Any Comments from Martin Lewis Re: getting loans written off?

petermb_2

Dont be fooled by propaganda on either side. There are issues but the problems certainly are not as great as some camps would have you believe. On the other hand the lenders will claim that this is a minor issue. They would wouldnt they?

There is obviously a middle ground where the truth is. Having seen QC's opinion on the issue I have no doubt that the problem is far greater than your colleague is having you and ultimately us believe.

hcb42

cuddly12 wrote: »

All I am saying is that you cannot take a loan out and be happy to spend the money and then just put all the onus on the lender getting it all wrong and expect to have the debt written off.
I work for a financial company, so I am not just making throw away comments here, I am mearly saying, you needed the money and you got it and spent it, so a small portion of the blame has to lie with the borrower for doing that

This is my initial reaction as well...

I can see the need if an agreement is clearly out of order, but most standard loans should be self explanatory. I have taken loans out in the past, and indeed have car loan on going, and I have never had a problem with paperwork...? ?

While the risk taking behaviour of banks in some circumstances has been dragged through the mud over the last year or two, because of lending etc, I do wonder whether this thread is sending the right message...if you sign up to an agreement then you need to pay it..

(and I dont work for a bank, nor have I ever worked for a bank..!

MSAmatuer

Thankyou fermi, petermb,cuddly12 and all for your input. You've made me think more about my indecision.

alan_blue

do we know what banks have generally made the mistakes? is there common ones?

maydledoodle

Our 15 yr loan was supposed to be reviewed after 10yrs. We are now into year 12 with no review? Have ask the bank for copy almost two weeks ago. Would this be considered a failing on the lender and therefore break the contract. First 10yrs 2% over Bank Rate at the time.

orangetrader

maydledoodle wrote: »

Our 15 yr loan was supposed to be reviewed after 10yrs. We are now into year 12 with no review? Have ask the bank for copy almost two weeks ago. Would this be considered a failing on the lender and therefore break the contract. First 10yrs 2% over Bank Rate at the time.

maydldoodle. your issue seems to be around the way that the agreement/repayment is being managed. If the lender has not followed the terms within your agreement, you would have grounds to complain. The FOS will look at these complaints, assuming it is a CCA regulated agreement. But you sdhould contact the lender first of all. Your claim would be based on the loss that you have incurred rather than writing off the balance. If you wanted to check whether the agreement is legally valid you will need to check the credit agreement to see if it complies with the prescribed terms etc... If it does not the agreement is unenforceable.

denibabe

hi to all very interesting read ,i myself bought a car 2 months ago from a used car dealer which supplied there own finance at 19.9 apr ,the car cost £5200 less £1300 part ex and £400 cash which left £3499 to finance, it was only last week i noticed he was charging me flat rate but clearly on the agreement it said APR so after speaking to some very nice people from this site i challenged the garage he said it should of been flat rate and wanted to give me a new agreement i said no and after mentioning trading standards he altered the paperwork by hand with the new figures then signed and intailed it ,i am wondering now is this agreement legal now he as altered it, i have been reading about people getting there loans written off, on my agreement it doesn't say anything about my part ex or the cash deposit i paid it just says £3499 then the interest which has now got a line through it with the new figure and the new monthly payment.

petermb_2

denibabe wrote: »

hi to all very interesting read ,i myself bought a car 2 months ago from a used car dealer which supplied there own finance at 19.9 apr ,the car cost £5200 less £1300 part ex and £400 cash which left £3499 to finance, it was only last week i noticed he was charging me flat rate but clearly on the agreement it said APR so after speaking to some very nice people from this site i challenged the garage he said it should of been flat rate and wanted to give me a new agreement i said no and after mentioning trading standards he altered the paperwork by hand with the new figures then signed and intailed it ,i am wondering now is this agreement legal now he as altered it, i have been reading about people getting there loans written off, on my agreement it doesn't say anything about my part ex or the cash deposit i paid it just says £3499 then the interest which has now got a line through it with the new figure and the new monthly payment.

Somehow I cant see a document altered two months after it was signed would stand up in court.

denibabe

how would i go about doing this ,i have trading standards phoning me in a few days is it these people who sort it or do i need to speak to cAB.

MCGONIS

This is my two pence worth.

Need a loan

apply

get accepted

........some time later

stop paying........

I'll just get out of it because I was a 2006 applicant or whatever

Come on!

I've had chanrges from the bank that I would love to get back, but sometimes the bus has to stop. We all have to get off and stop trying to get someting off the bank. We will all pay for this, sooner or later.