Mis-sold secured loan

Pepsilot

Hi I’m just wanting some advice on behalf of my parents. Many years ago when my parent’s ran into some difficulty they took out a secure loan, at the time they didn’t want a secured loan just a standard loan but the company (loans.co.Uk part of MBNA) refused to give them anything but. They are now approaching retirement age but still have a lot to pay off this loan. They’ve had lots of problems with the company as they say that as they’re not a British company although they operate in Britain they’re not governed by UK banking laws or regulations. As a result they constantly increase interest of the loan the more they pay off and as such now pay more for this loan than they ever have paid for their mortgage. It’s now their biggest outgoing. Is there any advice anyone has for reducing they’re debt? Or has anyone ever heard of any other problems surrounding the company or companies involved. Any advice or help would be appreciated thank you 

sourcrates

That company ceased making loans in 2008.

There is a link to the MBNA website if you wish to make a complaint.

Quite how that would pan out given its a secured loan, I do not know, not much else to say really, if its not a CCA regulated agreement, then there`s very little you can do.

Edi81

If a company operates in the UK they must abide by UK regulations. 

The company is part of Lloyds Banking Group however were owned by Bank of America in 2008. 

Karonher

They must be if this is on the main residence the CCA will not apply as it is a secured loan.