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Interest only mortgage mis-selling?


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In 2006 I was given a 100% mortgage, interest only.

This was even though I had serious debts.

 

The only question they asked was how was I going to pay the mortgage off at the end of term. I replied with a pension (now not possible)

 

I have had letters from the broker asking how I intend to pay it off, but I never replied as I thought it was a ploy to get me on the more expensive capital.

 

I did ask to be switched at one point, but they said I couldn't because of my debts.

 

My mortgage has increased because of arrears and charges, but I am currently not in arrears.

 

I wonder if I have a case for mis-selling, as I believe interest only wasn't the right mortgage for me as it's left me totally trapped.

 

What do you guys think?

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  • 2 weeks later...
Err, you lied about how you would pay off the mortgage. No chance whatsoever.

 

How has the OP lied ? He believed at the time of the mortgage being taken out, that was how he would be able to repay.

 

Circumstances change !. Please think before you hit the submit key ?

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wakeywakey. Have you considered making a claim for the penalty charges?

 

You really do need to consider what you are going to do at the end of the interest only term. Ignoring this is not going to make it go away and will leave you with fewer options as time passes.

 

Would it be worth you considering selling the property ?

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Uploading documents to CAG ** Instructions **

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Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I have removed an offensive post.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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