Mis sold loan as a guarantor ??

DJP_2

My Mother - in - law was mis sold a loan through a double glazing company to pay for her daughters windows , basically the salesman at the point of sale told her that the first payment would have to go through her bank account because her daughter could not get credit and any payments after that were to be made in cash over the counter at the bank , now this salesman told her that she was not responsible for this loan (she knows nothing about loans or finance) , and it was her daughters responsibility .
Now some time down the line her daughter fails to pay so they come knocking on Mother in laws door , at which point she realizes she signed up to be a guarantor .

What are the chances of pushing for a mis-selling claim here ??

Kind regards

R_P_W

Can she not read?

Apples2

None.

This is typical where money and families are involved.
The daughter could not get any credit at all but still decided she could afford thousands on new windows?

Thrugelmir

DJP wrote: »

What are the chances of pushing for a mis-selling claim here ??

None.

The paperwork that was signed was explicit in it's content.

Clive_Woody

DJP wrote: »

...this salesman told her that she was not responsible for this loan.....

Was that also detailed in the paperwork? If not I think chances are about 0 (zero).

NobodysChild

Oh dear. Your poor MIL. I really don't think there is anything she can do, as she basically signed to be a guarantor.

I have to say, hell would freeze over before I would be a guarantor. For anyone.

It's not for the faint-hearted.

http://www.propertyinvestmentproject.co.uk/blog/the-risks-of-being-a-tenant-guarantor/

https://www.lovemoney.com/news/15679/amigo-loans-danger-guarantor-50-apr

http://www.onlineinsuranceguide.co.uk/potential-risks-of-being-a-guarantor

I really genuinely believe that some people think, when they sign to be a guarantor, that it's the same as giving a reference.

I have just posted 3 links, but there are loads of stories on the internet about people who have come a cropper after promising to be a guarantor, and also loads of warnings about doing it, and warning you to think very carefully before you do it.

stator

Unless she can prove she was misled, she has no options.

Was the local vicar round for tea and a witness to all the claims the salesman made perhaps?

Foxy-Stoat_3

DJP wrote: »

What are the chances of pushing for a mis-SIGNING claim here ??

Fixed it for you.

Chalk this down to experience and pay the daughter's debt. One way out of buying Christmas and Birthday presents for the foreseeable future. Maybe explain to the daughter that she will be cut out the the Mother's Will until the debt has been cleared.

stator

But certainly make a complaint anyway. If they know that employee was a dishonest con man they may make restitution, even if you have no evidence. Some companies do have ethics, just not many

sinizterguy

DJP wrote: »

My Mother - in - law was mis sold a loan through a double glazing company to pay for her daughters windows , basically the salesman at the point of sale told her that the first payment would have to go through her bank account because her daughter could not get credit and any payments after that were to be made in cash over the counter at the bank , now this salesman told her that she was not responsible for this loan (she knows nothing about loans or finance) , and it was her daughters responsibility .
Now some time down the line her daughter fails to pay so they come knocking on Mother in laws door , at which point she realizes she signed up to be a guarantor .

What are the chances of pushing for a mis-selling claim here ??

Kind regards

Was she an adult with full mental capacity and an ability to read and comprehend English ?

If so, she wasn't mis-sold anything.

If not, she should have a carer to take care of these things - the salesman is not the one who will be looking after the mother-in-law's finances. Maybe his own mother-in-laws' but certainly not someone elses.

DJP_2

Thanks for all replies , even the sarcastic ones.