Mis - advised Lloyds loan ?? help needed .

BoGoF

timetime1969 wrote: »

yes exactly ! they put this together at that amount and that long term - I would have thought it simpler to just keep the card and chip away at it , as she could have done , sometimes in large lumps . The problem here is that the total repayable is £11,707.41 from a £6800.00 loan ( It looks like the £800.00 was to clear overdraft )

But she was consistenly missing payments in your first post and called in the debt, as is their right.

I can guarantee if she was left to 'chip away' at the card then she would've ended up paying back more than £11,707 on the card.

Catherine_Johnson_2

RichGold wrote: »

..........What exactly is the problem here?

I'd hazard a guess that the OP has ideas about maybe being able to make a claim for being mis-sold a loan and is hoping for compensation etc?

KingElvis

They also normally close the card account in these circumstances. You sure it's still usable?

timetime1969

BoGoF wrote: »

"Made my wife sign" - how exactly did they do that then.

I'm sure they didn't hold a gun to her head .........

She was apparantly told it was her only option.

BoGoF

You do realise they could have insisted on payment in full within 30 days.....that was her other option. If she did not have the means to pay then there would be CCJ's, debt collectors. Would that have been her preferred outcome?

timetime1969

Catherine_Johnson wrote: »

I'd hazard a guess that the OP has ideas about maybe being able to make a claim for being mis-sold a loan and is hoping for compensation etc?

Errr no . just trying to get our finances sorted out , but I can't understand this massive loan to clear a Credit Card

I wrote MIS-ADVISED not MIS-SOLD and asked for help.

some people have been quite helpful though , thanks

RichGold

timetime1969 wrote: »

But ! why did they let her keep the credit card if that was the case - she still has it ! ( unused since ):)

So she can dig herself deeper, and end up owing more to the bank as that's what she had a track record of. They saw her as a good bet.

timetime1969 wrote: »

She was apparantly told it was her only option.

She could and should have said no.