Would you loan £10000 to someone unemployed?

opinions4u

Crap lending and mis-selling are different things.

He asked for a loan. He got a loan from a lender willing to lend. The loan met his needs.

Were they stupid to lend? Probably.

Was he stupid to even ask for the loan, let alone sign the agreement? Almost certainly.

I cannot see how he can gain from pursuing this with the FOS, a court or any other body. Sell the car. Clear the debt. Move on.

ReadingTim

While it was a risky lending decision, the fact remains that the borrower has managed to make the monthly payments for 4 of the 5 years, as his income has exceeded his outgoings.

The borrower has now had a change in their personal circumstances which means his outgoings may exceed his income, however, I don't think this is cause for "misselling" - sorry.

lippy1923

I don't understand your thread. Did he or did he not provide false information?

Shovel_Lad

lippy1923 wrote: »

I don't understand your thread. Did he or did he not provide false information?

The OP says in their first post that "false info was given".

cyclonebri1 wrote: »

Advice needed for a relative please.

It's a miss selling of credit issue possibly.

In brief after having 2 other cars on hp from a main agent, and paying off over about 7 years he was made redundant.
He made it clear he was our of work and had an income of only £370 per month from benefits. The payment for the car was £224 per month.

The main dealer didn't want the risk, they had used their own purchase scheme for the previous cars, so they off loaded it to another credit company, FSA regulated and they took it on.

It was a 5 year period and it has been paid until now. There is 1 year remaining.

Now I'm sure you can see no one can spend that on credit and live for a month on £150, but without going into any great detail he was supported as a carer but unfortunately due to a bereavement, that support is no longer in place.

Now, false info was given, it isn't secured against property etc so how could that be correct.

I know tighter checks are in place today, but this was 4 years ago.
Can anyone give any advice regarding action to take.

I did speak to out family advice legal line but they were unsure and suggested calling the financial ombudsman. I'll do that today.

Please skip the comments about whether or not he should have borrowed like that, it won't help, I don't suppose he expected to be out of work for long but he has been.

He has no way to continue the final years payments.

tiggy748_2

I'm confused - did he have two cars then approached the agent for a third? or did he approach the agent as he has history with them and hoped they might help due to his unemployment?

Ive been unemployed for about 4 months now - with my last interview attracting nearly 700 applicants he needs to stop thinking he will get a job next week and get rid of the car!

I used to travel 4 hours a day, its likely that im going to have to up this for a job 2.5hrs away. What car do i have? a 13 year old ford focus, and its brilliant, it costs me 1600. Personaly I have never seen the value in big expensive cars - id rather have big expensive horses!

Get rid of the car, don't lend him money as he cant pay you back, and if he really needs a car get him a small 300 run around which he can possibly afford to pay you back. if he is a high flyer and needs a nice car to go to interviews to impress (no idea why interviewers would look out the window but i have heard this argument before) hire a car.

pauletruth

not fraud he has paid back 4/5s of it.

if its not hp then all he can do is offer them token payment until his money issues improve.

if hp had it back. or they will come for it.

both parties seemed happy with the loan agreement so were is the miss selling. he owes something like 3k not earth shattering can be sorted.

chalkie99

tiggy748 wrote: »

I'm confused - did he have two cars then approached the agent for a third? or did he approach the agent as he has history with them and hoped they might help due to his unemployment?

Ive been unemployed for about 4 months now - with my last interview attracting nearly 700 applicants he needs to stop thinking he will get a job next week and get rid of the car!

I used to travel 4 hours a day, its likely that im going to have to up this for a job 2.5hrs away. What car do i have? a 13 year old ford focus, and its brilliant, it costs me 1600. Personaly I have never seen the value in big expensive cars - id rather have big expensive horses!

Get rid of the car, don't lend him money as he cant pay you back, and if he really needs a car get him a small 300 run around which he can possibly afford to pay you back. if he is a high flyer and needs a nice car to go to interviews to impress (no idea why interviewers would look out the window but i have heard this argument before) hire a car.

You're confused?

Reading your posts I can believe it!

You say "Ive been unemployed for about 4 months now" yet in your multiple other threads you claim to be self employed earning 20k/40k/60k depending on which post you are actually writing. :rotfl:

Apples2

cyclonebri1 wrote: »

Can anyone give any advice regarding action to take.
.

As above, the action to take is to sell the car, clear the remainder of the loan and move on.

History - did he take PPI on the loan (it is for this kind of eventuality)?
If he didn't take PPI, what was his master plan whilst taking a risky loan with zero protection if his income faltered?

Mis-sold - complete non starter.

cyclonebri1

somethingcorporate wrote: »

I think you should read what you posted, you said false information was provided.

I have to apologise to you and to others that I won't reply to as I haven't personally offended them. This is a serious and delicate personal situation involving a bereavement and my brain isn't exactly talking to me typing finger correctly:(

It should have read, (and I'll now amend it), "Now, no false info was supplied" or words to that effect, what a difference 1 word makes and I fully understand the previous comments.

I will ignore all posted since that error to this point.

Now, I have spoken to the FSA Ombudsman. They advise to make a claim against the supplying company, they did say after 4 years it may prove difficult, but certainly didn't rule it out. They did say it would be a claim if it was in real today time.

I also met with CAB today of a related matter, they were less hopeful.

If I have to, and this will become clear over the next week or 2, I will purchase the car myself from the HP company and deal with it myself.

Would doing that prejudice or rule out any possibility of a claim?

Apples2

cyclonebri1 wrote: »

If I have to, and this will become clear over the next week or 2, I will purchase the car myself from the HP company and deal with it myself.

I thought it was a personal loan and the asset (car) is not secured against it?