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Secured loan nightmare
CHARLYDOG
Posts: 11 Forumite
in Credit cards
I took out a secured loan through a broker 5 years ago and ever since the interest rate has been hiked up, not least to mention we were advised to take out more money than we needed because it would reduce the monthly payment.
Recently, after searching for paperwork to claimback on PPI's, I found a letter from the lender dated later than the loan was registered with the council as a Land Charge, stating that the original contract/land charge document wasn't complete because the broker who came to see us had not made sure there were two witnesses to the signing of the document.
With this letter, I was sent back the loan agreement and asked to get it witnessed and returned.
I am now thousands in arrears with a risk of repossession but feel that if the paperwork wasn't completed then the loan is not legal and shouldn't be enforcable.
I have tried to seek legal advice and have been told by a solicitor that it will cost £240 just to look at the documents to determine if there is a case!!!!
Even after paying over £12k I owe more than £7 more than the original loan - this was never made clear to us and would have made us think twice about the loan.
Does anyone out there know if I may have a case or advise where I can go to get the correct advice?
Recently, after searching for paperwork to claimback on PPI's, I found a letter from the lender dated later than the loan was registered with the council as a Land Charge, stating that the original contract/land charge document wasn't complete because the broker who came to see us had not made sure there were two witnesses to the signing of the document.
With this letter, I was sent back the loan agreement and asked to get it witnessed and returned.
I am now thousands in arrears with a risk of repossession but feel that if the paperwork wasn't completed then the loan is not legal and shouldn't be enforcable.
I have tried to seek legal advice and have been told by a solicitor that it will cost £240 just to look at the documents to determine if there is a case!!!!
Even after paying over £12k I owe more than £7 more than the original loan - this was never made clear to us and would have made us think twice about the loan.
Does anyone out there know if I may have a case or advise where I can go to get the correct advice?
0
Comments
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Welcome to MSE :hello:
Suggest you re-post this to the Loans section rather than Credit Cards. Good luck.Are you for real? - Glass Half Empty??
:coffee:0
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