Lloyds Loan back in 2001

petermb_2

Google wrote: »

wen the loan was taken the salewoman said I need to have the PPI in order to take the loan, defo 1 of the mis selling traits. add the rest, application will not succeed, will not be able to continue with the application Mis selling Mis selling all the way

Mis-selling is not the only issue here. There could be a number of issues prevalent that will allow you to seek compensation. Do not be lulled into thinking that the premiums are the only money you can reclaim. There could be much more depending on the loan, how it was arranged and the documention that was issued at the time of setting up the loan.

Google

Ian_Griffiths_Halifax wrote: »

If it's already been paid off, then you'll not get the loan money back or written off as it's not there any more.

The PPI however, may get refunded + 8% interest per year as far as I'm aware.

not expecting the money for the loan,
the loan has been defaulted
that is why I ask if it can be written off

Ian_Griffiths_Halifax

Google wrote: »

not expecting the money for the loan,
the loan has been defaulted
that is why why I ask if it can be written off

Has the loan been paid off but defaulted before being paid off, or is it still outstanding now because it never got paid off?

The difference is, if it IS still outstanding because it never got paid off, then there is the potential for it to be written off. If it ISN'T still outstanding because it has been paid off, then how can it be written off?

In a nutshell - is anybody still chasing you for payments?

Google

y would I want somthing written off that isnt there???

the loan has not been fully paid off. and has been defaulted

Google

Ian gotta go will catch up later cool

Ian_Griffiths_Halifax

Google wrote: »

y would I want somthing written off that isnt there???

the loan has not been fully paid off. and has been defaulted

You took it out in 2001 over 5 years. That means it ended in 2006. I would have thought that it would have turned to a CCJ before now!

petermb_2

The chances are that your loan will be paid off and you may be owed money in addition. It really depends on the circumstances surrounding the loan and its agreement.
It also depends on how much you currently owe.

Google

petermb wrote: »

The chances are that your loan will be paid off and you may be owed money in addition. It really depends on the circumstances surrounding the loan and its agreement.
It also depends on how much you currently owe.

I knw the loan aint been paid up, as I still have a record of what is left,

Google

well can it then?

mungos_mum

Hi
Having read through all these posts I was wondering if anyone has advice on what can be done in our situation.
I will try to keep this as short as possible but if anyone can help or needs to know more, I am more than happy to give the full story, athough it is rather long and complicated.
Late 2007 we were 'courted' by a local Lloyds BDM (business developement manager) to move our business banking over to Lloyds,( we turn over about £500k a year) and for us to leave HSBC where we have banked for about 15 years.
We knew that finacial downturn was on its way and agreed to transfer business banking to Lloyds, in return they offered us the required £100k loan/o.d for our business (we felt we needed a safety net) and the offer to finance and develop a farm we had wanted.
BDM came to our office, got us to sign account opening forms, copied I/D and then told us that he would fill out all our info as he knew what was required by bank! Yes I know alarm bells should have rung!
After about 3 months we finally got (after many problems) £50k of the money into our account.
Lots of excuses and reasons from BDM as to why finance for farm had not yet happened.
Requested 2nd £50k late summer as our business, as predicted, needed the additional cashflow, but it never materialised.
Requested copies of our paperwork, loan agreements, account opening forms etc and was told there were none, we never had copies either and don't remember signing any apart from when opening initial account.
Made official complaint, to which Lloyds replied that they do not believe that a BDM would have made such promises, but later we did receive e-mail and letter from an area director saying that he believes we have been treated appalingly and that it seems to him that Lloyds have done all it can to stop us banking with them.
Our business is now really struggling as in this market we cannot borrow anywhere, we've had to pull out of purchase of farm (having already paid out for architects etc) and this has left the vendor 'up the creek without a paddle' and now Lloyds are demanding that we give them security for the £50k we borrowed. As I said earlier, there's a lot of additional detail to this but what we would like to know is; Does c.c.a cover small businesses?
Do we have to give security? Where do we stand regarding lack of any contracts, paperwork etc from bank? Do we have any redress regarding us planning our next 12 months trading on what bank said and then not coming through leaving us in very vulnerable situation?
Any comments, advise would be greatly appreciated
Many thanks
Mungos mum
Hind sight is a wonderful thing!