mis sold loan by broker, who is responsible?

Clive_Woody

poppasmurf_bewdley wrote: »

Tixy asked him the very same thing in post #3 but the Op hasn't answered.

I think it's another case of the OP not getting an answer that suites him, rather than just getting an answer.

I saw, I was just genuinely curious to know how loans are missold.

magpiecottage

poppasmurf_bewdley wrote: »

The contract to bring Yul Brynner to the London Palladium to star in The King & I was signed in the toilet of a Conservative Club in Oldham. I was one of the signatories.

I wonder if that was illegal?

Can we stick to the bald facts please?

Facts we do NOT know but need to.

• When the loan was sold (this will determine whether the Consumer Credit Act 2006 applies).
• Whether the broker was acting as agent for the OP or the lender (if the former then there would not normally be any liability on the part of the lender).
• Whether the OP paid a fee to the broker. (This could give rise to a claim for a secret commission - although in itself that would only normally result in a claim for a refund of the commission plus interest and would be independent of whether the loan itself was missold).
• Whether any such fee was added to the loan (that might enable a claim against the lender under section 75 of the Consumer Credit Act 1974).
• Who the lender is.
• Why the OP actually thinks the loan is missold.

andyfromotley

No, on the facts as given you weren't missold this loan.

However as this is clearly not the answer you want..... Yes you were missold this loan. You should apply to someone and get all of your money back, plus interest, plus a fair whack for general hurt. Should all tally up to a pretty smart amount. Post back when you have the cheque.

AIKI_2

Hi thanks for the informed replies and sorry for the lack of information , the reason for my post was for information .I have already fought with this company Swift , reference charges for 2 years , ombudsman didn,t hold much hope Swift offered £160 ombudsman told me to take it . After many letter,s and phone call,s not just with Swift but the ombudsman ( you have to push them ) I got over £700 which more or less brought the loan back on track . This is when I found out the broker who sold me the loan had been banned for serious misconduct and all of the reason,s cited had happened to me so yes the broker had missold the loan to me but are loan companies in no way liable my loan was sold in 2007 . I am fortunate I can afford to pay my loan and there is no extra to pay at the end but lot,s of people am in contact with and helping ref;Swift are not as fortunate with huge sum,s to pay at end of loan , hit a brick wall with misselling and broker,s .

poppasmurf_bewdley

If the broker mis-sold you the loan, did you mis-spend the money they lent you?

Just because the broker has been banned doesn't mean they sold mis-sold you the loan. If a taxi driver took you to your destination and was then found to be over the drink drive limit, would you be at the wrong destination?

You haven't given one reason why you think the loan was mis-sold.

AIKI_2

poppasmurf_bewdley wrote: »

If the broker mis-sold you the loan, did you mis-spend the money they lent you?

Just because the broker has been banned doesn't mean they sold mis-sold you the loan. If a taxi driver took you to your destination and was then found to be over the drink drive limit, would you be at the wrong destination?

You haven't given one reason why you think the loan was mis-sold.

Sorry thought it was self explanatory . I have the full copy of the judgement on the broker and every reason given in that as to why they where banned is an exact copy of how I was sold this loan .

CHR15

So why we're you miss sold the loan?

Puddylove

At some point, you need to take responsibility for your own decisions and actions.
If you took and spent the money, you need to repay it.

If it's tough repaying it, then either you made a bad decision at the time, or your circumstances have changed.

In both cases, I don't see why anyone other than you should be to blame.

Pay your debts, resolve not to make poor decisions in the future, and move on.

ViolaLass

AIKI wrote: »

Sorry thought it was self explanatory . I have the full copy of the judgement on the broker and every reason given in that as to why they where banned is an exact copy of how I was sold this loan .

And these reasons were..?

David301

I have a piece of string, I'm not sure if it is long enough, it's quite long, but I'm sure there are longer pieces out there.

I guess my question is, is my piece of string long enough?