Loan complaint, ombudsman can`t help, ideas?

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

tksnota

Hi 

I don’t know where to post this reply I got from the financial ombudsman 

“As you’ll see, the Ombudsman has decided that your complaint isn’t one we can look into. Because an Ombudsman’s decision is our final stage, we can’t take things any further”

I raised a complaint to this financial institution - The Enterprise Fund Limited trading as GC Business Finance - because I took out a personal loan for a business that I’m a shareholder but not a director. I found out that I shouldn’t been awarded a loan since only directors could avail of it which had been the basis of my complaint with the financial ombudsman. 

Now I have these problems 
1. I’m stuck with the personal loan and the ombudsman couldn’t helped me. I asked them which government department I could raised this complaint but no specific answer

2. The company who provided me the loan wouldn’t proceed with the default even after not paying for 3 years.

Hope someone can assist me…

MattMattMattUK

tksnota said:

Hi 

I don’t know where to post this reply I got from the financial ombudsman 

“As you’ll see, the Ombudsman has decided that your complaint isn’t one we can look into. Because an Ombudsman’s decision is our final stage, we can’t take things any further”

I raised a complaint to this financial institution - The Enterprise Fund Limited trading as GC Business Finance - because I took out a personal loan for a business that I’m a shareholder but not a director. I found out that I shouldn’t been awarded a loan since only directors could avail of it which had been the basis of my complaint with the financial ombudsman. 

Now I have these problems 
1. I’m stuck with the personal loan and the ombudsman couldn’t helped me. I asked them which government department I could raised this complaint but no specific answer

2. The company who provided me the loan wouldn’t proceed with the default even after not paying for 3 years.

Hope someone can assist me…

Was the loan in the name of the Ltd, or your personal name?
Were the funds paid into the businesses account, or your personal account?
If the loan was in the name of the business, did you sign the form and state that you were either a director, or that you were a signatory for the bank account when you applied for the loan?

tksnota

Loan was under my name but the documents submitted are both company and mine 

Funds paid into my account 

No signature. The loan was under my name

Altior

The OP has raised threads on the past around this topic, eg Question on Business Loan — MoneySavingExpert Forum

This appears to be the relevant website and complaints process:

Complaints Policy | Business Finance

The loan is obviously historic, but there's no evidence on the website that this organisation provides personal loans, outside of business or starting up a business. Of course it may have been different at the time of applying (though unlikely).

I feel like the OP thought they were applying for a business loan (even though they weren't entitled to). Going to the eligibility page, it's palpably business only. 

tksnota

It should be business loan but the company send the funds to my account not to the company’s account. Can I consider it as a personal loan?

I raised the complaint directly to the company and their decision that the loan was approved based on proper guidelines 

I’m wondering if not the FCA what other government agency I can escalate this complaint?

MattMattMattUK

tksnota said:

It should be business loan but the company send the funds to my account not to the company’s account. Can I consider it as a personal loan?

In your head you can consider it as anything you want, legally, no, it is almost certainly not a personal loan. From reading your previous posts you do not seem to understand the difference though. A private individual can take out a personal loan or a business loan, just because it is a business loan does not mean that a separate limited company is liable for the debt. You are personally liable for the business loan you took out, in your name, with the funds transferred into your personal account.

tksnota said:

I raised the complaint directly to the company and their decision that the loan was approved based on proper guidelines 

I’m wondering if not the FCA what other government agency I can escalate this complaint?

On what basis do you think you have a valid complaint?

The reality appears to be that you took out a business loan as an individual, there are no rules/laws against that. You then gave that money to a limited company. You have no argument with the lender. If you want to argue with anyone it would be the limited company you transferred the money to. What agreement, if any, did you make for those funds to be returned to you and why is that business not repaying the money you lent it?