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| joella68 |
Posted - 13 April 2009 : 17:51:43
hi all,
i havent been around for a while.....appologies for that, but now the dust has settled i have a few niggles that i need to clear........doies anyone know/have any experience of mis sold secured loans ??? or know where to get advice ?
i am wondering if i was mis sold a secured loan, we had a motgage of 178k with our lender then got 65k on secured loan through another lende, i was not working but habby was on 27k a year........does that sound right ? icant help feeling that we should never have been lent that kind of money !!!
anyone got any further thoughts on it ???
any help appreciated 
moving forward to new beginnings
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| 5 L A T E S T R E P L I E S (Newest First) |
| hadenuff |
Posted - 14 April 2009 : 15:46:31
Firstly i know very little about mis-sold loans I thought it was all mainly about PPI policies. Having worked in a bank you will definitely know more than me about it. Surely you would have signed something to say your earnings would cover the payments on the secured loan?
I would imagine this is where you would have to be very cautious as it could come back on you that you somewhere gave the impression your incomes were more than they were to get the secured loan.
I know when we took an extra loan against our property a few years ago our incomes were checked and double checked with us even on self-cert and when we took our original mortgage our solicitor even wrote to confirm our incomes.
Sometimes things are best left alone in my opinion. Especially if the property is gone now.
Sorry can't help any more! |
| RHB |
Posted - 14 April 2009 : 07:53:31
Well, they lent it you because they thought house prices would rise enough that if you defaulted they would still get their money back. |
| joella68 |
Posted - 13 April 2009 : 21:59:31
well RHB we took it out in july 2006 and back then the market was on a high and i guess we were just pleased that it went through, a little gobsmacked, but you TRUST the experts, when i questioned them about wht we were allowed this much money ( this was when we started gettig into trouble, and were trying to arrange a paymet plan with them )they said that they gave us 125% loan to vaue and that it was done on a desktop valuation of our property at the height of house prices, so as i say now that we are BR and the dust has settled you start to look back at what has happened and ask the questions as to whether things could of been avoided, and its niggling at me that this was somehow not right, what ever happened to resposible lending ?
moving forward to new beginnings
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| RHB |
Posted - 13 April 2009 : 19:44:22
Well, when you took it out did it not seem wrong to you? |
| markm |
Posted - 13 April 2009 : 18:37:02
Hi joella... 
Im no expert but I Know from my experience & BR... Many Brokers (lenders) !!! Will pass & give you a loan secured on a property...
The problem is the high intrest & repayments that are normally the problem... On your figures... to me it looks mis sold...
Im sure an expert on the forum will no & be able to help you on this...
My REgards lil Shaza. (markm) xX
markm. xX |
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