Do Mis-sold loans exist? or am i going mad?

Stewartlowe4

In April 2006 I took a £17,000 loan out with the Natwest to purchase a half share in an apartment abroad. In 2008 I was hearing lots of adverts on local radio stations stating that anyone who took out a loan before 7th July 2007 may mis-sold sold you a loan where the small print could be flawed. I contacted one of these companies (in Barnsley) who after assessing the details of my loan told me that it looks like my loan falls into this category and if I pay £295 to take the case on, they could claim back a proportion of past payments already made and also write off the remaining balance. I want to take this option up once more because I decided against it back then because I couldnt afford the £295 at the time but when i look online for this particular service, its like it doesnt exist anymore and only throws up companies wanting to fight the PPI claims. Is it me or did this really exist and what companies provide the mis-sold loan service?

McKneff

Dont fall for it.

They will tell you they will look into it (then take your money if you tell them to go ahead)

Then they will tell you they have looked into it, youve not been missold, they have carried out their side of the bargain.

Job done.
Youre out the money, they have the money

Dont touch them with a barge pole.

MonkeyMad

In which particular way do you think you were you mis-sold this loan?

dunstonh

In 2008 I was hearing lots of adverts on local radio stations stating that anyone who took out a loan before 7th July 2007 may mis-sold sold you a loan where the small print could be flawed.

You will probably be referring to either Cartel or Kerobo. Both were heavy on radio adverts.

Also, both no longer exist after going into administration, taking all those £495 up front fees with them.

I contacted one of these companies (in Barnsley) who after assessing the details of my loan told me that it looks like my loan falls into this category and if I pay £295 to take the case on, they could claim back a proportion of past payments already made and also write off the remaining balance. I want to take this option up once more because I decided against it back then because I couldnt afford the £295 at the time but when i look online for this particular service, its like it doesnt exist anymore and only throws up companies wanting to fight the PPI claims. Is it me or did this really exist and what companies provide the mis-sold loan service?

The test cases in 2009 all ruled in favour of the lenders (and quite right too). It blew this disgraceful attempt to shirk valid responsibilities out of the water.

magpiecottage

Loans can only be missold in specific circumstances. I doubt yours are one of them.

birkee

It would seem, you don't know the difference between the loan, and missold loan INSURANCE.

You bought a share in an apartment abroad, and you can't afford £295?..... Lousy money management!
The £295 to process the claim is a scam anyway.