Mis-sold loan & endowment

In message , end user writes

This doesnt sound right. £120 per month indicates a rate of 12%, not '16% over the base'.

This sounds like a 'non status' loan or something similar, or even a second mortgage. Who was the lender?

Originally the lender was the bank of scotland, the accounts (personal & business) were then switched to the clydesdale bank in november 1994, because the bank of scotland would'nt give her a mortgage to buy a house and the clydesdale would! The loan repayments were reduced by the clydesdale bank to £102.50 per month

BTW the original loan was to buy the hairdressers shop which she had been renting.

In message , end user writes

OK, so this is a different scenario to that originally suggested, though I know this wasnt intentional on your part

A business loan is charged on a completely different basis to a domestic house purchase loan. You havent clarified the arithmetical inconsistency on the interest rate, can you make this clear?

Also, who advised that an endowment should be used? The Bank? The INsCo or an intermediary?

I am sorry to keep asking questions, but this does not appear to be straightforward house purchase mortgage endowment mis sale, but something quite different indeed.

Sorry about the inconsistencies but i am relaying the information through my sister to the newsgroup.

She did not know what interest rate she was paying when she took out the loan, she just made sure the money was in the bank when the payment was due.

It was'nt until the loan period ended(10 years) and the endowment had a shortfall that she was told by the bank manager of the clydesdale that she had been paying an interest rate of 16% over base 7%. She is adamant that this was the case.

She was advised by an independant advisor employed by the bank of scotland to use an endowment to pay off the loan.

I hope this helps.

My sister found her original loan agreement and it turns out that the interest rate originally was 8.5%!

sorry for the mis-information. But question is does she still have a claim for being miss-sold the endowment? Thanks

She seems to have "lost" only 100? If so, what are the grounds for her further claim?

In message , end user writes

Are you the same 'end user' who wants to lie on the endowment claim form?

Your sister was only £100 short!

You seem like a money grabbing liar.

Now John, what I have told you about "sugar-coating" your posts. :)

In message , Doug Ramage writes

Sorry. Sometimes I can t help it.

Don't you mean "sexing-up"?

IIRC, the poster in question simply asked a reasonable question.

Don't tempt me

To which question are you referring?

I think my question was also reasonable, or do you disagree?

:-)

IIRC he asked if he had to disclose everything that he had.

Provisionally yes

In message , Fergus O'Rourke writes

Ok. As far as I can see my question to the OP is relevant to the question, but I cant see how your contribution to the thread is.