Banks Loans. Can these be 'mis-sold'

regularsaver1

but then if the bank turned them down at the time - would they have complained? or just gone somewhere else that could have charged mega interest????
(this is not critisism at the OP before I get moaned at, but it is reality that this does happen)

jonesMUFCforever

gaggus wrote:

Some people are very naive when it comes to money and can be completed bamboozled by the spiel that they are given by the banks. They just cant see the long term consequences.

Regardles of the fact that she was on benefit the bank should have clearly seen that she had insufficient income to maintain payments over a long period of time.

And now we have tried to re-schedule to make payments more managable (can you believe they sold her paymnet protection!) the bank have come back with a refusal!!!

Again I repeat that I agree with the thrust of this thread but believe me a lot of people on long term benefits take home more than I do and I've worked at the same place for over 20 years. This is their 'income' and in my opinion if they want to spend part of it on loan repayments just like you and I do out of our salaries - then so be it.
Just because your on benefit should not exclude you from borowing - its all down to affordability.

gaggus

Yeah OK. Your comments are fair enough, but isnt it the banks responsibility to ensure that payments can be managed.

How could they possibly have let someone on a fixed 'salary' (sic) of £420 per month bear a loan repayment of £310 per month??!!

Astaroth

Opps, pressed the wrong button

Firstly the may have considered the household income and not just her own or she may have stated that her husband pays all the bills etc and so all of her money is pure sending

Secondly prehaps your relative wasnt 100% honest about her financial situation when applying.