Secured Loan Nightmare!

Fiona84_2

I would really appreciate any help anyone could give me about this one.

My husband and i got a secured loan in november 2007, it was for £25,000. We opted for Payment Protection ting the loan to around £31,000. We were told we could cancel this at anytime and therefore stop paying it per month. This however is not my biggest problem. Our flat was bought for £68,000 5 years ago, its a ground floor and in an ok area but is not near town. The most we would ever acheive for it would be £80,000 at the height of the market. It is up for sale now at £76,500 and a year later no-one has viewed it! Anyway iam digressing a little.

This loan was given to us without any risk assessment, without any valuation. I literally walked into barclays, asked to see a financial advisor to help sor t my debts out and two hours later walked out with this massive loan. Due to my property never being able to bring in the extra £30,000 they have secured on my flat, iam now unable to move house as iam and have been in negative equity since the day we took this out.

Oh and the woman who gave us this loan suggested we take £25,100 as she said it would make it easier to get the loan, but after looking into it, it seems she made us take it so it would become unregulated!

We have a complaint into barclays regarding all of this and are waiting to hear back from them.

I was just wondering what the likliehood is of getting firstly my payment protection back, and or getting all or part of the loan written off?!


Any help would be very gratefully received!!

Thanks

Fiona

Apples2

Oh my lord!!!

"They all MADE me spend over £25,000 on rubbish"

"They MADE me take the loan"

Did it not occur to you for a SINGLE SECOND that it was YOU who went into that bank and ASKED THEM for the money???

Christ on a bike!!!!!

ILW

You may get PPI payments back, as far as the loan goes it appears you accepted all the terms at the time and you will have to repay it. What would be your grounds for thinking it should be written off?

Fiona84_2

erm i asked for help apples not abuse, iam aware i went to the bank for help n advice, and did i spend that money on rubbish, no i didnt so dont presume and dont have a go at me when I kno that I am responsible but THEY lent it irresponsibly with like i say no risk assessment and no valuation of my property. So I gues WE are both to blame for being irresponsible, like u have never made a mistake right!

Fiona84_2

grounds for it written off? erm i dont really expect that as i know i accepted the terms like you have mentioned, but i do think they were at fault not doing a risk assessment or a valuation on my property, if i sold my flat they would get no money from it as they themselves put me into the negative thus they wud not get the money back.

thanks

Wutang_2

Fiona84 wrote: »

grounds for it written off? erm i dont really expect that

You mentioned it initially though..?

Fang_3

Why are you trying to sell if you can't move? You should just stay where you are and concentrate on paying as much money off as you can so you can move.

CLAPTON

what is the APR of the loan; did it help pay off your other debts? were the other debts at higher APRs; overall why do you consider you were dis-advantaged by this loan?

Fiona84_2

mentioned gettin it written off initially? Yes i did just purely and simply as i dont know how this type of stuff works and what kind of outcomes happen. Thats all.

Fang_3

Fiona84 wrote: »

grounds for it written off? erm i dont really expect that as i know i accepted the terms like you have mentioned, but i do think they were at fault not doing a risk assessment or a valuation on my property, if i sold my flat they would get no money from it as they themselves put me into the negative thus they wud not get the money back.

thanks

They won't let you sell it then. This is not Barclays' fault, it's yours. Trying to find a way to get them to write off the loan is not a productive use of your time. You should get used to living where you do, because until you pay it off, you're going nowhere.

Fiona84_2

I had my flat up for sale before i found out i couldnt move. The APR is 11.9%, it was used for some consolidation and it meant less per month to pay out, i admit the loan did help at the time, but since seeing a financial advisor and him saying that they should not have agreed to give us that loan and we have a cause for complaint, thats why i feel a bit upset that it was properly followed in terms of procedure.