Mis-sold secure loan

roonaldo

Leemond75 wrote: »

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.

that is incorrect, I've worked for lenders and its quite common.

roonaldo

the reason why you are getting stick is that you were happy to take out the loan in joint names, spend the money, but now complain that you shoudnt of had the money in the first place.

MortgageChallenge2011

Loan defaults - the loan company will chase both of you. Both of you ignore them but then the loan company pulls in the security - ie your flat. Why spend ages letter chasing your ex partner when they can say to you pay up or lose your flat.

Yes, you have been properly stitched up by your ex, and the loan firm is protecting its interest like any normal business. This loan was never mis-sold - you both applied but your security was in one name.

The only solution is to pay the £140 a month, yes its tough but using your quote "she persuaded me to get out a loan for her secured on my property"

Leemond75

roonaldo wrote: »

the reason why you are getting stick is that you were happy to take out the loan in joint names, spend the money, but now complain that you shoudnt of had the money in the first place.

I didnt have the money, she took it all! -So no I didnt spend it. My point is if they had insisted on the loan being secured on a joint place she wouldnt have got away with it.

So honestly are we saying that this woman can do as she pleases and there is nothing I can do against her or the company that sold me the loan.

She now sits in her 3 bed council house I pay for again with her children whilst I pay it!

I wish I could have a chlid but I cant as I know I will not ahve enough money to provide yet.

This is why people turn to crime.
or
Maybe I quit my job, house repossesed then Ill get a 3 bed on the council and have a few kids on you!!

the_insider

Leemond75 wrote: »

I didnt have the money, she took it all! -So no I didnt spend it. My point is if they had insisted on the loan being secured on a joint place she wouldnt have got away with it.

You had the money as you were happy to use the funds secured against your house to clear her debts. If you weren't then you shouldn't have signed the paperwork. As part of your life choices at the time you were happy for the house to effectively become 'joint' with her for the purpose of the loan. Now that you're no longer in that position it reverts to the actual owner, as people have explained before. The security against repayment of the loan belongs to you, they know she's bankrupt, where do you think they're going to get their funds back.

Leemond75 wrote: »

So honestly are we saying that this woman can do as she pleases and there is nothing I can do against her or the company that sold me the loan.

We all appreciate that this is a difficult situation for you but unfortunately it is your ex that has been underhand, not your lender. They weren't to know that the relationship was going to turn sour.

If you're not going to take her to small claims court then you have to accept that you have learned a very expensive lesson.

Apples2

Leemond75 wrote: »

My point is if they had insisted on the loan being secured on a joint place she wouldnt have got away with it.

She wouldn't have got away with it if she had asked me to clear all her reckless debts.

Leemond75 wrote: »

So honestly are we saying that this woman can do as she pleases and there is nothing I can do against her or the company that sold me the loan.

Exactly right, the same as you are free to ask me to clear this debt for you by remortgaging my house.

Leemond75 wrote: »

She now sits in her 3 bed council house I pay for again with her children whilst I pay it!

As are the rest of us dude.

Appreciate the answers aren't what you are hoing for, if it is any consolation, we have saved you a WHOLE heap of more cash by warning you off your "Clear you debts for naff all, promise Guv" company who were going to scam you further.

For info (just in case you decide they are legit) they also go by the name 30secondclaim
http://www.30secondclaim.com/

[Deleted User]

Leemond75 wrote: »

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.

just becuase people dont tell you what you wanted to hear doesnt make them wrong,nor does it make them a bunch of low lifes,in fact it makes them far more intelligent than you appear to be?

!!!!!! gf moves in you take out a massive loan secured on your property then she sods off,do you have MUG stamped on your head?
you werent mis-sold,you werent mis-led YOU mis judged her and now your paying the price,sad but true,just pay up and move on

roonaldo

Leemond75 wrote: »

I didnt have the money, she took it all! -So no I didnt spend it. My point is if they had insisted on the loan being secured on a joint place she wouldnt have got away with it.

dont kid yourself, if it were an unsecured loan, she would still have stitched you up, left you with the debt and this would be the same topic now.

opinions4u

Leemond75 wrote: »

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

You've had help. It's direct, it's honest and it's accurate. It's just not what you hoped to hear.

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?

You're the one who got dumped and left with the debts. If you disagree with the advice and comments given, by all means see a solicitor or a claims company and instruct them to see it through to the bitter end. Pay up front. Then see what happens. It'll be fine. Honest.

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.

You understand wrongly. As long as all people who own the property are on the loan agreement, you can have additional people added to that loan agreement as well. The main consideration for them is that they can be chased for the money, but if they don't own the property they can't have a different home repossessed.

telboyo

It looks like you will be paying £42,000 for the privilege of living with a girl for a week- Use the OTHER brain next time.