Comments on: Bank Loan- Is It Right, Can They Do This?

By: FRAGINAL

FRAGINAL — Thu, 08 Oct 2009 16:07:09 +0000

File for bankruptcy so that your debtors could no longer demand payments from you.

By: Paul W

Paul W — Thu, 08 Oct 2009 13:37:09 +0000

You must have read carefully the document you were signing when you received the loan and it was up to you to discredit the loan at that stage. You could make a formal complaint, but I am sure they will ask you the same question. You should have taken out a payment protection plan at least to cover you in the event of your losing your job that kind of thing. The only other alternative would be for you to claim bankruptcy, this will of course destroy your credit rating for quite a long time, but at least it will get the creditors off your back. You should really seek some advice from the Citizens advice department if you can’t afford legal representation at least they will advise you of your rights.

By: D B

D B — Thu, 08 Oct 2009 08:19:37 +0000

sounds more to me like you are trying to weasle out of your obligations

By: Mike Sanders

Mike Sanders — Thu, 08 Oct 2009 04:51:37 +0000

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.

By: stormyda

stormyda — Thu, 08 Oct 2009 04:19:28 +0000

I think they seriously have acted disgustingly by placing you under duress in order to take another loan. I would seriously be complaining to them and the financial services ombudsman about the way they forced you into this. Regardless what it is for…..i would simply be standing up to them bullies and screaming very loudly. I really do hope you report them, banks are in need of some serious comebacks.
It is irrelevant about the home improvements nbecause you have something even bigger to fry with them first!!

By: inthedar

inthedar — Thu, 08 Oct 2009 01:11:07 +0000

OK you borrowed the money you should pay it back, if you had borrowed it off me that’s what I would expect regardless of the reasons you borrowed it. Go to the bank and negotiate terms for repayment.

By: Smokin' Gun

Smokin' Gun — Wed, 07 Oct 2009 21:44:11 +0000

Either way you will have to pay back the loan whether in part or full – you have an obligation and you have to fulfill it.
Filing for bankrupcty is not as easy as it sounds because many banks now are refusing debtors this options (the bankruptcy has to be agreed by all parties concerned)
How did you find out what the loan was classified under? If it’s in the paperwork they sent you then you won’t have case as they told you at the time.
Contact the Financial Obudsman Service and they will be able to advice you.

By: connor g

connor g — Wed, 07 Oct 2009 17:22:54 +0000

Right, you are not to blame for this mess! You are a deadbeat!

By: regerugg

regerugg — Wed, 07 Oct 2009 13:06:16 +0000

You cannot get out of paying back what you owe. So, don’t even try.

By: Anonymous

Anonymous — Wed, 07 Oct 2009 09:59:18 +0000

you obviously agreed to it, if you cant afford to repay the full amount , talk to your bank and ask if they can reduce the payments, you cant get out of it, so best to talk to them rather than bury your head in the sand