Mis-sold by Loans.co.uk?

Cash4questions

Back in 2006 we remortgaged our house in Wales as our current deal had come to an end. We wanted to increase the mortgage to get rid of a £50k secured debt consolidation loan we had taken out. We contacted Loans.co.uk to find a new deal. The original mortage they offered us was turned down because the valuer didn't value the house high enough. Loans.co.uk then came back to us with a Northern Rock Together mortgage consisting of a 90k mortgage and a 28k loan.

I have to say I felt obliged to accept this as Loans.co.uk told me there was no other option available to us. Now that we have the mortgage I realise we were not furnished with all the facts at that time and I do not recall being sent a KFI to consider before accepting. I have a copy of the agreement for the loan which does not detail the monthly payments only the amount borrowed. Loans.co.uk did not tell us that to get out of the secured loan would cost 15k in early repayment charges or that they (Loans.co.uk) would charge us £1500 for the privilege of their services. I only discovered this upon receiving the completion statement after the deal had been done.

We remortgaged again this year as the deal with Northern Rock came to an end. This time I used an independent FA who furnished us with all the facts before we signed upto anything. But we still have the loan with Northern Rock which now has a whopping 15.69% interest rate and is costing us £365 per month.

Can anyone advise us if we have a case of mis-selling here ?

Backbiter

Cash4questions wrote: »

Loans.co.uk did not tell us that to get out of the secured loan would cost 15k in early repayment charges or that they (Loans.co.uk) would charge us £1500 for the privilege of their services. I only discovered this upon receiving the completion statement after the deal had been done.



Can anyone advise us if we have a case of mis-selling here ?

If they withheld information from you that might have made you turn down the offer, then that is misselling. You'll have to go through the small print with a fine-tooth comb, though, as loans companies are pretty expert at including clauses that aren't always that clear to the average person but which work in favour of the lender and not the borrower.
Even if they didn't point out the high charges explicitly, you'll have agreed to them by signing the loan agreement. (Assuming that what you signed did mention the charges - that's what you have to double-check).

di3004

Cash4questions wrote: »

Back in 2006 we remortgaged our house in Wales as our current deal had come to an end. We wanted to increase the mortgage to get rid of a £50k secured debt consolidation loan we had taken out. We contacted Loans.co.uk to find a new deal. The original mortage they offered us was turned down because the valuer didn't value the house high enough. Loans.co.uk then came back to us with a Northern Rock Together mortgage consisting of a 90k mortgage and a 28k loan.

I have to say I felt obliged to accept this as Loans.co.uk told me there was no other option available to us. Now that we have the mortgage I realise we were not furnished with all the facts at that time and I do not recall being sent a KFI to consider before accepting. I have a copy of the agreement for the loan which does not detail the monthly payments only the amount borrowed. Loans.co.uk did not tell us that to get out of the secured loan would cost 15k in early repayment charges or that they (Loans.co.uk) would charge us £1500 for the privilege of their services. I only discovered this upon receiving the completion statement after the deal had been done.

We remortgaged again this year as the deal with Northern Rock came to an end. This time I used an independent FA who furnished us with all the facts before we signed upto anything. But we still have the loan with Northern Rock which now has a whopping 15.69% interest rate and is costing us £365 per month.

Can anyone advise us if we have a case of mis-selling here ?

Hi there

I am also from Wales (South).

Have not had the chance to thoroughly go through your post properly yet due to rushing but Loans.Co.UK to my knowledge they were fined for mis selling regarding payment protection insurance.

I would write to them and complain here if ppi as I stated above is involved in this too and you did not know about it or if it were front loaded on top of your loan.

I will try to get back here later to read through again, or maybe someone could advise you further here, but this firm were fined for mis selling.
Maybe worth checking this out on the Google search engine, where you may get further information on this.;)

Good luck!
Di.
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