#11



I gave the lady a long list of reasons why I did not wish to take the loan.



She deflected each and one of those using scare tactics.



This is all I am unhappy with.



I signed as I felt intimidated and she made me feel stupid not to.



I would have thought this counts but if for the law it doesn't, that is all I wanted to know.
Originally posted by sarettawow


It may count, if you have evidence you signed under duress.



Do you? And I mean more than "he said, she said".



If you don't, then it comes down to a simple question of the bank's word against yours. And the bank have a piece of paper, signed by you, stating that you are happy to accept the loan.

#13



So technically is 14 days cooling off enough to make a loan not mis-sold?
Originally posted by sarettawow


You keep focusing on that bit of it. I don't know whether that in itself is enough, but that wasn't all - the bank offered two reasons, and you've fixated on one. I think the other one is more important.



You're saying that the crux of your complaint is that the bank talked you into taking the loan even though you'd made clear that you didn't need or want it. The bank are saying that the fact you spent the money shows they were right, you did need it. As evidence against mis-selling, that sadly seems quite compelling to me.

#14



You keep focusing on that bit of it. I don't know whether that in itself is enough, but that wasn't all - the bank offered two reasons, and you've fixated on one. I think the other one is more important.



You're saying that the crux of your complaint is that the bank talked you into taking the loan even though you'd made clear that you didn't need or want it. The bank are saying that the fact you spent the money shows they were right, you did need it. As evidence against mis-selling, that sadly seems quite compelling to me.
Originally posted by ThePants999


Even if the money was spent repaying the loan?

#16



If you had kept the £5k extra separate, or used the right to withdraw, then I think you would have a case.





As it stands, it seems to me as a "he said, she said", which you then signed and spent.
Originally posted by nomoneytoday


Well, I've spent it also to repay the loan the following months.

I see what you're saying though.

#17



I can't see where you've mentioned that before. How much did you pay back?
Originally posted by waamo


I've repaid the full amount, and did so two years prior to the loan's 60 months' term.



I'm !!!!ed at the bank as they marked my credit file.

I believe that someone who repays a 10K loan two years earlier is not that bad a borrower.



During the first year of the loan, due to me being out of work, looking after my baby, my other half was our only source of income. I entered an arrangement to pay a lower amount until I found work. This created some arrears.



I kept regularly in contact with Lloyds, asking whether I could top up my reduced monthly payment as and when, and they told me it was not possible.



Once I found work, I asked them in more than one instance whether they could please spread the arrears amount and charge me a higher monthly direct debit, but they refused: My only choice was to enter a new arrangement.



Knowing it would affect my credit rating, I was not happy, I would have rather simply paid more until the arrears were topped up, which I did.



Throughout the whole time, I have been in contact with Lloyds, informing them of my situation, of my whereabouts and of the fact that I would very shortly receive a large sum of money which would allow me to repay the arrears, could they please wait before marking my report?



They still went and marked my report.



I'm arguing that this is a poor representation of me as a borrower.

I asked Lloyds to remove the default, they refused to admit that they did anything wrong.



Since it was longer than six months before I went to the Ombudsman, The Ombudsman Service advised me to open a new complaint, about the loan's fairness.



However, even on this occasion the Adjudicator who's looked into it says the loan was not mis sold as I had a time to change my mind.



I am ready to accept this, by the way! I'm not crying my bleeding heart out.



I was only in doubt whether really is it all it boils down to?



I thought Ombudsman would also look at good practices, it seemed to me that the lady who sold me the loan used arguments that made me feel pressurised and scared about the future at a very uncertain time in my life.



My challenge was, a line of text offering a right to withdraw seems to me less impactful than a whole sales pitch of scare tactics.



Anyway, I thank all for your time xx

#18
Having read everything, you're out of luck unfortunately.



They're perfectly entitled to say that it's not mis-sold as you signed for it. If you felt a 10k loan was too much you didn't have to. Now, if it was under duress, that might be different, but you agreed to it and didn't cancel in the cooling off period.



In regards to the mark on your credit file, you've said yourself that you went into arrears, so the mark is valid.



I do think it's fairly poor conduct on the banks part to have insisted on the 10k loan when you made it clear you wanted 5, but it doesn't mean they've broken the rules, as like the FOS have said, you had the cooling off period.



Like you say, you're ready to accept it, which is exactly what you'll have to do I'm afraid.

#19
It appears to me that the same kind of 'scare tactics' that were used to get people to take PPI were used here. I have experience of this kind of pressure, and it is hard to resist when they are on home turf.

But back to the crux of the matter: If the cooling off period has been set at 14 days, and obviously it has or the banks wouldn't even give you that, then you have no legal recourse, despite the apparent unfairness in your case.

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