Repossesion/ mis sold financial product

mattcardiff79

Hi,
can anyone give me any advice about the following situation please.

i approached my mortgage company several years ago with the view to remortgage, they refused this but offered me the same amount as an unsecured personal loan.

Over the last few years i fell ill and was unable to work, i fell behind on the payments and after a court hearing they secured the loan to the house.

As i have been unable to return back to work due to illness i have been having the interest paid on my mortgage but they won't pay it on the secured loan. this has now resulted in a final court date and an eviction notice as they look to repossess.


Can anyone tell me if by not giving me the remortgage i originally asked for that the lender has mis sold the product i recieved, i might be clutching at straws but any help would be greatfully recieved


many thanks

Matt

Senior_Paper_Monitor

I am sorry about your predicament BUT the answer is no you have not been missold a finacial product in any way, shape or form.

I would be 99.99% certain you were not advised about the product - purely provided information and you opted to accept it.

You appear to be a clear demonstration of the need to consider and take advice (not unadvised sales) on 'protection' against financial liabilities in the event of change of circumstances - too late on that front for you, but if anything can gained from your unfortunate position perhaps it will be that at least one reader of these forums will realise 'that could happen to me' and investigate their protection alternatives.

I do not want to score cheap points from your circumstances - but there are several points in process when good professional advice, had you sought it, could have (and should have) protected you.

dunstonh

Can anyone tell me if by not giving me the remortgage i originally asked for that the lender has mis sold the product i recieved

No. There is no requirement for a lender to offer you any product.

The use of a personal loan may have been due to insufficient equity, not meeting mortgage lending requirements (which are different to personal loans), different time periods etc. Also, the criteria for personal loans often accepts higher risk cases and the higher interest rate goes with that.