Lloyds Loan mis-sold?

Chickusdickus

DCFC79. I didn't see any statements.

Here's the meeting:

Hi, Can i increase my overdraft?

f course, but would you refer a loan. Let's go into the office.

You are cleared for 20000. How mcuh would you like.

I only need 1000

the minimum you can have is 7500.

erm.. i'll think about it.

but the 6.9% offer is only availabel today. Tomorrow it goes back up to 10.2% or even higher.

Oh, i see (desperate anyway) OK, I'll take the 7500.

30 mins later i have it in the bank. Happy days.

Tixy

Chickusdickus wrote: »

All debt is illegal.

Ah well then, why not take Lloyds to court and have the debt declared illegal and then presumably you won't have to pay it back. Unless its that its illegal to have debt in which case presumably it would be anyone in debt that was breaking the 'law'.

Chickusdickus wrote: »

He commited fraud, not me. his fraud constitutes a break in the contract, thus possibly making it null and void.

Null and void, as in both parties are returned to their original state as though no contract had been made. I.e. you give them back the £7500, they give you back whatever you have paid towards the loan since you took it out - I'd think they may agree to that at this point.

Gordon_Hose

The loan wasn't mis-sold. The Overdraft and CC are irrelevant.

You went into the bank and accepted a loan which was offfered, you could have said "No, I'd just like to increase my overdraft and leave. Thanks".

Like you say, "happy days".

Chickusdickus

Yes, his fraud was against his employer, but fraud is fraud. Under their own lending agreement I should never have been cleared for a loan. I did not meet the basic income criteria to afford such a loan.

Look, my question isn't a difficult one. Based on the info given, is there a legitimate forfeit of contract. FACTs, not opinions?

Thanks

Andy, why does that make you lol?

somethingcorporate

Chickusdickus wrote: »

DCFC79. I didn't see any statements.

Here's the meeting:

Hi, Can i increase my overdraft?

f course, but would you refer a loan. Let's go into the office.

You are cleared for 20000. How mcuh would you like.

I only need 1000

the minimum you can have is 7500.

erm.. i'll think about it.

but the 6.9% offer is only availabel today. Tomorrow it goes back up to 10.2% or even higher.

Oh, i see (desperate anyway) OK, I'll take the 7500.

30 mins later i have it in the bank. Happy days.

I've highlighted the important bit.

That's where you take some level of responsibility for your adult behaviour. Unless, of course, you are suggesting there was a gun held to your head at the time.

The bank may have some recourse against their employee but you have absolutely no chance unless you were mentally unfit at the time and unable to sign contracts.

Edit: had you not wanted the loan and signed the T&Cs at the bolded part, your reply should be "no, I cannot afford it."

Perhaps you defrauded the bank by taking out a loan you knew you couldn't repay???

Gordon_Hose

Chickusdickus wrote: »

Yes, his fraud was against his employer, but fraud is fraud. Under their own lending agreement I should never have been cleared for a loan. I did not meet the basic income criteria to afford such a loan.

Look, my question isn't a difficult one. Based on the info given, is there a legitimate forfeit of contract. FACTs, not opinions?

Thanks

Andy, why does that make you lol?

Unless you know SPECIFICALLY what that was, you can't say you didn't meet it.

You were cleared for £20k, so you must have met some sort of criteria. I suspect it was their own internal scoring system based on your conduct up until that point.

Chickusdickus

but Tixy, people HAVE been taking banks to court!

Gordon_Hose

Chickusdickus wrote: »

but Tixy, people HAVE been taking banks to court!

For what exactly?

Tixy

Alternative scenarios to the meeting may have been..

Chickusdickus wrote: »

DCFC79. I didn't see any statements.

Here's the meeting:

Hi, Can i increase my overdraft?

f course, but would you refer a loan. {No thanks, I'd like to increase my overdraft} Let's go into the office.

You are cleared for 20000. How mcuh would you like.

I only need 1000

the minimum you can have is 7500. {Oh, well no thanks then, I don't need that and cannot afford the repayments on it}

erm.. i'll think about it.

but the 6.9% offer is only availabel today. Tomorrow it goes back up to 10.2% or even higher. {I still don't want it. Even at 6.9% on a £7500 loan is still a lot more interest than I can afford and I don't want or need that amount. Now are you able to extend my overdraft a bit at the current time.}

Oh, i see (desperate anyway) OK, I'll take the 7500.

30 mins later i have it in the bank. {A day (or up to 14 days) later - I'd like to cancel my loan application please, I don't need that money and I really cannot afford it, I feel a bit like I was pressured in to making the application by your salesman, here is a written letter to state I want to cancel the agreement. Please take the money back out of my account} Happy days. {Happy days}

somethingcorporate

Tixy wrote: »

Alternative scenarios to the meeting may have been..

You're missing the key fact that there was a sniper sat in the corner silently mouthing "take the loan" with a red dot on the OPs forehead.