Have i been miss sold a loan??

Matt_M_3

Hi im new to this forum and im seeking some advice.

In december 2004 i went into my bank to borrow extra on my loan to pay off my credit card. At the time i was told this would not be a problem. The loan was re done and i began making payments.

I have sine discovered that i was placed on a managed loan!! (apparentley this is a last resort loan for people in financial difficulty??) i was a young naive 20 year old at the time and trusted the bank when they told me this was MY BEST OPTION at the time.CLEARLY wasnt my best option.If it had all been explained to me i would never have signed for this joke of a loan.I never would have needed to.

However now i am coming to look at getting a renovation project with a friend who is fronting the money and a 50/50 split of the equity on the remortgage will pay my debts off!! (i was refused one last year as a result of the bank setting up my loan dates wrong on their system as a result they admitted fault to that and put my credit file clear, however that is a seperate matter) sorry went off abit there.

My loan was for £20,000 (alot i know but was down to a messy past relationship) and was taken over 8 years due to end in 2012. in recent phone call to the bank i was told that it was not due to end till 2016??!! making 144 months!! rediculous.

My argument is that i should not have been sold this loan ( an issue has been raised with the bank and im waiting for a meeting to bwe set up with the manager of the bank)

I still have my switch card account,credit card,cheque book and overdraft in place. How on earth could they give me this loan?? i have never been in any financial difficulties and my credit report proves it. Surely if i was all these should have been took off me??

as it stands im paying £367.04 a month @ 31 months so far and that totals £11387.24 and yet my balance stands at £15990!!! ive calculated the interest and even !!!!!! turpin wore a mask!! daylight robbery!!

I just cant understand it?? i am no way near bankruptcy and never have been.Im in a well paid job.I have never defaulted.

Have i got a case for a miss sold product??

Any advice would be greatley appreciated.Sorry its so long winded!!

Matt

chevalier

I am not sure. Best bet is to see if you can speak to a finance bod at the CAB. They might be able to give you information ref this. But it does seem a bit weird that they would offer you ONLY this.
chev