Miss sold secure loan

bayman10

I would just like to know if it is illegal to sell you a secure loan when you already have one i have 2 secure loans on my property is there anyway around getting rid of the latest one?

ILW

bayman10 wrote: »

I would just like to know if it is illegal to sell you a secure loan when you already have one i have 2 secure loans on my property is there anyway around getting rid of the latest one?

Despite what your header says there is no evidence of mis selling. The way to 'get rid' of the loan is to pay it off. It is totally legal to take out as many secure loans as you can.

peachyprice

You weren't 'sold' it, you applied for it. Did you think it was illegal when you applied???

You can have as many secured loans on your home as lenders will give. If they choose to lend against a home with very little equity due to many secured loans that's their problem, but not illegal.

~Brock~

'Mis-sold' is the buzzword of the year, its use beloved by bandwagon jumpers and ambulance chasers.

I was missold a can of baked beans the other day, because the cashier in Tesco failed to point out that I could have bought it cheaper in Asda, and that Tesco would earn 5p commission. I should demand compensation because I am, of course, incapable of making my own choices.

BenL

Nope, you can have multiple secured loans against your property.

_Andy_

bayman10 wrote: »

I would just like to know if it is illegal to sell you a secure loan when you already have one i have 2 secure loans on my property is there anyway around getting rid of the latest one?

Or put another way - "I've now realised I'm in debt up to my eyeballs, it's all secured on my house, I now realise I was pretty foolish and now want to a) Blame someone else and b) Attempt to escape the debt without paying."]
Superb.

sy7227

Wow you guys really have nothing better to do than share your ever so side spliting sarcastic humor with all of MSE.

Bayman - lenders will only secure loans against your property if the 1st charge holder agrees. Then an entry in the land registry will be made. But some sub prime or back street lenders will secure 2nd & 3rd charge loans. Im in the same situation but these guys are right. You applied & you signed up. So unless you can prove that you do not have the means to pay your secured loan/loans then im affraid you will have to bite the bullet. If you really cant pay then the lenders may force the sale of your property, but if there is a shortfall & the 2nd & 3rd charge lenders will recieve no monies then they will propably not force the sale. But I would not mess with this. This can lead to repossesion & bankruptcy. I would contatc your lender & see if you can get a reduced rate.

sy7227

Hey Andy / Brock I bet you 2 must be the only squeaky clean guys out there. Or are you really like the rest of us? Lived the high life with lots of credit? Dug yourself a hole you cant get out of? Everyone on here has got into financial trouble at some point, then no body wants to pay it back. in fact the entire country is doing that at the minute. So why dont we all admit we borrowed now we dont want to pay back i.e. because we can`t etc..... thats why are here asking for advise & wait for LOOP HOLES IN THE SYSTEM that you two have found the biggest of & fell through. So why dont you pull your head out your A****.

cavework

I will put my hands up
We did it .. mortgage and a huge secured loan. Times were good and our income covered the payments.
Now times aren't so good but not in negative equity and I reckon we could still walk away with about £20 if the **** hits the fan
Still only 7 more years left to go on the secured loan... and we have seriously cut back on everything else
Now where did I put the candles?
It's getting dark here
xx

sy7227

LOL thats outstanding.

_Andy_

sy7227 wrote: »

Hey Andy / Brock I bet you 2 must be the only squeaky clean guys out there. Or are you really like the rest of us? Lived the high life with lots of credit? Dug yourself a hole you cant get out of? Everyone on here has got into financial trouble at some point, then no body wants to pay it back. in fact the entire country is doing that at the minute. So why dont we all admit we borrowed now we dont want to pay back i.e. because we can`t etc..... thats why are here asking for advise & wait for LOOP HOLES IN THE SYSTEM that you two have found the biggest of & fell through. So why dont you pull your head out your A****.

Oh dear oh dear.