Lloyds Loan mis-sold?

Edna145

Krisdorey #169, thats what happens now, it didnt happen like that in 2008

DevCoder

Chickusdickus wrote: »

Well Kirsdorey and gb12345, those are the most relevant and important replies so far, including Edna.

Now, If I could roll back the clock to the beginning of the post where intelligent questions are asked to further the info needed to offer advice.

How abut this? Instead of me going over it all again, let me just ask it again as a hypothetical.

I have found out by proper means, that the notes recorded on the system at the time of my loan application are not true. I did not know this at the time. In order to clarify my own state of mind and fully understand the terms for the loan I had agreed to, I requested a copy of my meeting notes prior to my loan acceptance. This is my right and they were promplty printed off for me. This is when I noticed the statement that I have proven my ability to afford the loan based on 2 years of statments with Royal Bank of Scotalnd. I have never been with RBS.

Assuming all info above it true, are there ground to have the loan voided and free me from repayments?

I am not complaining. I am not blaming anyone. I am simply asking a question.

Thank you all for you time on this matter.

Assuming what you have stated is true then you have certain grounds.

However please refer back to the point I made twice, both parties will need to be put back into the position before the contract was struck.

This will mean the repayment of the 7,500 capital amount (they could also argue cost of funds in the market but I would doubt theyd go that far) minus capital payments made so far.

Again, the first part is yours to prove and thus couldn't say its factual the second part is.

DevCoder

Edna145 wrote: »

Krisdorey #169, thats what happens now, it didnt happen like that in 2008

Actually it should have happened post 2002 and certainly 2005, Im sure you will know the relevance of those dates.

In any event the unwinding of contracts part is "best outcome" and Ive stated what would happen in this case.

gb12345

Chickusdickus wrote: »

How abut this? Instead of me going over it all again, let me just ask it again as a hypothetical.

I have found out by proper means, that the notes recorded on the system at the time of my loan application are not true. I did not know this at the time. In order to clarify my own state of mind and fully understand the terms for the loan I had agreed to, I requested a copy of my meeting notes prior to my loan acceptance. This is my right and they were promplty printed off for me. This is when I noticed the statement that I have proven my ability to afford the loan based on 2 years of statments with Royal Bank of Scotalnd. I have never been with RBS.

Assuming all info above it true, are there ground to have the loan voided and free me from repayments?

Hypothetically, then your partner has nothing to worry about as they have obviously done nothing wrong, so we can now ignore that side of things.

As to the loan being voided due to the apparent fraud by the Lloyds employee - very unlikely. As krisdorey says, it is more likely that they will seek to put you back in the position you had been in had the loan never been granted. This would mean you repaying the the balance of the £7500 minus the capital you have paid (they might also discount the interest you have paid - not sure on the rules regarding this). You might even get lucky and get an ex-gratia payment as goodwill (not to be seen as compensation or an admission of guilt on their part).

Edna145

Indeed it should, however it doesnt sound like this ex-employee followed ALL of the rules and regs he should have!

Macca83_2

This has been quite an interesting wee read.

Op can you actually tell us what you want from Lloyds? Would you expect them to write off the loan completely. Would you expect compensation on top of it? Do you expect a written apology or an admission of guilt re the sacked employee?

What do you want from them?

Chickusdickus

Alright people, this is all great stuff. It's possible I will re open the case as previously advised by the original reply letter from Lloyds.

Thanks again sincerely for your input.

DevCoder

Edna145 wrote: »

Indeed it should, however it doesnt sound like this ex-employee followed ALL of the rules and regs he should have!

But that makes the employee to blame, the bank then "apparently" followed due process if we are to believe the OP's understanding (which isn't by their own admission proven fact).

For such cases the FSA would have done a targeted "ARROW" investigation, especially if this "rogue" RM was mis-selling to multiple customers.

2008 is well beyond the point at which the FSA did not get involved in operational risk, hence their ARROW objectives which were meant to strike the fear of God into any FI served with such.

Gordon_Hose