Bad Lending, Loan

Paynefull

Hi can somebody advise what I can do here please, I had a loan from RBS of £2500 for the start up of a business idea i had, i made an appointment with the bank manager, went and saw him with no business plan or anything to show how the business would work and i got the loan this was just at the begining of the recession a couple of years ago. The business failed and i was struggling with repayments, now its been passed to debt collectors and am being offered a settlemet fee, but cant afford that either can I fight this as it was wrong to have been offered the loan ? i know i had it and spent it but i thought i could get the business going but unfortunatly not. Im no sure if i had PPI on it either as i have no paperwork.

Any advise would be great

pelirocco

Of course it was wrong , and you will be entitled to loads of compensation

Rupert_Bear

Paynefull wrote: »

Hi can somebody advise what I can do here please, I had a loan from RBS of £2500 for the start up of a business idea i had, i made an appointment with the bank manager, went and saw him with no business plan or anything to show how the business would work and i got the loan this was just at the begining of the recession a couple of years ago. The business failed and i was struggling with repayments, now its been passed to debt collectors and am being offered a settlemet fee, but cant afford that either can I fight this as it was wrong to have been offered the loan ? i know i had it and spent it but i thought i could get the business going but unfortunatly not. Im no sure if i had PPI on it either as i have no paperwork.

Any advise would be great

Cobblers:rotfl: come to mind and I am not thinking of shoes!

Hmm!

McKneff

They didnt offer you the loan, you asked for it. They granted your request.

If you could beg or borrow the settlement fee, its the cheapest option.

How much do you owe and how much is the settlement fee

AMILLIONDOLLARS

How lucky were you, you got the money without a business plan, now that you have failed, you're complaining that you should not have got the money in the first place, would you have been complaining if you had made a success of the business, I suspect not. From your comments I can see why you were a totally flop, man up and make an arrangement to pay the bank back, you'll need them again should you wish to try your luck again on another business venture. But if you can't keep proper records you'd best not!!

AMD

bargainbetty

Ask for copies of the paperwork (they should provide them for a small fee) and pay what you owe, possibly less if you can negotiate a settlement.

It's not their fault your business failed. If it had succeeded would you be saying 'Oh, they shouldn't have given me the money.....' You asked for the loan and received the cash, you are not a victim of bad lending.

27col

The sheer damn cheek of some people coming on here never ceases to amaze me. the OP seems to be the winner for damn cheek this month

Emmzi

3 days to go yet though...

Bravehearted_2

No. You owe it so pay.

Why did you take it?

As if not showing a business plan makes a difference. Crook.

Peelerfart

Can I propose the OP for "most apt user name" of the month too?

iolanthe07

This thread has to be a wind-up.