Halifax Personal Loan Agreement

ScaredWitless

I need to ask for some advice please.

A few years ago, my bank, Halifax, kept throwing money at me left right and centre.

Each time credit was given, they did not ask me where my income was coming from in order to pay it back.

To cut a long story short, they gave me a personal loan back in December 20011.

It was done online through the current account facility at the time.

No questions were to provide proof of income.

Recently, I asked for a copy of the personal loan agreement and I have some concerns with what has been provided.

1. Incorrect address on the loan agreement (I was not living at the address on the agreement as I had moved house).

2. Incorrrect interest rate being stated. It stated that the interest rate was 13.9% but I have proof from the bank via a letter last year there was 0% interest added on.

3. No signature box showing i.e it has not been ticketed either electronically or not a signed by hand.

4. It says "BANK COPY" on the front of the agreement so its not a recon.

The default for this loan will be off my credit file next year.

I sent the bank a detailed income and expenditure showing I am unable to pay for genuine reasons and due to medical problems I showed a doctors report showing vulnerability.

Bank has ignored my requests to write the debt off on hardship grounds, and ignored the letter in general.

This is a common problem with the Halifax.

Any advice should they try to claim?

DCFC79

ScaredWitless wrote: »

I need to ask for some advice please.

A few years ago, my bank, Halifax, kept throwing money at me left right and centre.

Each time credit was given, they did not ask me where my income was coming from in order to pay it back.

To cut a long story short, they gave me a personal loan back in December 20011.

It was done online through the current account facility at the time.

No questions were to provide proof of income.

Recently, I asked for a copy of the personal loan agreement and I have some concerns with what has been provided.

1. Incorrect address on the loan agreement (I was not living at the address on the agreement as I had moved house).

2. Incorrrect interest rate being stated. It stated that the interest rate was 13.9% but I have proof from the bank via a letter last year there was 0% interest added on.

3. No signature box showing i.e it has not been ticketed either electronically or not a signed by hand.

4. It says "BANK COPY" on the front of the agreement so its not a recon.

The default for this loan will be off my credit file next year.

I sent the bank a detailed income and expenditure showing I am unable to pay for genuine reasons and due to medical problems I showed a doctors report showing vulnerability.

Bank has ignored my requests to write the debt off on hardship grounds, and ignored the letter in general.

This is a common problem with the Halifax.

Any advice should they try to claim?

You still using the solicitor you were using last year ?

Since you last posted what has changed ?

ScaredWitless

He wanted money, I couldn't afford him!!

jonesMUFCforever

As you applied online you have 100% no chance of getting anything back on this.
You provided the bank with all details on the application so anything you put down which was untrue was fraudulent.

Good luck with explaining that to your solicitor or anybody else!

ScaredWitless

I don't think so.

You clearly haven't read my post have you!?

Its the bank's errors on the agreement I am arguing and the fact no signature box.

DCFC79

ScaredWitless wrote: »

I don't think so.

You clearly haven't read my post have you!?

Its the bank's errors on the agreement I am arguing and the fact no signature box.

No harm in trying the FOS.

Did the solicitor give an indication IF you would get anywhere ?

re point 1 in the post why did you not correct Halifax the address was wrong ?

ScaredWitless

The only thing the solicitor said was that under a certain FCA rule (can't remember which one), the agreement has clearly been improperly executed and that in order to correct the agreement the bank would have to get a court order.

As there are so many errors in the agreement and the bank is duly aware I am a vulnerable adult and have little means of paying the debt back, he said they might just leave it.

The default is due to come off next year.

It will be statue barred in around 4 years as they haven't had payment since 2015.

The FOS have said they dont deal with credit agreements, which I find out.

Should I just sit tight and see what there next move is?

Dobbibill

ScaredWitless wrote: »

I need to ask for some advice please.

A few years ago, my bank, Halifax, kept throwing money at me left right and centre.

Each time credit was given, they did not ask me where my income was coming from in order to pay it back.

To cut a long story short, they gave me a personal loan back in December 20011.

You applied for a loan in 2011 you mean. You have to take some responsibility, it's not all about the bank forcing you to take what is on offer.

It was done online through the current account facility at the time.

No questions were to provide proof of income.

Recently, I asked for a copy of the personal loan agreement and I have some concerns with what has been provided.

1. Incorrect address on the loan agreement (I was not living at the address on the agreement as I had moved house).

Did you tell them about your change of address? If so, how?

2. Incorrrect interest rate being stated. It stated that the interest rate was 13.9% but I have proof from the bank via a letter last year there was 0% interest added on.

Is this the interest added after interest was frozen?

Was it initially 13.9%?

I don't recall seeing a 0% loan advertised, it would've been a very popular product.

3. No signature box showing i.e it has not been ticketed either electronically or not a signed by hand.

You normally need to confirm online with your password if you did it through online banking.

4. It says "BANK COPY" on the front of the agreement so its not a recon.

I believe that's standard.

The default for this loan will be off my credit file next year.

I sent the bank a detailed income and expenditure showing I am unable to pay for genuine reasons and due to medical problems I showed a doctors report showing vulnerability.

Bank has ignored my requests to write the debt off on hardship grounds, and ignored the letter in general.

This is a common problem with the Halifax.

Any advice should they try to claim?

Take it one step at a time, you may be in a different situation by the time they contact you.

The DFW board may be a good place to get further advice, depending on their response.

ScaredWitless

I went into the main branch of Halifax to notify them of change of address where my current account was first registered.

I have a letter from the Halifax dating back July 2016 stating that 0% was added onto the lifetime of the loan.

Also, when you look at the default entry for the loan, no interest has clearly been added on.

What is the DFW board!?

I am on sickness benefits and cannot make any payments as I have disabilities, and other household bills that need paying.

The debt is unsecured.

DCFC79

The DFW board is the 1 below the loans board.

Dobbibill

ScaredWitless wrote: »

I went into the main branch of Halifax to notify them of change of address where my current account was first registered.

I have a letter from the Halifax dating back July 2016 stating that 0% was added onto the lifetime of the loan.

Also, when you look at the default entry for the loan, no interest has clearly been added on.

What is the DFW board!?

I am on sickness benefits and cannot make any payments as I have disabilities, and other household bills that need paying.

The debt is unsecured.

Right, that makes more sense now - the original loan was 13.9% but they changed it to 0% in 2016.

The copy of the loan agreement will still state that the loan was taken out at 13.9% - that was the agreement. What's happened since is an amendment. They will provide you with the original rate - don't worry, it wouldn't have changed.

There won't be any interest added on if they've amended it to 0%. - That's correct.

The loan is unsecured and you are on disability benefits - they cannot take what you don't have. I can't imagine they will just write it off though, as I said previously, things may change.

I'm sure you would want to pay off your debt if you won the lottery or inherited a large windfall. This doesn't mean you have to pay them instead of utilities or food but I'm sure they would like to know if things change.