Mis sold a Halifax loan

banks4u

I wanted to know if I have a case, I was on 25k in 2008 ish I had a 30,000 k loan with Natwest payment 368 and another Halifax loan for 10000 paying 150. I called up Halifax to get a redemption to my Halifax loan just to understand how much was left then they went on their do you have any other debts I told them I do, they sold me another loan at this time to cover some debts. Problem was I knew I couldn't afford it but they just sold it, it was my error as we'll but they should not have pushed a new loan. Do I have grounds to complain?

R_P_W

Did they force or trick you into taking the loan? You already owedc 40k plus other debts?

banks4u

I would say they didn't assess my Affordability appropriately. I work in underwriting now and if I was the banker back then I would not have even offered it based on my affordability, this is from my view now.

banks4u

I also had a 180,000 mortgage to pay. Paying 868 a month.

Nearlyold

Sorry but can't see how your figures stack - up your take home pay on £25,000 would have been about £1588 pm - your outgoings were already £1386 pm without food, heating, council tax etc. and you say there were other debts as well! I'm amazed you managed to keep up your existing payments let alone take on more

dealer_wins

OP why dont you keep posting this question until you get the reply you want to hear!

PeacefulWaters

Problem was I knew I couldn't afford it

Are you a bit silly?

Caz3121

I doubt the answers will change from when you asked over 3 years ago https://forums.moneysavingexpert.com/discussion/3710505

meer53

banks4u wrote: »

I wanted to know if I have a case, I was on 25k in 2008 ish I had a 30,000 k loan with Natwest payment 368 and another Halifax loan for 10000 paying 150. I called up Halifax to get a redemption to my Halifax loan just to understand how much was left then they went on their do you have any other debts I told them I do, they sold me another loan at this time to cover some debts. Problem was I knew I couldn't afford it but they just sold it, it was my error as we'll but they should not have pushed a new loan. Do I have grounds to complain?

I'll answer your question then you won't have to post it again.

No, you don't have a claim. You have to sign documents to agree to a loan, you signed them. End of.

Dobbibill

Looks like not alot has changed in your views to money, even over 3 yrs

Job done I am not going to complain. I would rather spend my time doing thing to pay the debts off. I have paid 40k off now it's just 10k left. can't wait to be debt free!! I will never ever take a loan for anyone. Lesson learnt and burnt?!

Obviously not!

andyfromotley

Am i the only one who would love to hear a recording of that original conversation between the OP and halifax.

I for one absolutely believe that he was 100% truthful to them about the extent of his debt, his income and most of all his remarkable insight that he couldn't afford the loan.