am i just grasping at straws..or have i got a case ?

COOLTRIKERCHICK

am i just graspimg at straws here.or have i got a case...

with the talk of people getting their bank charges returned on their personal accounts etc....most of the debt we are owe now is down to a failing business...

2 years down the line we still got another 8 years left it pay the bank back...

but now looking at it with a clearer mind...i think we might be able to claim back this money...

the story is basically.. hubby was having business loans to pay the ever increasing overdraft.. i think he had 3 or four business loans ( or personal loans) and every time it would pay off the existing loan and overdraft....so in the end when i finally found out about the extent of the debt owed by the business it was not far off 19K.( this is just to the bank...thats without the others) which then we had an unsured personal loan of 20k.. which just covered what we owed the bank in the first place.....now.. i am thinking why the hell did they keep on lending him money.. knowing that it was to cover the overdrafts and previous loans from them.. knowing that the business couldnt afford or warrent these types of loans on the turnover.. that it was taking...

i personally feel now that they shouldnt have loaned him the money... as they knew there was not enough income to warrent the loans......and i personally think it was unethical lending....yes the business was not viable....and that's why i feel they should not have lent that amount of money..


i have now asked for copies of every bank statement for the 5 years of trading.......copies of the loans.....and also a copy of all the bank charges for the 5 years....

so then i can actually see the true extend of the charges... and loans etc...

do you think i am just grasping at straws....or.....do you think i have a vaild case...

yung

have you asked that question on the consumer action group forum you may be able to claim the bank charges good luck.

http://www.consumeractiongroup.co.uk/

owessomuch

The Consumer Action Group is probably the best place to ask, but I don't see why you couldn't clam back the bank charges.

Also might have a case ref them leading money.

Good Luck.

COOLTRIKERCHICK

thank you i will have a look at the consumer action group..

as we requested the above info... a while back....and still no statements etc.....i have phoned the bank this morning...to find out how long this info is going to take to come through the post.....so now waiting for someone to get back to me....

as the way i am thinking... is that it is indiscriminate lending..i dont know if that is the right term or wording.. but hopefully you know what i mean....

owessomuch

Yeah I get ya,

It must be mis-selling of some kind, sorry I can't be more help :0

COOLTRIKERCHICK

thanks owessomuch.....i have had a quick look at the link site....i think i need to get hold of the info from the bank....with all the exact figures.... and then see what i can do.....

as it doesnt make sense to me.... they gave my hubby thousands of pounds..with no sound means of paying it back.... and yet when i was working... they wouldnt increase my overdraft by £200.. just before christmas... for 2 weeks until i got paid....and i had guarenteed money going nito my account.....

where hubby's business account was so irractic....

yung

Cooltrickerchick mak sure you read all the F.A.Q on the consumeraction forum before you start any action.

mrslawrence2003

i imagine one of the questions that may be asked if you decide to claim against the bank for unethical lending is if the business was so clearly failing and unviable, why did you take out more loans?

you are clearly of sound mind so cannot argue that you didn't understand what you were doing and the implications. did you have to show a business plan at all or paperwork to show the business was turning a profit or profit was projected to the bank?

idiot_3

Thing is, how much did your hubby tell the bank he was making/expected to make? They wouldn't have leant him £20k without good reason of expecting the money back.

COOLTRIKERCHICK

the situation was... the business was not taking enough so hubby was in overdraft... then having loans to cover the overdraft... and then another loan to cover overdraft and loan...i did not know the extent of the debt until the business actually closed...as hubby kept everything away from me... thinking that he didnt want me to worry....but in the end my hubby neally had a nervous break down... so i was left to pick up the pieces...in the end hubby wrote a letter to authorise me to sort out the mess with the bank...so the bank knew that hubby would be in limbo land regarding work ...after the shop closed....i went to the bank..and they offered the 20k loan... which basically just cleared up what we owed them. overdraft and loan....

when hubby was going to the bank to increase the overdraft and get loans.. never did they ask him for proof of income etc....and they could see the amount of money going into the business account was getting less and less as it was a vious circle... no money to renew stock....so no stock to sell. less money coming in......but still outgoings going out.....and bank charges being charged etc..

so i was only involved basically to clear up the mess....
yes my hubby in the end.. by trying to protect myself and the family from the worry of the increasing debt.... has now made it ten times worse......

please ...i dont need a lecture on the dos and donts and what if's ...and you should have.....

i just feel as though the bank...were not ethical in their lending... when it was totally clear from the...state of affairs that....the business could not pay ..or had sufficient funds to pay the loans back...

just to clarify... that the business account.. and loans etc were all from one high street bank..

mrslawrence2003

COOLTRIKERCHICK wrote:

the situation was... the business was not taking enough so hubby was in overdraft... then having loans to cover the overdraft... and then another loan to cover overdraft and loan...i did not know the extent of the debt until the business actually closed...as hubby kept everything away from me... thinking that he didnt want me to worry....but in the end my hubby neally had a nervous break down... so i was left to pick up the pieces...in the end hubby wrote a letter to authorise me to sort out the mess with the bank...so the bank knew that hubby would be in limbo land regarding work ...after the shop closed....i went to the bank..and they offered the 20k loan... which basically just cleared up what we owed them. overdraft and loan....

when hubby was going to the bank to increase the overdraft and get loans.. never did they ask him for proof of income etc....and they could see the amount of money going into the business account was getting less and less as it was a vious circle... no money to renew stock....so no stock to sell. less money coming in......but still outgoings going out.....and bank charges being charged etc..

so i was only involved basically to clear up the mess....
yes my hubby in the end.. by trying to protect myself and the family from the worry of the increasing debt.... has now made it ten times worse......

please ...i dont need a lecture on the dos and donts and what if's ...and you should have.....

i just feel as though the bank...were not ethical in their lending... when it was totally clear from the...state of affairs that....the business could not pay ..or had sufficient funds to pay the loans back...

just to clarify... that the business account.. and loans etc were all from one high street bank..

am not trying to lecture you so sorry if it appears that way. but was sure that these kind of questions and others may well be asked so best to think about it in advance and prepare accordingly. surely it's better to be well prepared than not at all?

my understanding of unethical lending (which i admit is not great) is that it is aimed more at those ppl such as pensioners / mentally ill / permanently unable to work etc who are lent huge amounts of money that they will never have any chance to pay off as they will never be able to earn enough money. following this line of thought - you say your husband nearly had a breakdown - now i assume he went to the doctor and so his illness can be documented and perhaps this can make your case stronger.......?