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Charge on Deeds

24

Comments

  • Chris1943
    Chris1943 Posts: 25 Forumite
    Excuse me Dodger one,

    When you know what you are talking about please post on this forum until then don't bother
  • dodger1
    dodger1 Posts: 4,579 Forumite
    Chris1943 wrote: »
    Excuse me Dodger one,

    When you know what you are talking about please post on this forum until then don't bother

    Fair enough, give us the full story then. Why didn't you pay back the loan when you were working?
    It's someone else's fault.
  • paddedjohn
    paddedjohn Posts: 7,512 Forumite
    Part of the Furniture
    Apart from a sob story about looking after sick relatives and being out of work you havnt given any good reason why you shouldnt pay back your debt, the loan was over 20 yrs ago so £3.5k in charges and interest seems very reasonable.
    Be Alert..........Britain needs lerts.
  • Chris1943
    Chris1943 Posts: 25 Forumite
    I have just been reminded by my OH that his mother didn't die until November 1998 so I could not have started work until after that date. When I originally took out the loan I was told that it could only be activated when I started work, As I did not start work until 1999 it now appears they clearly took action in 1997 before it became statute barred. The issue here is that I had no idea that they had done this until the deeds came from the building society.
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    paddedjohn wrote: »
    so why are you disputing the charge on the property if you owe them money?
    dodger1 wrote: »
    ... You spent the money they lent you and now it needs to be repaid, man up.
    paddedjohn wrote: »
    Apart from a sob story about looking after sick relatives and being out of work you havnt given any good reason why you shouldnt pay back your debt, the loan was over 20 yrs ago so £3.5k in charges and interest seems very reasonable.

    If this started as an unsecured loan, it would have been statute barred for 14 years by now. The bank would be charging a higher interest rate too, to cover for the increased risk of it being unsecured.

    If the charge was put on in 1997, this was past the point at which the debt was statute barred - and if the debt was originally unsecured, this requires one of 3 things:
    • A court order
    • Consent from the OP
    • NatWest to apply the charge without the right to do so
    Now taking the OP at face value, it looks like the bank have acted without authority here. In other words, they want to have their cake and eat it. If the interest was levied as an unsecured loan, they should take the risk which by now is a loss - they should not be securing the loan unilaterally.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Chris1943
    Chris1943 Posts: 25 Forumite
    Dvardysshadow



    Thanks for that, so what do I do now
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Chris1943 wrote: »
    Yes I did sign a loan application in 1991


    Have you got a copy? Could this clarify what has gone on?
    I am not a cat (But my friend is)
  • GDB2222
    GDB2222 Posts: 26,933 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Chris1943 wrote: »
    Dvardysshadow



    Thanks for that, so what do I do now

    I would start off with Natwest and Nationwide. You need to find out the circumstances under which the charge was placed on the property. Nationwide should have some details, as the charge was with teh docs they sent you. They ought to have written to you at the time the charge was made.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • paddedjohn
    paddedjohn Posts: 7,512 Forumite
    Part of the Furniture
    how long before it becomes statute barred? if the bank made contact in 1994 then doesnt it run from this date?
    Be Alert..........Britain needs lerts.
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    paddedjohn wrote: »
    how long before it becomes statute barred? if the bank made contact in 1994 then doesnt it run from this date?

    I don't think a charge on deeds ever becomes statute barred.
    I am not a cat (But my friend is)
This discussion has been closed.
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