Would you loan £10000 to someone unemployed?

John1993_2

cyclonebri1 wrote: »

Well, you are right there. Look, I'm not going to humour your aggressive post, if it makes you feel better, the person concerned has had a complete mental breakdown as a result of many things, this is just 1 that he cannot now handle.

The loan company where quite happy for me to act on his behalf, I'm just sorry that you can't accept that.

It's unfortunate that he hasn't someone better able to deal wit hhis problems, then. You need to sell the car, and pay the loan off. A mis-selling claim makes no sense, he was sold what he asked for. No-one hid anything, from what you've written, or diisguised the facts.

cyclonebri1

John, please understand that I have no knowledge of how financial arrangements or institutions work from a customer point of view.

I am relatively well of and of the old fashioned type that genuinely hasn't ever had a loan or a mortgage, yes, my credit rating must be zero.

Of course this post is a rant, but it a rant because I mistakenly thought there was some protection that there obviously wasn't a few years ago.

I'm also the type that when I follow the system to make a complaint, I expect a little respect even if the reply read "go away" in effect

I'll leave it at that on here, I do believe in bringing threads to a conclusion for the benefit of anyone who is actually interested.

gb12345

cyclonebri1 wrote: »

The loan company where quite happy for me to act on his behalf, I'm just sorry that you can't accept that.

With DPA rules I am surprised the loan company spoke to you at all, unless you had your relative there with you to give permission.

Have you spoken to the lender to see what is happening with the complaint?

Your next step (assuming they acknowledge the fact that you complained 8+ weeks ago) would be the FOS, but that would need to be in writing from your relative - but as others have said, I wouldn't hold out much hope of getting a complaint of mis-selling to stick.

John1993_2

cyclonebri1 wrote: »

Of course this post is a rant, but it a rant because I mistakenly thought there was some protection that there obviously wasn't a few years ago.

There is protection against mis-selling. If you tell someone that they have to have insurance if they want your loan, that's mis-selling. If you sell them insurance that would never pay out (for example if they are sellf-employed), then that's mis-selling, as you've taken premiums for a worthless contract.

If you sell an 85 year old widow a 20 year zero-coupon bond, when she saiid (or you could have worked out) that she needed income, then that's probably mis-seling, too.

If, though, a person asks for a loan for a car, and that's what is provided, and they get the car, then the finance company has done nothing wrong, and nothing's been mis-sold. There is no obligation on the selling company's part to doubt the buyer's analysiis of their own needs.

sharp82

This has to be the most confusing thread i've ever read!

As other have suggested, you'll need to sell the car and pay the finance company off.

Your first step is to call the finance company and find out how much is outstanding. I think you'll also need written confirmation from the finance company that you're allowed to sell the car.

2nd step (or you can do this first) find out how much the car is worth. Autotrader, ebay and that book of car prices (name has escaped me now)

You'll then need to find the difference

Clive_Woody

sharp82 wrote: »

Autotrader, ebay and that book of car prices (name has escaped me now)

Parkers Guide for used car prices....

http://www.parkers.co.uk/

cyclonebri1

John1993 wrote: »

It's unfortunate that he hasn't someone better able to deal wit hhis problems, then. You need to sell the car, and pay the loan off. A mis-selling claim makes no sense, he was sold what he asked for. No-one hid anything, from what you've written, or diisguised the facts.

Let me get this straight then, no financial lender has any responsibility to ensure that the person they loan to has any means of repayment?


A simple yes or no will do.

I know that the issue is clouded by the fact that he has made those payments for 3 years, but the actual payee is now deceased.

And to whoever was surprised that the Finance company talked to me,gb 12345 was it? yes or course he was there to give permission, they wouldn't have accepted anything else.

And again, they didn't take it serious? well I have a case number that it is logged against.

This has now gone from a pretty hopeless situation from all your accounts. I accept that, but I don't accept ignorance in reply to my having done everything the FSA advisor said I had to do.

cyclonebri1

sharp82 wrote: »

This has to be the most confusing thread i've ever read!

As other have suggested, you'll need to sell the car and pay the finance company off.

Your first step is to call the finance company and find out how much is outstanding. I think you'll also need written confirmation from the finance company that you're allowed to sell the car.

2nd step (or you can do this first) find out how much the car is worth. Autotrader, ebay and that book of car prices (name has escaped me now)

You'll then need to find the difference

The finance company want £500 for an early payment, that won't happen.

Have the car price thanks, it isn't being sold now,

But thanks for the advice, less of an attack than most.

jacques_chirac

cyclonebri1 wrote: »

Let me get this straight then, no financial lender has any responsibility to ensure that the person they loan to has any means of repayment?


A simple yes or no will do.

The answer depends on to whom the responsibility is owed.

To their shareholders/ investors - yes, they have a responsibility to ensure loans are repaid. However the risk of this not happening is countered by the level of interest charged - so overall the responsibility is to ensure profit is made by recouping sufficient monies to do so.

To individual customers - unless the capacity (mental, not financial) of the customer is in question, no.

cyclonebri1

jacques_chirac wrote: »

The answer depends on to whom the responsibility is owed.

To their shareholders/ investors - yes, they have a responsibility to ensure loans are repaid. However the risk of this not happening is countered by the level of interest charged - so overall the responsibility is to ensure profit is made by recouping sufficient monies to do so.

To individual customers - unless the capacity (mental, not financial) of the customer is in question, no.

Thankyou, all I wanted to know