Post April 2007 Unenforceability?

[jimjam1971]

Hi N.I.D. I have read your posts on a few forums and came here as a direct result of your help and knowledge of Unenforceability. my case is fairly complex as it relates to an amount loaned in April 2007 and for £74,000. the crux of it is the lender has no loan agreement and they have put this in black and white. Despite numerous requests for info such as 'How long is the loan for'? what is the rate of interest?, 'is it secured or unsecured'? 'what are the terms and conditions? i have not had any response. even the FOS intervened with no joy.

The account is obviously in dispute, but now they are threatening legal action.

Any insight you may have would be massively appreciated. im sure it's not as simple as 'no loan agreement, no loan' but to take these on in court on my own is very daunting, and a few pointers wouldnt go amiss.

i look forward to hearing from you

J

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

Hiya

Is it a secured loan? That is the crux of it - agreement or not, is it secured?

[DGJsaver]

Re: Post April 2007 Unenforceability?

gotta be at 74k aint it ?!

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

gotta be at 74k aint it ?!

you'd have thought so yes, but then it is not a loan it is a secured loan - also with a secured loan it is secured against your house so the fact they have an agreement or not means you pay it lol.... never fcuk about with anything secured against your home - that is the golden rule. ;-)

[DGJsaver]

Re: Post April 2007 Unenforceability?

im glad we rent !

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

im glad we rent !

Oh wise one of many wisdoms lol..... the alternative, don't ever get a secured loan - that's what I say! ;P-;

[diddlydee]

Re: Post April 2007 Unenforceability?

You would probably also find that the solicitors that lodged the charge against the property would have copy of the loan agreement paperwork also; as they need it to ensure that all conditions are met when the monies are released - well that is certainly the case for mortgages/remortgages anyhow.

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

You would probably also find that the solicitors that lodged the charge against the property would have copy of the loan agreement paperwork also; as they need it to ensure that all conditions are met when the monies are released - well that is certainly the case for mortgages/remortgages anyhow.

quite - but regardless, when the charge has been added you pay - lol. No messing about. ;N

[jimjam1971]

Re: Post April 2007 Unenforceability?

Thank you for the replies thus far. this is a complex issue but ill furnish you with more details here.
I applied for a mortgage with Nat West, after a debacle and some 7 months later i was actually given a 'Small business loan'. I had a 12 month holiday repayment period, and a short while after i was called into the bank as they knew nothing about me. they asked where i lived,what i done with the money,etc etc...
I subsequently gave them the info, and then requested a copy of the loan agreement.
As time passed i was informed that 'they do not have the agreement, but i would have been given a copy on completion'. my answer to this was how can i have a copy of something you do not have?
The financial ombudsman reqested the info on my behalf to which i got a more laboured response stating that as the loan was taken out after Apr 2007 it does not matter that there is no loan agreement. i also contested the charges they applied for non payment as to where the interest rate quoted was written down? basically the long and short of it is they have no loan agreement, they will not answer my questions of:is the loan secured, if so on what? what are the terms and conditions?how long is it over? simple questions to which ive had no reply.

any input would be greatly appreciated, to say i feel on my own here would be a massive understatement

j

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

Hiya

So is it a secured loan or is it a business loan and why would they give you a business loan for personal reasons, moreso did you have a business at the time or were you PAYE?

There is a lot you're not saying meaning all answers are on hold..... have you gone to the FOS - they should be your first and main port of call.

[jimjam1971]

Re: Post April 2007 Unenforceability?

Hi N.I.D
I did go to the Fnancial Ombudsman and they sent nat west a letter requesting the info. nat west wrote to me acknowledging the request but still unable to provide a loan agreement. They also said they would waiver some of the charges accrued as a gesture of good will.
I did ask NW if they would draw up a new loan agreement, to which they point blank refused to do so.

The last letter said they will leave it for 6 months, and await my reply. they also said in this period they would refer my case to an 'independent body' for review, further on in the same sentance this 'independent body' turned out to be her colleagues in Edingburgh. how they can refer to them as being independent is anybody's guess.

I have written to them stating that until i know the terms of the loan i feel i am in an unfair position, they dictate to me what they want and im supposed to jump. there requests have no substance, or crucially paperwork.

Am i to succumb to them and pay them, no matter what. Or do i try and clarify what i owe, over how long and under what terms?

Sorry, one last point i overlooked. the mortgage was to buy a commercial property, which i did. however it transpired they gave me a small business loan instead. The chap who arranged it no longer works for them and they cannot locate him or my paperwork. does it matter that i did not ever apply for a small business loan, yet was given one? or is this insignificant?

J

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

You need to deal with the FOS - sorry, this is way too specialist for a forum.....

[jimjam1971]

Re: Post April 2007 Unenforceability?

ok, thank you. ill send get in touch with them again. strange case though right?!!

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

extremely - you have a very strong case, and the bank should not be refusing to send the paperwork to the FOS - they have the power to write the bloody loan off, you need to do a structured formal complaint.

[jimjam1971]

Re: Post April 2007 Unenforceability?

Ok. A structured formal complaint it us then. I'll spend the rest if the day/ night researching it. Can I ask any thoughts on the point in principle that it is post cut off date ie pre April 2007?? As loan was actually granted on the 7th April 2007 I believe. Or does simply having no paperwork prove to be their downfall despite this?