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gunsandbanjos

I don't know why I'm replying as you'll probably just accuse me of lying again...

But loans are usually paid out pretty quickly, I'm not sure I'd believe it if it said the payout will be a month down the line. If we are loaning to people with a relationship with us then payout is usually the following day. Sometimes you need to wait for a wet signature to come back but that takes days - week at the most usually.

It sounds odd to me. Any chance you could redact any personal information and post the letter up?

Candyapple

It doesn’t matter whether the promise to repay was heard by 100 people, if you lent money to this person and they don’t have any money to pay you back and you took them to court, at best you would be met with token payments of £1 per month / week depending on their situation.

What are these ‘serious consequences’ you refer to?

Same as gunsandbanjos, I’ve not heard of a High Street bank specifying pay out due in a month or two months’ time. The very nature of a loan is speed is often of the essence and most lenders try and gain business by advertising quick response times (e.g. ‘apply and get money in your account in 1 hour if approved’). Even Natwest themselves state you would receive funds next working day.



If you need to contact the FCA to report them their details are here:
http://www.fca.org.uk/site-info/contact

Has your family member borrowed money from anyone else in your family? I wonder if they are in real financial trouble and needed quick money and due to their previous employment in the financial industry if this whole ruse of applying for a loan(s) was just to buy more time without being hassled and now that the alleged loan was ‘declined’, it also gives them more time because it looks like they have every intention of paying you back and the banks are saying no (at the moment) with the intention of rinse and repeat situation until ‘something major’ happens and they absolutely cannot pay you back, or pay you back at something silly like £10 per week with the added guise of them being “family” so if you are put out by the situation, everyone in your family will likely side with them as they are paying you back as much as they can within their situation.
I reiterate, how much did you lend them?

damnjet

gunsandbanjos wrote: »

I don't know why I'm replying as you'll probably just accuse me of lying again...

But loans are usually paid out pretty quickly, I'm not sure I'd believe it if it said the payout will be a month down the line. If we are loaning to people with a relationship with us then payout is usually the following day. Sometimes you need to wait for a wet signature to come back but that takes days - week at the most usually.

It sounds odd to me. Any chance you could redact any personal information and post the letter up?

damnjet

Candyapple wrote: »

It doesn’t matter whether the promise to repay was heard by 100 people, if you lent money to this person and they don’t have any money to pay you back and you took them to court, at best you would be met with token payments of £1 per month / week depending on their situation.

What are these ‘serious consequences’ you refer to?

Same as gunsandbanjos, I’ve not heard of a High Street bank specifying pay out due in a month or two months’ time. The very nature of a loan is speed is often of the essence and most lenders try and gain business by advertising quick response times (e.g. ‘apply and get money in your account in 1 hour if approved’). Even Natwest themselves state you would receive funds next working day.


If you need to contact the FCA to report them their details are here:
http://www.fca.org.uk/site-info/contact

Has your family member borrowed money from anyone else in your family? I wonder if they are in real financial trouble and needed quick money and due to their previous employment in the financial industry if this whole ruse of applying for a loan(s) was just to buy more time without being hassled and now that the alleged loan was ‘declined’, it also gives them more time because it looks like they have every intention of paying you back and the banks are saying no (at the moment) with the intention of rinse and repeat situation until ‘something major’ happens and they absolutely cannot pay you back, or pay you back at something silly like £10 per week with the added guise of them being “family” so if you are put out by the situation, everyone in your family will likely side with them as they are paying you back as much as they can within their situation.
I reiterate, how much did you lend them?

Serious consequences mean just that, if found to be acting fraudulently they could effectively be banned from ever working in financial services again not to mention criminal records. The person lets another property and has other assets which could potential be seized.

gunsandbanjos

damnjet wrote: »

Ah, it's a FA on a mortgage, not a loan. That changes things and explains why there may be a delay.

We don't do FAs within 6 months of the mortgage being completed, Natwest may well do though.

Mortgages aren't my strong suit though I do have a little knowledge of them from a fraud perspective. I'd be surprised if you can get an additional £35k on a new mortgage unless your initial LTV was quite low (depends what % the additional borrowing brings it to I guess) or you earn a decent wage.

gunsandbanjos

Also just checked out the guy who's signed the email on LinkedIn, he works for RBS who own natwest and is MD of digital banking. Somewhat plausible, however would have thought the signature would be from the mortgage team?

damnjet

gunsandbanjos wrote: »

Also just checked out the guy who's signed the email on LinkedIn, he works for RBS who own natwest and is MD of digital banking. Somewhat plausible, however would have thought the signature would be from the mortgage team?

Still does not explain the application date for the additional borrowing when i was told the application was already approved months earlier

secondly the person is a FSA qualified mortgage advisor amongst other things so you would think they would know the ins and outs.

Gaz83

You keep mentioning 'fraud', 'fraudulently' etc..

Why haven't you went to the police if you think a crime has been committed?

damnjet

Gaz83 wrote: »

You keep mentioning 'fraud', 'fraudulently' etc..

Why haven't you went to the police if you think a crime has been committed?

start back at post 1

Gaz83

damnjet wrote: »

start back at post 1

I've been a contributor since the start of the thread.