Barclays/FirstPlus Secured LTV - irresponsible leanding?

[THEHOTSHOT]

Hi

 

I have a question about a secured loan i took out several years ago.

 

I dont want to give to much info at this stage

 

however I took out a loan and the maximum I could borrow was 125%,

i actually got given between 145% & 165% LTV depending on the valuations done by the loan company at the time.

 

The 165% loan was almost 10x the equity I had in my house.

 

They loan company based my loan on my valuation which was just a stab in the dark.

 

They accidentally sent some documents to me the other day which showed

they did a valuation on my house which was massively under what I had thought

the value was at the time. I would have never taken on such a huge LTV

 

if I had known the value of my house was lower than what I thought as I would be in negative equity for ever.

 

Do I have a case for irresponsible lending or mis sold case?

 

I have struggled for many years as i could not really afford the loan

 

anyway but have always paid the lender each month because it was secured on my house.

 

Anyone have any thoughts...

 

..and yes there is a degree of stupidity in taking the loan out in the first place but i was desperate.

[dx100uk]

is this with Barclays?

 

dx

[THEHOTSHOT]

Barclays FirstPlus

[slick132]

Hi Hotshot and welcome to CAG

 

Can you say how long the loan period was originally and how long left to run.

 

I there a main mortgage plus this further secured loan, or is this the only loan on the property.

 

[THEHOTSHOT]

Hi Hotshot and welcome to CAG

 

Can you say how long the loan period was originally and how long left to run.

 

I there a main mortgage plus this further secured loan, or is this the only loan on the property.

 

 

The loan was in addition to my mortgage and the total length of secured loan is 25 years of which I have served about 8.5 years. The mortgage was already on my property and is not connected in any way to the secured loan.

[slick132]

Hi Hotshot,

 

To get more info about this, I suggest you send a SAR to Barclays HQ as they own First Plus. The SAR may provide you with useful info, so you can consider if you have any options regarding irresponsible lending.

 

The SAR template in in the Library, linked in the second line of options at the top of every CAG page.

 

I'm moving this to the Mortgages and Secured Loans forum.