miss sold secured loan

debsmich

Help and advice needed.I currently have F.O.S involved with mis-selling of secured loan.To cut long story short we went into bank to ask advice from financial advisor re managing our current debts.We were shown to an advisor who told us there was no help out there for us (2006)and our only option to reduce repayments was a secured loan.They made a call and we were told that this was a one off offer and basically pressurised us into taking loan.We had to take ppi which we have successfully reclaimed this year.Unfortunately due to health issues neither of us are working at moment and we have fallen behind with repayments although we are still paying 130 towards loan they are taking us to court for repossession.Is there anything else we should send to FOS or do to help our claim.The bank want full monthly repayment plus some for arrears.Could really do with some help as this is adding to my existing depression.

StuC75

So did you not know it was a secured loan? on what grounds was it missold? would the PPI have not helped with the payments when Ill?

roonaldo

you consolidated your debts in a loan, what would have happened if you hadnt of done this in 2006?

the fact you are not working and can no longer pay it isnt the banks fault. im not sure why you feel FOS are going to disagree with that.

I think you need to give us more information

debsmich

PPI was only for 5yrs and we had it paid back which cleared the arrears but obviously since june they have accrued.Yes we did know it was a secured loan but we had wanted to speak to financial advisor and we now know the bank gave us a loans advisor instead.We feel that the bank did not advise us properly and did not listen to what we wanted which was to be directed to someone for help in managing the debt at time and not adding to it.We did not want a secured loan but they advised us that there was no one out there who could help us in the way we wanted ie debt management.They gave us a one off offer to 'HELP US'and said this was only way to sort our debt.Hindsight is very good but at time we were very stressed and worried and really didnot know what to do or where to go.We thought the financial advisor might have been able to direct us but we did not see one we have now found out.We are not disputing the secured loan but the way in which it was sold to us as the only answer to our problems and how we were forced into making a decision there and then.Yes we were stupid but when you are struggling as we were.

dzug1

Well even if it were missold (sounds a bit dubious) what do you expect to happen? What do you want to happen?

StuC75

Any Advisor in a Bank would only ever want to sell you something they have. It wasn't as if you even looked for Independent Advisor or Consumer Advisory Service..

I assume at the time you left the bank with what you wanted - debts consolidated and monthly payments to service this single debt reduced.. How could you possibly think this wouldn't be at a longer term Higher cost?.

Missold - No, MisBought Maybe...

MEM62

This has not been miss sold. Banks do not employ financial advisors - they employ staff that advise on and sell their own products.

If you wanted financial advice you should have seen a financial advisor.

roonaldo

it sounds like a secured loan for debt consolidation was appropriate at the time. now your circumstances have changed and are looking for someone to blame, thats just how it appears. if you go into a bank and dont want something you just walk out and go elsewhere.

if you wanted a independent financial adviser you should have sought one. you being mistaken is no fault of the bank. nothing you have said suggests a loan mis-sale.

bengal-stripe

How much was the loan? I presume, it was quite a considerable sum as you probably had a lot of unsecured debt back in 2006.

What makes you think, other lenders would have given you the amount you required without securing it to your property?

Atidi

debsmich wrote: »

Help and advice needed.I currently have F.O.S involved with mis-selling of secured loan.To cut long story short we went into bank to ask advice from financial advisor re managing our current debts.We were shown to an advisor who told us there was no help out there for us (2006)and our only option to reduce repayments was a secured loan.They made a call and we were told that this was a one off offer and basically pressurised us into taking loan.We had to take ppi which we have successfully reclaimed this year.Unfortunately due to health issues neither of us are working at moment and we have fallen behind with repayments although we are still paying 130 towards loan they are taking us to court for repossession.Is there anything else we should send to FOS or do to help our claim.The bank want full monthly repayment plus some for arrears.Could really do with some help as this is adding to my existing depression.

I think you should provide evidence of your allegation of mis-selling. I see no such evidence in your post, but to be fair, you do say this is a long story, short.

You don't need to provide the full war & peace version to the FOS, but you do need to provide the relevent evidence; evidence which hopefully you also provided to the bank previously.

dancingfairy

I would try ringing one of the debt charities such as National Debtline, or stepchange or try your local CAB. You can always try Shelter as well as they deal with housing issues.
You need to make it clear to whoever you speak to that the issue is urgent as you are facing a repossession hearing. In some places there is a long wait for debt help which is why you need to impress on them that they situation is urgent.
I don't know whether you'd be successful with your claim that the loan was missold or not but first step is obviously to get a claim into the bank (and after that you can take it to the Financial Ombudsman Service (FOS)).
Are you getting all the benefits you are entitled to? You can check on a benefits checker.
df