Can anyone Help please?

smiler71_2

Thanks again

It’s not the loan that the problem lies with, I wish it was! It’s the business overdraft and credit card, but they are using the personal guarantee that we signed when we took out the original business loan in 2004. HSBC were very astute in their wording of the debenture and it was not specific to the loan, but very generic in that is says “all moneys owed by the business whether now or in the future bla, bla bla”. We didn’t realise the generalisation of the wording at the time, mores the pity!

The loan taken out to replace the original, minus PPI was paid back in full. I was just wondering whether what they did, taking the payments from the account was lawful and legal without a signed agreement, and if not I was hoping to use this as a way of making our full and final look more attractive. I would guess that if it was a personal loan covered by CCA you would have a good case in reclaiming the money taken without a signed agreement in place? As I said I don’t want to rock the boat by writing to them stating the fact they took the loan payments without a signed agreement only to find out it makes no difference and it was completely legal.

If I could find out if the payments were taken unlawfully and indeed I could, if I wanted make a sound, legitimate reclaim for the loan payments this would be far and above what we owe them. This as I said may dissuade them from chasing this and make them see the full and final as attractive.

Thanks ever so much for all your advice and support.

fiveyearplan

I would have thought it would be legal for them to take the money from the account because you had signed the first agreement. You would have to get legal advice on it if you feel it wasn't legal. Maybe a trip over to Consumer Action Group Forum would get your answer.