Sold two loans when i wanted one

Mrportski

Hi there people ,

Im looking at sorting my PPi claims out for some old loans i was sold back in 2002, everything seems to be pretty straight forward regards being misold the insurance on the pretence i could not have a loan with out. But my real query is were any 'rules' broken when i asked for a loan of £17k but was told i couldnt have just the one it had to be broken down into a £10k & £7k at the higher interest rate. I ended up signing for the two loans in desperation at exactly the same time both with separate PPi. Should i also be looking onto the fact i was missold two loans at a higher repayment aount than if i had took out one? I dont know who to ask for advice? I have all original Halifax bank paperwork that was signed in 2002 for the two 60 month loans as evidence.

Any advice would be appreciated. Thanks in advance!

Ade

Forwandert

Mrportski wrote: »

Should i also be looking onto the fact i was missold two loans at a higher repayment aount than if i had took out one?

Any advice would be appreciated. Thanks in advance!

Ade

Yes although you would require a time machine of some sort to return to 2002 and to just before you signed up for the loans. Then refuse to take out the loans and query it further.

eschaton

Mrportski wrote: »

Hi there people ,

Im looking at sorting my PPi claims out for some old loans i was sold back in 2002, everything seems to be pretty straight forward regards being misold the insurance on the pretence i could not have a loan with out. But my real query is were any 'rules' broken when i asked for a loan of £17k but was told i couldnt have just the one it had to be broken down into a £10k & £7k at the higher interest rate. I ended up signing for the two loans in desperation at exactly the same time both with separate PPi. Should i also be looking onto the fact i was missold two loans at a higher repayment aount than if i had took out one? I dont know who to ask for advice? I have all original Halifax bank paperwork that was signed in 2002 for the two 60 month loans as evidence.

Any advice would be appreciated. Thanks in advance!

Ade

How were you mis-sold?

Would you have been happier if the full £17k had been at the higher rate?

Two words for you to have a think about.... Responsibility and Accountability.

Mrportski

Forwandert wrote: »

Yes although you would require a time machine of some sort to return to 2002 and to just before you signed up for the loans. Then refuse to take out the loans and query it further.

yes retrospect is a wonderful thing and i cant afford the time machine unless i sign for another insane loan which im not willing to do ha ha... but is there anything that i can do about it now, as i was rather young and naive to say the least. Or is it just part of the 'learning curve' and i should put it down to experience.

opinions4u

In 2002 all Halifax loans above £15k were referred to underwriters. Who declined most.

While my memory may deceive me I'm fairly sure the same rate was charged at £7k and £17k. So if rates were the same or higher than you had previously two loans would save you an early settlement charge and, possibly, avoid putting your old loan onto a higher rate.

In other words it's unlikely that splitting the loans made you worse off.

dealer_wins

opinions4u wrote: »

In 2002 all Halifax loans above £15k were referred to underwriters. Who declined most.

You mean Halifax actually declined loans back in 2002. Wow now theres a thing!!!!

They would lend money to one legged giraffe if it could sign it's name on the agreement back then.

Mrportski

eschaton wrote: »

How were you mis-sold?

Would you have been happier if the full £17k had been at the higher rate?

Two words for you to have a think about.... Responsibility and Accountability.

No i wouldnt of been happier at the suggestion of a higher interest rate, but i feel your rather missing my point. At the time of sale the higher the amount borrowed, the lower the repayments interest rate? But i cannot be 100% sure as i do not have the paperwork for the loan rates at that time.

As for my two 'words', thanks but ive two for yourself, 'responsible lending' and for your information i took full accountability & responsibility for the loans and as the full amount was paid without any problems.

My post was purely a request for some guidance on whether anything underhand had gone one here. I was under the impression this was a forum for advice and help, not condescending & patronizing comments about how i should think?

Forwandert

Mrportski wrote: »

yes retrospect is a wonderful thing and i cant afford the time machine unless i sign for another insane loan which im not willing to do ha ha... but is there anything that i can do about it now, as i was rather young and naive to say the least. Or is it just part of the 'learning curve' and i should put it down to experience.

It's just a couple of loans you agreed to at the time. Luckily you've been able to reclaim the ppi that was mis sold the rest isn't something to worry about. They've been paid off and obviously you sound a little more savvy these days so I would just put it down to experience. The most savvy way would be to avoid loans altogether but if you are in the same situation just seriously consider what you are agreeing to and if it is actually worth it or worth shopping around more.

Mrportski wrote: »

As for my two 'words', thanks but ive two for yourself, 'responsible lending' and for your information i took full accountability & responsibility for the loans and as the full amount was paid without any problems.

It sounds like it was responsible lending. They offered you a loan at an interest rate that made them profit and ensured it was financially viable for you to pay it back. Which you did.

Mrportski

opinions4u wrote: »

In 2002 all Halifax loans above £15k were referred to underwriters. Who declined most.

While my memory may deceive me I'm fairly sure the same rate was charged at £7k and £17k. So if rates were the same or higher than you had previously two loans would save you an early settlement charge and, possibly, avoid putting your old loan onto a higher rate.

In other words it's unlikely that splitting the loans made you worse off.

Thanks, im sure that at the time the two loan were set at a slightly higher interest rate, but as i've already mentioned i can't prove this at this point in time. But thanks for your information on the underwriter situation, ill keep this in mind.

Mrportski

Forwandert wrote: »

It's just a couple of loans you agreed to at the time. Luckily you've been able to reclaim the ppi that was mis sold the rest isn't something to worry about. They've been paid off and obviously you sound a little more savvy these days so I would just put it down to experience. The most savvy way would be to avoid loans altogether but if you are in the same situation just seriously consider what you are agreeing to and if it is actually worth it or worth shopping around more.

Im in the process of sorting the PPi now but yes as you say, gone are the days of being a little wet behind the ears. A young man is not so wise to the full commitment of these things and the amount of money i was earning back then i still feel i should never of been offered the loans, even if i did want them. But life is a learning curve and loans are something i steer clear of in this day and age. If you cant afford something, there's normally a good reason

As for 'responsible lending' thats one thing it wasn't, as i was refused the full loan amount of £17k by 'underwriters' initially for a reason. And the work around of giving me two loans instead was just that, a work around, to maximise Halifax's profit by giving me something i struggled to repay for the next 5 years. As i say i wish they had never given it me, as it was foolish enough of me to apply let alone be given it. I was a young man, they were a large business, and i know which party had supposed knowledge and experience at what people could 'really afford'.

eschaton

Mrportski wrote: »

As for my two 'words', thanks but ive two for yourself, 'responsible lending' and for your information i took full accountability & responsibility for the loans and as the full amount was paid without any problems.

Well I really don't know why you are giving me two words back, although I do sincerely thank you for them.

As you say, you paid the loans back without any problems so where does 'responsible lending' come into this?

Or are you just pointing out how well the bank did with responsible lending? I am sure they will appreciate it.

I took out loans myself when I was young and stupid for car finance. In 1994, 1995, 1996 and 1998. I was only 19 with the first one, pretty young. But what I did do was check all the T&C's of the loans and when I was happy with what it said - I signed them. If i didn't agree with what they said, I wouldn't have signed them, even with shiny new cars waiting at the end.