Miss sold personal loan instead of sblgs

**judi3** · 10th March 2007 01:28

I need advice please
Due to bank charges and setting up a company the bank manager called us in to cover our overdraft icon

.
We adviced the bank of our situation and scared muppets we were made to take out a personal loan and a miss sold PPI icon

.
I have finalised my request for charges and the ppi but i believe that the manager had not acted in our best intrest .
I requested at the meeting details of the Small business loan guarentee if we were eligable but he carried on with his solution regardless obviously his arrangement was in his best intrest.
Has any one else had dealings with this matter this matter as i would like to pursue it further ?

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**judi3** · 10th March 2007 12:39

any one?

**Pondfish** · 10th March 2007 12:53

Hi Judi3,
Welcome to CAG icon

!

Sorry i can't offer too much advice, but i too have a buisness and personal account with Lloyds icon

and feel i made a big mistake in taking a loan out with them.

I went for a personal loan but was mucked about for ages in the branch until after about 2 hours the advisor told me that it would have to be a business loan as i had a business account with them. when i eventually got the papers to sign i noticed the APR was 27%! Like a fool i signed and took the loan (with PPI icon

which i was told was needed.) Like you, i feel i was pressurised into taking the loan. I was also told by the advisor that no one else would quote me for 3 months now that my request had been entered on the system. I have since cancelled the PPI, but rue the day i took that loan out. I could have got a far cheaper loan elsewhere.

Pondfish

**Perseus** · 10th March 2007 13:17

Originally Posted by judi3

I need advice please
Due to bank charges and setting up a company the bank manager called us in to cover our overdraft icon

.
We adviced the bank of our situation and scared muppets we were made to take out a personal loan and a miss sold PPI icon

.
I have finalised my request for charges and the ppi but i believe that the manager had not acted in our best intrest .
I requested at the meeting details of the Small business loan guarentee if we were eligable but he carried on with his solution regardless obviously his arrangement was in his best intrest.
Has any one else had dealings with this matter this matter as i would like to pursue it further ?

Hi Judi
Likewise - no personal experience, but you may have grounds for a complaint to any of the following, with info at:-
FAQs Businesses - our voluntary jurisdiction
Banking Code Standards Board

Have you approached your bank in writing - in the form of a complaint? If not, that may be the first option to see if they are willing to investigate.

Perseus

**judi3** · 10th March 2007 13:37

I am just preparing my complaint and would welcome advice on the contents .
I am convinced i have a claim .
i have been successfull in reclaiming charges for our personel account and biz account but it has been credited to the loan ,which i was forced to take out due to the charges! , im glad that its another headache out of the way but they attempted to destroy us not guide us
But we started the biz on a Lloyds icon

credit card which i have started a new thread icon

http://www.consumeractiongroup.co.uk...ferrerid=31310

set aside Judgement I Lost .

I would welcome any advice .I am unable to donate icon

to the site at the moment .
My life has totally changed since discovering this site and i feel privileged to have gained information to help my family friends and members of the site .and i will donate icon

from my next quests ,wear the t-shirt the lot !

**judi3** · 11th March 2007 08:52

bump

**judi3** · 12th March 2007 12:32

Does any bank workers now if its commission exempt if they offer aloan under the small biz loan guarentee scheme.

Its obvious that selling their own products and insurance are in their best intrest.

**judi3** · 12th March 2007 15:42

The loan was for £5 thousand pound of which 40% automatically repaid a personal and biz account overdraft which was made up of charges .
claimed them back and they credited the loan account .

It is now well known that the banks have
Irresponsible targets and remuneration schemes which encourage staff to mis-sell unsuitable products which do no place the consumer's best interests first.

Any body please have any info do i advice that i am seeking the whole loan amount but what about the effect this action has done to my biz ,

:? :? :? :? :? .com

**Pondfish** · 12th March 2007 16:05

judi,
i am wondering if it might help you if you try posting on the "General " or "general debt" forums as well? Responses to your problems seem slow and it may be that this is outside the scope of most people merely seeking repayment of bank charges.

Watch someone shoot me down now!

Pondy

**Erectusthem** · 24th March 2007 02:03

Dear judi3
i think we are in the same boat.

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