Mis sold loan

CHR15

oscar52 wrote: »

Originally Posted by oscar52
OP took advice from the lender - Was he/she (the lender) showing resonsibility (or just seeing £ signs for the pay cheque)

To be fair, the OP was granted the loan based upon his regular income. Wether it be DLA or pension may be a moot point as the money is awarded for life in either case.

The OP has not had a change in circumstance, the income supporting the repayments has remained the same is still coming in each Month.

A regular income of £xxx a month satisfied the original application, maybe if the OP had requested an original loan of £25K it would have not satified the acceptance criteria

Perhaps that income from DLA should NOT have permitted the OP to get a loan in the first place would have been the best outcome, but we see lots of posts here with people asking how/where to get loans when everyone is rejecting them.

PBA

I don't see there's any case for misselling here. If OP told the original advisor that their income was guaranteed for life then I can't see why there's anything wrong in him putting that down in a box marked pension. Assuming nothing has changed there shouldn't be any reason that payments on the loan are being missed, so that has to be taken up with the collections dept of the loan provider.

I_know_my_ABC_and_my_CMYK

It sounds as if the first loan you took out may have been mis sold due to the change from DLA to pension on the box to tick, but sadly the others may not have been as you continued to use pension instead of DLA on the forms.

How long ago did you take out the loans? From what I remember there is usually a section to write in any different income from the tick box bits, DLA should have been put in this section. If it can be proven that they were miss sold, and I doubt very much they can be, you could probably use it as a way for them to accept your payments on a debt management plan if you are on one. Proving a debt has been mis sold can be very difficult.

I_know_my_ABC_and_my_CMYK

PBA wrote: »

I don't see there's any case for misselling here. If OP told the original advisor that their income was guaranteed for life then I can't see why there's anything wrong in him putting that down in a box marked pension. Assuming nothing has changed there shouldn't be any reason that payments on the loan are being missed, so that has to be taken up with the collections dept of the loan provider.

I am actually quite surprised that they took the income of DLA as guaranteed. DWP can call anyone in for a medical/ re assessment at any time regardless of how long it has been awarded and they can reduce the level of payment made if they do not consider the disabled person needs that amount of care. Never rely on DLA as being guaranteed, if it has to go appeal you are not guaranteed to win.

Hackery

To Aron
I did not lie that is just the point I told the truth, I don't know why you find this so hard to grasp, if I had lied then there wouldnt be a lot of point in me bringing it out into the open and to those who have not managed to take in the pretty basic point y e s I a m m a k i n g p a y m e n t s e v e n n o w not m i s s e d o n e y e t. There is that easier for you to understand and thanks Oscar52 it must be lonely down there whilst all else are up there in their ivory towers.

Typhoon2000

/.Has the loan company told you that had you put down you were on DLA they wouldn't have given or renewed all those loans? It might just be that they were happy to lend you the money based on your good repayment record, so wether your were on a life pension or DLA was immaterial to them and your prior relationship is more important. Maybe they consider DLA and a 'life pension' to be the samething and different from a 'pension for life due to retirement'

Were your loans standard products or subprime ones for peple with non garunteed income with a higher interest rate?

ILW

Hackery wrote: »

To Aron
I did not lie that is just the point I told the truth, .

In you original post you said that the advisor told you to put down your DLA as oension, you knew this was not true. You then signed the forms knowing this was not true. Whilst I agree you may have been encouraged to do this I still think you need to be careful as if you take this to court you may well be accused of fraud.

I_know_my_ABC_and_my_CMYK

ILW wrote: »

In you original post you said that the advisor told you to put down your DLA as oension, you knew this was not true. You then signed the forms knowing this was not true. Whilst I agree you may have been encouraged to do this I still think you need to be careful as if you take this to court you may well be accused of fraud.

A long time ago I was invited into my bank for a review of my accounts etc. At the time I was a student and the financial advisor advised me to take out a policy with them, I cannot remember what it was for now, but because I was a student the policy for some reason would not cover me so he changed it to say I was self employed. There was something with the policy that I could claim back tax on it? Anyway I had an independant FA who was a friend of a relative look at this and he said if i did try to claim the tax back I could get into allot of trouble and the bank had financially disadvantaged me and the policy was fraudulent. I cancelled the policy and wrote in and I was refunded all the money I had paid.

so, sometimes banks can mislead the client by saying 'Oh yes its toatally ok to do this, don't worry'