Mis sold loan

Hackery

Hi was just wondering if anyone had heard of this before. I took out some loans a fair few years ago whilst on benefits i.e. DLA I was up front about this and he (the loan advisor) told me that they would put that down as a life pension as I had been awarded it for life. I took this as it was o.k. to say 'pension' when renewing these and further loans throughought the following years it was so easy. I am now struggling and making payments through payplan, but with hindsight I am annoyed that I was allowed to 'up' so easily my loans. I appraoched CAB and they have told me that I have actually been missold the loans and to go down that route anyone any advice. p.s. I did not take out the insurance as was now offered it as they knew I was not and would not be working.

Thankyou Hackery

ILW

I would be careful. You may find yourself prosecuted for fraud if it is found that you knowingly told untruths on the application forms.

simon_templar_2

Not mis sold but mis bought

uktyler

the first loan might be classed as being mis sold, all loans and extensions since would be classed as you filling in the application, and lying on it.

iolanthe07

Did you sign something knowing it to be untrue? I think you could be in deep !!!!!! if you made a fuss about this - after all, you knew what you were doing and no one held a gun to your head. It might be worth taking the CAB's advice, though and perhaps someone will be along soon who knows about the legal ramifications.

CHR15

I can just imagine how they forced all this money on you and frog marched you into Thomas Cook for a holiday, then the new car, then curries for the new TV.

Seriously, did you not have an inkling that the repayments put to you, were for you to pay back??

Or is this a Troll post? :rolleyes:

nomoneytoday

Did you object to the forms when signing them?
Did you object to the wording when they gave you money?

Hackery

Don't eat curry not had a holiday for 10 years same t.v. for 11 years and car through DLA. What a shame you feel so bitter!!!

CHR15

Hackery wrote: »

Don't eat curry not had a holiday for 10 years same t.v. for 11 years and car through DLA. What a shame you feel so bitter!!!

So do you have ANYTHING to show for all these loans you took out??

ladylumps45

can you track down the person that did the paper work and lied on the forms? maybe they were on commission for approved loan applications?
however i think you may find yourself in trouble as others have said as you knew something was wrong and continued to get other credit.
will you be able to reduce your payments without them finding out what was on the paper work?

jimpix12

Hmm, expect a slew of condescending and unhelpful posts, OP. This is the MSE forum after all.

As to your situation, i'll try to help, looks a little bleak though. You have broken the terms of your Credit Agreement by making a false declaration, and unless the person who sold you the loan held your hand to the paper and forced you to sign, there is very little you can do to wriggle out of it.