance officer who told you this and therefore you haven't a leg to stand on as they simply tell everyone to apply for everything. Also, as it's an admin job rather than a specific financial advisor type role, they aren't bound by FSA rules etc.

Secondly, why has it taken you this long to look into it? And why continue to reapply for loans each year if you weren't happy the first year? At the end of each year, you get a statement telling you what you owe according to inflation rates etc. If you kept any of these, I'm pretty sure they explain that the interest increases along with the inflation rate. This has to be done as your effectively borrowing taxpayers money which would otherwise be spent on hospitals schools etc, so the govt needs to ensure it at least gets back some of what they lent you.

If you haven't found any info online about previous cases against the SLC for mis-selling, then I'd say it's never been done. Therefore, you won't get any info simply provided. If you seriously want to look into this, then contact the SLC and ask to be provided with paperwork that you would have received at the time. Also contact your uni and ask who might have given you that info. However, after spending 2 years arguing with 3 over a mobile phone contract that they never provided, I guarantee, you will get absolutely nowhere!

Idiophreak

gazat wrote: »

I'm looking to ensure that I have been treated fairly and in accordance with the law. This is not unreasonable (see Martin's credit card charges etc).

The point here though, is that people actually *had a problem* with the credit card charges...They were being charged a lot of money that was disproportionate and as a result they *felt they'd been wronged*...The same with PPI insurance..they'd had *money taken* that, in retrospect, they don't think they should have...they *felt they'd been wronged*...

In what way do you think you've been wronged? If you can't answer that, then you have *no case* to start with, much less a chance of winning it...

bestpud

gazat wrote: »

Also, Bestpud, as I'm sure you are aware, BG are not regulated by the FSA, and not subject to the financial ombudsman, which can supercede the t&c of the contract for a financial services.

I'm sure you are also aware that FSMA (the legislation which gives the FSA powers of authority) takes great pains to ensure the protection of private clients (ie consumers/ordinary people) are adequately protected from clever marketing tactics used by unscrupulous lenders.

You missed my point gazat.

Although I'm not surprised as you seem to be missing many points! :rolleyes:

I think the answer to your question is no and I suspect that won't change, no matter how narky you get!

gazat

soolin wrote: »

Mis selling usually means a number of things. Firstly you were sold the wrong product for your need, so that covers the number of people who feel they were pressured into a loan where possibly other products like a short term overdraft would have been more appropriate.
Secondly, you were mis sold a rate, so for instance in a face to face interview your bank assistant sells you a 9% loan and pressures you to sign up quickly as it is th ebest rate you will get and it will go up soon if you don't agree. You then walk out the bank and find that you could have phoned telephone banking and got the same loan at 8%.
Thirdly, you are sold extras such as payment protection wher eit becomes obvious it is not necessary or even appropriate.
Lastly you are sold a loan at a fixed rate which later transpires actually varies in certain circumstances or after a period of time.

So, I ask again, how do you feel the loan was mis sold to you?

Apologies - I missed this post. Exactly what I was looking for.
Thanks, you've helped get my thoughts in order