Late wife's commercial loan problem

[PlanB]

Re: Late wife's commercial loan problem

I see that Niddy gave you Paul's details to contact him in post # 35 so what happened after that ?

[Streetwise]

Re: Received formal demand letter from bank.

May I ask if the loan was originally taken out in joint names or only the name of your late partner to whom they lent the money? Also is it secured on the two properties and are they in your sole name now?

It was taken out in my late partners name and her business partner,the loan is secured on the 2 properties and my Family home,meant to add to the first post I am not in a position to get finance for this amount of money and the business partner is out of work.Just to add the properties are in the name of the business partner and my late wife,she left her share to myself and my 2 boys in her will.

[PlanB]

Re: Received formal demand letter from bank.

Received a Formal demand letter from the bank,advising me that they are withdrawing there banking facilities to me on the 23rd of August and advising I get an account with another bank.

They want to no how I intend to pay back 272.000.00,that they lent my partner who has passed away nearly 2 years ago now.


Just to add this loan has never been defaulted on,and is serviced by the rental of 2 properties that are let out.

.

May I ask if the loan was originally taken out in joint names or only the name of your late partner to whom they lent the money? Also is it secured on the two properties and are they in your sole name now?

[Streetwise]

Received formal demand letter from bank.

Received a Formal demand letter from the bank,advising me that they are withdrawing there banking facilities to me on the 23rd of August and advising I get an account with another bank.

They want to no how I intend to pay back 272.000.00,that they lent my partner who has passed away nearly 2 years ago now.

As executor of her estate they provided me with a reconstituted loan agreement,that the signatures do not match up with the agreement I have on file.

I asked them to provide me with the original agreement,they sent me a letter saying that they do not have the original agreement,and that the agreement they sent me was a true certified copy of the original agreement,but with some typographical errors.

Just to add this loan has never been defaulted on,and is serviced by the rental of 2 properties that are let out.

I offered back in December 2011 to keep paying them the interest on the loan plus 10.000.00 pounds a year on top too pay this loan of over a period of 15 years,they never replied to me.

I was advised on another forum to go to the police,which I did ,they told me that a crime had been committed under the counterfeiting and forgery act, to do with the copy of the agreement that the bank gave me but they could not act as no loss had been suffered yet,and that I should take a civil action against the bank as I had a good case.

If this was to go before a judge and he could see that I have offered to pay this loan back and it has never been defaulted on in over 5 years,and they have given me a forged document,could anybody,anybody tell me what my chances are.

Thanks for any replies.

[Streetwise]

Re: Late wife's commercial loan problem

Apologies. Check you pm's.

I've sent you details.

Cheers

[Never-In-Doubt]

Re: Late wife's commercial loan problem

Apologies. Check you pm's.

I've sent you details.

[Streetwise]

Re: Late wife's commercial loan problem

Can Paul help on this Niddy,regards Streetwise.

Bump.

[Streetwise]

Re: Late wife's commercial loan problem

Hi Alan,

Same bank as PW.

Bank has not been informed I intend to contact police.

This is the problem,bank don't even have the other partners address all communication comes to me,all finances to do with flats I handle, in case it gets defaulted.

PW has and confirms they are forgery's,Niddy has emailed Paul on this site and I await his response.

Regards Streetwise.

Can Paul help on this Niddy,regards Streetwise.

[alangee]

Re: Late wife's commercial loan problem

I just wonder if you go through the same names at the bank as PW did, you may get a speedier response/resolution.

Alan

[Streetwise]

Re: Late wife's commercial loan problem

Have you informed the banks head office that you will contact the police if you do not get satisfactory answers? Who is the bank? There was a case OTR where RBS/NatWest were accused of falsifying a customers signature, which has now been resolved to everyones satisfaction. - take that as you will!

Have you taken advice from anybody as to the validity of the charge on your house now your partner has died? What I mean is that it appears that her business partner is now responsible for the loan, so as it stands at the moment, if he were to default on the loan, you could lose your house. That does not seem right to me. If the loan is now his responsibility, then your home should not be held to ransom. I know that if someone dies, then their debts can be transferred to their estate, but in this case it is a business loan, which has been transferred to her business partner. At the moment, he has a business loan secured against a property which has nothing to do with him.

Has Paul had a look at your agreement(s)?

Alan

Hi Alan,

Same bank as PW.

Bank has not been informed I intend to contact police.

This is the problem,bank don't even have the other partners address all communication comes to me,all finances to do with flats I handle, in case it gets defaulted.

PW has and confirms they are forgery's,Niddy has emailed Paul on this site and I await his response.

Regards Streetwise.

