Mis-sold Loan

buzzard444

I took out a loan under great deal of pressure to do do so from one of the major banks. Pressure on my part not the banks. This was in 2006 and the loan was for 8 years. Because of my wife's health it looks like I am going to have to retire next April rather than keep working as I would liked to have done. The loan will take me to my 69th Birthday surely this cannot be right. If I had been given the details of the loan at the time by the bank pointing out it would go past my retirement age by 4 years and could I still keep up the payments then I would not have proceeded with the loan. Do I have any grounds for contacting the bank and asking for the loan to be changed so that I only return what I have borrowed?

~Brock~

This is a joke right?

You are not seriously saying that at 61 years old you were not able to work out that an 8 year loan would end when you were 69?

iolanthe07

I must be missing something here. You admit yourself that the pressure to get the loan was on your side, not the bank's. Surely you knew what you were signing up to? - an eight year loan. Did you not read the terms and conditions? How can it be the bank's fault that your wife is ill?

KingElvis

I think you're onto a loser here, if you only payed back what you borrowed how does the lender make a profit?

Would be a nice deal but it's completely noodle doodle.

Fiddlestick

buzzard444 wrote: »

I took out a loan under great deal of pressure to do do so from one of the major banks. Pressure on my part not the banks. This was in 2006 and the loan was for 8 years

So you put the banks under pressure to give you a loan with a duration of 8 years.

Do I have any grounds for contacting the bank and asking for the loan to be changed so that I only return what I have borrowed?

Yes, banks release customers from their binding financial commitments all the time.

They will not want the rest of the money you legally agreed to pay them.

You can even claim back all your payments as compensation.

CHR15

Are you sure it is the wife who is ill?

McKneff

:rotfl:keep 'em coming boys, this thread is hilariousl:rotfl:

chalkie99

CHR15 wrote: »

Are you sure it is the wife who is ill?

I imagine she is suffering from the stress of living with him.

Classic thread - has brightened up my lunch break.

Clive_Woody

buzzard444 wrote: »

If I had been given the details of the loan at the time by the bank pointing out it would go past my retirement age by 4 years and could I still keep up the payments then I would not have proceeded with the loan.

How excatly was this loan set up if you had no idea about the details of the loan?

_Andy_

Fair play - one of the better recent troll threads. Loving it.