2nd mortgage mis sold?

opinions4u

ctrlaltdel wrote: »

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!!!

1. I wanted a loan.

2. They said it had to be in joint names.

3. We both signed.

Were we ripped off in some way?

I still find it unbelievable that the first three statements can generate the question. Still, ask away.

There's nothing in your post that suggests mis-selling or anything untoward.

ctrlaltdel

:j

opinions4u wrote: »

1. I wanted a loan.

2. They said it had to be in joint names.

3. We both signed.

Were we ripped off in some way?

I still find it unbelievable that the first three statements can generate the question. Still, ask away.

There's nothing in your post that suggests mis-selling or anything untoward.

:j:beer::T

Annisele

ctrlaltdel wrote: »

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

OK, so you couldn't afford it - but if it was for debt consolidation, presumably the monthly cost was lower than the previous monthly cost? So you couldn't afford your existing debts either?

If that's the case, then taking the loan might well have put you in a better position than you were in before. That's neither mis-sold nor mis-bought; it's the entire point of debt consolidation loans.

hcb42

the clue is in the fact your wife signed.

It is good advice to read what you sign up to!

no mis selling here whatsover!

holly_hobby

Your wife more than likely signed re the consent to vacate requirement, so that if the lender forced sale due to default, she could also be lawfully evicted.

Completely standard.

In fact the same disclaimer is used for a standard residential mge, where there are parties over the age of 17 whom will reside in the property, but not be party to the mge itself.

So no, not a mis-sale, Mrs was reqd to also sign the agreement documentation in order for the lender to agree to register the 2nd charge (and provide you the finance you sought) -. of course the choice was not to accept the terms or the finance.

Sorry this won't be what you hoped to hear, but that it explains why Mrs was dragged into it.

Hope this helps

Holly

ermine

You, sir, appear to be a complainypants.

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

Your wife does has some bearing on the matter, assuming she lives in the property with you. They presumably figured that since the security for their loan is the house they need to make sure that she is aware of the issues otherwise they might end up trying to reposess a house with a sitting tenant for all they know.

Husbands and wives often have joint ownership, and the company was only doing their duty to make sure your wife was aware of, and agreed to, the financial plans of her husband that risk the roof over both your heads. The company would have been remiss, IMO, to not insist that she is both aware of the problem and that she accepts full responibility for the situtation before they close the deal. This is due diligence IMO, not a conspiracy.

but instead of being responsible and saying im sorry mr x you cant afford this loan

Don'tcha think it was YOUR flippin' responsibility to determine whether you could afford this loan? Your life will improve dramatically as of the point where you decide to take responsibility for your actions.

In view of the severity of the possible outcomes I'd suggest you consider getting impartial debt advice from experts to see if there is any way of improving your situation. It will probably involve cutting back dramatically.

Oh and by the way your assertion

im not trying to get out of anything here

is not compatible with the obvious attempt to find a way of shifting the blame onto the lender

Is there any chance that this was mis sold

Your wife might have a claim of marital coercion, but that would be against you if she finds herself on the hook for the money and you pressured her into it.

No cigar this time, but seek impartial debt help ASAP. There may be things that can be done to retain your house or restructure the loan so you can pay it, but they probably need more expertise than on here. I would suggest the Debt Free Wannabee boards on here may be able to point you in the right direction. Your problem seems to be one with debt in general by the looks of it.

ctrlaltdel

I can pay it. I am on top of things now. I just wanted to know mis sold or not and gave ad much info as possible..... So its not mis sold....no problem. Thanks to all who helped me as a good forumite should and no thanks to the 1 who judged. X

dunstonh

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.

Your legal adviser in the contract is the one that explains risks and issues. Many people bypass legal advice nowadays and just sign the contract. However, that is a personal choice and not one of mis-sale.