PLEASE HELP! loan mistaken

kianda

Hi
I need some help, i have made a loan with BENEFICIAL FINANCE (HSBC GROUP) a have borrow £5000 , the manager at the branch said to me that i will pay in full at the final of the 84 months £ 15.317.00, the rate of interest is 49.9€, i didn’t agree at the first time, because i see that was too much to pay, but the manager said to me that this rate is calculated because i didn’t have any credit history, neither bad or good but to don’t worried because in 3 months time if i don’t fail any repayment the interest rate will be review and will be less than 49.9%.
Now i haven’t failed any repayment but all the branch of the BENEFICIAL FINANCE (HSBC GROUP) is closed and the bank aren’t doing any more loans, the customers service said to me that she gave me a wrong information and the loan will be what is state at the contract.

Please help i don’t know what can i do to resolve this problem.

LeeSouthEast

You signed an agreement which is a) legal and b) binding. I don't see you have any option; The bank didn't make you take the loan out.

never-in-doubt

If you were mis-sold the loan then report the matter to the FSA who will take this up for you. Banks are under stict guidelines to adhere to the laws set in place to protect the integrity of the consumer and mis-selling isn't one of them in my opinion!

I'd be reporting this quick smart and if needs be, seeking CAB advice as to whether even repaying is a good idea......

CLAPTON

You haven't explained your financial circumstances but maybe you could try to get a loan at a more reasonable rate and pay off the current loan.

pippitypip_2

never-in-doubt wrote: »

If you were mis-sold the loan then report the matter to the FSA who will take this up for you. Banks are under stict guidelines to adhere to the laws set in place to protect the integrity of the consumer and mis-selling isn't one of them in my opinion!

I'd be reporting this quick smart and if needs be, seeking CAB advice as to whether even repaying is a good idea......

Kianda - I would def follow never-in-doubt's advice first before trying to take out a new loan to cover this one.

It seems clear, from what you've said, that you may have been mis-sold - you will need to take action ASAP though..

hth,
pippitypip

_Andy_

I can't see a mis-selling case getting anywhere- presumably there was nothing in writing to suggest the rate could reduce on re-application.
Thus the only paperwork there is is for the actual loan, which the OP has obviously signed.