mis sold loan

myfriendmartin67

Hi in May 2006 I rang the bank (RBS) explaining that my existing loan was due on the Friday but I would not have the funds to pay it until Tuesday, I was on income support with 3 dependent children so money was tight, and asked for a few days grace to stop me getting charges for late payment and returned item fees as this was always happening to me anyway, I felt I just went round in circles paying fees all the time. Anyway the advice given was no as the d/d would probably already be in process but that I should renew my loan to clear all debts starting a clean slate and then not have to worry for another month or so about my new repayment and would have money to play around with. My existing loan was around £17,000 which had been renewed over and over again over the years and had started as a £1000 loan, but I only had a short time left to finish paying for it and did not want to go down this road and explained I just wanted a few days breathing space not to start again and also the loan on offer was to pay off the existing loan plus £5000 which totalled to nearly £22000 now going from a £190 a month repayment to £242 a month and as I was already struggling didn't see it as a way of helping me just getting me into a further rut and where as all the money I already paid gone if they are starting all over again, but I was fobbed off about this is how it works and it would be my only option other than more bank charges and default against credit rating etc, so reluctantly I agreed and have had nothing but hardship ever since, I have sprialled into pure debt ever since having to borrow to pay this and that and get more credit just to live basically, my brother has to lend me money sometimes just so I can pay for school dinners and weekly shop because I have so much debt and credit just to live, by the way I started full time employment 3 years ago so have to pay full rent etc, the bank just isn't interested in my predicament and now I have another loan taken out in 2009 which is £147 a month aswell as my existing loan which was to help get rid of debt but as not helped at all, then somebody used my debit card details so I was reimbursed but paid back three times aparently and even though this was the banks fault the onus was on me they say to tell them but on my statement it read fraud repayment then debit error then fraud repayment (double dutch to me) but I thought that meant they had just recognised the error and corrected it internally, so I had over £500 taken from my already overdrawn account which was £803 (my overdraught is £800) so they didn't feel it a problem to take the overpayment as I was already over anyway was their words, this they agreed then to take back at £15 per week instead over a period of time and I also now have to pay the bank £15 a week because I missed my two loans in Feb as my new bank MCU debits my account on a Fri and it doesnt reach RBS until Tues so I knew my payment out on 15th would make my loan d/d on 16th & 17th late and more charges so it was recalled by my bank and then mislaid! (I have no faith in banks whatsoever) I explained this but nobody was interested in my dilemma and agreed to pay the £15 per week to get it all down but was only told after agreeing that it was in effect a payment plan and if I missed a week would have to pay all my loans etc in full, I never would have agreed to this if I knew that! My life has been constant stress and hardship ever since I was mis sold this loan in 2006 living off debt and credit to live and RBS couldn't care less. PLEASE anyone am I right was it mis sold and if so what do I do. I think Martin could make a whole tv programme about my dilemma. Sorry this was so long but it was necessary to explain more.

Wutang_2

sorry, gave up

McKneff

Could you go back and put lots and lots of paragraphs in please.

It's impossible to read more than a few lines before going cross eyed

[Deleted User]

I'm just going to guess. No, not mis sold.

27col

I thought I saw the longest sentence ever the other day on here. But this one is twice as long. If you look along the second row up from the bottom of your keyboard you will find a funny looking thing on one of the keys. It is called a full stop. Please try using it in future, if you want anyone to take your post seriously.

Apples2

I got as far as (RBS) and threw the towel in.

I tip my hat to those determined enough to wade through that.

ineed

myfriendmartin67 wrote: »

Hi in May 2006 I rang the bank (RBS) explaining that my existing loan was due on the Friday but I would not have the funds to pay it until Tuesday, I was on income support with 3 dependent children so money was tight, and asked for a few days grace to stop me getting charges for late payment and returned item fees as this was always happening to me anyway, I felt I just went round in circles paying fees all the time.

Anyway the advice given was no as the d/d would probably already be in process but that I should renew my loan to clear all debts starting a clean slate and then not have to worry for another month or so about my new repayment and would have money to play around with.

