Has anyone ever complained about a misselling of a loan

redpete

banks4u wrote: »

I just wanted people's view on any complaint made to a retail bank.

You sure?

I actually think you are all wrong,

So why ask for people's views?

27col

rdwarr wrote: »

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.

Sounds like a plan!

cheergirl

Can anyone offer me advice??

My mums on disability & incapacity allowance after an accident 8 yrs ago and now suffers from memory loss and slight brain damage, i have her savings in my bank account and control the money side of things...generally!
All her benefits go into her bank account, her bank sorted out 2 accounts for her, one for bills and one for spending, as they understood that she was having difficulty keeping track of when her money was coming in and bills going out. They are aware of her financial situation and the help they have given her with regards to keeping out of debt (ie. the 2 accounts). Bearing this in mind, my mother went into the bank and somehow managed to get a loan for £5k, she has NO income except for the benefits which total about £500 a mth if that. After all her bills and now the loan come out she is left with about £150 a mth to live on, she trusted the bank to tell her if she couldnt afford the loan (if they said she could have £10k she would have taken it cos she doesnt understand whats affordable). The loan is paid every month and she hasnt missed a payment but shes now getting into debt and has literally no money.

Would she have a case to claim for mis selling of a loan giving that this is her local bank who are aware of her situation?

Any help greatly appreciated!!

Emmzi

You may be a rare case of a yes. If she has clear mental incapacity and the bank are aware of that they should not have sold. Note though that you are not discussing affordability, that is not the issue. It is more "how confused of mind".

Another factor though may be what she did with the money. She should make efforts to repay - if she bought jewellry she should sell that to make repayment, for example.

Can you and mum both go for a chat with the bank manager?

Would frozen interest and a longer repayment period be an option? That would seem a fair compromise.

banks4u

Hey, well looks like my situation has changed. My brother finally got a job and has now said he will pay me back. Btw I am very responsible with my finances and have always managed to play my bills and loans on time. Back to having 880 spare a month. I will be debt free by the end of this year I hope. I know some of you think I was silly to lend my bro money, but would you not do the same to help someone ? I'm sure when I need it they will help me.

jc808

rdwarr wrote: »

This thread may shed some light on the overall position.

Jesus.

If I was in the OPs position, forget about saving for a marriage, id be saving for a fake passport and a new suitcase.... holy moley

banks4u

Really ? Why do you say that?

Emmzi

banks4u wrote: »

. I know some of you think I was silly to lend my bro money, but would you not do the same to help someone ? I'm sure when I need it they will help me.

No, I just don't believe anyone has so lax an attitude to cash and I think you enjoy the drama. whether that drama is real or not is anyone's guess.

redpete

banks4u wrote: »

I know some of you think I was silly to lend my bro money, but would you not do the same to help someone ?

The really silly bit was trying to blame the bank that lent you money when your brother couldn't pay you back what you lent him.

banks4u

Job done I am not going to complain. I would rather spend my time doing thing to pay the debts off. I have paid 40k off now it's just 10k left. can't wait to be debt free!! I will never ever take a loan for anyone. Lesson learnt and burnt?!