Unregulated Secured Loan

[Deleted User]

Unsecured&confused wrote: »

I really really wish they had turned me down. We would have really struggled short term, but, for example, the balance on my car finance would have been paid off 8 years ago instead of still paying for it now. I would probably still have a house. I know I signed it, I'm not disputing that it was a stupid thing to do - but I was convinced by them that I was doing the right thing at the time. I am not asking to be 'let off' what I owed, just that they accept a bit of the responsibility for what I now consider to be 'irresponsible lending' and compensate me for this in some way.

I can appreciate this is not easy for you. You really need to get legal advice rather than from people on the internet. A solicitor will tell you fairly quickly if you have a case or not. Good luck!

System

Unsecured&confused wrote: »

I'm not disputing that it was a stupid thing to do - but I was convinced by them that I was doing the right thing at the time. I am not asking to be 'let off' what I owed, just that they accept a bit of the responsibility for what I now consider to be 'irresponsible lending' and compensate me for this in some way.

It wasn't irresponsible lending. You told them you could afford it. They went on what you told them. There isn't compensation for taking stupid decisions.

iolanthe07

Tarambor wrote: »

It wasn't irresponsible lending. You told them you could afford it. They went on what you told them. There isn't compensation for taking stupid decisions.

I think that is a bit harsh. The ads for these loans were very alluring and I can quite understand someone in a bit of a financial hole falling for them. As always, reading the small print is never a waste of time, and if you don't understand it, show it to someone who does.