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| joella68 |
Posted - 18 November 2008 : 08:37:16
hi all, i am planning on going BR but just need to check out one more thing.......... i have a motgage with northern rock and it was a together one given at 125 %, 2 1/2 years ago i was given a secured loan for approx 63k at 125 % too, my father is convinced that there may be a case for it being mis-sold, does anyone have any thoughts on it ???
jo |
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| Frank |
Posted - 18 November 2008 : 09:12:18
I'm no expert on here but used to be in the finance and insurance industry somewhile ago; mis-selling is not easy to prove in my experience. It really only comes into play when it is blatently obvious, for example when people were pulled out of public sector defined benefit pension schemes in the '90's and put into a private unitised defined contribution schemes. There was no room for 'he said, she said', no possible excuse, it was just a case of black/white incredibly bad advice.
Not quite sure of your figures above and how they interlink but unless it provable that there was some misdealing by the provider or their representative, eg, blind eye turned to income, figures massaged etc (which even then you have to prove)then as far I can see you signed the paperwork, took the loans and have paid them for sometime.
I personally believe that such massively geared loans to private individuals were/are wholly unreasonable to be offered and morally you might well say it was 'mis-sold' - unfortunately money and morals make poor bed fellows.
Frank
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