Would this be a missold loan?

scoobtrout

Hi!
My first thread. I think I may have been given bad advice and taken up a secured loan which I have been struggling to pay for a long time. Please help!
In November 2006 I took out a secured loan for £20000 to pay off credit cards. The loan is through GE Money. I have just found evidence in my files (OK, bad filing perhaps?!) that they sent me 2 cheques to a value of £7875 on 15/11/2006 to pay off credit cards. The other £12125 went a similar way, (I am still trying to find other evidence of it).
My point is this: Is it or was it legal for the loan company to sell me this product? I am paying it off at £210 a month for the next 20 years, secured on my house! If I had not taken the loan and defaulted on the credit cards I may have been able to negotiate terms of about £5 - £15 a month (particularly as I am earning very little at the moment), unsecured. Was I missold? Can I stop the loan? Reduce it? Claim compensation? Or should I just have been more aware? I am a bit more financially savvy than I was, but would appreciate any help advice please.
Regards, Scoob

KingElvis

Ahhh bad luck, you changed unsecured debt into secured debt, this is the financial version of sticking your nads in a food blender.

I very much doubt you'll have any milage in down the "mis-sold" route...there could be PPi to reclaim if it was lumbered on top?

blacksta

The responsibility lies with you to fully understand what you are getting into before signing any contract. This isssue here is affordability, if this werent the case , you wouldnt have complained about loan miselling. I am not sure what the next step is?. I would seek expert advise..

jackieblack

KingElvis wrote: »

Ahhh bad luck, you changed unsecured debt into secured debt, this is the financial version of sticking your nads in a food blender.

:rotfl: Just spat my coffee all across the keyboard/monitor reading that! :rotfl:

_Andy_

Struggling to see why this was 'mis sold' at all. You wanted a secured loan for debt consolidation, they provided a secured loan for debt consolidation.

DCFC79

KingElvis wrote: »

Ahhh bad luck, you changed unsecured debt into secured debt, this is the financial version of sticking your nads in a food blender.

Thats a new 1, can i reclaim the cost of a new keyboard please as i spat my drink all over it.

Will someone please think of the children

lolavix

KingElvis wrote: »

Ahhh bad luck, you changed unsecured debt into secured debt, this is the financial version of sticking your nads in a food blender.

:rotfl: Thanks KingElvis, first time I've laughed all day!

So you had debt on credit cards and took a loan to repay them, I'm assuming because it was cheaper? How is that a mis-sold loan?

somethingcorporate

Mis-bought - evidently.

Mis-sold - very unlikely.

Apples2

scoobtrout wrote: »

I am a bit more financially savvy than I was,

Can I be the first to challenge that statement?

Reading your post, I started with a headshake at mis-sold, facepalmed at Stop the loan and double facepalmed at Claim compensation.

Have you ever tried to reclaim money you have spent buying car because there are others cars for sale for less money?

blacksta

Newbie Bashing

_Andy_

blacksta wrote: »

Newbie Bashing

Nothing to do with the poster being a 'newbie'. They have given no hint as to why it was 'mis sold'. What would you rather we do? Lie to them?
Get a grip