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I'll like to know if I have a case against my bank for lemding me the loan I did not ask for or need.
The last time I approached my bank for loan was in 1999 when I filled a loan application form for £8,000 on 5 years payment. Today, I am in debt to the tune of over £24,000 due to irresponsible lending and wrong advice.
Two years to the end of my first loan (2002) I was called on the phone by my branch manager that a loan of £16,000 has been agreed for me and I should come (to the branch) and sign for it. On the appointmnet day, I went there and told her that I did not need any loan but she persuaded me to take it (not with gun on my head), so I did.
About £9000 was paid into my account having used the balance to offset the previous loan.
In 2004, I went to one of my bank branches and the lady that served me ushered me in for chat with the financial adviser who also persuaded me to take out a loan which I did not ask for or need.
Two days later I was phoned to come and sign for £25,000 loan in which I was only paid about £,8000. Again stupidly, I took the loan.
In 2005, the phone rang again and I was asked to come to the branch where I took the loan for 'loan consolidation', again I was offered £35,000 loan in which I was paid only £5,000 and foolishly took it gain
In 2007, another call from my branch for loan consolidation of £40,000. I did everything possible NOT to fall for the temptation including writing a letter (I have the copy of the letter) to say I do not want the loan.
The Manager invited me for discussion and when I got there, she told me that , since the loan has been agreed and the other loan had been paid off, it will not be possible to cancel the loan. So, I should take it or it could have a bad effect on my credit rating. Again, idioticly I took the loan (£8,000 paid into my account out of £40,000)
Admitedly, I was NOT forced to take the (loan) money but I think the bank gave me irresponsible advice. My salary is not more than £26,000 a year. And now, I am struggling to pay this loan and at the same time meet my other essential committments.
What should I do?
(By the way all the loans are UNSECURED with No insurance/payment protection)
The last time I approached my bank for loan was in 1999 when I filled a loan application form for £8,000 on 5 years payment. Today, I am in debt to the tune of over £24,000 due to irresponsible lending and wrong advice.
Two years to the end of my first loan (2002) I was called on the phone by my branch manager that a loan of £16,000 has been agreed for me and I should come (to the branch) and sign for it. On the appointmnet day, I went there and told her that I did not need any loan but she persuaded me to take it (not with gun on my head), so I did.
About £9000 was paid into my account having used the balance to offset the previous loan.
In 2004, I went to one of my bank branches and the lady that served me ushered me in for chat with the financial adviser who also persuaded me to take out a loan which I did not ask for or need.
Two days later I was phoned to come and sign for £25,000 loan in which I was only paid about £,8000. Again stupidly, I took the loan.
In 2005, the phone rang again and I was asked to come to the branch where I took the loan for 'loan consolidation', again I was offered £35,000 loan in which I was paid only £5,000 and foolishly took it gain
In 2007, another call from my branch for loan consolidation of £40,000. I did everything possible NOT to fall for the temptation including writing a letter (I have the copy of the letter) to say I do not want the loan.
The Manager invited me for discussion and when I got there, she told me that , since the loan has been agreed and the other loan had been paid off, it will not be possible to cancel the loan. So, I should take it or it could have a bad effect on my credit rating. Again, idioticly I took the loan (£8,000 paid into my account out of £40,000)
Admitedly, I was NOT forced to take the (loan) money but I think the bank gave me irresponsible advice. My salary is not more than £26,000 a year. And now, I am struggling to pay this loan and at the same time meet my other essential committments.
What should I do?
(By the way all the loans are UNSECURED with No insurance/payment protection)
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