Mis -sold loan?

Sunnyme83

looking bank statements from over 10 years ago and realised I may have been mis sold my loan. At the time it was sold to me the advisor did not calculate my outgoings against the re payments to see if this was affordable for me and now seeing amount of repayment at the time against my earnings back then seems crazy, roughly a quarter of my monthly salary. I believe this may have led to me getting into further debt, . I remember later trying to extend the loan which was refused as I would not be able to make the repayments. The loan has since been paid off and I am in a much better place now, but was wondering if there is anyway of disputing this with the bank?

[Deleted User]

So why did you accept the loan if the payments were "crazy"? You paid off the loan, the bank turned you down because you couldn't afford to extend it - what more should they have done? What would you have done if they said no at the time of the original application?

If you want to dispute anything, it's mis-borrowing rather than mis-selling. Perhaps you should sue yourself?

Willing2Learn

Hi Sunnyme83 and welcome to the forum

If you want to complain to the Financial Ombudsman Service there is a time limit of six years from when you were sold the product, or three years from when you noticed (or ought reasonably to have become aware) something was wrong – whichever is later.

So, I believe that even if there were grounds to complain, the product you are unhappy with would be time-barred.

Sncjw

You chose to take the loan. You knew what your outgoings were they don’t go into detail about that.

jonesMUFCforever

10 years ago there was no legal or regulatory rule that they had to check affordability.
They put in the figures into their lending computer and it said yes or no based on your account conduct.

No compo here - sorry.

diggingdude

They were very responsible when they refuse to lend you more

Kentish_Dave

What do you mean by disputing it? You asked for a loan, were offered one, and paid it back so what are you hoping for?

If it’s compo then remember, you do have to stand next to the sofa in your council-house garden putting on a good compo-face. This is the only qualifying factor now.

foxy-stoat

Sunnyme83 wrote: »

looking bank statements from over 10 years ago and realised I may have been mis sold my loan. At the time it was sold to me the advisor did not calculate my outgoings against the re payments to see if this was affordable for me and now seeing amount of repayment at the time against my earnings back then seems crazy, roughly a quarter of my monthly salary. I believe this may have led to me getting into further debt, . I remember later trying to extend the loan which was refused as I would not be able to make the repayments. The loan has since been paid off and I am in a much better place now, but was wondering if there is anyway of disputing this with the bank?

Nice try, afraid not.

bigisi

Yet another case of mis-buying trying and failing to blame someone else for their mistakes with the magic "mis-sold" word.

normanna

You should have borrowed elsewhere at a lower rate if the loan was 'crazy. Take some personal responsibility here - you agreed to take the loan and no-one forced you. You paid it back so it was affordable. No compensation is due.

poppasmurf_bewdley

You took out a loan, and then paid it back. In what way was it not affordable?

You cannot expect to take out a loan, and still have the same spending power as you did before the loan. All loans will affect your spending, one way or another.

You join the almost weekly list of people who come on here claiming to have been mis-sold a loan. We do not have a list of people who have proved such a claim, as none have succeeded.