Bank Demanding Full Immediate Repayment

parking_question_chap

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".

Unethical? You must be joking!

I would say you are the only one being unethical.

How would you feel if you leant somebody £2,000 seven years ago and they still owed half?

I am only surprised they didnt do this sooner.

Shakin_Steve

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?

I agree. No lender can demand immediate payment of the full amount at any time, they must stick to the contract they signed the same way as you must.
I believe the full payment of an overdraft can be demanded at any time.

Thrugelmir

Shakin_Steve wrote: »

No lender can demand immediate payment of the full amount at any time, they must stick to the contract they signed the same way as you must.

The OP is in breach of contract. Lender seeks remedy under the terms of the contract.

SuperSuze

How have I been unethical exactly? By developing an auto-immune condition amongst other things and being unable to work? Really?

No, I'm not shirking responsibility nor do I have an overblown sense of entitlement (except to my loan agreement, which is reasonable). I made full repayments for three years (please read the facts given).

I don't have a pot of gold hidden under my bed, nor £2,000 in my bank account from a non-existing PIP claim (the loan was £2,000). Why would I even be posting here?

I do believe the Co-operative Bank to be unethical due to other prior experiences, which I won't go into. Not to mention the general state of it for years (Google PIP and CEOs).

I simply wanted some information from a group of individuals more financially savvy than myself. The forum rules of respect, curtesy and
non-judgement don't apparently apply to this thread, which is sad.

System

Shakin_Steve wrote: »

I agree. No lender can demand immediate payment of the full amount at any time, they must stick to the contract they signed the same way as you must.

You may want to go read the small print of every mortgage, loan and credit card you have.
From my Santander mortgage:

24.2 We may give you notice requiring you to pay us the money
you owe us immediately:
a) if you are more than two months late in making any
payment under the mortgage documents;
b) if you break any obligation (other than for the
payment of money) which is contained in the
mortgage documents and either:
(i) you fail to remedy the breach within 14 days after
we give you notice to remedy it; or
(ii) ) we reasonably think that the breach creates a
new or increased risk that we would suffer loss
if we were to realise our mortgage and the
additional security;

From my Barclaycard T&C

We may close your account and require immediate repayment of your total outstanding
balance if we reasonably believe that you've broken this agreement regularly or
seriously.

SuperSuze

Please don't reply further, I won't be reading this thread any longer.

System

SuperSuze wrote: »

Please don't reply further, I won't be reading this thread any longer.

When you contact Stepchange you had better find some more money to repay this debt with if you want help from them. They will not offer to do a DMP on your behalf at all if all you claim you can pay is a few pounds a week on debts of over £1000 because it stands absolutely no chance of being accepted. To go onto a debt management plan you actually have to have a meaningful amount to offer to repay. A few quid a week spread amongst everyone you owe money to who are to be included in a DMP they won't entertain as it isn't even worth bothering to try to make work.

parking_question_chap

SuperSuze wrote: »

I simply wanted some information from a group of individuals more financially savvy than myself

Which you were given, and you didnt like.

Suggest you try to sort this out. If the debt is sold on it could well be to people who show you what unethical tactics really are.

Hoogle

I havent read everything in detail but skimmed read it.
You took out a loan for £2000
You made full payments for 3 years
Became to ill to work
Looked to see if you were eligible for pip
did you make a claim for pip or not as if you are awarded that then the back dated payments and back dated ESA disability premiums should pay of a huge chunk of your £1100ish debt if not all of it.

Where I was lost at £2000 + 3 years of full payments + frozen interest + 5 years of token payments and only just cleared £800 of loan I do not know the CO OP but I would not have thought they were a high interest company and late fees should only have been applied once as you had it frozen at that stage.
So you have only been paying essentially £100 a year off a loan working out at £8 a month or £2 a week

what were your monthly payments for 3 years I am guessing £2000 would have been less than 3 year borrow time.

Maybe put a PPI claim in with COOP because I am no mathematician but the numbers are not adding up to me.

[Deleted User]

SuperSuze wrote: »

Please don't reply further, I won't be reading this thread any longer.

Can you pick the toys up off the floor please. You seem to have thrown them out of your pram.