Has any one succeeded in cancelling a loan?

The_barber

Hi i am having huge problems re paying things, partly Barclay's are at fault and i am arguing my case with them but i can fore see i am not going to succeed i think?
They appear to have stuck together and they are standing their ground on it to.
They want me to take out a new loan to clear my present debts but they want me to pay 10.4% APR and over the next ten years the loan amount would be 34,500.00 with re payments of £399.00 a month total pay back of 47,880.00, to cover two business overdrafts and two business loans or they will pass my debt over to the debt recovery agents.
Can they force me to do this?
I have told them i can not afford the re payments on this nor can i afford to pay what i am meant to now, but at the moment these debts are unsecured if i take up their new loan offer not only will that have included lots of charges that i have incurred since DEC 08 but it will also be secured against my house.
My question is has any one succeeded in any of these, (no win no fee) unenforceable loan agreement thingys?
And i would like proof your not a company flogging me crap :cool:
If this is possible what are the consequence's of them if i don't win?
And are there any consequence's if i do?
Is their any one out there who has genuinly won a case?
Thanks for reading XXX

PNPSUKNET

They could sell it to a dca who will go for a charging order anyway, the other option is to go insolvent.

jonesMUFCforever

For writing that in that awful green I hope they charge you double! It is very difficult to read.

To be serious though they are giving you an option - refinance the loans and overdraft (you could do this elsewhere if you think you can get a better rate) or they put the debt in collections.
I would agree that putting the house as security is a no no - if the bank is stupid enough to lend to you unsecured then don't let them bully you now.
I think you need help (professional) to help you fight your case - don't know if CAB deal with business cases.

Forget the no win no blame type of solicitor they will not help you one bit.

barclaysguy

How is your business registered - ltd, sole trader, llp?

Have you guaranteed any of these loans?

The loan APR doesnt seem terrible, the only thing is its over so many years, if you cant afford £399 then dont sign the docs - how much are you paying at the moment, however need to know if you have any better options first.

Great_Hairdresser

Hi
The CAB dont deal with business, but business link do, they are also run by alot of voulenteers, so it does take a while for them to get back to you, in my experience they have been very helpful indeed.
Good Luck

The_barber

jonesMUFCforever wrote: »

For writing that in that awful green I hope they charge you double! It is very difficult to read.

To be serious though they are giving you an option - refinance the loans and overdraft (you could do this elsewhere if you think you can get a better rate) or they put the debt in collections.
I would agree that putting the house as security is a no no - if the bank is stupid enough to lend to you unsecured then don't let them bully you now.
I think you need help (professional) to help you fight your case - don't know if CAB deal with business cases.

Forget the no win no blame type of solicitor they will not help you one bit.

sorry about the green lol

Unfortunately it is not possible for me to get credit any more due to the fact i had car finance for my brother, and he hit upon hard times!! and the car was repossessed, this was in my name, it has damaged my credit hugely.
The thing is i agree to the no no situation on putting my house as security but won't the debt collection agents do that any way in the end?
thanks for taking the time to read all this.
And i heard lloyds write off billions of pounds of peoples debts just recently perhaps if i hold out long enough may be barclays will follow suit?

The_barber

barclaysguy wrote: »

How is your business registered - ltd, sole trader, llp?

Have you guaranteed any of these loans?

The loan APR doesnt seem terrible, the only thing is its over so many years, if you cant afford £399 then dont sign the docs - how much are you paying at the moment, however need to know if you have any better options first.

My business is classed as sole trader.

None of these loans or over drafts are secured against any thing, if thats what you mean by asking (Have you guaranteed any of these loans?)

I pay nothing at the moment i can't due to the fact the bank accounts are so overdrawn if i bank any money into them it gets swollowed up by charges.

The APR is ok i guess but i am so annoyed as i have been paying these loans already for nearly 6 years and they were almost at the end, now i will have to start again with more intrest and so on + so on !!!
Thank you for taking the time to read this.

The_barber

Great_Hairdresser wrote: »

Hi
The CAB dont deal with business, but business link do, they are also run by alot of voulenteers, so it does take a while for them to get back to you, in my experience they have been very helpful indeed.
Good Luck

I have the CCCS calling me on the Thur 20th Aug and i should be able to get some help from them.
But is there any one who would actrually take over and do it all for me as i can't cope with the letters i have to write to people all the time, and the phone calls i get?

or is that just a cop out !!! ?? lol :rolleyes:
Thanks for taking the time to read this.
by the way your a hairdresser to then? do you have a salon to?

[Deleted User]

Without wanting to add insult to injury: how did you get yourself into this mess?

You say you're a hairdresser, correct? And a sole-trader? How on earth did you rack up £34k worth of debt in that situation?

Firstly, I find it quite unbelievable that any bank would lend to a sole-trader on that basis: I'm a LTD and my bank still take my personal account usage into account when considering me for a £100 overdraft!

