Late wife's commercial loan problem

[CleverClogs (RIP)]

Re: Late wife's commercial loan problem

Which wunch of bankers is involved?

[Streetwise]

Re: Late wife's commercial loan problem

Which wunch of bankers is involved?

RBS.

[Streetwise]

Re: Late wife's commercial loan problem

I have merged the two threads to keep all info regarding this account together and will edit post references accordingly.

Thank you FP.

[Streetwise]

Re: Late wife's commercial loan problem

As this loan is secured on your home, it may be a good idea to contact Paul again in view of the new developments and get his views on this matter. You seem to have been waiting for the police since March!

Since April the 23rd to be precise,the loan is secured on my home and the 2 properties,and the loan can be serviced by the 2 properties and 10.000.00 pounds extra can be paid on top yearly to reduce the loan and hopefully pay it of within the next 15 years.

But I am in no position to re mortgage,I have not been in touch with Paul yet.

Was wondering what people thought if this went up before a judge,as to the fact the loan has never been defaulted on,and can be serviced by the 2 properties and they can yield an extra 10.000.00 a year on top, and the bank would still have security of my family home,and my sons one 10 and one 17 are under 18 and are benificeries in her will.

Not to mention the reconstituted loan agreement that the police have said is a forgery,all thoughts welcome.

[Streetwise]

Re: Late wife's commercial loan problem

So a loan that was originally only secured on 2 BTL properties became secured on a 3rd property (your home) only on the 23rd of April? How did that happen?

No,the 23rd of April is when the police got involved,the family home was secured from the beginning of the loan in 2007,sorry for being unclear.

[alangee]

Re: Late wife's commercial loan problem

So RBS have admitted that they do not have a copy of the original agreement, but have sent you a reconstituted one. This reconstituted one apparently has your partners and her business partners signatures on it. How can a reconstituted document have anyones signatures on it? As you say, only by forgery.

Do you have written confirmation that RBS do not have the original?

Does it say in this recon whether the loan has to be paid in full on death of either of the business partners?

If there is not a clause demanding repayment on a business partners death, then as the debt has not been defaulted, and the fact you have offered to pay an extra £10,000 per year to clear it, I would have thought that it would be hard for RBS to obtain a judgement, especially with the "forged" agreement.

Speak to Paul. He will give you better advice than the rest of us can give.

Alan

[Streetwise]

Re: Late wife's commercial loan problem

I no this is going to sound stupid but i have been served a default notice,on this account but the account has never been defaulted on,and if the bank are withdrawing banking facilities is this them terminating the agreement,by issuing a formal demand.

[gravytrain]

Re: Late wife's commercial loan problem

Hi
I was in a similar position with a Nat West business loan, my partner died and they tried to recall the debt. Even though i was still trading.

As Alangee says fortunately there was no facility within the agreement for them to terminate the agreement in this way so they were unable to enforce.

I still have no idea why they wanted to recall a debt that was being repayed and never had any missed payments.

GT

[Undercover Elsa]

Re: Late wife's commercial loan problem

What does the default notice say regarding the breach, Streetwise, and how long does it give you to remedy?

[Streetwise]

Re: Late wife's commercial loan problem

So RBS have admitted that they do not have a copy of the original agreement, but have sent you a reconstituted one. This reconstituted one apparently has your partners and her business partners signatures on it. How can a reconstituted document have anyones signatures on it? As you say, only by forgery.

Do you have written confirmation that RBS do not have the original?

Does it say in this recon whether the loan has to be paid in full on death of either of the business partners?

If there is not a clause demanding repayment on a business partners death, then as the debt has not been defaulted, and the fact you have offered to pay an extra £10,000 per year to clear it, I would have thought that it would be hard for RBS to obtain a judgement, especially with the "forged" agreement.

Speak to Paul. He will give you better advice than the rest of us can give.

Alan

Hi Alan, 1- Correct and confirmed by the police.
2- Yes written conformation from there HQ
3- It states as a default(death of customer)but there is 2 of them.
4- Complaint now with FOS.

Thank's Again will speak to Paul after i hear back from the FOS.

[Streetwise]

Re: Late wife's commercial loan problem

What does the default notice say regarding the breach, Streetwise, and how long does it give you to remedy?

It doesn't say anything doesn't state any breach just came in the envelope with the Formal Demand,doesn't give me anytime to remedy it just wants my proposals for repayment with in 17 of the date of the letter which is dated 24th July 2012 arrived 27th of July 2012.

[Streetwise]

Re: Late wife's commercial loan problem

Hi
I was in a similar position with a Nat West business loan, my partner died and they tried to recall the debt. Even though i was still trading.

As Alangee says fortunately there was no facility within the agreement for them to terminate the agreement in this way so they were unable to enforce.

I still have no idea why they wanted to recall a debt that was being repayed and never had any missed payments.

GT

So what Happened then?

[gravytrain]

Re: Late wife's commercial loan problem

Hi
Our agreement had a death of debtor clause, but the solicitor we had said that it would not apply as the loan was in joint names and the business was still trading.
Don't know if that helps. Perhaps someone should look at the contract?

GT

[gravytrain]

Re: Late wife's commercial loan problem

So what Happened then?

I continued to trade and make repayments on the loan, when i became disabled the insurance paid off the balance some years later.

GT

[Streetwise]

Re: Late wife's commercial loan problem

Hi
Our agreement had a death of debtor clause, but the solicitor we had said that it would not apply as the loan was in joint names and the business was still trading.
Don't know if that helps. Perhaps someone should look at the contract?

GT

So how did you come to an arrangement to pay them, that was acceptable to all parties,thanks for looking in.