Would this be a missold loan?

malkyh

blacksta wrote: »

Newbie Bashing

Should be an Olympic sport.

poppasmurf_bewdley

DCFC79 wrote: »

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

If he's put his nads in the blender, there won't be any children! :rotfl:

malkyh

poppasmurf_bewdley wrote: »

If he's put his nads in the blender, there won't be any children! :rotfl:

And if there is, his missus will have some awkward questions to answer.

Bravehearted_2

Secured loans aren't illegal you know?

You took the loan and now want compensation for the privilege?

Whatever you're smoking, please share.

geoffky

No get out of jail card here.
You and the rest of society really must grow some balls and admit that you are all adults and make choices,
Trying to get out of a debt because you think its a long old hard slog paying it off is not very grown up..I bet it got you out of a deep hole at the time and welcomed it....such is life...

~Brock~

scoobtrout wrote: »

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).

This makes no sense.

Do you not remember receiving these cheques? Are you saying that you never had the benefit of the money? Did you not pay off the credit cards after all? If so, why is this anyone's fault but your own?

want-it-all

scoobtrout wrote: »

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

Hi there,

Unless there are any other compelling factors that you've not listed, then I'm struggling to understand how this loan has been mis-sold to you. As has been pointed out, you requested a consolidation loan, and got one. All other things being equal, this is perfectly legal/kosher.

'Mis-sold' is a bit of a bandwagon these days, and unfortunately it doesn't look like you have a valid ticket for the ride...

I'm not one to recommend further credit as a means of resolving debt, but, do you have a chance of obtaining an unsecured loan in order to clear this secured loan? (possibly not, as you indicate current affordability issues).

If you're having problems making payments, you need to contact the lender. But, since it's a secured loan, you may also want to engage a qualified debt counsellor at the same time for some advice.

scoobtrout

!!!!!!ation!

DCFC79

scoobtrout wrote: »

!!!!!!ation!

That bad is it

_Andy_

scoobtrout wrote: »

!!!!!!ation!

Very informative.