Where do we stand 10 years on ?

Veggy1

We took out a business loan secured in 2000 sold the business in 2003. We repay a chunk but l
Left a remainder to repay over the next ten years. Although we did miss a few payments over this time we believed we had replayed it. Payments stopped in or around 2013 we believed the loan must have finished and we must have missed notification no further payments were taken. In 2015 the bank contacted us saying the loan was still outstanding. They said the loan wasn't ten years as we thought but continuous and now as my partner has retired we aren't in the postion to carry on repayments. How can this be? We asked to see original paperwork to prove it was a ten year loan and 13months later recieved nothing? Where do we stand?

[Deleted User]

After 13 months, it's probably worth giving them a reminder re the paperwork.

[Deleted User]

Was it an overdraft? If that was the case were you only repaying interest and fees each month and not reducing the capital?

Veggy1

I believe we relayed the interest first then the capital but it was all supposed to be repaid in ten years. Because of my partners age they said that was the best option.

poppasmurf_bewdley

Veggy1 wrote: »

We took out a business loan secured in 2000 sold the business in 2003. We repay a chunk but l
Left a remainder to repay over the next ten years. Although we did miss a few payments over this time we believed we had replayed it. Payments stopped in or around 2013 we believed the loan must have finished and we must have missed notification no further payments were taken. In 2015 the bank contacted us saying the loan was still outstanding. They said the loan wasn't ten years as we thought but continuous and now as my partner has retired we aren't in the postion to carry on repayments. How can this be? We asked to see original paperwork to prove it was a ten year loan and 13months later recieved nothing? Where do we stand?

Veggy1 wrote: »

I believe we relayed the interest first then the capital but it was all supposed to be repaid in ten years. Because of my partners age they said that was the best option.

By missing your 'few payments', depending on what the interest rate on the loan was, together with fees for missed payments, etc, you may well have seriously extended the loan period.

And who stopped the payments in or around 2013? You or the finance company? My guess it was you because you 'thought' the loan should have ended by then.

DCFC79

Did you send a SAR when you asked for the paperwork ?

I'd say no, send a Subject access request with the required money and you should get all the information you need.

You may well know by now but stopping the payments wasn't the best move, you would contact theme asking what the status is re the loan.

Veggy1

Referring to missed payments it was maybe three or four over the ten years no more. The second reason we thought the loan had also finished was three months money for loan payments hadn't been taken when I checked the account and none has been requested from e bank since 2013.

We did ask for any paperwork the bank could provide us with details of the original loan. They said it was arcived and sent a request for it.

DCFC79

Veggy1 wrote: »

Referring to missed payments it was maybe three or four over the ten years no more. The second reason we thought the loan had also finished was three months money for loan payments hadn't been taken when I checked the account and none has been requested from e bank since 2013.

We did ask for any paperwork the bank could provide us with details of the original loan. They said it was arcived and sent a request for it.

Was the request just a letter asking for so and so or a subject access request ?

Veggy1

they never actually said those words or in any letter so no. Just they would look in to it and because of the length of time it would have been archived.