I think my personal loan may have been miss-sold? Can i do anything about this?

daisycupcake

I knew at the time what I was doing and I'm not blaming the banks. I've always had a plan, I've worked since I was 14 and trained and grafted to be a chef, then get my foot on the property ladder, get a car be totally independent and I could afford my outgoings and more. I didn't expect to have a baby with my partner, totally unexpected and the hardest decision I have ever made. I wouldn't change it for the world now and I will always work and provide for my family.
I guess looking back at my priorities then with what I thought was responsibility independently is nothing compared to the responsibility of financially running a family home.

Looking at how much your life and financial situations can change in the blinking an eye is scary. Untill that actually happens I suppose know one knows how they plan to budget for a non existent situation.
I'm not just trying to find someone to blame, like some of the replies... The banks do pressure the young adults and make it all sound fantastic! As well as tell you you have to upgrade your bank account for £12.95 a month! Which has been found to false. Taking that into consideration I thought maybe I could get some .
advise about my loan, anything to take a bit of slack off. I am trying to better my situation, I'm still only 25 and in 5-10 years am aiming to be earning twice what I het. I mentioned me and my partner both work and I have REDUCED my hours as we can't afford the child care and don't have family on hand to help. I said because we earn. OVER 16,000 a year we're not I entitled to alot of help that's out there.

Maybe they could lower my repayments or a lower interest rate if there is one available? Advice like this

TBeckett100

There could be a suggestion of misselling

What was your salary when you took out the first loan
What was your salary and disposable income when you took out the next loan? It could have been unaffordable and therefore the bank shouldn't have lended that extra 5k to treat yourself

That said, what did you spend the 5k on? Did you sell the flat and what did you spend the equity on?

PeacefulWaters

daisycupcake wrote: »

I knew at the time what I was doing and I'm not blaming the banks.

With the greatest respect, you headed up the post "I think my personal loan may have been miss-sold" ... how else is it meant to be interpreted?

Maybe they could lower my repayments or a lower interest rate if there is one available? Advice like this

If the ylower your payments under the same agreement it will trash your credit file.

You don't mention what interest rate you're paying. You could apply elsewhere for a consolidation loan at a lower rate and / or over a longer term but there's no guarantee of acceptance. And consolidation loans have something of a reputation for making the problem worse because all they really do is shift the debt around.

You need to be taking tough decisions with regards to all outgoings. Do you really need a car? How much is the TV service costing? What are your mobile contracts? Can you use heating / lighting / water more efficiently? Change supermarket / eliminate comfort foods from spending.

downhillfast

PeacefulWaters wrote: »

If the lower your payments under the same agreement it will trash your credit file.

It's probably already trashed somewhat...

daisycupcake wrote: »

...this gave me the chance to pay off a couple of payday loans!

ERICS_MUM

Was the loan "Mis-sold" OR was it "Mis-bought" ?

Pixie5740

If you're struggling with debt repayments then try the debt remedy tool on Step Change's to see what options might be available to you.

http://www.stepchange.org

Christians Against Poverty are another organisation you could contact about your debt problems. You don't have to be a Christian for them to help you.

https://capuk.org/i-want-help/cap-debt-help/introduction

Bravo_Zulu

daisycupcake wrote: »

I know, I thought this would be the outcome. I'm not after getting the loan scraped, just maybe lowering the payments as my circumstances have changed. I'm not blaming the banks, but they do make it seem all sunshine and roses, it was an arranged appointment to help sort out my outgoings.

Lowering payments is what a debt management plan is all about. i.e not being able to afford the payments that you agreed too