Advice with incorrect cca agreement

Mattyc1977

Hello. I took a loan with sainsburys in December 2013. I applied online and keyed the application myself. The loan was referred and send for underwriting. I originally applied for a 25k loan at 7.9% but it came back and was offered at 10.8%. At the time I wasn't going to take it at a higher rate as the debt I was paying off was at a lower apr, but it saved £100 a month and the wife was on maternity so we took it.
Anyway, I was looking at the cca today to try and work something out and I noticed the income stated in the application and on the cca form is completely wrong. It has been increased by nearly double. I don't know whether to dispute the application now as I didn't key the loan incorrectly and would never lie on a application but I presume, when it has gone to the underwriter, they have increased it to get the loan through?
Do I have any rights with this and where do I stand? Can I refuse to pay the debt back as I shouldn't have been given it in the first place. In heinsight, I shouldn't have taken the loan as it has left me in a worse financial situation.
Any advice greatly appreciated.

Gaz83

Mattyc1977 wrote: »

Hello. I took a loan with sainsburys in December 2013. I applied online and keyed the application myself. The loan was referred and send for underwriting. I originally applied for a 25k loan at 7.9% but it came back and was offered at 10.8%. At the time I wasn't going to take it at a higher rate as the debt I was paying off was at a lower apr, but it saved £100 a month and the wife was on maternity so we took it.
Anyway, I was looking at the cca today to try and work something out and I noticed the income stated in the application and on the cca form is completely wrong. It has been increased by nearly double. I don't know whether to dispute the application now as I didn't key the loan incorrectly and would never lie on a application but I presume, when it has gone to the underwriter, they have increased it to get the loan through?
Do I have any rights with this and where do I stand? Can I refuse to pay the debt back as I shouldn't have been given it in the first place. In heinsight, I shouldn't have taken the loan as it has left me in a worse financial situation.
Any advice greatly appreciated.

Realistically you would have to prove on the balance of probability that it is more likely an underwriter increased your income to force through a loan (very unlikely) or you have mistakenly typed your income incorrectly (likely). Presumably you still have a copy of the documentation you signed? What does it say on that for your income?

Re: not paying it back, not a chance. You applied for the loan and you decided to take it. It takes two to tango.

Mattyc1977

I understand what you say gaz, but there is NO way I would key my income as double, no chance, it affects your credit score far worse if your caught out as you get fraud markers and alsorts on your credit file. I actually work for a finance company and have been dealing with cca loans for over 15 years. Surely, my initial loan application I keyed online should be held in their records stating my correctly keyed income. My joint income has gone from about £2500 to £4200! I just signed the paperwork and sent it back, the income and other info is on the bottom of the cca and I only noticed it was wrong today.
I agree it takes two to tango but I actually don't think the loan should have been set up if the income had to be increased so much on the application form. Maybe I should ask for a copy of the initial online application first and go from there as I'm 100% positive it won't match what it says on the cca.

Mattyc1977

Also, it was a very strange loan application as it was with the underwriters for ages and I'm sure it had to be rekeyed for some reason. I would hope and expect their would be a audit trail of my first keyed application I submitted on line which would show the correct keyed information?

boo_star

At the end of the day, you borrowed it, you owe it. You were happy with the terms as agreed, you can afford it, you wanted it, what's the problem?

redpete

So just 6 months' ago you knew how much you were borrowing, what the APR was, what the monthly payment would be and how many months you would be paying it for and you understand what all these mean because you work in a finance company. What the application form had as your income made no difference to you accepting the loan.

And now you want compensation because they "shouldn't have loaned you the money".

Oh brother!

Gaz83

Mattyc1977 wrote: »

My joint income has gone from about £2500 to £4200!

What kind of loan are we talking about if you have only just over £4k in joint income?

Mattyc1977

Gaz83 wrote: »

What kind of loan are we talking about if you have only just over £4k in joint income?

A personal loan? The income is the monthly income.

God sorry people, didn't expect to get my head bitten off, was just asking advice.
I didn't notice the income was keyed incorrectly, that's all. If I have a chance to not pay it back or get a better rate because something was done incorrectly and illegally (possibly), would you not be asking?

jonesMUFCforever

I have never seen a CCA agreement with income figures on.
All the ones I have had only have details of the amount borrowed, together with interest figures and amount to be repaid monthly.

boo_star

Mattyc1977 wrote: »

A personal loan? The income is the monthly income.

God sorry people, didn't expect to get my head bitten off, was just asking advice.
I didn't notice the income was keyed incorrectly, that's all. If I have a chance to not pay it back or get a better rate because something was done incorrectly and illegally (possibly), would you not be asking?

No, I wouldn't.

But then I don't try to wrangle my way out of contracts that I willingly agreed to because I got buyers remorse either.

I guess integrity is a meaningless concept nowadays though.

Gaz83

Mattyc1977 wrote: »

A personal loan? The income is the monthly income.

I see. Usually it's the annual income that's quoted, not the monthly.

Mattyc1977 wrote: »

I didn't notice the income was keyed incorrectly, that's all.

But you will have signed to say that everything is hunky-dory.

Mattyc1977 wrote: »

If I have a chance to not pay it back or get a better rate because something was done incorrectly and illegally (possibly), would you not be asking?

No, but then I'm quite old-fashioned in that I have integrity and believe people have a moral responsibility to pay their debts.