I only wanted 1 loan, got 2...? Someone made some commission?

MrRincewind

no problem,pretty hung over so maybe feeling slightly touchy due to aching head

adrianporter

mrcow wrote:

Out of interest, what APR would the £17k have been at and what did you end up paying on the separate loans.

it would be interesting if you could tall us so we can work out who much poorer off you are because of this practice (it may help to back up your complant?)

Having just checked the orignal 2 agreements i signed, i am paying an APR of 8.9% on both. But i am paying 2 lots of insurance (which i never wnated and have been self employed for the last 3 years so near useless anyway) on the £7k loan = £1,389.39 + total charge for credit for insurance loan £324.81 = Total insurance cost £1,714.20 ...... and on the £10k loan = £1,984.84 + total charge for credit for insurance loan £463.76 = Total insurance cost £2,448.60. So has anyone got any advice what i should say to Halifax to try and get to the bottom of this. Was i ripped off, or just damn unlucky to be so nieve? Thanks all for your comments so far. :beer:

Astaroth

There are definitely 2 sides to this one.....

1) You were lucky. You obviously felt that you needed the £17,000 and that you could afford to pay it back. You found a sales rep who was willing to bend the system and get you the money you needed after the formal decision was no!

2) You were ripped off and the sales rep should simply have told you no you cannot afford to borrow £17,000 (aka the system says no) now go away (ok, the last bit is probably not what they should have said but was their for dramatic effect)

I personally havent seen any PPI product that wasnt equally as valid for the self employed as the employed... the "problem" is that for most self employed people they get almost as much income if they are off sick or in work but they dont appreciate that/ have a different concept of what off sick means (eg doing the books doesnt count as working)

adrianporter

Well, i'm glad i found this site, and ive had such a great response from everyone. I just wanted some second opinions so i didnt go guns blazing into halifax without a clue as to what i was on about. I'm happy to conclude that although this shouldnt of happened, it did, and as Astaroth quiet rightly says i was lucky in some way to get the £17k, which at the time i must have needed. So....ill keep chiping away at my sentence (aka loan) and put it down to lifes wonderful learning curve. Thanks again all who commented. Ade

clark1982

Halifax done EXACTLY the same to me, a few years ago.

I was looking for a loan of £15000. I approached them, they declined, but offered one for £8000 and one for £7000.

I had ppi on both, which i tried to cancel, but they refused.

I've now defaulted on both loans, as I had to much commitments. Although i agreed I'm responsilbe for my actions, I do feel The Halifax should have been a responsible lender and only allowed me a limit i could manage.

I'm now paying a DCA, they have agreed to freeze the APR.

They promote themselfs as responsible lenders, my !!!!!

adrianporter

Well funny you should mention you tried to cancel ppi, i had the same negative response, can they do that legally?

regularsaver1

When the adviser sells insurance they have to fill in a form - you get a copy - of what existing insurance you have and if they make a recommendation as they give an advised level of service.

The other day it sounded like you signed for the PLRC (Personal loans Repayments Cover) (does cover self-employed if paying correct class of national insurance contributions). if you now decide you don't want it, as you have 30 days cancelation rights you have to do a new loan. This time they will have to do ONE loan for the right amount. So up to you