Secondly, if that level of debt is business-related, do you actually have anyone advising you from a financial/legal position? It seems mad that you are still a sole-trader but with liabilities of that size. Is a sole trader the best set-up for you?

I really do not want to be rude and I completely sympathise with your position, but I'm struggling to see how you got into this mess, and I'm wondering if you are holding something back? You seem to have racked up a lot of debt and I don't see how you could have done so through two business loans and overdrafts given that the banks are pretty hot about giving credit to businesses recently. Something's amiss here - I'm not saying it's your fault though - either there's been terrible management of the business, and/or a complete lack of input from any sort of accountant, and/or not choosing the correct business vehicle for your needs.

The_barber

Deleted_User wrote: »

Without wanting to add insult to injury: how did you get yourself into this mess?

You say you're a hairdresser, correct? And a sole-trader? How on earth did you rack up £34k worth of debt in that situation?

Firstly, I find it quite unbelievable that any bank would lend to a sole-trader on that basis: I'm a LTD and my bank still take my personal account usage into account when considering me for a £100 overdraft!

Secondly, if that level of debt is business-related, do you actually have anyone advising you from a financial/legal position? It seems mad that you are still a sole-trader but with liabilities of that size. Is a sole trader the best set-up for you?

I really do not want to be rude and I completely sympathise with your position, but I'm struggling to see how you got into this mess, and I'm wondering if you are holding something back? You seem to have racked up a lot of debt and I don't see how you could have done so through two business loans and overdrafts given that the banks are pretty hot about giving credit to businesses recently. Something's amiss here - I'm not saying it's your fault though - either there's been terrible management of the business, and/or a complete lack of input from any sort of accountant, and/or not choosing the correct business vehicle for your needs.

LOL yeah your right i did not give the entire story mainly because i couldn't be bothered to type it out lol, i am not trying to hide any thing or any of that!!!
OK so when i opened my salon back in 2001, i was doing OK pretty good in fact, i never had a car at all, so to wanted get a car just a second thing nothing special a vitara!!!, so borrowed £3000.00 over 3 years in 2002.
Up graded my car in 2003 borrowed £5000.00 over 5 years paid off old loan and started a new one.
Up graded again in 2004 to a new one this time total £10,000.00 but p/e old car £4000.00 left to pay £6000.00 but this time thought well if i am going to borrow enough to pay for a car i want to pay off my credit cards that i had, i had two cards both owing £2000.00 each i had only ever been paying the min on them and i had not used them for years these were from previous to the salon, so not business related, also my boy friend at the time (now my husband) had two credit cards and a debt from a previous marriage totalling to £20,000.00, in the mean time i had an unexpected tax bill which totalled to £5000.00 (this is my business overdraft needed it in a hurry)
if i could flick back to the year of 2002 for a min to explain my brother also opened a business under my name due to his bad credit history! and at the same time of my overdraft for my business was opened he asked for his business to open one also for the same amount of £5000.00 not mine technically!
over the years all has been fine my brother ran his account!!!! with not great history but ok'ish and i ran mine in a similar manner, i was able to borrow on his business as well as mine you see (the bank knew the set up) so in total i borrowed
£19,000.00 on my business
£18,000.00 on brothers (my name on account)
i paid off
a credit card of £15,000.00 (husband)
a credit card of £5,000.00 (husband)
a credit card of £2,000.00 (mine)
a credit card of £2,000.00 (mine)
got a new car £6,000.00 ( i like to think ours!!)
paid off old loan of £3000.00
plus paid off old loan to start these new ones this not exact but quite close to figures.
as i had borrowed from my brothers account the repayments came out of his account i used to give him the cash to cover the cost of the loan, i found things quite tight, and stopped paying for that one although my brother continued to pay it from his account also since then my brother fell on hard times he wanted to get a mortgage on the premises my dad rent's out in order to pay some debts that he had incurred with other people the bank said we have to borrow enough money to take in the loans and the overdrafts, fine we said, but the bank messed up our mortgage and it did not happen as the manger told us it did, this is my dispute with them (read from previous), my bank manger said it was fine to allow my accounts to go over the limits as mortgage was going to pay every thing back any how so not to worry about things, and with out going to much in detail as this story could go on a bit !! the basic is... i am finding it very difficult to pay every thing back and now am paying nothing at all the overdrafts went way over there limits and now the grand total owing is £34,500.00 the loans would have finished being paid in DEC!! all in my name!!!....
sorry to have gone on a bit but you did ask?? bunglejemson!!! lol
thanks for taking the time to read this ....:rolleyes:

olly300

From the looks of it your debts are a mixture of business and personal put in the business name. And you seem to have all your accounts with one bank.

However as you are a sole trader you are personally liable for all the money.

I suggest as already mentioned that you seek business advice.

Note: Your post is quite hard to read due to the lack of white space between your paragraphs. Also having limited punctuation doesn't help.