Loans before April 2007

petermb_2

I will try to simplify.
If a loan is deemed to be voidable the lender will lose security on the property.
Therefore the lender is not entitled to repossess the property as there is no security.
If the lender has already repossessed the property then there is a major problem. The borrower has been deprived of an asset he should not have lost, hence compensation is due.

David_Aston

Thanks for the clarification Peter. Just to finally tie this up, following this hypothetically voided loan, what would the position of the borrower be?

ILW

I find this fascinating.
Just to throw another iron in the fire how would this play out.
If a bank accidentaly credits your account with say £50,000 they can legally ask for it back immediately, if you have spent it and cannot pay it back I believe that would be classed as theft.
If the borrower cannot find any paperwork regarding a loan and neither can the lender, could the lender then say that crediting the account was a mistake and demand immediate repayment as the borrower is now saying no agreement exists?
Probably not worded this too clearly but I am sure someone must get the gist.

petermb_2

David_Aston wrote: »

Thanks for the clarification Peter. Just to finally tie this up, following this hypothetically voided loan, what would the position of the borrower be?

Each case would be different. Voidability is simple. You borrowed the money, you pay it back. However, as the agreement is void all payments made on the account would become capital repayments. ( no interest can be charged)

diyppi

:beer:ok everyone and for Martin Lewis! After reading all about ppi I plucked the courage up and claimed all my ppi on present loan and previous loans, the bank did not respond to the court:rotfl::jnow I have sent the judgement but they have till this monday the 17th August 2009 and if they have not paid then the bailifs are going in. Thanks Martin.

Ok question, the loans prior to 1st April 2007 have been paid off, but my current loan paid off the loan before and so did the one before and the loan agreement numbers appear on the credit agreement, so can i claim back all the money plus interest on all three loans? The loans were uninforcable at that time.my currnet loan was done after Aprill 2007 infact September 2007.all loans were secured loans.anyone help me out here as i got my teeth into something and just cannot let go. thanx guys.:T

~Brock~

diyppi wrote: »

:beer:ok everyone and for Martin Lewis! After reading all about ppi I plucked the courage up and claimed all my ppi on present loan and previous loans, the bank did not respond to the court:rotfl::jnow I have sent the judgement but they have till this monday the 17th August 2009 and if they have not paid then the bailifs are going in. Thanks Martin.

Ok question, the loans prior to 1st April 2007 have been paid off, but my current loan paid off the loan before and so did the one before and the loan agreement numbers appear on the credit agreement, so can i claim back all the money plus interest on all three loans? The loans were uninforcable at that time.my currnet loan was done after Aprill 2007 infact September 2007.all loans were secured loans.anyone help me out here as i got my teeth into something and just cannot let go. thanx guys.:T

:rotfl:Hit the thanks button by mistake:rotfl:
Yeah you go for it mate. Dont worry about such trivialities as what to put on the Particulars of Claim, just tell the judge Martin Lewis sent you..............sorted!!!

Luvvely Jubbely :T