Was I mis-sold a Mortgage??

Trollfever

Did you understand this bit?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

WANGERZ-36

The point I am making is that even now, after all the troubles the banks have caused through reckless lending, they still have not learnt the lesson. I know that Business' need banks and banks need business'. I just hope that we all recover as a whole and not end up in a worse situatin than we are already in.

opinions4u

So a bloke goes to a bank and asks them for money, signing their on their new look application form that doesn't ask about his income. They agree to the advance.

He successfully uses that money to prop up his business which prospers as a result, securing the employment of his workforce, benefiting the wider economy.

Although not stated, you would assume that the successful use of this captial has ensured the successful meeting of the repayments meaning that whatever method of underwriting Barclays used is ... well, successful in this case.

But he has a niggle that they should never have given him the loan in the first place.

It's not my place to suggest that the OP may well have played a character commonly found under a wooden bridge in the Three Billy Goats Gruff.

pfpf

WANGERZ-36 wrote: »

Well, I wouldnt say it bothers me at the moment. The business is doing very well and recovery is well and truely underway for us. It's just one of those nagging questions that bugg me. I wonder if there is any way (should the worst happen) I had a claim to being mis-sold my mortgage.

you are happy now and happy you were lent the cash but just incase it goes belly up in the future you want to have the knowledge you can claim on a "mis-sold" mortgage.

does that sum it up?

if so, cake and eat it spring to mind, if not, like others i am confused what you are asking

you really shouldnt have taken the loan if you had any reservations about it, financial or moral.

WANGERZ-36

Not my niggle....If I thought I couldnt repay the mortgage I would not have asked. I know I can re-pay it...Barclays didnt. They didnt even need to know the company's trading history! They didnt ask to see a business plan! They wernt interested in knowing what the money was going to be used for! It was all done very quickly, no checks. I am not one to make money mistakes, I knew the business would survive with a little extra money and a whole lot of hard graft. Barclays didnt know any history of me and dint know where I was going with the business. They knew the money was for the business from the very start. The simple point is that Yes I am glad I got the money, BUT why did they not do personal checks on me to ensure that they WOULD get their investment back. It seems the banks still dont know how to lend properly.

WANGERZ-36

Ultimately we the TAX payers willl be bailing the banks out yet again if this sort of practice is to continue. The twist in all this is that I am not bothered about my situation in all of this... My "niggle" is that this is happenong to other people who wont be able to afford the repayments and may want this "I have been Mis-sold my mortgage" as a get out of jail card. The people like my-self whom take sensible calculated risks to stay a-float will once again have to bail out the banks.

p00hsticks

WANGERZ-36 wrote: »

I know I can re-pay it...Barclays didnt. They didnt even need to know the company's trading history! They didnt ask to see a business plan! They wernt interested in knowing what the money was going to be used for!

I don't see what difference it makes what the money was used for. Presumably they valued the property the mortgage was taken out against and satisfied themselves that it was worth at least as much as the mortgage ? As long as they've done that then they can simply repossess the property to get their money back if you don't keep up the payments.

WANGERZ-36

simply...yes! as simply as they gave the money out.. they can re-coup the money. Fantastic! another family turfed out into the streets where they will have to sponge off the state to survive. Never mind eh! I guess we are all failing to see the bigger picture here? I can't understand the logic of replys like - did you read the part where it said your home may be reposessed if you do not keep up repaymens.... and comments such as having your cake and eating it.... how would you feel paying for someone elses reckless borrowing? wouldnt you ask the question..."Why did they give them the money?" I am sure you already have.

Comyface

opinions4u wrote: »

It's not my place to suggest that the OP may well have played a character commonly found under a wooden bridge in the Three Billy Goats Gruff.

Absolutely agree.

jassco

WANGERZ-36 wrote: »

simply...yes! as simply as they gave the money out.. they can re-coup the money. Fantastic! another family turfed out into the streets where they will have to sponge off the state to survive.

With the bad press that the banking industry has been getting, it is quite easy to pass the blame onto them, when many people that have been repossessed should take a closer look at themselves and ask "why did I borrow that much when I couldn't afford it?"

Don't try to blame the bank for your risky borrowing, especially when it has paid off for you.

*little edit* I know some people have been repossessed because they were made redundant or similar, and my dig isn't at those people.