Have I been Miss Sold a loan can I claim money back?

surfgirl

I am wondering if anyone else out there is in the same position as me. I visited my bank for my financial yearly review and they suggested that I take a loan out with them to consolidate my debts, so I did a £12000 loan on a 24.5 % APR ( rip off) but at the time I was desperate and thought they were giving me the best help!. I also had another loan with the bank for £19000 and a small loan with Northern Rock for £1000 I earn £20000 so it was going to be hard to make the payments but they assured me this was the best thing to do and in a panic I signed the forms. The £12000 loan was over 7 years and would end up costing me £25000 what a rip off! I am really angry now as I telephoned the bank to see how much it would cost to pay off the loan and it is going to be £12888 which is more than I borrowed and I have also paid £3000 off it this year as well I dont know what to do I have help at hand from family to pay it off but will still be a huge debt with the rest of my owings. Is it possible to claim money back for a mis sold loan I didnt take out the PPI thank goodness. Thanks for your help.

Tixy

No. They offered you a loan and you decided to take it. It may not have been a very sensible thing for you to do financially but that does not mean it was mis-sold. If the debt consolidated existing debts then you didn't actually get more in debt by taking out this loan, the debts already existed. The high APR is probably due to the high level of debts you had compared to your income and the therefore increased chance that you might default on the loan.

If you are struggling to meet your repayments on all your loans then it might be advisable to post on the Debt free wannabe section of this forum or to contact one of the debt advice charities for some advice (see this link- IMPORTANT - Where to seek professional impartial advice about your debts. )

Witchfinder_General

No not miss-sold. Just another chancer trying to wriggle out of paying their dues.

Witchfinder_General

Jaquan and Surfgirl AE's. Surely not

Tixy

Jaquan is just reposting other people's posts on various threads - presumably planning to start spamming.

Charco_2

I was just about to investigate that and report it... I'd noticed two threads where "he" had simply copied and reposted a previous post.

Malky

Not a chance I'm afraid. You had all the facts and figures to hand before you signed and chose to go ahead and sign it anyway.
Do you really think the bank were doing you a favour by lending you £12K and asking for £25K back?

~Brock~

There's that bloody word again...........'mis-sold'.

The herd have been busily lapping up credit with abandon for the last 15 years and when all of a sudden it becomes time to pay it back then it's all apparently been 'mis-sold'.

For gods sake grow up and get real.

surfgirl

~Brock~ wrote: »

There's that bloody word again...........'mis-sold'.

The herd have been busily lapping up credit with abandon for the last 15 years and when all of a sudden it becomes time to pay it back then it's all apparently been 'mis-sold'.

For gods sake grow up and get real.

If you read it properly it says Have I been mis sold I didnt say I had it was a question ! and as for grow up and get real you should, how childish answering questions with quotes like that

Apples2

It can be flowered up as much as you like, the answer is still No, you have not been mis-sold anything and No, you cannot reclaim all your money back.

You may not even have made a poor choice at all. If you hadn't taken this option, then you may be dropping into default on your original commitments.

24% APR does sound a lot compared toheadline rates of 7-8%, but not everybody gets those rates. Another bank may have offered you an even worse APR or simply told you to be on your way empty handed.

Fiddlestick

surfgirl wrote: »

I am wondering if anyone else out there is in the same position as me. I visited my bank for my financial yearly review and they suggested that I take a loan out with them to consolidate my debts, so I did a £12000 loan on a 24.5 % APR ( rip off) but at the time I was desperate and thought they were giving me the best help!. I also had another loan with the bank for £19000 and a small loan with Northern Rock for £1000 I earn £20000 so it was going to be hard to make the payments but they assured me this was the best thing to do and in a panic I signed the forms. The £12000 loan was over 7 years and would end up costing me £25000 what a rip off! I am really angry now as I telephoned the bank to see how much it would cost to pay off the loan and it is going to be £12888 which is more than I borrowed and I have also paid £3000 off it this year as well I dont know what to do I have help at hand from family to pay it off but will still be a huge debt with the rest of my owings. Is it possible to claim money back for a mis sold loan I didnt take out the PPI thank goodness. Thanks for your help.

If the paperwork was in front of you and there was no fraud involved, then it was not mis-sold

Mis-borrowed maybe.