is there such a thing as miss selling a loan?

[Jangles65]

I am sure I have read something somewhere about this. My husband took a loan for 25,000 without my concent, (I have sent for the CCa) I think my wages would have been taken into account to prove ability to pay back. I didn't agree to it or sign for it. Does anyone have experience of this happening to them.

[Ell-enn]

If the loan is solely in his own name (not a joint loan) he wouldn't need your consent. It will be his responsibility and not yours. do you have any reason to think it is a joint loan which would need your signature?

[Jangles65]

Hello

 

got you reply in my e-mail and can't find it here!

 

No its not a joint loan, I just felt it was unfair to take my wages into account to get a loan without my agreement.

[Ell-enn]

I understand you how must feel but it will be his sole responsibility to repay the loan. I assume it's an unsecured loan as that would need to be joint if the house is in both names. Who is it with?

[Jangles65]

yes unsecured and with Lloyds TSB. I have read things about banks needing to act in peoples best interest and if proved otherwise, loans written off!! there is no way he could have paid the loan on his own wage.

[Ell-enn]

I'm afraid unless he gets into difficulty paying the loan there's nothing you can do but wait. There's no point contacting LTSB as they won't discuss his account with you - even if you are his wife. I'm sorry I can't be more helpful, however iI should just keep an eye on him to see if payments are being made ok. If he defaults on the payments on a loan of that size it may then involve you if you own your property jointly. However, LTSB are a high street lender and they must have been fairly confident in his ability to pay to grant an unsecured loan.

 

Was the loan for home improvements from which you both will benefit - or is this something for himself which is making you aggrieved?

[Jangles65]

We are in trouble with payments, My husband was having difficulties for a long time and hiding it from me. The loan was for consolidation of loans.

[Ell-enn]

Oh dear, I'm sorry to hear about your difficulties - it is such a worry isn't it (been there!!). Do you mean you are having difficulty making payments on this loan we are talking about?

I wouldn't be too hard on your husband - it's very easy to get into a situation and look for the easiest way out. As I said, LTSB are one of the more responsible lenders and the fact that they granted an unsecured loan rather than secured is a measure of how they see your ability to pay.

 

If your are having difficulty with payments on this loan - then your husband should contact LTSB and ask for their help before they take any action.

 

In any case, now you have found CAG you will get all the advice and support you need. There is always someone around to answer questions and point you in the right direction. You musn't be afraid to ask, no matter how trivial you think it is. You are among friends who have all been in similar (if not worse!) situations and know how to help.

 

If I have been of any help, please feel free to tip my scales.

[gizmo111]

Thge bank would nornally credit score on household income - so in this respect your income would be taken into account.

 

Are there any charges included in the loan? Follow the link in my sig to claim them back and the interest.

 

Is this your only debt?

[Jangles65]

No not the only debt, my husband had two credit cards about 15,000 and another joint loan that I knew about agreed and signed for 13,000. I have sent for cca's and SAR so will wait and see.

I just hope I have all the facts now, I have signed up with payplan and moved bank accounts. I did get charges back from natwest £2500. My mortgage is huge and I think I am going to try to move, down size as we are only paying our interest at the moment. I am really scared to make the wrong decisions.

I feel ok now I am in control and have the facts but will need some marriage counseling lol

[Ell-enn]

Glad to hear you're taking control of things. However, it is bound to put a strain on your relationship - if you can avoid blaming each other it will make things easier to deal with - the deeds are done and nothing can change that, it's the future that matters now, not the past, and you've taken the first steps in sorting things out. Don't be afraid to embark on counselling - it can be very helpful, you have to stick with it though, to get the best result.

 

Good luck, and keep posting for help and support from the CAG.

[Jangles65]

Thanks Ell

 

Thats really good advice

[Ell-enn]

You're welcome, anytime:)

 

It's always nice to know when you've helped someone - feel free to tip my scales