Post April 2007 Unenforceability?

[diddlydee]

Re: Post April 2007 Unenforceability?

Can I ask jim, do you know were solicitors involved in the loan? If so, then it might be worth referring back to your solicitors to see whether any charge exists; and if so, what on, just for your own clarity. How was the money paid, directly to you / third party / solicitors ???

[jimjam1971]

Re: Post April 2007 Unenforceability?

Hi Diddlydee nope, no solicitors involved. Payment was made direct into a natwest account. An account that was opened for me on my behalf. I have also asked nat west if they are in the habit of opening accounts on peoples behalf without any knowledge. ?? They did give me a reply but without referring to the correspondence I forget what it is exactly but it was a 'brush off' of some kind.

J

[diddlydee]

Re: Post April 2007 Unenforceability?

Hmmm hard to see how it is secured on any property without a solicitor being involved, just a thought? Take it the bank don't hold your title deeds? I would think you would remember if they placed a charge on your property, or anything else for that matter.

I'm no expert, just offering an opinion - good luck with it - do come back and let us know how you get on xxx

[jimjam1971]

Re: Post April 2007 Unenforceability?

hi diddlydee
im just filling out the complaint form for the FOS, this is the second time i will be asking them to intervene. they asked Nat West to provide me with a loan agreement a while back but nothing materialised.

so a 'charge' is relative to the property any loan is secured on, and not the property purchased itself?

ill update accordingly, as i think whatever the outcome it may be of interest to others.

J

[diddlydee]

Re: Post April 2007 Unenforceability?

Correct jim. The "charge" would be placed on whatever is offered as security. This can be property, pensions, and lots of other stuff. What you buy with the money isn't necessarily the security, which could be a car, a holiday, a property.

However, should you be taken to court for non-payment, I'm assuming it is possible for any order (ie. a bankruptcy order) to take into account any possessions you may own; then this puts other items at risk. The law in this area isn't something I'm able to comment on.

Hope this makes sense.

Good luck!

[Never-In-Doubt]

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?

Hiya

Don't worry too much about unenforceability or the date 7th April - we need to establish the facts and the main fact is what is this secured loan, secured on (exactly)...?

Go and search title deeds and see for yourself if there is a charge - but as diddly states, without solicitors and stuff it would be difficult unless your mortgage is with Natwest as well?

You are not complaining to the FOS about the lack of agreement, you're complaining at the whole service and mention the bank account being opened as well - you are complaining about the whole process from start to finish, the way nothing is in writing which has severely disadvantaged you, the fact you do not know what this is secured on (if at all) and therefore how is a charge added to your house, if at all? There are loads of errors, you need to list them all and mention how they have disadvantaged you and hope the FOS get the whole loan wiped for you as a mis-sale/compo combination....

you need to make it sound 10 times worse than it was and suggest (politely) foul play at Natwest - especially with the salesman at outset.....

[jimjam1971]

Re: Post April 2007 Unenforceability?

Hi N.I.D thank you(and others) for your very valuable input. you are correct when you say my issue is with the process as a whole. to list my points in question they are simply.
:Where is my loan agreement?
:Is is secured? if so what on?
:They have charge my interest on unpaid fees, but the rate they have charged has not been agreed.
:I never asked for a 'small business loan' i approached them for a mortgage.
:How long is the loan over?
:When is the end date, or final payment due?
:Where is my application for the 2 bank acounts you opened in my name?

these are basically the questions i have asked, but to date have had absolutely no response. They have said that because i made one payment that i am aware of the loan, therefore i must honour it.
I find myself in a position where some people say i am trying to 'squirm out of a loan',and others saying 'you took the loan out so repay it'. i can catagorically say this is not the case. When they called me into the bank to question who i was and the such, alarm bells started ringing. i even said scrap the loan, start again with a new loan agreement. they rebuffed this olive branch totally hence the challenge i am now putting up.


Thank you again for the input, i will of course update as and when.

J

[Never-In-Doubt]

Re: Post April 2007 Unenforceability?

Hiya

Just complain to the FOS - you have an excellent case especially as you do not know what this alleged loan is and if you went for a mortgage and was given a business loan then that is soooooo bad! Keep us updated...