missold loan

sciencey33

Hi Need some advice I took out a loan last year with Lloyds after going in to ask for an increase in my overdraft which was refused. I was sold a loan I was not told the APR the advisor implied it was lower than the inerest on my over draft. I only neededa few hundred overdraft ended up with £2000 loan with PPI which I wasnt told about at the time. The PPI has been refunded however the complaint about loan was ingored by head office 3 times. Then I dealt with someone in branch who said you signed an agreement though?

I wrote to local area director hand delivered to find out a month later the letter had dissapeared . I threatened to go to Ombudsman so ssome in branch got in touch and I once again printed allthe letters an took them in .

They asked me how I like it resolved I asked them to look at the complaint and tell what they will do.

I think I am due my interest back and compensation. What are thoughts of other money savers

I overdraft interest was something like 19% the loan ws at 29.9% if I had known I wouldn't have taken it or the loan.

Three week after taking loan I went to different branch and lady siad you could have increased your overdraft that facility was always available feel like I have been decieved.

Any advice would be good:mad:

[Deleted User]

your first sentence says"i took out a loan"
says it all really

dmg24

Surely you signed the loan agreement, which detailed the APR?

sciencey33

advisor covered apr with hand wrote repayments at the side in pen didnt allow me to read agreement just told me where to sign. also sold me PPI and never mentioned it even though I told him more that once I was post grad student. only needed small overdraft for few months because student finance was late last year with everyones payments.

I trusted the advisor should have read the 2/3 page credit agreement like i'm sure you would have.

Thanks for your help?

ILW

Have you still got the money?

zppp

Maybe they covered up the APR (a very bizarre excuse, and probably won't hold - your word vs theirs) but it would show the total amount repayable on the agreement.

dmg24

sciencey33 wrote: »

advisor covered apr with hand wrote repayments at the side in pen didnt allow me to read agreement just told me where to sign. also sold me PPI and never mentioned it even though I told him more that once I was post grad student. only needed small overdraft for few months because student finance was late last year with everyones payments.

I trusted the advisor should have read the 2/3 page credit agreement like i'm sure you would have.

Thanks for your help?

I don't sign anything without reading it. Common sense, especially from someone capable of studying at postgrad level?

ViolaLass

sciencey33 wrote: »

...didnt allow me to read agreement...

So why did you sign?

CHR15

DIDN'T ALLOW YOU??

Good grief, are you old enough to have a bank account?

ViolaLass

It's taken you 10 years to notice that you're being charged for an account?

JasX

ViolaLass wrote: »

It's taken you 10 years to notice that you're being charged for an account?

Quite..... if the typical ability level of parts of the general public is now 'unable to read anything they sign' and 'unable to check on their outgoings even once in a 10 year period' god knows how we're ever going to get the economy going again :mad: