Death of partner and debt.

[PriorityOne]

Re: Death of partner and debt.

The debt is not 155K its 272K,the loan was taken out in March 2007,it was due to be paid in March 2010 or renegoiated from what I can see in the paperwork I have,in January 2012 they asked me to pay 155K of the loan, and set up a new loan for the balance they wanted to charge me 3K to do this, because they don't have a loan agreement i said no but have continued to make the loan payments as they were since 2007.Why can you not dispute a secured loan i must be missing something.

New information is emerging on this thread all the time....

How did it climb to a balance of £272K when it was originally £155K?

What exactly do you want to dispute?

[Streetwise]

Re: Death of partner and debt.

Just a quick question streewise - did you have a solicitor handle the probate for the will?

No i did probate myself,

[Streetwise]

Re: Death of partner and debt.

New information is emerging on this thread all the time....

How did it climb to a balance of £272K when it was originally £155K?

What exactly do you want to dispute?

Post 8 tells you its 272K.

They do not have the loan agreement,so how do they know what's in it i want to negotiate on my terms .

[PriorityOne]

Re: Death of partner and debt.

Post 8 tells you its 272K.

They do not have the loan agreement,so how do they know what's in it i want to negotiate on my terms .

Post 8 tells me that the bank told you it's £272K..... so where did the £155K figure come from?

Once again, what exactly do you want to dispute?

[LooLoo]

Re: Death of partner and debt.

I am getting slightly confused - the loan has always 272 but they would take an offer of 155?

Also to be honest with you - i really think it maybe an idea to get a solicitor to look over this??

I know it feels like we are asking lots of questions - but it is good to have the full picture in front of us

sorry i have to log off now as leaving work but I know P1 is around

[Streetwise]

Re: Death of partner and debt.

I am getting slightly confused - the loan has always 272 but they would take an offer of 155?

Also to be honest with you - i really think it maybe an idea to get a solicitor to look over this??

I know it feels like we are asking lots of questions - but it is good to have the full picture in front of us

sorry i have to log off now as leaving work but I know P1 is around

No NO they wanted me to pay off 155K of the loan and take out a new loan for the remaining balance.

[PriorityOne]

Re: Death of partner and debt.

No NO they wanted me to pay off 155K of the loan and take out a new loan for the remaining balance.

What reason did they give you for wanting you to take out a new loan, why did they want £155K of it and also.... how does the co-owner fit into all this?

[Never-In-Doubt]

Re: Death of partner and debt.

Just to clarify a point you keep bringing up. The agreement, or lack of it doesn't matter too much as they can create a recon in line with Carey. Granted this is a different kettle of fish altogether but the principle is the same. If they produce a recon they must tell you it's a recon and that recon must contain the original form & content - basically the info must tally based on other records so assuming your copy showed no interest rates at all yet their recon did that'd be bad for them but good for you.

Point is, you'd need to see what they purport to be a agreement (the recon or forgery as you call it) and compare it with your file copy.

You do though, need a solicitor. That much is a certainty. This isn't peanuts we're talking so dont risk any fuck-ups. A good solicitor is money well saved

[Never-In-Doubt]

Re: Death of partner and debt.

Just to add; you withholding payment based on no agreement will get you evicted. You can't play UE with secured debts at £300k

You need to scrap that idea. It's a non starter.

[Streetwise]

Re: Death of partner and debt.

Just to clarify a point you keep bringing up. The agreement, or lack of it doesn't matter too much as they can create a recon in line with Carey. Granted this is a different kettle of fish altogether but the principle is the same. If they produce a recon they must tell you it's a recon and that recon must contain the original form & content - basically the info must tally based on other records so assuming your copy showed no interest rates at all yet their recon did that'd be bad for them but good for you.

Point is, you'd need to see what they purport to be a agreement (the recon or forgery as you call it) and compare it with your file copy.

You do though, need a solicitor. That much is a certainty. This isn't peanuts we're talking so dont risk any fuck-ups. A good solicitor is money well saved

Thanks Niddy been in touch with Paul,they did create a recon but did not tell me, they tried to pass of as original ( This is a true certified copy of an original agreement )they also copied and pasted signatures, and dates on to it.I got the business partner to S.A.R the bank and the S.A.R. came back with no loan agreements in it, and a letter stating they do not have the loan agreement.

[SXGuy]

Re: Death of partner and debt.

Been watching this thread with interest, but one thing keeps bugging me, and doesnt seem to have been answered.

WHY are they asking you to repay 155k and take a new loan to cover the difference?

Yes they can offer it to you, but they cant force it on you unless you have broken the terms of the agreement.

You say you have never defaulted and always kept up payments, so on what grounds are they claiming repossession? it just doesnt make sense to me or anyone else trying to help you.

[Streetwise]

Re: Death of partner and debt.

Been watching this thread with interest, but one thing keeps bugging me, and doesnt seem to have been answered.

WHY are they asking you to repay 155k and take a new loan to cover the difference?

Yes they can offer it to you, but they cant force it on you unless you have broken the terms of the agreement.

You say you have never defaulted and always kept up payments, so on what grounds are they claiming repossession? it just doesnt make sense to me or anyone else trying to help you.

In January of this year they asked me to repay 155K of this loan,and take out a new loan for the balance at a higher rate of interest.

This could be to reduce there risk as the loan at present is an interest only loan.And no capital has been paid back in 6 years.

In the same letter in January they state that a default occurs with the death of one of the business partners and a formal demand can be issued ,this is not the case in the loan agreement that i have, it clearly states in my agreement, the death of the customer, and the customer in my agreement is clearly named as Ms Smith and Mr Jones the customer,and Mr Jones is still alive.

[SXGuy]

Re: Death of partner and debt.

Ah ok now i see, so upon death they are saying a default occurs, however your agreement states that the person who died is not the customer.

Right, sounds like you have a valid argument, and one which would need a solicitor to address pretty quickly.

[Streetwise]

Re: Death of partner and debt.

Ah ok now i see, so upon death they are saying a default occurs, however your agreement states that the person who died is not the customer.

Right, sounds like you have a valid argument, and one which would need a solicitor to address pretty quickly.

This is how it reads.
This Agreement is made between,

The National Westminster Bank plc ("Bank") and

Elizabeth Taylor and Richard Burton (the "Customer")together carrying on business in partnership (the "Partnership")of 6 Homelacey Street London SE6 5QR.

Names and bank are fictional.The customer in the agreement are both parties.

[SXGuy]

Re: Death of partner and debt.

Technicality on wording dont you think? All its missing is an (s)

Not sure if thats a strong defence.