Missold loan underage - Advice
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AmbRob
Posts: 6 Forumite
Hi - first time posting. Looking for some views and any advice please.
I’m now in my mid 30’s but at the age of 17 I was given a £17k loan from the bank. The bank manager told me “not to worry” about my age and falsified documents to change my date of birth. I was not in full time employment and have spent nearly the last 20yrs in a constant state of debt all leading from this (some my own fault!) but certainly the stress and anxiety this caused me from an early age has caused my financial situation to never be where it should be. I have suffered years of depression and still feel so angry about what was done all those years ago and regret accepting the loan - I remember only going in to the branch to pay a cheque.
The bank was Midland which I know was taken over/rebranded now but my question is - Would the ombudsman or legal action either be possible or entertained after all this time? I may sound desperate but the reality is I am and I’m still so angry about it
Thanks in advance
I’m now in my mid 30’s but at the age of 17 I was given a £17k loan from the bank. The bank manager told me “not to worry” about my age and falsified documents to change my date of birth. I was not in full time employment and have spent nearly the last 20yrs in a constant state of debt all leading from this (some my own fault!) but certainly the stress and anxiety this caused me from an early age has caused my financial situation to never be where it should be. I have suffered years of depression and still feel so angry about what was done all those years ago and regret accepting the loan - I remember only going in to the branch to pay a cheque.
The bank was Midland which I know was taken over/rebranded now but my question is - Would the ombudsman or legal action either be possible or entertained after all this time? I may sound desperate but the reality is I am and I’m still so angry about it
Thanks in advance
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Comments
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Pay it, move on. The horse has bolted.0
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How is this different than a missold pension, mortgage etc? Particularly that the bank manager committed an offence in persuading someone underage to take out a loan?0
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It's only one possible version of events. Another, just as credible, is that you mislead the bank staff about your age.
There is no way, looking back 20 years, to distinguish between the two.
However, in either case, you signed the loan document with a false date of birth on it, so you should have known that misrepresentation was happening, either way. So you should not have signed for the loan.0 -
But I didn’t. I had a bank account with them since a very young age including a junior account so they knew my date of birth.
Yes I did sign for a massive loan that I couldn’t afford which a world bank falsified to give me at 17. Do 2 wrongs make a right?0 -
So you would like to admit being complicit in fraud by misrepresentation ?0
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Would I be though? That!!!8217;s one of the questions I suppose. Knowing now what was happening is very different to understanding the impact and implications of a banks actions at the time - never mind the years of debt and upset it has caused me0
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Clutching at straws here I fear.0
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I!!!8217;m now in my mid 30!!!8217;s but at the age of 17 I was given a £17k loan from the bank. The bank manager told me !!!8220;not to worry!!!8221; about my age and falsified documents to change my date of birth.
At the age of 17, the bank can lend you money but it cannot enforce the debt should you not repay it.Would the ombudsman or legal action either be possible or entertained after all this time?
Court action is unlikely due to 15 year long stop.
Ombudsman would only consider a complaint after you have made a complaint to HSBC and had their rejection.
If it is the exact same debt with the same lender, you may find it is unenforceable. If you have changed the debt over the years (i.e. to other lenders) then the break means there is little that can be done.
The biggest issue is persuading them that the bank manager committed fraud and you were not complicit. If the bank manager wanted to lend to a 17 year old he could. he didnt need to commit fraud to do that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
What is the problem here? Is it:
1) You are struggling to make the payments.
2) You borrowed money and are upset that you have to pay it back
If it is point once, then can you not speak to the bank to negotiate a more realistic repayment plan e.g. pay back the loan over a longer period of time (paying more interest as a result)? If it is point two then I am not sure what to suggest - as others have said you will of signed a document at the time, which would confirm that you meet the criteria for the loan.0 -
I tend not to believe this.
A loan of £17k to a 17 year old - what for ?Never pay on an estimated bill0
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