Secured Loan miss selling????

Con_fuss_ed

Thanks jonnyd281 and nrsql - this is why I am exploring this my OR has said it may not be part of the BR as its secured but if that is in question and it is technically unsecured then it is part of the BR both me and my OR are looking into this as I cannot find the original CCA I signed and my OR is awaiting a response from them. Hence I have come here to see if anyone has any experience of this. I guess some of you could say I am looking for a loophole to not pay but only if it is justified under my bankruptcy and if Welcome have incorrectly sold a loan as secured then a lot of customers could be in the same position too. My OR is also aware re the FOS letter on PPI. I will be happy to pay off the secured loan if it is one now that my financial position is improving. Like a lot of people I have experienced a life changing event which affected me financially and I am doing my best for me and my family to get things sorted.

Emmzi

http://www.moneyextra.com/guides/secured-homeowner-loan-guide.html

I think I anyone has a claim it is your husband against you for taking out a loan secured on his property. But I would wait until you get the credit agreement - many many people forget what they have signed. It may be the loan was in your name but he agreed to the charge.

Con_fuss_ed

I don't think my husband is going to be concerned with suing his wife over a debt which he was aware of and was paid into our joint account! It's I explained earlier this was not a case of the wifey trying to acquire funds behind her husbands back. I know that although he was aware of the loan he did not sign anything as he was working out of the country at the time. Just trying to establish whether it can be classed as secure if a joint mortgage account holder on the first charge has not given any written consent to the loan.

[Deleted User]

in a word yes it can
welcome have had their own problems(well documented)but as i see it as sure as eggs are eggs repossession will eventually happen
it has to be remembered that lenders arent financial advisors

Con_fuss_ed

This is something like I said I have wondered recently after my OR actually started raising it really as he too is trying to establish whether it should be included in the BR.
Maybe me coming on here and asking other people for their advice based on their experiences on an issue I have recently come across mainly because my OR has asked the question makes me give bankrupts a bad name. But surely making assumptions on a persons character, particularly thinking the worse of someone, rather than using benefit of the doubt makes you give people in general a bad name I worry about the motivations of a minority of people who come on forums with their ill advised opinions rather than their constructive advice/ help. I guess I should have listened to my gut instinct to not use a forum which stopped me from using one for many years until now and stuck with asking friends and family who know me well. This is probably the advice I would give all forum writers.

Bravehearted_2

Please come off it and stop playing the victim card.

You can't take offence to what people have said simply because they haven't said what you like. And forgive the "judgemental" folks on here who aren't jumping up to give debt-evasion advice.

For what it's worth, I hope this debt doesn't cause you to lose your home. No one here wants that sort of thing - what they hate though is money grabbers who claim misselling or any loophole possible to get out of paying what they borrowed.

jonesMUFCforever

Whether this is included in the bankruptcy or not is not the issue here - that is whether a sole signature can be enforced on a jointly owned property.

The only person who can decide this is a judge - anything else will be conjuncture.

LovelyLeeds

It looks to me that the opening post was thought to have been written slickly, but our tried and trusted veteran posters on here have seen straight through it. :j
The loans forum regularly gets chastised by some posters for being too harsh, unkind etc., but I find it cuts to the chase, gives good advice when good advice is due, but when a thread tries to dogde - you get what's coming.

Emmzi

here is a similar situation from a diffeent forum. The suggestion there is that they can only pursue the equity you have in the property.

Is there, in fact, any equity? and is husband in a position to buy it out?

asbokid

Con_fuss_ed wrote: »

Due to him [hubbie] working away and me having a more steady job and being the main earner it was a logistical decision to do in my name as he was not around to sign docs. Hence I asked the lender if it was possible and they answered yes.

you have since estranged from your husband?

since your husband was away when you used his half of the house as collateral, what could this mean?

was your (ex-)husband's bank account used to make any payments on that loan? or were the payments taken exclusively from your bank account?

it would be a travesty if your (ex-)husband were to suffer too, since he appears to have had no involvement in seeking and securing this home-wrecking loan.

you say that your husband was not at home, maybe not even in the united kingdom when the loan was issued?

naturally you wish to vindicate your action of offering the marital home as collateral on your own personal loan.

don't fret over that. it's not the greatest sin to do things behind a partner's back. on occasion, some of us gentlemen wilfully leave the toilet seat down when using the lavatory, in spite of promises to the contrary. now that is far worse.

the moral question here is whether your ex-husband should be penalised for your profligacy too.

be cautious in the way you proceed from now, and be cautious with your words.

maybe a reconciliation with your ex-husband so as to facilitate a discussion of your mutually-beneficial options would be the best way to proceed?

All the best, and with Britain mired in £1 trillion of personal debt, be wise and remember the words of Sun Tzu, the greatest Chinese warlord...

Know Thy Enemy...

and to put it bluntly thy enemy includes quite a number of banking puppets who haunt this forum posting toxic messages that are not remotely in the 'money-saving' spirit of this forum..