Possible Loan Missell

Shergill84

Hi

I was sold a loan in 2008, which was when i was in a little bit of debt and was desperate to consolidate and my credit rating was shocking.

I took a loan out which was over 30% for £4-5k with a promise that after 6 successful payments that I the rate would be reduced and I would be offered a new lower rate loan. I took this out in Branch.

I made 6 months worth of payments and then when I called to reduce the interest rate I was told that this was no longer possible. :mad::mad::mad:

I settled the loan shortly after. I was wondering whether I would be able to claim any funds as part of mis sell of the loan?

Cheers

[Deleted User]

What do the t&cs say? I've never heard of a loan like this before.

Shergill84

The T&Cs don't mention the reduced rate after 6 months, it was the verbal agreement which was made in branch.

and when i rang up they mentioned that this was no longer an option.

[Deleted User]

Doesn't sound like there is much you can do. Verbal agreements are almost impossible to prove. You could try to complain to them, but if it's not a feature of the product, I think you'l be out of luck.

bargainbetty

When you signed up to the loan, you would have had the terms and conditions. It may be that the person meant that after a series of satisfied payments, you may be able to apply for refinancing to a lower rate (they very rarely change the interest rate part-way through like that). When it came time for you to apply for a lower rate, they had either placed a block on refinancing of loans (less than a year old perhaps), changed the criteria so you didn't qualify, or the repairs it made to your report were considered insufficient to get you the next loan. You said you had a shocking rating - it would be unusual for only six months repayments to make that much difference, to be honest.

Possibly over-optimistic advice, but probably not actually mis-selling.

~Brock~

If you settled the loan shortly after the first 6 months were up then you never had it long enough to reap the benefit of any interest rate reduction anyway, so what loss (real or perceived) are you actually claiming that you have suffered exactly?