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Coventry Moregage Loan

ATK82
ATK82 Posts: 1 Newbie
in Mortgages & endowments
I am hoping someone can help provide some advice/guidance regarding unsecured loans taken with a mortgage in 2005. In 2005 I took out a 110% mortgage with Coventry under the product Moregage. In 2014 I sold the property and was informed the Loan part interest would increase. At the time I was moving out of the UK and just agreed and left. I have since worked out that the loan interest is extortionate and I will be paying back 3 times the amount borrowed. I must add at the time I took out the loan I was young and sat in front of a solicitor, I failed to actually realise the actual amount I would be paying back. Coventry have since rejected any complaint. Does anyone think it is worth complaining to the Ombudsman on the basis of being mis sold a product and pay day loan rivaling Interest. Any advice is greatly received.

Comments

  • amnblog
    amnblog Posts: 12,764 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You knew the Terms and accepted them.

    Where are grounds for the complaint?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ATK82 wrote: »
    I have since worked out that the loan interest is extortionate and I will be paying back 3 times the amount borrowed.

    How many years did you borrow the money over? Was the loan used to clear other unsecured debts?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Name Dropper
    30k over 25 years at 14% would be repaying a total of 102k.

    I plucked these figures out of thin air to show that even at non unreasonable interest rates the overall term can throw massive numbers out the other end.

    What numbers are you looking at to see if any of it seems unreasonable?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    110% 2005 sold 2014.

    Why was there not enough from the sale to pay off the loan?
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Being young and naive at the time is not a reason to go crying to the Ombudsman.

    Sounds more like you tried to leave the debt behind when you left the UK.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    OP you signed the T+C, so what's the problem here? You mean misbought?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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