Was loan mis-sold

rosiecat35

I approached my bank for a £3,000 loan last year to tide us over a few months whilst my husband was out of work. The bank advised a higher loan of £7,500 to pay off my (agreed) overdraft of £5,500 which made sense at the time as the charges were less than my overdraft fees.
My husband and I have now separated and I have discovered the loan is in my name only and my ex-husband is refusing to contribute towards the repayments.
As the loan was taken out to repay a joint overdraft I thought it was a joint loan - can I make a claim against my bank?

bigisi

No, all the information about the loan would have been available at the time you took it out, it's not their fault you didn't read and understand it.

Just because you don't understand something doesn't make it mis-sold. The phrase you want is 'mis-bought'.

BoGoF

Reality check - why would they have made it joint when your husband was out of work?

Check your loan paperwork....I bet there is only one name on it. As above, your failure to read an important document does not make it missold.

parking_question_chap

What do you mean you have "discovered" the loan was only in your name? You were the ony that approached the bank and presumably completed and signed the paperwork!?

spadoosh

Youre going down the wrong route with this one. You need to settle this through any divorce agreements.

SonOf

I approached my bank for a £3,000 loan last year to tide us over a few months whilst my husband was out of work. The bank advised a higher loan of £7,500 to pay off my (agreed) overdraft of £5,500 which made sense at the time as the charges were less than my overdraft fees.

That seems reasonable. They offer an alternative option that may save you money and allow you the choice to decide what to do.

My husband and I have now separated and I have discovered the loan is in my name only and my ex-husband is refusing to contribute towards the repayments.
As the loan was taken out to repay a joint overdraft I thought it was a joint loan - can I make a claim against my bank?

Nothing you suggest indicates any wrongdoing by the bank.

Most banks do not issue joint unsecured loans. Only single ownership. The credit agreement would have had the name of the borrower(s) on it and would require the signature of the borrower(s) to confirm they have understood the terms and agree to them.

There is no missale here.
This is something you may be able to address via your solicitor though in respect of your husband taking on his share of the liabilities as part of the settlement.

boo_star

Your loan paid off, by your own admission, YOUR overdraft and gave you extra borrowing.

What you did with the extra capital was up to you. And you gave it to someone who ran off after being bailed out. That's life I'm afraid. Sometimes bad things happen to nice people.

Davy_Jones_II

You knew the loan was in your name from the start. You asked for it, you signed the papers, and only your name was mentioned in the documentation.

bigisi

Something tells me the OP's not coming back.

dresdendave

bigisi wrote: »

Something tells me the OP's not coming back.

That's probably our fault for mis-answering her question.

Southernman

I don't understand what is 'missold' about this.