Bank Demanding Full Immediate Repayment

Thrugelmir

SuperSuze wrote: »

The Co-op haven't exactly been an ethical bank since I've been their customer (I recently won a complaint) and should give more clarity to their customers, not just drop unaffordable bombshells.

Are the matters related? Relationships in business are 2 way.

[Deleted User]

dresdendave wrote: »

Are you sure this is true? Surely the lender can only demand immediate repayment if the borrower fails to make their contractual payments?

The OP has failed to make their contractual repayments.

jonesMUFCforever

This letter was sent to make sure that legally they can begin the process of selling the debt on.
They won't take you to court for two grand.

BrassicWoman

I think the full story is needed to advise properly.

you say it would take all you have - so you have the money but are not repaying. Is that by any chance from a recent £2k PPI claim? (per other thread)

Why did you not claim on your PPI when you were ill?

SuperSuze

Thrugelmir, that is entirely possible. I'm wondering that myself, however the bank was at fault and accepted responsibility, so I was hoping they would be a high-minded bank, like they claim. They offered me compensation (a very small amount) which I didn't request.

Thank you jonesMUFCforever, a really lovely man from Stepchange said exactly the same thing and explained the process to me. I've never dealt with anything like this before, so it feels quite daunting.

chanz4

sounds like just a default notice to me

dresdendave

camelot1971 wrote: »

The OP has failed to make their contractual repayments.

In this instance the OP has failed to make contracted repayments. However the post I quoted claimed that any lender can claim immediate repayment at any time during a loan, there was no mention of this only applying due to missed payments.

nic_c

The debt could be sold on, not sure if £2K is too low for a CCJ, but if there is a DMP in place and been kept to can't see a CCJ being applied for. Keep paying, keep records - if it is sold on you'll need to check the right level of debt is recorded.

System

SuperSuze wrote: »

Tarambor - yes I'm aware of that clause, it just seems so unethical without any prior warning or intention to negotiate. It's really hurtful to hear your comment of "I can see why they've had enough".

But they have negotiated. They've been negotiating over the past several years, you've had the agreements in place.

As for the "I can see why they've had enough", put yourself in their shoes. If you lent someone £2000 and for example agreed they would repay it at £100 a month over 20 months then they came to you, said sorry I can't do that I'll give you a few quid a week and it was going to take THIRTEEN YEARS to repay that £2000 and in that time even though their income had risen and they were spending money on non-essentials and wouldn't even up the payments to a fiver a week wouldn't you get to the point after 7 years when they'd not even repaid half of what they borrowed where you would have said enough was enough?

System

SuperSuze wrote: »

The Co-op haven't exactly been an ethical bank since I've been their customer (I recently won a complaint) and should give more clarity to their customers, not just drop unaffordable bombshells.

Not being ethical? They've given you SEVEN YEARS where you've been allowed to pay a pittance.

You want to know why you're getting nasty responses? Its because of your entitled attitude. You refuse to accept any responsibility for this and its the bank who are being the nasty ones even though they've bent over backwards to accommodate you far far in excess of what they were legally required to do and way beyond what reasonable people would say they had to do..