My existing loan was around £17,000 which had been renewed over and over again over the years and had started as a £1000 loan, but I only had a short time left to finish paying for it and did not want to go down this road and explained I just wanted a few days breathing space not to start again and also the loan on offer was to pay off the existing loan plus £5000 which totalled to nearly £22000 now going from a £190 a month repayment to £242 a month and as I was already struggling didn't see it as a way of helping me just getting me into a further rut and where as all the money I already paid gone if they are starting all over again, but I was fobbed off about this is how it works and it would be my only option other than more bank charges and default against credit rating etc, so reluctantly I agreed and have had nothing but hardship ever since.

I have sprialled into pure debt ever since having to borrow to pay this and that and get more credit just to live basically, my brother has to lend me money sometimes just so I can pay for school dinners and weekly shop because I have so much debt and credit just to live, by the way I started full time employment 3 years ago so have to pay full rent etc, the bank just isn't interested in my predicament and now I have another loan taken out in 2009 which is £147 a month aswell as my existing loan which was to help get rid of debt but as not helped at all.

Then somebody used my debit card details so I was reimbursed but paid back three times aparently and even though this was the banks fault the onus was on me they say to tell them but on my statement it read fraud repayment then debit error then fraud repayment (double dutch to me) but I thought that meant they had just recognised the error and corrected it internally, so I had over £500 taken from my already overdrawn account which was £803 (my overdraught is £800) so they didn't feel it a problem to take the overpayment as I was already over anyway was their words, this they agreed then to take back at £15 per week instead over a period of time and I also now have to pay the bank £15 a week because I missed my two loans in Feb as my new bank MCU debits my account on a Fri and it doesnt reach RBS until Tues so I knew my payment out on 15th would make my loan d/d on 16th & 17th late and more charges so it was recalled by my bank and then mislaid! (I have no faith in banks whatsoever)

I explained this but nobody was interested in my dilemma and agreed to pay the £15 per week to get it all down but was only told after agreeing that it was in effect a payment plan and if I missed a week would have to pay all my loans etc in full, I never would have agreed to this if I knew that! My life has been constant stress and hardship ever since I was mis sold this loan in 2006 living off debt and credit to live and RBS couldn't care less. PLEASE anyone am I right was it mis sold and if so what do I do. I think Martin could make a whole tv programme about my dilemma. Sorry this was so long but it was necessary to explain more.

I've made a few changes so your post can be easily read, hope you don't mind OP now I don't think this can be classed as a mis sold loan (although I'm certainly no expert) but if I were you I'd give CAB a ring and see what they say. Might be worth popping over to debt free wannabe and post an SOA, they will help loads. Also look into debt charities like CCC it's a free one. Good luck

maginot

I have tried reading it but I don't fully understand your story!
You had a £17,000 loan but this was near to be paying off so you took out a £22,000 loan???

You didn't want this loan but also took out another loan in 2009?

You then go on to complain about receiving an overpayment after fraudulent activity?? What does this have to do with the loan?

There is no mis selling unless they forced the loan on you at gunpoint! They have probably been silly lending to you as it looks like you have considerable issues with money previously and are still struggling.

As has been mentioned seek advice on your debts. Speak to payplan or CCCS and see war the best course is for you?

MonkeyMad

myfriendmartin67 wrote: »

...My existing loan was around £17,000 which had been renewed over and over again over the years and had started as a £1000 loan...

You start of with £1000, somehow get up to a loan of £17000, and when 'I only had a short time left to finish paying for it' you then get a loan of £22000. This makes absolutely no sense. Did you have some mis-sold spending in between?

'and now I have another loan taken out in 2009 which is £147 a month aswell as my existing loan which was to help get rid of debt but as not helped at all' - you need to reduce spending for this to work.

Emmzi

generally to succeed in a misselling claim you need to show

- you were mentally incapacitated at the time
- the documents were fraudulently altered after you signed them
- you signed under duress

That's all I can think of. Any of those apply?

Vikipollard

myfriendmartin67 "Your advice is spot on about how people incurr debt and mine was foolishly letting the bank give me a £1000 loan in the first place but now after years of paying debt off which I do and struggling to live because of it I am now only a year from being totally debt free and have learned to budget so well that I will never need or get any form of credit again, the best thing to come out of my errors in life is my children know all about it as I explained it all to them so they know why mum is always skint and all have learned to save a little and do without. "

https://forums.moneysavingexpert.com/discussion/145

That quote is what you said in your OTHER post at 8.31. So are you a year away from being debt free or up to your nuts in debt?