Graduate Loan...but I wasn't a Graduate!

bobslack

Hi,

I've just found some old papers from a loan I took through Lloyds TSB from January 2003. I had taken the loan out to allow me to finish my degree course without having to work the final 6 months. However it turns out I had been given a Graduate Loan rather than a regular loan as I'd expected.

The loan was repaid in 2005 but having spoken to Lloyds they admit they have no idea how the salesman managed to fudge it so I took a graduate loan - I didn't have a graduate bank account so shouldn't have been able to take the loan.

Was the loan ever enforceable? If so, do I have any claim against Lloyds for this?

Thanks very much in advance!

somethingcorporate

Why would it not be enforceable? What did the paperwork say that you signed?

I assume you took and spent this money? Then why do you think you shouldn't have to pay it back?

They can call it what they like but a loan is a loan.

You may find that the grad loan have better terms than the normal loan you would have been offered - if this is the case would you now be offering to pay the difference for the benefit you may have gained?

opinions4u

They should put you back in the position that you would have been in had they offered you the loan facility on non-preferential terms.

You owe them hundreds of pounds in extra interest.

Are you going to pay up?

Was the loan ever enforceable?

Yes.

If so, do I have any claim against Lloyds for this?

What do you think? Really? Somebody does you a favour, gets you a loan at a cheaper rate, frees up time to help you complete your degree?

Sickening.

amyloofoo

Wait! I took a Black Horse loan and I'm not a, oh, wait, nevermind...

somethingcorporate

Begs the question whether the OP signed a contract headed GRADUATE LOAN and knowingly commit fraud to his financial benefit?!

mynameistallulah

I assume you'll be handing your degree back as well, as that is what the loan paid for?

Apples2

Clown!!

Can we assume it was a non educational course?

DanielJames1984

When taking the loan you must have misrepresented your status.

antrobus

bobslack wrote: »

Was the loan ever enforceable?

It doesn't make any difference one way or the other. You repaid the loan in 2005. There is nothing left to enforce.

bobslack wrote: »

If so, do I have any claim against Lloyds for this?

Why, what loss have you suffered?

Everynamestaken

Good thread is this one.

Unbelievable.

tell_it_how_it_is

Just when you think you've heard it all on these forums