no loan agreement on banking loan

annwhelan

Hi,

In around 1984 I took out a loan with HSBC (formerly Midland) .The bank have lost details of my loan, and this year they have asked for the full amount which is due, I asked for a copy of the agreement and mandate which they have lost, so can they enforce payment without any information? can I ask for any monies paid in to be refunded as I don't have a deal with them anymore? They have made me an offer of paying back half of the loan still outstanding, so I am unsure of my options, any advice would be greatly appreciated.

Thanks

iolanthe07

The loan will be Statute Barred unless they went to court with it. This means that they cannot now get it enforced by a court, though the debt still stands in theory. It is up to you if you want to pay any of it back; if you don't then just tell the bank it is Statute Barred and thery should then leave you alone.

I don't think you have grounds for a refund, unless you dispute that you ever had the money in the first place.

Janie4Now

From 1984?! Are you serious?! Do you mean a mortgage of some sort?

jonesMUFCforever

This is a wind up - lets not waste time on it.

annwhelan

Thanks for the replies, it wasnt a mortgage btw - also im not sure why this is considered a wind up?

pickpocketlocket

iolanthe07 wrote: »

The loan will be Statute Barred unless they went to court with it. This means that they cannot now get it enforced by a court, though the debt still stands in theory. It is up to you if you want to pay any of it back; if you don't then just tell the bank it is Statute Barred and thery should then leave you alone.

As you don't know when the OP last paid towards the loan, how can you say that?

Janie4Now

annwhelan wrote: »

Thanks for the replies, it wasnt a mortgage btw - also im not sure why this is considered a wind up?

Why might it be a wind-up?!

Loan from 1984 (i.e. 28 years ago) on which you have paid something; presumably you stopped paying at some point but the bank didn't do anything about it.

All of a sudden, after 28 years, they pop up and demand repayment. Without being able to actually produce any agreement or mandate from you. Just how did they get the idea that you had a loan from them in 1984?!

And THEN you ask if you could get back the payments you've made!

Nothing here makes sense!

annwhelan

Hi,

apologies about the vagueness of the post, i am asking on the behalf of someone else and i was only passed the message briefly. It was an interest only loan and for a smallish amount, the year was closer to mid nineties, the 84 was a mistake. The monthly payments on the loan were so small it was almost forgot about, till a few years ago, when the bank was queried about it, no reply was received at the time and it was forgotten again, only to receive a request for final payment of 4k outstanding around the start of this year. It was claimed to be tied in with the house deeds, but again there is no record of this.

Janie4Now

Sounds like it was a mortgage-type loan though the small amount and timeline is very odd.

When did they stop paying the small interest-only payments? Did the bank do nothing about that at the time?

And is there anything showing on the House Deeds at the Land Registry?

annwhelan

Hi, thanks for the reply

The payments still continue, none have been missed since the start of the loan. Regarding the mortgage issue, the mortgage on the house was payed last year, but they delayed giving the deeds over (initially saying they wasn't easy to find), and now refuse to give them until this loan is payed, or 50% of it which they offered. Also the fact they gave a date for final repayment, without having a contract at their end seems strange?

chesky369

You really have to give us some basic facts - it was obviously some kind of interest-only mortgage. The person concerned has to know what they are talking about, otherwise they can't possibly hope to deal with their problem.
How much was the original loan?
What year was it taken out?
How much were the repayments and are they definitely still continuing?
Does your friend not have a copy of the original agreement? I bet they didn't really throw it away, it will be in a drawer somewhere.