Unsure if to complain about loan

woody747

So a few years ago when I was 19 I took out a loan with Lloyd’s Bank in branch. The loan was fairly sizeable (£10k) and for a house I was buying abroad.

I didn’t know at the time that this was a problem (obtaining a loan for a property) so I went in branch and asked for a loan, which when asked I told my advisor it was for a house.

He replied ‘you can’t get a loan for a house so we’re going to say you’re getting a car’ to which I was happy to go along with though surprised at the suggestion!

I’ve been paying the loan off without any real issue however over the last few months the loan has become a bit burdonsome which has led me to recall the situation under which I took it.

I want to file a complaint to help Lloyd’s improve their services and also potentially receive some sort of compensation for this (though I do understand it was my mistake as much the advisors).

My worry is that if I reveal I took the loan through a lie (albeit not mine initially) that I’ll be asked to pay back the loan immediately.

Does anyone have any advice at all?

Thanks,

Woody

[Deleted User]

Yes - don't do it.

You're admitting to a fraudulent application.

Are you able to settle it immediately if they ask (which they are likely to do)?

You'll also want to check for any fraud markers via CIFAS once you've put in your complaint. They're a bit of a killer for any future credit, and also some jobs.

Willing2Learn

Another vote to NOT do anything, as you would be admitting an act of fraud. And I also suggest making overpayments toward the loan, so as to clear the account asap.

Sncjw

Are you complaining to say that you can’t afford the payments now? Is that what you mean by burdosome.

Very much doubt you will get money for complaining about that and the fact you borrowed it under false pretences. It would be your word against there’s if you say the advisor told you to do it.

woody747

Appreciate the advice all - I was already on the fence about saying anything and based on the above I’ll steer well clear from it.

I wasn’t really expecting any financial benefit from it (though one can dream) I just don’t like the idea there is someone out there trusted to give advice and flaunting the rules - though bigger fool me for going ahead with it!

Thanks again everyone.

MEM62

woody747 wrote: »

I just don’t like the idea there is someone out there trusted to give advice and flaunting the rules

A sentiment that most of us would agree with. The issue comes when, having been complicit in and accepted a part in the disception in the first place, you are now not really in a position to complain because you have changed you view.

woody747

I think that’s a fair point @MEM62 - all I can do now is make sure I learn from that going forward and educate others where I can.

jonesMUFCforever

What happened to the house abroad?

phillw

jonesMUFCforever wrote: »

What happened to the house abroad?

I'm more interested in where you can get a house abroad for £10k and how someone buying a house abroad for £10k would have trouble with the monthly payments.

enthusiasticsaver

You applied fraudulently so I would say this could be opening a can of worms. Regardless of whether someone suggested you changing the purpose of the loan from a property abroad to a car it was you who signed the application. The alternative was you not getting the loan which on reflection might have been the best option.

I agree the bank employee needs to be strung up but you may well be strung up with him so depends how strongly you feel about this. You will not receive compensation as the fault lies with you in taking the loan out, regardless of the purpose. Are you saying it was unaffordable, putting the purpose aside? That is clearly not the case as you have been managing to pay it ok until recently. How has your situation changed?

Missus_Hyde

woody747 wrote: »

I’ve been paying the loan off without any real issue however over the last few months the loan has become a bit burdonsome which has led me to recall the situation under which I took it.

I want to file a complaint to help Lloyd’s improve their services and also potentially receive some sort of compensation for this (though I do understand it was my mistake as much the advisors).

A summary of the situation: you willingly took out a fraudulent loan, for which you now wish to wriggle out of the repayments as they've become "burdensome" and if you can claim some compensation for "mis selling", "helping Lloyds to improve their services" etc., etc., so much the better.

Nice work if you can get it! :cool: