Has anyone ever complained about a misselling of a loan

banks4u

I believe I have been miss-sold

Saints2011

In what way ... Did you spend the money ....

redpete

banks4u wrote: »

I believe I have been miss-sold a few loans with natwest & halifax. Has anyone ever complained to them? If so what was the outcome?

Lots of people have come on these forums to complain about being mis-sold a loan, not many complain about being mis-sold several and most have actually mis-bought.

What aspect of the loans do you have a problem with?

banks4u

I strongly believe that the lender did not do a sufficient affordability check. I have paid the majority of the debt off so just paying the interest that was due on the loans now. Especially Halifax I called up to get a settlement figure 6 years ago and they sold me a loan. I know the rules for affordability checking for mortgages, FOS are tight about that but not about loans.
I want to firstly do a data request and see how they came to the decision to approve me. Regardless of what I did with the money, the bank had an obligation to ensure that it was affordable.

HoneyAndLemon

And what sort of gun did they hold to your head when they sold it?

If they told you to jump in a fire or run off a cliff would you have done that? And then complained to them about your injuries.

YOU ARE AN ADULT.

[Deleted User]

banks4u wrote: »

I strongly believe that the lender did not do a sufficient affordability check. I have paid the majority of the debt off so just paying the interest that was due on the loans now. Especially Halifax I called up to get a settlement figure 6 years ago and they sold me a loan. I know the rules for affordability checking for mortgages, FOS are tight about that but not about loans.
I want to firstly do a data request and see how they came to the decision to approve me. Regardless of what I did with the money, the bank had an obligation to ensure that it was affordable.

fgs grow up,NO they didnt,it is and was your responsibility to ensure you could afford any loan/loans,and remember 6 years ago money was cheap and loans easy to get !you dont even appear to know how the repayments work !
But feel free take them both to court for mis-selling but tell me when and where as i could do with a bloody good laugh !

rdwarr

This could be gold dust. We can borrow money from the banks, pay a bit back and then sue them for lending it to us in the first place. I've often been critical of banks on here but even I'm struggling on this one.

[Deleted User]

HoneyAndLemon wrote: »

And what sort of gun did they hold to your head when they sold it?

If they told you to jump in a fire or run off a cliff would you have done that? And then complained to them about your injuries.

YOU ARE AN ADULT.

for ADULT read IDIOT

redpete

banks4u wrote: »

I strongly believe that the lender did not do a sufficient affordability check.

For between 7.5 years you have shown that their affordability check was accurate - you have kept up the payments you agreed to. You can't expect the lenders to know that at some time in the future you would take on CC debt on behalf of your relations who would have problems paying you the money you borrowed on their behalf.

I have paid the majority of the debt off so just paying the interest that was due on the loans now.

That's not how loans work, at the beginning of the loan most of your monthly payment would go in interest, now (towards the end of the loan) most of your payment is reducing the capital.

rdwarr

This thread may shed some light on the overall position.

redpete

rdwarr wrote: »

This thread may shed some light on the overall position.

I think the OP's brothers might be suing him for the loans he mis-sold to them without checking they would be able to pay him back.