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Loan validity advice

SteveHelp_2
Posts: 2 Newbie
in Loans
I kindly ask for your thoughts on this matter.....
In 2008 we found ourselves in a debt crisis. Our income fell short of ouroutgoings on credit cards and store cards. Our mortgage was up to date and we had no other secured loans.
I responded to a web site that offered free debt advice and debt solutions.
After a telephone discussion, an appointment was made to meet with anadvisor in our own home.
Two men called and we explained our financial situation.
It was our hope that they would guide us through some lifestyle changes andperhaps consider things like an IVA.
At no point did I believe this would be free of charge, but I did believe wehad found someone to help us.
We were told that our only solution was a secured loan and that they couldarrange it through GE Money. This was done, with our complete understanding ofthe consequences, but under the belief that there was no alternative. The loanwas arranged for the sum of, £50,095.00
£3,000 went to Friendly Loans Ltd and £3,648.73 went to Norton FinancialServices. It turns out the representatives who called at the house were from aloan company, not a debt advisory company.
Now, four and a half years later, I am unemployed and my wife is selfemployed having just recovered from cancer, and we are in debt with the securedloan.
This time I have taken help from the CCCS and their advice is to makelifestyle changes to meet our priority debt, write to our creditors etc.
Was I misled and therefore, miss sold the loan?
Many thanks
S
In 2008 we found ourselves in a debt crisis. Our income fell short of ouroutgoings on credit cards and store cards. Our mortgage was up to date and we had no other secured loans.
I responded to a web site that offered free debt advice and debt solutions.
After a telephone discussion, an appointment was made to meet with anadvisor in our own home.
Two men called and we explained our financial situation.
It was our hope that they would guide us through some lifestyle changes andperhaps consider things like an IVA.
At no point did I believe this would be free of charge, but I did believe wehad found someone to help us.
We were told that our only solution was a secured loan and that they couldarrange it through GE Money. This was done, with our complete understanding ofthe consequences, but under the belief that there was no alternative. The loanwas arranged for the sum of, £50,095.00
£3,000 went to Friendly Loans Ltd and £3,648.73 went to Norton FinancialServices. It turns out the representatives who called at the house were from aloan company, not a debt advisory company.
Now, four and a half years later, I am unemployed and my wife is selfemployed having just recovered from cancer, and we are in debt with the securedloan.
This time I have taken help from the CCCS and their advice is to makelifestyle changes to meet our priority debt, write to our creditors etc.
Was I misled and therefore, miss sold the loan?
Many thanks
S
0
Comments
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I kindly ask for your thoughts on this matter.....
In 2008 we found ourselves in a debt crisis. Our income fell short of ouroutgoings on credit cards and store cards. Our mortgage was up to date and we had no other secured loans.
I responded to a web site that offered free debt advice and debt solutions.
After a telephone discussion, an appointment was made to meet with anadvisor in our own home.
Two men called and we explained our financial situation.
It was our hope that they would guide us through some lifestyle changes andperhaps consider things like an IVA.
At no point did I believe this would be free of charge, but I did believe wehad found someone to help us.
We were told that our only solution was a secured loan and that they couldarrange it through GE Money. This was done, with our complete understanding ofthe consequences, but under the belief that there was no alternative. The loanwas arranged for the sum of, £50,095.00
£3,000 went to Friendly Loans Ltd and £3,648.73 went to Norton FinancialServices. It turns out the representatives who called at the house were from aloan company, not a debt advisory company.
Now, four and a half years later, I am unemployed and my wife is selfemployed having just recovered from cancer, and we are in debt with the securedloan.
This time I have taken help from the CCCS and their advice is to makelifestyle changes to meet our priority debt, write to our creditors etc.
Was I misled and therefore, miss sold the loan?
Many thanks
S
They were under no obligation to tell you of any alternative solution. They explained what they offered and you accepted.
Its like if you go to buy say a bed, the salesman is not going to say to you 'theres a sale on at a shop over the road, it might be cheaper there'
Sorry its not of any help but I hope it works out for your both.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
You were free to do more research but you choose to go with this company.
What on earth did you search for anyway, if you google debt advice or debt solutions the debt advisory centre is in the top 2 on both occaisons.0 -
At the time they were the knights in shining armour, now they are the devil in disguise.
You took out a loan for just over 50k to pay off just under 7k, why did you need the other 43k, or am I reading it right?0 -
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At the time they were the knights in shining armour, now they are the devil in disguise.
You took out a loan for just over 50k to pay off just under 7k, why did you need the other 43k, or am I reading it right?
The 7k was commission to the companies that arranged the loan, but I get it, I should have shopped around. Thanks.0 -
Oh dear
hope you manage to sort things out OP..
DEBT FREE AND PROUD'Better to remain silent and be thought a fool than to speak out and remove all doubt'0
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