mis sold loan

myfriendmartin67

Thanks for your comments Jason, basically I asked for a couple days grace to make a payment and was talked into renewing my loan all over again and the extra cash that everyone seems to think I got went on the store cards, catalogues to pay off etc, the £17000 just paid off the old loan, I am still a miffed where my money I had paid off went to in the first place. My credit rating is still very good actually considering but then I do pay even if I maybe late sometimes. Thanks again anyway.

opinions4u

myfriendmartin67 wrote: »

basically I asked for a couple days grace to make a payment and was talked into renewing my loan all over again

So getting to the point, they gave you the option of borrowing more and you agreed to it.

and the extra cash that everyone seems to think I got went on the store cards, catalogues to pay off etc

So the big bad bank helped you to reduce your monthly outgoings at a time when you were in some financial distress.

My credit rating is still very good actually considering but then I do pay even if I maybe late sometimes. Thanks again anyway.

Paying late is not "very good".

fozmcfc

myfriendmartin67 wrote: »

Thanks for your comments Jason, basically I asked for a couple days grace to make a payment and was talked into renewing my loan all over again and the extra cash that everyone seems to think I got went on the store cards, catalogues to pay off etc, the £17000 just paid off the old loan, I am still a miffed where my money I had paid off went to in the first place. My credit rating is still very good actually considering but then I do pay even if I maybe late sometimes. Thanks again anyway.

The money you paid off, just went to pay the money that you borrowed with the interest before. That is what happens when you consolidate.

The only way to ensure a successful consolidation of debt, is to pay off the original debt, live within your means, including cutting up credit cards and not taking out further credit.

The trouble is people consolidate then end up racking up credit cards etc again and then can't afford the loan and credit card, so consolidate again.

Store Cards, Catalogues all suggest you just take out credit and without thinking it all has to be paid back. Yes I too have Store Cards and a Catalogue acccount as well as Credit Cards and have had loans.

I really do think you should try the debt free wanabee boards and put it all in neat order as to exactly what happened and let the members over there have a look.

I don't think you have a miss selling claim, but I do think you really need help and support to get yourself out of the mess you are in.

It can be done, I've been there, done that as they say and ended up £15k in debt, by just living beyond my means after consolidating several times, but I am now debt free.

Fiddlestick

MonkeyMad wrote: »

Yes consolidation loans can be good if you stop spending. You didn't buy a flash car, good for you; you may have bought £170000 worth of plastic Chinese tat for all I care.

How big a cat with a waving hand would you get for 17k?

ILW

Most the Apple stuff is made in China.

tell_it_how_it_is

ILW wrote: »

Most the Apple stuff is made in China.

Exactly, "plastic Chinese tat"! :rotfl:

poppy10_2

myfriendmartin67 wrote: »

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 has not helped at all

Oh my god. You mean taking out another loan didn't help you to get rid of debt as you had expected? Outrageous behaviour by the bank. Definitely mis-sold.

Compensation Cat says... your loan should be cancelled and you should be awarded £3.50 in damages.