[alangee]

Re: Late wife's commercial loan problem

Have you informed the banks head office that you will contact the police if you do not get satisfactory answers? Who is the bank? There was a case OTR where RBS/NatWest were accused of falsifying a customers signature, which has now been resolved to everyones satisfaction - take that as you will!

Have you taken advice from anybody as to the validity of the charge on your house now your partner has died? What I mean is that it appears that her business partner is now responsible for the loan, so as it stands at the moment, if he were to default on the loan, you could lose your house. That does not seem right to me. If the loan is now his responsibility, then your home should not be held to ransom. I know that if someone dies, then their debts can be transferred to their estate, but in this case it is a business loan, which has been transferred to her business partner. At the moment, he has a business loan secured against a property which has nothing to do with him.

Has Paul had a look at your agreement(s)?

Alan

[Streetwise]

Re: Late wife's commercial loan problem

Hi, Streetwise, and thanks.

Sorry for all the questions, but just trying to get a clearer picture.

If the business partner is now sole owner of the business, does that mean that he now has sole ownership of the two flats? Does that not also mean that he is now responsible for the loan?

Does the value of the flats cover the loan? If not, is there a big shortfall?

He also says that it is not his signature on the agreement, does it bear your partners signature?

One last thing, have you checked with the Land Registry that there is a charge on your property? I know you say it states it in the loan agreement, but I have known cases where the lending organisations (or their solicitors) have slipped up.

Alan

Hi Alan,My Partner left her share in the flats to myself and my sons in her will,in March 2010 she had been hoping to renegotiate with the bank to turn the loan into a capital and interest loan,it would appear on paper that the partner is solely now responsible for the loan,but the bank still have a charge on the family home.

On the market today I don't think the flats would achieve the prices to cover the loan.

It does resemble my partners signature but its not complete.

Have a copy of the land registry document on file showing bank has second charge on house.

As you probably no I have been told to contact the police to see what they have to say about the agreements,if I don't have a reply from the banks head office by the end of the month,the partner and I are considering this as the next step.

Thanks again Streetwise.

[alangee]

Re: Late wife's commercial loan problem

Hi, Streetwise, and thanks.

Sorry for all the questions, but just trying to get a clearer picture.

If the business partner is now sole owner of the business, does that mean that he now has sole ownership of the two flats? Does that not also mean that he is now responsible for the loan?

Does the value of the flats cover the loan? If not, is there a big shortfall?

He also says that it is not his signature on the agreement, does it bear your partners signature?

One last thing, have you checked with the Land Registry that there is a charge on your property? I know you say it states it in the loan agreement, but I have known cases where the lending organisations (or their solicitors) have slipped up.

Alan

[Streetwise]

Re: Late wife's commercial loan problem

You say that the agreement says that if a partner dies then the loan becomes defaulted, but does it say what happens then? If it is a business loan, then why does it have to default if one of the partners dies? Does the business fold?

You say your partner had been trying to get a copy of the agreement for over a year before she died, but she already had a copy. Why did she need to see what the bank had?

What is your partners business partner doing about all this?

Can you say how much of the loan is outstanding?

Was it only the property you now live in that was secured against this loan?

If the loan was due for repayment in March 2010, and was not renegotiated, then it must have fell into default around then. Is there nothing from the bank from around that time?

Is your partners signature on this forged agreement? Or is it just a reconstituted agreement, because the original is not available?

Alan

The business account has been transfered into the surviving partners sole name,the agreement doesn't say what happens it just says its a default if one of the partners dies.

The business partner is hoping I can sort it out.

The whole loan,only the interest is being paid.

The loan has never been defaulted on I have paid it all the time.

I think this agreement that the bank manager has been giving me is reconstituted,the partner says that its not his signature and has advised the bank of this.

My partner was asking for a copy of the loan agreement because she could not find her file,I had moved them into the attic when work was being done on the house,I only recovered them after she had died.

The loan is also secured on the two flats,not just the family home.

Regards Streetwise.

[alangee]

Re: Late wife's commercial loan problem

You say that the agreement says that if a partner dies then the loan becomes defaulted, but does it say what happens then? If it is a business loan, then why does it have to default if one of the partners dies? Does the business fold?

You say your partner had been trying to get a copy of the agreement for over a year before she died, but she already had a copy. Why did she need to see what the bank had?

What is your partners business partner doing about all this?

Can you say how much of the loan is outstanding?

Was it only the property you now live in that was secured against this loan?

If the loan was due for repayment in March 2010, and was not renegotiated, then it must have fell into default around then. Is there nothing from the bank from around that time?

Is your partners signature on this forged agreement? Or is it just a reconstituted agreement, because the original is not available?

Alan