I believe I was missold 4 loans from TSB

pampam

I believe I was missold 4 loans from TSB
In the space of 18 months I was sold 4 loans despite being well over my overdraft, my visa had gone to a DCA and my mortgage was well in arrears.
Can I do anything.
The debt on the loans has just been to court, I didn't attend as I have had a breakdown and couldn't face it.
The outcome was the debt is now £8700 and is secured on the property.
Can I do anything?

qwopmnxz

mis-sold loans??

are you having a laugh.

if you knew you would have dificulty in paying them off.. you didnt have to take the loan IMO.

and did they call you up hassling you to please take a loan with us ms pampam???

or did you go and enquire about taking out 4 loans?

pampam

Ok maybe mis-sold is not quite the correct term.
I take it you have never been in desperate financial circumstances cos when you are you will sign anything to get a bit of breathing space.
I know I didn't have to take out the loans but I did ask the bank for help.
They just got me deeper in debt.
I posted the thread to ask for help not to be ridiculed!!
I am sure there are people out there in my situation who can empathise.

qwopmnxz

ok sorry.. but lets just get it straight.

if your say 5k in debt... go into the bank for say another 2k loan.

that makes you 7k in total debt, the bank didnt force you to take more loans, it was your choice, so i cant see how you want to do something about the banks getting you a bit of breathing space.

I think its all down to how you think, the bank didnt get you deeper into debt.. you done that yourself... blame culture is quite bad in society now days, first step may be to admit that you got yourself into this trouble. then set about getting yourself out of it.

just like an alcoholic admiting to themselves that they have a problem, thats about the only time they have a chance of beating their troubles

dmg24

Whilst I do somewhat agree with qwopmnxz's comments, I really do feel for your situation, and you're right, you didn't post on here to be ridiculed. There is nothing constructive in people criticising a situation that they only know the bare facts of.

Have you spoken to Citizens Advice? Alternatively, as you are unwell, do you have a key worker, or a CPN? Though they may not be able to help you directly, they are usually pretty good at putting you in touch with people that can help.

The only thing I can say for definite is, do not ask for help from anyone that is going to eventually offer to lend you more money, or 'consolidate' the debt you already have. They are out to make a profit from you.

I really hope things get back on track from you soon, and I'm sure they will with help from CAB or other non profit organisations x

regularsaver1

the problem is if they didn't offer you the loan at the time would you have complained then? or just gone elsewhere?

dmg24

regularsaver1, the OP is asking for advice, not to be criticised.

If people want a discussion as to the ethics of bank lending why not start another post, and leave this one for people to offer any advice they can to pampam?

regularsaver1

i did not criticise - my post was short, so maybe i should explain more

i'm afraid lending & borrowing is a viscious circle dmg - if you can't get it one way, people can try somewhere else. Give you another example - how many people on the credit card forum have asked who will give unemployed credit cards - because of course some will. So people will go where they can get it.

pampam - I didn't mean anything by my post to hurt you, before dmg casted their opinion as it seems they are ok to do so??? mmmm - but the CAB maybe be able to help as suggested before. banks are there for a reason, and yes they have to be responsible lender and do their checks - if they didn't, complain with your reasons why. if not, try an arrangement ??

dmg - you say you somewhat agreed with qwopmnxs's comments - how was mine any different about the reality of borrowing?

regularsaver1

http://forums.moneysavingexpert.com/showthread.html?t=238144

This post is similar

saver_sam

This might not help, but the time to have disputed the loans was at the time of judgment, i.e. when tsb obtained a county court judgment against you, you could have gone to court then.

Even though they now have applied and got a charging order on your house it does not mean you cannot arrange to pay the debt back in installments. Generally they prefer this rather than forcing the sale of your property.

It might be an idea to post your SOA so people can help with the incomings and outgoings you have.

dmg24

I do agree with what qwopmnxz said, we all have to take responsibility for our choices with regard to borrowing. However I went on to say that the purpose of those thread is to offer constructive advice to the OP, who is obviously having a really bad time of it.

I see no point in arguing about this. I just want to restate that the OP has asked for advice and support, not negative comments on their difficult situation, or a discussion on the ethics of bank lending.