I took out an interest only loan from a credit union some time back. It was only intended that the capital be repaid when I was in funds from the proceeds sale of a property. The recession came along, the sale of the property never happened and the property is now in negivate equity.
I had managed to continue paying the interest on the loan for some time, but unfortunately was not in a position to maintain this. The credit union have now served me with a civil bill for the amount outstanding. My question is this.
If I submit a defence in court, I think I can show that the credit union acted outside the regulations laid down by the financial regulator. Will demonstrating this be of any benefit to me in court?
They never gave any consideration or assessed to my ability to repay the capital and interest on the loan.
They have not replied to my numerous letters in relation to the account.
My wife signed guarantor to this loan, but yet she has not been included in the civil bill.
They kept piling on interest to the loan after I had notified them in writing that I was in financial difficulty.
They transferred funds from my shares account into my loan account without my signature.
I have recently lost my family home. I have other debts that are way larger than the credit union loan.
Any help would be appreciated.
I had managed to continue paying the interest on the loan for some time, but unfortunately was not in a position to maintain this. The credit union have now served me with a civil bill for the amount outstanding. My question is this.
If I submit a defence in court, I think I can show that the credit union acted outside the regulations laid down by the financial regulator. Will demonstrating this be of any benefit to me in court?
They never gave any consideration or assessed to my ability to repay the capital and interest on the loan.
They have not replied to my numerous letters in relation to the account.
My wife signed guarantor to this loan, but yet she has not been included in the civil bill.
They kept piling on interest to the loan after I had notified them in writing that I was in financial difficulty.
They transferred funds from my shares account into my loan account without my signature.
I have recently lost my family home. I have other debts that are way larger than the credit union loan.
Any help would be appreciated.