2nd mortgage mis sold?

ctrlaltdel

I got a secured loan against my property to consilidate some debts:( stupid i know. Basically I applied, gave them all my info and everything was fine and in order so they said, but then at the last minute they said that to get the loan my wife would also have to sign, my wife agreed to sign because i was desperate at the time but i dont think she realised that this made her liable for half the debt. The house is in my name alone and always has been.
Is there any chance that this was mis sold

ACG

How was this miss sold if you contacted them?

Im presuming it wasnt an advised sale but even if it were...
You were in a desperate position, presumably this helped you out of that situation?... how you would argue it was miss sold i would love to know.

What makes you even think it was miss sold?

Annisele

From your wife's perspective, she might be able to claim you exerted undue influence over her - and therefore avoid liability for the debt. But that's quite a complex area, and its not at all guaranteed.

From your perspective, I can't see anything in what you've said that would prevent you from being liable for the whole of the loan.

opinions4u

Unbelievable.

ctrlaltdel

im not trying to get out of anything here just wondering if it was mis sold, one minute they say i can have the loan everything is hunky dory next minute its your wife also has to sign because she lives in the house, is it not like when the banks said, ''if you dont have ppi you wont get the loan'' Do you see where im coming from?? I also missed a few payments a couple of years ago and had to re structure because it was just me paying not the wife, its my debt so i pay it. IF YOUR WIFE DOES NOT SIGN YOU CAN NOT HAVE THE LOAN MR CTRLALTDEL

Annisele

What exactly was it that your wife signed? Was it the loan application, or just something to say she had no interest in the value of the house?

ctrlaltdel

opinions4u wrote: »

Unbelievable.

whats unbelievable? the fact that someone comes on a forum and asks a question that they dont know the answer to?.... yeh thats unbelievable isnt it pal!!!

ctrlaltdel

Annisele wrote: »

What exactly was it that your wife signed? Was it the loan application, or just something to say she had no interest in the value of the house?

she had to sign the agreement form

chalkie99

ctrlaltdel wrote: »

I got a secured loan against my property to consilidate some debts:( stupid i know. Basically I applied, gave them all my info and everything was fine and in order so they said, but then at the last minute they said that to get the loan my wife would also have to sign, my wife agreed to sign because i was desperate at the time but i dont think she realised that this made her liable for half the debt. The house is in my name alone and always has been.
Is there any chance that this was mis sold

She isn't. she's liable for all of it - you both are.

The term you are looking for is "mis-bought".

ctrlaltdel

chalkie99 wrote: »

She isn't. she's liable for all of it - you both are.

The term you are looking for is "mis-bought".

yeh mis bought is right i agree, but they agreed to give me the loan with the circumstances i gave them, but as soon as it was ready to go through they change the goalposts and say wife has to sign, i applied as a sole applicant but instead of being responsible and saying im sorry mr x you cant afford this loan, which they must have realised if they took the time to check, they decided that to make sure the sale goes through they get my wife to sign

ctrlaltdel

opinions4u wrote: »

Unbelievable.

“There are naive questions, tedious questions, ill-phrased questions, questions put after inadequate self-criticism. But every question is a cry to understand the world. There is no such thing as a dumb question.”



CARL SAGAN