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mis-sold loan rate
Hi,
I have a few queries and hope someone can help.
My wife and I applied for a home improvement loan with Alliance and Leicester about 9 years ago. At the time the salesperson dealing with our application said if we could take out £25k we would be able to apply for the base rate tracker after we took out the loan she was offering ,it was about 8 percent or so.We were also sold critical illness cover and PPI. To cut it short after I organised the building work I went into the bank to get the base rate tracker but was told as I had made some payments I had taken the loan under £25k and therefore wasn't entitled to the base rate tracker. I was also sold PPI it was split between my wife and I so would only pay 1/2 what was owed if any of us fell ill(both of us get full pay when off ill).I felt aggrieved and helpless.At the time we didn't realise that the salesperson was doing this to get bonuses!We thought the banks were reputable and honest.They also put us to a legal and general salesperson who sold us critical illness cover. I will deal with the PPI but don't if the loan repayment rates issue is classed as mis selling.Has anyone had this problem?
I have a few queries and hope someone can help.
My wife and I applied for a home improvement loan with Alliance and Leicester about 9 years ago. At the time the salesperson dealing with our application said if we could take out £25k we would be able to apply for the base rate tracker after we took out the loan she was offering ,it was about 8 percent or so.We were also sold critical illness cover and PPI. To cut it short after I organised the building work I went into the bank to get the base rate tracker but was told as I had made some payments I had taken the loan under £25k and therefore wasn't entitled to the base rate tracker. I was also sold PPI it was split between my wife and I so would only pay 1/2 what was owed if any of us fell ill(both of us get full pay when off ill).I felt aggrieved and helpless.At the time we didn't realise that the salesperson was doing this to get bonuses!We thought the banks were reputable and honest.They also put us to a legal and general salesperson who sold us critical illness cover. I will deal with the PPI but don't if the loan repayment rates issue is classed as mis selling.Has anyone had this problem?
0
Comments
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The key is in the papework, as anything else will be unprovable. What do the t&cs or other documents say?0
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