Advice with incorrect cca agreement

Gaz83

jonesMUFCforever wrote: »

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.

Neither have I, but OP does state that the income figures are on the bottom of the CCA.

Gerry87

Just pay the loan back. If you noticed this before you spent the money, guaranteed you would still have spent the money anyway. Now its gone you're now trying to worm your way out of paying it back

Becka38940

I have a Sainsbury's loan and it shows on my loan agreement as my income before tax, which is likely what yours is. Mine has increased from 1500pm to 1900pm.

You do need to grow up in regards to not paying the loan back though. You were big enough to take the loan, you were told to check the details were you signed and you didn't. That's your fault. Now you have to deal with it.

Welcome to the real world.

Dangermac

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.

Do you know what. It's people like you that have forced the government/Financial Conduct Authority into closely scrutinising mortgage applications vis a vis affordability.

In the past, like with my mum and dad, because people took responsibility for their own actions, they have a lovely house that they worked their backside off to afford, albeit on paper (and by todays affordability checks) they probably would not have got the mortgage.

Because today's society bleats 'it must be someone else's fault that I was loned too much money', the FCA have given society what they have asked for - which is to make mortgages very tightly controlled in terms of affordability.

I agree that lenders should be responsible, however, whereas people knew that the buck stopped with them in the past, nowadays, it has to be someone else's fault.

There seems to be a discrepancy on the income figure on the OP's application form, however, the OP knew what he was borrowing and presumably knew what the repayments were.

Pay the money back and stop moaning. It is people like you that are causing problems for aspiring home owners who in the past would have simply worked hard to ensure that they paid back what they borrowed.

People like the OP deserve nothing but contempt, and do not deserve to ever borrow a penny from any lender.

DM

BillJones

Mattyc1977 wrote: »

Can I refuse to pay the debt back as I shouldn't have been given it in the first place.

No, of course not. If there was a problem with the contract that renders it void then you need to return to the position that both parties were in before the loan was taken out, i.e. pay back the loan.

BillJones

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, I would not. Like most people, I take contracts that I agree to as being binding.

yoshiyella

To be honest, morals aside, your opening post says that it is £100 a month cheaper than what you were paying. So what has gone drastically wrong for you not to be able to pay it back? You even say it is at a higher rate and yet you still went ahead with it.

You have no complaints at all and as people have said you signed the document assuming everything was correct with it and you even say it shows your income (correctly or incorrectly) and therefore you are equally to blame for that mishap.

redpete

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 I wouldn't.

dealer_wins

Income is irrelevant. The amount borrowed, interest rate, term and monthly repayments are what is important.

If a company decides to lend £25000 to someone with zero income and zero savings it is up to them!!