With payday loans in the news almost every single day more and more people are now looking to their personal loan to see if it was missold to them in the past.
So if you think this may apply to you then follow these steps to help you
1) Contact the loan company and ask for a copy of your loan agreement
2) Check the loan agreement for things like
Loan protection as this has commonly been missold to millions of people and is commonly known as ppi. You may not even be aware it has been added to the loan so it is worth checking as you may be entitled to compensation if it has been.
Look at the interest rate you are paying and if you feel it is too high then write to the company and explain why you feel it is too high based on your circumstances. Loan companies especially banks vary their interest rate charged on loans and it is not uncommon for you to have been charged more interest than you should have paid.
Other reasons it may have been missold is that the company has consolidated a previous loan into a new loan and charged you higher interest for doing so which could be unfair and therefore missold.
Have your circumstances change since you took out the loan and you have found it difficult to make your monthly payments?
If so and your lender has not dealt with you sympathetically then you also have reason to complain as your lender has a duty to deal with situations like this sympathetically.
Other things which may apply to you being mis sold your loan could include you being in arrears with a previous loan but the lender allowing you to consolidate the previous loan into a new one when your circumstances have not changed or the lender has not assessed your income and expenditure properly and still given you a loan which could result in hardship if it was unaffordable from the outset.
If you have any concerns regarding your personal loan whether it was for a car purchase, debt consolidation or for anything else then please visit http://mis-soldloans.com for further information.