Mis Sold Blackhorse Loan

enfield1988

Hi All,

In 2008 my mum applied for a secured loan with blackhorse. The loan was approved on the condition she could someone to counter sign, so I did. I spoke to blackhorse in april regarding the account as my mum had missed payments and I wanted my name removed from the loan as it was affecting my credit. On various occasions I was told that it could not be done. Anyway during the call the customer service rep asked if the payments on the mortage were up to date. I told her I was not on the mortage and had no idea how much is was or if it was up to date. She then said she was surprised I was able to get a secured loan on a property I did not own.

After that conversation I sent a letter and email to blackhorse. I told them that me being on the loan makes the loan void as I am not a homeowner of the property the loan is charged on nor any other. I checked my experian credit report and it clearly states that it is and 2nd mortage!!! How can I have 2nd mortage without ever having a 1st?

They replied and said they would investigate. They replied by basically saying that the loan wasnt void and that I am still liable to pay.

I complained again several times and they sent a letter saying the same thing. "we stand by what we said in our previous letters that this loan is not void and payment on the loan must be made. We are passing your account back to collections"

The last letter they sent said if I still was not happy I should complain to their asset and finance dept.

Do I have a case?

Is the loan void?

What should my next step be?

Tixy

Its perfectly okay for a secured loan to also have others on the loan that don't own the security.
So if you and mother have this as a joint loan and the secured property is just in her name then that is absolutely fine legally.

And if you and mother don't or cannot keep up with repayments this will affect both mothers and your credit file. Although obviously in the long run it will be her asset at risk.

KingElvis

No, the loan is not "void" and you'll have to pay or they will eventually have the house (or whatever it's secured upon)

balmk

The reason they needed a second applicant/guarantor was to spread the risk; this means that if your mother can't pay then they expect you to.

this would have been clearly stated in the documentation that you signed, and you are jointly liable for the debt.

RichGold

Why do people think that a loan could be voided after they have had the money?

The bank knew your mother wasn't going to pay, so they asked for a co-signatory so they have someone else to chase when her payments fail.

You're on the hook, so might as well pay up.

poppasmurf_bewdley

Of course the loan is void!

Just send them back all the money they lent you and they'll let you off the payments. Simples!

50quidonRED

Yes VOID! don't pay them any money

paulmcerlean

This loan is most certainly not void. Your good credit record allowed them to lend the money as you reduced the risk on your mothers application. You have liability for the loan and they will destroy your credit record should your mother not pay.

And that's a fact!

KingElvis

That's why banks and other lenders require a second signature when they suspect the applicant may be a non paying rapscalllion

blacksta

I have void the loan - no more worries

KingElvis

blacksta wrote: »

I have void the loan - no more worries

Can you void my loans (if I had any) too please?

I think they may be void as they were signed on a Tuesday and I WANTED to sign on the Monday :rotfl: