Mis sold nr together mortgage?????

erica7682

1111111111

withabix

What is your complaint exactly?

What is the interest rate on your Personal Loan?

talana

I think you need to take a deep breath and have another go at explaining it. At the moment it's hard to understand your complaint.
Typified by this:

I have recently contacted a company who seem to think we may have a viable case of a mis-sold mortgage on the grounds of mis-selling and not explaining the implacations of what would happen with the mortgage in the future when in actual fact we have been left in a right sorry state!

See what I mean..

dunstonh

They gave us more money than we wanted when we first re-mortgaged with us and left out a lot of vital information that if we knew we would never have even gone with them.

If you didnt want the money then why did you borrow it?

At the time you did the mortgage, there were key features illustrations that give all the required info in simple terms. You are also recommended to seek legal advice if you dont know what you are doing. You are also advised to seek independent financial advice if you need it. Did you seek legal advice or independent advice?

I have recently contacted a company who seem to think we may have a viable case of a mis-sold mortgage on the grounds of mis-selling and not explaining the implacations of what would happen with the mortgage in the future when in actual fact we have been left in a right sorry state!

Not a hope in hell you will win that one. First of all, you cannot complain about not having a crystal ball. Plus, mortgage contracts have been full of risk warnings for a very very long time.

Althouh it was on the T&C's about the loan interest rocketing up if we moved out mortgage (we cannot recall seeing it) they never explained this to us. All in all they said it was basically risk free and never explained the consequences of what would happen in the future.

How did you sign the mortgage contract if you didnt see it? It is not their requirement to explain it to you. It is your requirement to understand it and if necessary use an independent adviser and/or legal adviser to give you the advice. If you dont seek advice then you take on the responsibility.

Gladstone Brooks who i have got in contact with have said that we may have a case of a mis-sold loan and something about the credit agreement not being correct???

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The bottom line is that you borrowed the money. you spent the money. They provided the information and risk warnings for you to read. You could have sought advice but it sounds like you didnt. The chance of them being shown as doing anything wrong from a legal point of view is remote. Yes they probably lent you too much but you are an adult and you didnt have to take it. Post 2004 mortgages had risk warnings written all over them so you cant complain you were not made aware.

beecher2

Althouh it was on the T&C's about the loan interest rocketing up if we moved out mortgage (we cannot recall seeing it) they never explained this to us.

It is up to you to make sure you fully understand any document you sign, particularly one so important. Treat it as a lesson learned and concentrate on clearing your debt.

roonaldo

sorry, take some responsibility for this. You havent been mis-sold anything from what you have said.
Also 10.5% on an unseucred loan isnt all that bad in todays market.

saverjustice

PM me with more detail.

shy2011

The unsecured loan was given to you at a mortgage rate once you delink it from the mortgage and leave the company it turns in to a NORMAL unsecured loan with a commercial interest rate. That info would have been in the terms and conditions of your mortgage offer. I assume you spent the unsecured loan funds so to pay an average interest rate at the moment is pretty fair once you leave the company why should they let you keep a special mortgage rate when you dont have a mortgage with them? Not a hope in hell you were mis sold. All documentation would have been given to you. Funny how many people dont read to information when taking on the biggest financial commitment they will ever have

p00hsticks

erica7682 wrote: »

They gave us more money than we wanted

Presumably you therefore now have this squirreled away somewhere and can use it to pay back that loan ;-) ?

roonaldo

erica7682 wrote: »

And i also dont really appreciate that comment as I AM TAKING FULL responability for this and paying every penny on time EVERY month!!!!

and so you should, you borrowed it.

roonaldo

What do you expect when you post comments stating that Northern Rock mis-sold you a mortgage because you borrowed too much.

You can only be mis-sold something if there was a sales failing, if you sold something that was unfit for use, ineligible for or not suitable for. Northern Rock are not at fault for anything you have said. In 2006, Mortgages were regulated by FSA. You would have been given a Key Facts about our services/ Initial Disclosure Document, Key Fact Illustration, Mortgage Offer, Demands, Needs and Recommendations Statement, the advisor would have completed a fact find. The sale is robust.

Overall the responsibility comes down to you.