Illegal Bridging loan?????

paul2483

hi folks

i need some help, i had a loan from black horse on 0 %, and then about a year later took out another loan with was on 9.4%. both on separate contracts but what they did was pay the 0% loan of with some of the 9.4% loan. My question is can they do this or is it an illegal bridging loan.

i have been dealing with the financial ombudsman about the case but they just don’t get it. the case is a bit more complicated than this but the basis of my complaint is they owe us £2500 which we have never had.

can i take my own action through the courts to get my money.

Kazipoo

When you took out the second loan, was it on the proviso that you paid off the first one?

PNPSUKNET

I dont think you have a case, banks do do this

paul2483

no it was 2 seperate agreements they did not advise me about paying the old account off.

Kazipoo

So you claim that they paid a £2500 loan off without your permission and you want the £2500 back??

I presume then, since you are sure you are entitled to some form of refund, you have continued payments up on the first (£2500) loan, and therefore would also presume that you would be due a refund to the amount of said payments, since the £2500 was paid off by the second loan? Which in my estimations would mean you are entitled to a full years worth of refunds.

However....

If you stopped paying the first loan (because you really knew that they were paying it off with the second loan), then I don't see where your case is.

Also, if the financial ombudsman just "doesn't get it" how on earth are you going to explain it in court.... ??

I'm thinking you may just have realised that you did a bit of a daft thing by replacing a 0% loan with a 9.4% loan and want someone else to take the blame.

JasX

Plus there's usually Ts and Cs about being able to call in loans without any reason and use money from other accounts you have with them if you don't pay up when requested (which can be immediately).

way to avoid this is being careful about having different types of product with the same provider as you have no real power to keep anything totally 'separate' and as per previous posts not sure what kind of case you might have

EDIT also you seem to have no idea what the term 'bridging loan' means as its totally unrelated to your circumstances

CHR15

paul2483 wrote: »

the basis of my complaint is they owe us £2500 which we have never had.

I don't think that is quite true. You must have had the £2,500 when you received the first loan

Anihilator

Tbh the OP is clearly just not very bright.

I don't for a second think Blackhorse have robbed him of 2500.

RobertoMoir

paul2483 wrote: »

hi folks

i need some help, i had a loan from black horse on 0 %, and then about a year later took out another loan with was on 9.4%. both on separate contracts but what they did was pay the 0% loan of with some of the 9.4% loan. My question is can they do this or is it an illegal bridging loan.

i have been dealing with the financial ombudsman about the case but they just don’t get it. the case is a bit more complicated than this but the basis of my complaint is they owe us £2500 which we have never had.

can i take my own action through the courts to get my money.

Are you sure the financial ombudsman "doesn't get it" or do you mean to say that they "get it" perfectly well and just disagree with you about whether or not the bank did anything wrong?