70k loan with no paperwork

pippitypip_2

K-Fit - I do think you should pay, but I personally would want an agreement in writing before I did so. Outlining everything - APR, length of loan etc - everything that should have been given to you initially.

only my personal opinion though, not sure of the legalities..

pippitypip

ILW

K-Fit wrote: »

Hi, for the record i am not trying to 'Weasle' out of it! put yourself in my shoes, and ask if you would question the loan in principle. That is all i am doing.


What is the bearing of the statement ' as your loan facility was drawn down on 3rd Jan 2008 it is not covered by the changes to the CCA which came into being on the 6th April 2008' does anyone know?

)

I would guess they thought you were trying to get out of repayng the loan due to some slightly grey areas in loan agreements drawn up pre Apr 07.

K-Fit

hi pittypip, thank you.

do you think i should approach the bank and draft a new agreement with them?

does anyone know if this is vaible, or even legal?

J

StuTheDon

K-Fit - if the whole process was so shambolic why did you not goto a different providor rather that sign for something you didn't want?

You are not going to get this written off or marked unenforceable so I wouldn't waste your time.

What is your actual loss here? Have you lost money because of this application process? Or do you have the £70k you need and can continue repaying?

david39

If the original arrangement was for a mortgage then the bank would normally have required security in the form of a first charge on (presumably) the property.

If the mortgage did not go through then it is most likely that the charge has not been recorded at the land registery and the bank have no security for the loan.

This does not diminish your legal requirement to repay the loan, but it does put you in a very strong position to renegotiate the terms if the bank require to change their small business loan into a fully secured mortgage. At the moment, it is unlikely that they have a prior registered charge on the property and leaves them at risk should you fail to pay them - an uncomfortable position for them in this day and age.

Your solicitor will be able to advise if a charge was registered but, as I and others say, the bank is entitled to repayment at some stage.

daveboy

K-Fit wrote: »

Any advice would be welcome.

Stop wasting your time.

hells_2

You could spend £3 on the Land Registry website to see who has a charge over any property you own (or don't own for that matter)

Even though the bank does not have the paperwork, you have defaulted on the loan. At some stage you have surely signed for the loan, and I believe somewhere in NWB, the paperwork would exist (just maybe a couple of incompetent people failing to 'find' it). I don't think you have many options other than you are about to have a default registered against you, and a CCJ, amongst other things.

The bank can take whatever recovery action it deems necessary.

However, if they have lent you £70k, with no security, I think their lending policy is negligent, to say the least!

K-Fit

daveboy wrote: »

Stop wasting your time.

Quick to tell me to stop wasting my time, but on hand to help the wife eh!....:shhh: tut tut.

anything constructive would have been welcome!

Bob_the_Saver

Err hang on, Isn't RBS group (inc Natwest) owned about 58% by all of us? via Gordon's lot. Or have I got this wrong.

You lot might want the OP to rip Natwest off but as a 'shareholder' like the rest of you, I want my dosh back, with interest please.

Pobby

Bob_the_Saver wrote: »

Err hang on, Isn't RBS group (inc Natwest) owned about 58% by all of us? via Gordon's lot. Or have I got this wrong.

You lot might want the OP to rip Natwest off but as a 'shareholder' like the rest of you, I want my dosh back, with interest please.

Don`t hold ya breath. Nu Labour are a disgrace. Firstly feather their own nest and blow the rest of us. As a working tax payer, my wife also, this lot are a shambles and I talk as an ex party member.