Mis-sold secure loan

Leemond75

Hi

I am new to this forum and I am after some advise. I have spoken to the CAB and they were not very helpful.

In October 2006 I purchased a 1 bed flat in a good area, (I was getting divorced from my wife and had a 97% mortgage to loan value on the flat only put £5,000 deposit down)

Anyway in Jan 2007 I let my then girlfriend move into the flat. She had large loans for a car and various credits cards, she persuaded me to get out a loan for her secured on my property. We got the loan out in joint names, however I was the only person on the mortgage. I didnt think much of this at the time as I just assumed this was the way it worked, it was a joint loan so she would also be liable to pay it off. Anyway within a week of the £15,000 paying her creditors off she ran off with someone from work, leaving me with her £15,000 debt to pay (but its £140 a month for 300 months so in the end will cost a lot more than that).

Now obviously in a moment of stupidity I didnt think things though, thinking that I trusted her and that she wouldnt cheat on me or run off with the money. She made a few payments to me in the first few months after we split but then she stopped paying. I chased her up sent many emails to her and rung her, she got very abusive and refused to pay any money. She has since had a child and decleared bankruptcy.

I rung the loan company (picture loans) and explained to them what had happened, they said that because the property was in my name, even though the loan is in joint I am liable to pay it for her, or they will take my flat. Picture loans has since passed my loan to another company (I have never missed a payment, i think its because the picture went bust)

I have been to the CAB and have tryed a number of different things to try and sort it out, nothing has worked.

I have been trying to get the money from her for the last few years with no luck so instead I have had to make the payments.

Recently I saw a company called 6quickquestions and they claim to be able to wipe your loan if there is a legal term wrong with the agreement. (having done some research it seems they dont wipe it but they make the company unable to force you to court to pay the loan, but if you stop making payments then you get bad credit.)

I have thought about small claims to try and get the money from her but being as she is now a single mother iving in council accomdation even if I were to be able to take her to court, if they only enforced £10 a month it wouldnt really make a lot of difference.

So I guess what im asking is
1. What can I do, im at the end of my teather?
2. Have I been missold the loan because as far as I was aware she should have had to pay it back as well as me, not all by me, which is what has hapened.
3. Does anyone know if the company (6quickquestions) can wipe the loan or if it is a scam.
4. Any other ideas to remove it.

Anyhelp.......

Apples2

Leemond75 wrote: »

2. Have I been missold the loan because as far as I was aware she should have had to pay it back as well as me, not all by me, which is what has hapened.

If anyone has defrauded anyone else, it is you by waffling like a hairy egg to get this wad of cash to start with.

Leemond75 wrote: »

3. Does anyone know if the company (6quickquestions) can wipe the loan or if it is a scam.

Of course it is a scam.

Leemond75 wrote: »

4. Any other ideas to remove it.
.

Yep! repay it in exactly the way you promised you would when you applied. This is your loan, even in joint names you are 100% liable to repay the entire debt.

As your clever ex has now gone BR, they won't give her a second thought.
Are you sure whe went BR or has she perhaps spun you another yarn?

ILW

You are both liable for the loan, problem is that you have assets and she does not so they go after you. Pretty standard.

Leemond75

Helpful by insulting me, thanks...Apples2

ILW

If you went bankrupt as well, you would not be liable.

Apples2

Leemond75 wrote: »

Helpful by insulting me, thanks...Apples2

It's that mis-sold word, does it everytime.

The dictionary needs a new definition of the term mis-sold. Should be, "One who has made a stupid mistake and now wishes to turn back the clock"

magpiecottage

I am afraid you have been stitched up once and you have to pay.

Don't let somebody else stitch you up again by paying them for a non-existent way out.

roonaldo

its not mis-sold. the loan was in 2 names. so what.
its irrelevant that the mortgage is just your name.

magpiecottage

Apples2 wrote: »

It's that mis-sold word, does it everytime.

The dictionary needs a new definition of the term mis-sold. Should be, "One who has made a stupid mistake and now wishes to turn back the clock"

"Missold" sounds so much better than "mispurchase". The latter means it was my fault. The former that I can blame it on somebody else and, with a bit of luck, make them pay for the error.

It is only somebody else's fault if they misled you. If you made an informed decision then it is not their fault.

The only person who misled the OP was the person whose debt he took on.

Leemond75

You people on here are so nice, pleased I took the time to ask for your help.

I will take delight in knowing you are probably a brunch of low lives who just spend all your days on internet forums insulting people who think this is a site where they might get decent advise, how are those microwave meals for one going?

I work hard for a living I have no other debts but this, I dont take benefits or money from anyone, but one mistake.

Missold - From what I understood legally the company were not able to put a second charge on a property unless both people on the loan agreement owned the property, therefore the its not legally binding.

ess0two

Quit whinging,you got screwed over by the girl,tough.