Is my loan legally binding?

Cervinia

Two year ago I was somewhat naïve and entered into a loan agreement with a Sub Prime lender. The loan however, was arranged by a third party that operates out of South Wales.

During negotiations I constantly kept telling the sales person that I did not want a ‘Secured Loan’. No problem was the answer, ‘I put dozens of prospects to this company, all they will be looking for is a Personal Guarantee from you and your wife. To me this did seem quite plausible given that my bank often asks for this on Business loans.

When the documentation arrived, it looked like a secured loan so, I phoned the Wales outfit. No one but an administrator was there but she confirmed that it would be a guarantee. So, I satisfied myself that if it was a Secured Loan and both my wife and I would be phoned as part of the final process, where we could reject it.

No phone call and then 10 days later the loan cheque arrives so, I have now satisfied myself that this is a normal loan and not secured.

Just done an Experian check on my credit file and of course the loan is showing as a secured loan.

Now I know I have been stupid here but I have also been duped into taking a loan that I would not have agreed to.

Do I have any redress?

ILW

Doubt it.
The only written evidence is a secured loan agreement signed by yourself. Unless you have anything else in writing to say otherwise.
The question any outsider would ask is "why sign for a secured loan if that was not what you wanted?"

hoggums

Why didn't you want it secured? were you not intending to pay it?

*Chattie*

Did you get any redress on your last complaint?

http://forums.moneysavingexpert.com/showthread.html?p=19749757&highlight=#post19749757

_Andy_

"It looked like a secured loan" - so basically you had a secured loan agreement and signed it even though you didn't want a secured loan?

pippitypip_2

Sounds like you were mis-sold if you didn't understand at the time you were signing a secured loan agreement and had repeatedly voiced your concerns to that effect over the phone..

I'm no expert though, maybe someone else can comment on that side of things?

pippitypip