Think we have been done

sourcrates

The problem with secured loans is that the interest rate is variable, and at the creditors discretion, the amount you owe can soon add up, as you have discovered.

There is nothing you can do about this, you were aware of your responsibility at the time, and what you signed up to, your choice, your decision, your responsibility.

phillw

animalmad1311 wrote: »

Can anyone point us in the right direction, we are fed up.

You can check that they haven't over charged you or sneaked in fees that you didn't know about, if you've still got the original paper work.

You may have to chalk it up to experience. When I've done things that didn't turn out as well as I'd hoped then I try not to feel bad about it.

animalmad1311

Thanks for the feedback. Some of you are lovely and I acknowledge your understanding, others Thans , yeah we were in a tricky position at the time, had a lot of debt from moving house and trying to keep our daughters safe, but thanks for making me feel like an idiot. Didn't think I would get people like you on a forum that is supposed to help people.

Caz3121

animalmad1311 wrote: »

a forum that is supposed to help people.

you have been asked why you believe it was misold...the information you gave was that you applied for a loan and were granted that loan. (I assume you had limited options...so you decided it was the right decision for you at the time)
Have you at any point over the last 13 years looked at alternate funding at a lower % to pay the debt off sooner. Have you asked for a redemption figure and looked to take cheaper borrowing and pay it off.

Would you be happy if everyone responded to say...yes you can stop paying and reclaim £1000s in interest...even though it is untrue? or should the answer be that you should never have been given any loan leaving you with your initial debt problems? (what position would you be in now if you had not applied for the loan?)

System

animalmad1311 wrote: »

Thanks for the feedback. Some of you are lovely and I acknowledge your understanding, others Thans , yeah we were in a tricky position at the time, had a lot of debt from moving house and trying to keep our daughters safe, but thanks for making me feel like an idiot. Didn't think I would get people like you on a forum that is supposed to help people.

Coming in claiming from the start you've been done or been mis-sold just because you've freely taken out a loan with a high APR and/or a long term meaning you pay back 2/3/4/5 times what you borrowed is like a red rag to a bull here. Often people are coming on here having freely signed up to quite expensive finance agreements and believe just because it was a bad deal that they should be entitled to not repay it and in many cases they're even wanting compensation because they made a bad decision. They're not.

You get help on this forum but what you don't get is being told what you want to hear if that is wrong. If you want to be told what you want to hear even though its completely wrong and of no use then Facebook is probably a better place to go. If they've been mis-sold then they'll be helped with sorting that out. If they've took out a loan just looking solely at the monthly repayments and not the total amount that would be repaid, which is what I expect you did like many have done due to the situation you were in. then that doesn't mean they were mis-sold and they'll be told that there's no getting out of a bad decision and they'll be given possible options such as refinancing the loan with one with a better APR.

tempus_fugit

animalmad1311 wrote: »

Thanks for the feedback. Some of you are lovely and I acknowledge your understanding, others Thans , yeah we were in a tricky position at the time, had a lot of debt from moving house and trying to keep our daughters safe, but thanks for making me feel like an idiot. Didn't think I would get people like you on a forum that is supposed to help people.

I'm confused. I've looked back at the thread and can't see anyone being nasty or impolite in any way, just people pointing out that the terms of the deal were available to you at the time you took it out and asking why you feel that you were mis-sold the loan. Without that information it would be hard to help you in any way.

Dangermac

animalmad1311 wrote: »

Hi everyone,
I hope someone can help point me in the right direction. We took out a loan secured on the house (I know bad move) this was 13 years ago, we are still paying it off!! we have another 2 years to go, but I think we have been done over. We took a £25000.00 loan, over 15 years (silly I know but needs at the time) we have been paying around £360 per month resulting in us paying back so far around £56000.00. I really hope there is someone who can help, point us in the right direction of anyone who can help us look into if we were miss sold this loan and if there is anything we can do about it. i know we are nearly at the end, but this seems ridiculous. I know some will say look at your interest rate and yes it is probably high, but I need someone to help us. Can anyone point us in the right direction, we are fed up. Thank you in advance.:(

Loans over a long period of time (i.e mortgages etc) will always involve a payback massively more than the loan amount. That's how compound interest works.


And of course, if the interest rate on the loan was high, this will involve a higher overall payback.


Presumably, you knew the interest rate at the time of the loan, and presumably you knew the loan period.


It's difficult to immediately see how this loan has been mis-sold.


DM

eschaton

animalmad1311 wrote: »

Thanks for the feedback. Some of you are lovely and I acknowledge your understanding, others Thans , yeah we were in a tricky position at the time, had a lot of debt from moving house and trying to keep our daughters safe, but thanks for making me feel like an idiot. Didn't think I would get people like you on a forum that is supposed to help people.

Who is making you feel like an idiot? Are the answers not the ones that you were looking for?

Did you take a loan out that you were happy with without someone holding a gun to your head?

If yes then why is it now a problem?

You could have looked at refinancing the loan at a lower rate during the past 13 years.

MEM62

animalmad1311 wrote: »

Thanks for the feedback. Some of you are lovely and I acknowledge your understanding, others Thans , yeah we were in a tricky position at the time, had a lot of debt from moving house and trying to keep our daughters safe, but thanks for making me feel like an idiot. Didn't think I would get people like you on a forum that is supposed to help people.

Instead of ranting, which will achieve nothing, why don't you respond to questions that have been asked so that someone may have a chance to advise you?

What was the interest rate one the loan? Also, on what basis do you think it was miss-sold?

poppasmurf_bewdley

It's another case of not being mis-sold a loan, but of someone mis-buying a loan.

When you took out the loan, you were probably desperate to get the money into your account, and that was all that mattered to you at the time.

You accepted a high rate of interest, and it's only now that it's slowly coming to an end, you can stand back and look at an overview of the whole deal. And what you have seen (the final total) has come as a complete shock, and you're realising what you did all those years ago.

And it's what you did, nobody else, that is responsible.