Consolidation loans - Mis-selling

torbay

Is there a case for legal action regarding the mis-selling of consolidation loans? If people have been encouraged to move credit debts into a consolidated loan, then default on the loan and face repossession, is there a possible legal claim if the person has not been fully advised of the consequences of moving non-priority debts into priority debts.

Would this not be the same argument as the mis-selling of endowment?

Just a thought!

BenL

Doesn't the terms and cons for a (secured) consolidition loan state "Your home is at risk if you don't keep up your mortgage payments or any other loan secured against your home"

I see this all the time on the adverts for Purple loans and Ocean finance etc etc.

I would have thought the t's and c's would be a few pages long for these companies.

timnewton30

torbay wrote: »

Is there a case for legal action regarding the mis-selling of consolidation loans? If people have been encouraged to move credit debts into a consolidated loan, then default on the loan and face repossession, is there a possible legal claim if the person has not been fully advised of the consequences of moving non-priority debts into priority debts.

Would this not be the same argument as the mis-selling of endowment?

Just a thought!

I have just taken a consolidation loan out with HSBC for £10,500 And they are quoting me 31.9% interest over 5 years. Surely they have conned me, they have also given me ppi which is added to everything .
I just don't know what to do next?
Tim Newton (Bovey Tracey)

_Andy_

Why did you accept the loan if you felt you were being 'conned'? No-one forced you to sign the loan agreement.

petermb_2

timnewton30 wrote: »

I have just taken a consolidation loan out with HSBC for £10,500 And they are quoting me 31.9% interest over 5 years. Surely they have conned me, they have also given me ppi which is added to everything .
I just don't know what to do next?
Tim Newton (Bovey Tracey)

dont worry, you have a valid claim against HSBC and you will win.

jonesMUFCforever

petermb wrote: »

dont worry, you have a valid claim against HSBC and you will win.

Sorry Peter but you write posts like this all the time.

What I have never read from you is the why and where of why the poster will win, or for that matter all of the posters you have similar replies to.

Just saying yes you will win doesn't cut the mustard with me sorry.

Kavanne

timnewton30 wrote: »

I have just taken a consolidation loan out with HSBC for £10,500 And they are quoting me 31.9% interest over 5 years. Surely they have conned me, they have also given me ppi which is added to everything .
I just don't know what to do next?
Tim Newton (Bovey Tracey)

If you have 'just' taken it out, are you still inside the cooling off period for the loan? If so you should be able to cancel without penalty.

jonesMUFCforever

Well to each his own I suppose - I prefer to see evidence before getting people's hopes up based on just a few words in a public forum.

If only you could point to one case he has ''supported'' and something has come about because of it.
I post and read these boards on a regular basis and as far as I can see nothing ever comes of his posts.

bartsimpson

I saw an advert for a porsche which encouraged me to go out and buy one.

Someone scratched it with a key because they were jealous and thats going to cost me 400 quid to fix.

But porsche didnt fully advise me that one of the consequences of buying a porsche is that people get jealous and may scratch it.

Can I sue porsche for mis-selling to me?

Pathetic - this sort of attempt to grab money back by thickos who shouldnt have fallen for the marketing techniques in the first place really annoys me.

If you don't want a loan, dont apply for one in the first place!!!!!!!!

PS the story above is fictional.

jonesMUFCforever

Why did he not pay off his loans with his pay off from the army?

Scousebird_2

How can a bank be penalised for doing something you signed to do-I bet you weren't argueing when the funds were placed into your account-you have chosen to do debt consolodation which is exactly what I did-and I know that I did that to reduce my outgoings and pay off my debts to have one committment and one only-how can any bank be blamed for me making this decision-all they did was supported me in my enquiry. Amazing how some people think!