Help Required - missold loan?

Dovah_diva

Incredible. The OP's wife benefits hugely from a cheap house, borrows a load of money and then bleats it is missold. Wow, just wow.

magpiecottage

It is the fault of her parents.

If she had never been born she would never have been able to get into debt.


It's not misselling it's misconception!

_Andy_

_Andy_ wrote: »

Oh !!!!!! why can't adults take some irresponsibility?
The post is embarrassing.

Dammit. I can't spell.

MidlandsJim

I take on board all of the above responses.

I cannot dispute it was extremely foolish of her to take out the loan in the first place (even more foolish when considering a decent chunk of the loan was used to help a family member, rest assured she has learned her lesson on this one the hard way).

She has not bleated that it has been mis-sold. She has been making the repayments and we are completely up to date with the repayments. Going forward we will be in a much stronger position as I am earning a relatively decent salary (30k) and we should be completely debt free (apart from our mortgage) within the next 18-24 months.

I fully understand that the responsibility lies with her for taking out the loan, and I think my original post was perhaps worded wrongly.

The main reason for the post was nothing to do with whether or not she has been paying back the loan because she, and for the last few years, we as a couple, have been paying it back as we are legally and morally bound to do.

As I am not a trained financial advisor and my knowledge of this industry is limited I was just not sure if there was such a thing as mis-selling a loan. This was based upon the fact that it seems you can hardly turn the tv on or open a newspaper these days without seeing adverts for companies offering to claim back any mis-sold ppi or unfair bank charges. By the same logic shown above that somebody foolish enough to take out a loan they clearly can't afford is 100% to blame, surely anybody foolish enough to use an unathorised overdraft, or sign up for PPI is equally as liable.

I am pretty sure now judging by the responses (some reasonably constructive, some fairly vitriolic) that there obviously is no way to try and claim for a loan being mis-sold. Thankyou for your responses.

The_Magnificent_Spoon

I can see the post already for if the bank had refused to give her the loan.

'Bank refuses to help a single mother of two with a loan to sort her debt and house problems out! This bank is well corrupt!'

The_Magnificent_Spoon

MidlandsJim wrote: »

I take on board all of the above responses.

I cannot dispute it was extremely foolish of her to take out the loan in the first place (even more foolish when considering a decent chunk of the loan was used to help a family member, rest assured she has learned her lesson on this one the hard way).

She has not bleated that it has been mis-sold. She has been making the repayments and we are completely up to date with the repayments. Going forward we will be in a much stronger position as I am earning a relatively decent salary (30k) and we should be completely debt free (apart from our mortgage) within the next 18-24 months.

I fully understand that the responsibility lies with her for taking out the loan, and I think my original post was perhaps worded wrongly.

The main reason for the post was nothing to do with whether or not she has been paying back the loan because she, and for the last few years, we as a couple, have been paying it back as we are legally and morally bound to do.

As I am not a trained financial advisor and my knowledge of this industry is limited I was just not sure if there was such a thing as mis-selling a loan. This was based upon the fact that it seems you can hardly turn the tv on or open a newspaper these days without seeing adverts for companies offering to claim back any mis-sold ppi or unfair bank charges. By the same logic shown above that somebody foolish enough to take out a loan they clearly can't afford is 100% to blame, surely anybody foolish enough to use an unathorised overdraft, or sign up for PPI is equally as liable.

I am pretty sure now judging by the responses (some reasonably constructive, some fairly vitriolic) that there obviously is no way to try and claim for a loan being mis-sold. Thankyou for your responses.

PPI and 'unauthorised overdraft' situations were completely and utterly different. One involved pretty much lying to customers, and the other involved unlawfully fining customers for breach of contract that is not allowed (which subsequently now is, thanks to spineless courts, but that's another matter).

If you can prove the bank either lied or did anything unlawful, then perhaps you could try again. Otherwise the mortgage and loan is only £620 a month - that's almost as much as I pay rent and I'm just a single guy on not far off the same wage as you. There is NO way you can claim to not be able to afford it unless you are irresponsibly throwing money around.