Has anyone ever complained about a misselling of a loan

Apples2

Of all the duffers who whine a loan has been mis sold, has any of them offered to return the loan back to the lender?

Thought not.

OP, slap yourself.

banks4u

I actually think you are all wrong, the responsibilty on the bank is to prove that it was affordable and they did a good affordability calculation. I don't want to not pay back my loan as I don't have long to go. I just am unhappy for 6 years I just didn't have enough money to live freely with. Most companies have a 56% debt to income ratio, mine was more like 89%. They should have considered that. It's like the ppp complaints, I feel everyone who bought then complained are in the same bout that u refere too.
Did people not read the paperwork??
I dealt with lenders as an underwriter and most mortgages have not got sufficient paper work to confirm that the advice was suitable. Regardless if you have paid it or not. I then dealt with complaints and u will be surprised how much money lenders and companies have paid out for unsuitable advice, regardless if someone has paid or not.

banks4u

Just to make sure people understand i have full intention on clearing my debts, I tools the money and rightly I owe the money back.
I just wanted people's view on any complaint made to a retail bank.

Emmzi

banks4u wrote: »

I actually think you are all wrong, the responsibilty on the bank is to prove that it was affordable and they did a good affordability calculation.

Show me the FSA regulation that covered that, with an objective definition of "affordable", for the year you took the loan.

I will tell you now, it does not exist. This is not the tree to bark up. Rather, let's talk small claims court to recover the cash your family owe you...?

banks4u

Oh I see, I thought that might be the case. ESP with consumer credit act. So was there no rules on affordability on issuing loans?

banks4u

Well It seems everyone owes me money, I wanted to help my family out. By doing so my mortgage was 49k it increased to £180,000 I took loans of £45-50k but now I am down to nearly clearing it.
I have said that any equity in this property goes to me. Also my bros are jobless so just need him to get a job, so I'm paying all the bills. I haven't minded so much until now when I need the money for my wedding.

Emmzi

nope. and back in the day not on mortgages either. all this control is very recent.

banks4u

Oh well.. Worth a try in asking. But may still do a data request from Natwest, as I think in authorised people eg my cousin is looking at my details. She seems to know what I am doing. I want her sacked

andy.m_2

banks4u wrote: »

I have said that any equity in this property goes to me

^^ This, leads me to believe that the situation is not black and white.
If it is the case that the house ownership is shared then be very careful and get a solicitor to draw up a legally binding agreement to confirm that all equity in the house goes to you.
Your bros (sic) has not exactly enamoured himself to you until now has he, so why do you believe that he will do so in the future and see you right on a verbal agreement?

Also...
what stops him from releasing equity further down the line to fund his current lifestyle.


Finally, give up on the missold route, you will get your hopes up for nothing, it is a dead end flogged horse.

Your best route is to protect yourself from the future while learning from the past.

Good luck

opinions4u

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

All Halifax personal loans have an affordability calculation in them.

At least they did between 1989 and 2010 - I assume they still do now that they are processed the Lloyds TSB way.

Halifax will be able to show that they have taken into account income and priority expenditure before lending money.

If your circumstances change after you sign the agreement, or you prioritise your spending stupidly, or take on additional commitments elsewhere ... that isn't the lender's fault.

If you're saying you lied but they never checked it, well done on committing fraud!

Regardless, no regulator or court will write off the loan.

So, which are you:

1) Victim of circumstance
2) Stupid
3) Criminal