Missold Loan?

Mikenrox69

Hiya, myself and my wife have just joined the forum and hope we are ok to raise this point.
We were in a pretty good place financially in 2000 and saved over £10K in around 5 months allowing us to buy and furnish our first home with a mortgage from Abbey National (Santander). Being made redundant and my wifes income decreasing in late 2002 we got in to some difficulty with other credit payments (which had been well within our means). This went on for around a year. Not taking any real advice from anyone we looked at consolidating our borrowing and ended up borrowing £15000 from a company that (we think) was called Brunswick Home Loans. I had just started a new job with the DWP (earning around £17000 a year less than previously).
All of the discussions were done over the phone, my wife was persuaded to take the loan out solely in her name as I had had only just started the new job. A form was sent out to our home address and my wife was advised to slightly exaggerate both her income and time in work etc to ensure things went smoothly. Being quite naïve at the time we went along with this. The loan was authorised and payed out and secured against our home.
A year and two children later my wife was not able to work, I was still on a very poor salary from the DWP and we could not afford the repayments. We foolishly paid the secured loan when we couldn't afford our original mortgage . This put us in arrears with Abbey National, eventually in Spring 2006 we sere taken to court for possession by Abbey.
We approached CAB for help, who failed us dismally (we had to ask them to leave the court as the adviser had the wrong persons details and had brought with him a handful of trainee advisers who had never seen the inside of a court before).
Sorry if I waffled here. We had sort of put all this behind us, we sold the house and have been renting for the last 12.5 years. Does anyone think we have any cause to consider claiming against the Brunswick Loan for misselling?

KatrinaWaves

No.

You lied on the application (even if you were persuaded to, you still lied)

msallen

I can't see that you have any evidence to back up a claim of mis-selling (unless you haven't mentioned it, but as you aren't even sure of the name of the company I doubt it), so I would rate your chances at roughly zero.

boo_star

It seems like you were managing to pay the loan just fine up until your wife was unable to work and you now had two additional mouths to feed.

That was the problem, not a mis sold loan.

Sncjw

Nope you made a fraudulent application. Is there any proof they told you to do so? I very much doubt it.

boo_star

Sncjw wrote: »

Nope you made a fraudulent application. Is there any proof they told you to do so? I very much doubt it.

After what I estimate to be about 15 years, almost certainly not.

DCFC79

If I were asked to lie about salary, time in the job on a application form for a loan I wouldn't bother going through with it.


Did we not have a recent thread where the poster said they lied on the application ?
Oh yes the Nationwide 1 which the OP has now deleted the post.


You can definitely try a complaint, say you lied on the form as you were persuaded to do so and see how far you get.

Bermonia

With no evidence that you were advised to lie (keep in mind you are adults responsible for your own actions who can say no) - it will be merely an addition of your guilt in making a fraudulent application, possible consequence is that you get a CIFAS (fraud prevention agency) marker applied to your records making any future borrowing difficult to say the least

[Deleted User]

Mikenrox69 wrote: »

We approached CAB for help, who failed us dismally (we had to ask them to leave the court as the adviser had the wrong persons details and had brought with him a handful of trainee advisers who had never seen the inside of a court before).

Can well believe. Three days of off court proceedings for a debt which payments are being made against!

A debt collector trying to say a house lease is a "publicly available document" as to why someone else's name appears...

Finally got the FOS to take the case on, only because I had included the debt collector's complaint policy email address which they've ignored for 8+ weeks.

No help anywhere. Stepchange just said 'shocking' Sometimes I think should I just let it all go in front of the judge.

[Deleted User]

A lie is a lie no matter if someone advised you to do so, I can imagine the sort of action your employers, the DWP would take against someone who lied to them.
However, were you mis-sold the loan?, answer; definately not.

Brock_and_Roll

Putting all the rights and wrongs to one side, what evidence exists from over a decade ago?

Recorded calls?
Transcripts?

I suspect the only piece of evidence is the application form.

So the only thing that can be potentially proved is a fraudulent application by (both) the parties.

So a fools errand to pursue this now