Bank changes terms of my loan & FO does nothing.

Sagar

Hi,

I have commercial loan with a big british bank. 2yrs ago, they changed the terms of my loan, thus increasing my payments by 200%, and reducing the term of my loan from 20 to 13 years.

I took them to court. I made big mistake by taking them on mental stress, when it should have been financial stress. however, the bank did not reply to the court, and i got a default judgement. they applied to set it aside, went to court, and judge threw out the case on grounds of wrong claim. this hearing was to set aside the judgement, not look at the case.

i complained to the financial ombudsman. they have not looked at case properly, but simply listened to what bank said that they won the case, and that was it. after court hearing, bank has still been charging me heavy, yet fo shows no impartiallity to read the facts. now, they will send my case from ajudicator to ombudsman. the case manager says take it through her, but I cant write to ombudsman directly.


Questions:
1. Has anyone had this experience with FO before?
2. If my case goes to the Ombudsman in the FO, is it right that I dont get direct contact with Ombudsma. Is it legal?
3. If Ombudsman cancels my case, what do I do then? The FO is full of senseless staff who do not read the case properly, and favour big banks.

please help me, anyone.

cheers,

Sag

gnaril

First question I would ask....

You say they changed the terms of your loan....... Im assuming that this has been without your authority?

For any changes to the loan agreement ie length of time paid over, required payment, you will needed to have completed a new agreement surely.?

jonesMUFCforever

The only thing I would add is this - a court has found against you - the ombudsman has found against you - both employ senseless staff? - why because they don't agree with your way of thinking.

If you are still trading and making money why not approach another bank to see if you can refinance?

ILW

Sagar wrote: »

Hi,

I have commercial loan with a big british bank. 2yrs ago, they changed the terms of my loan, thus increasing my payments by 200%, and reducing the term of my loan from 20 to 13 years.

I took them to court. I made big mistake by taking them on mental stress, when it should have been financial stress. however, the bank did not reply to the court, and i got a default judgement. they applied to set it aside, went to court, and judge threw out the case on grounds of wrong claim. this hearing was to set aside the judgement, not look at the case.

i complained to the financial ombudsman. they have not looked at case properly, but simply listened to what bank said that they won the case, and that was it. after court hearing, bank has still been charging me heavy, yet fo shows no impartiallity to read the facts. now, they will send my case from ajudicator to ombudsman. the case manager says take it through her, but I cant write to ombudsman directly.


Questions:
1. Has anyone had this experience with FO before?
2. If my case goes to the Ombudsman in the FO, is it right that I dont get direct contact with Ombudsma. Is it legal?
3. If Ombudsman cancels my case, what do I do then? The FO is full of senseless staff who do not read the case properly, and favour big banks.

please help me, anyone.

cheers,

Sag

I believe most commercial loans are repayable on demand.