Bank Loan- Is it right, can they do this?
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I took out a bank loan to cover and consolidate some old debts and also pay off an overdraft which they were demanding to be paid off in one go if i didnt take out the loan to pay it off, however due to a change in situation I was no longer able to make repayments as agreed in the terms. I have since found out that the loan was classed as a home improvement loan. now at the time I didnt own a home as I lived with my mum, it looks to me they did this to get the loan approved. I do not own a home currently as I rent. Can they get away with this and have they mis sold me the loan?
Bank Loan- Is it right, can they do this?It sounds like they have mis-sold you the loan. You should complain to the Bank and if you do not get a reasonable answer take your case to the Financial Ombudsman.
Bank Loan- Is it right, can they do this?you havn't told us what they are trying to get away with?
other than the fact that you defualted on a loan re-payment.
Bank Loan- Is it right, can they do this?You cannot get out of paying back what you owe. So, don't even try.
Bank Loan- Is it right, can they do this?To be honest, what they classed the loan as, is pretty much irrelavant.
You went into the red on your overdraft and at the bank's discression, they chose to give you a loan to bring you back into credit.
The classification of the loan is unimportant, the only thing that matters is whether the loan is secured or unsecured.
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