Lloyds Bank Loan

mungos_mum

Hi

Just a quick update on our problem with Lloyds.
We're getting quite a lot of pressure to now sign an agreement and provide security for half of the agreed loan we had with Lloyds but have been advised not to do anything until financial ombudsman have come back to us with their findings.

Yesterday I spoke with Information Commisioners Office and was advised that as we borrowed money as sole traders and not a Ltd company we were able to ask (& expect to receive) copies of any signed agreements we have with Lloyds under the data protection act. I also spoke to Office Fair Trading regarding whether or not, as a small business, we are covererd by CCA, their response was that it depended on what type of loan agreement we have and whether the agreement states that lending is covered under CCA.
I explained that we have never signed any agreements and indeed Lloyds have told us that they have no agreements with our signatures on them. We were also told that if Lloyds are unable to produce any signed loan agreements that they would be unable to chase the debt.

Does anyone out there have any experience of this kind of thing?
I'd really welcome some advice as this seems to be a real mess.

Many thanks
Mungos mum

jonesMUFCforever

I have given you advice - If your business was trading successfully then you would have no problem either going back to your old bank or a complete new one or the loan you require.
The only certainty in all this is that LTSB will not advance the rest of the loan to you - so it worth your business suffering?

mungos_mum

Hi jonesMUFCforever
It seems as though you and hubby have the same tastes in football clubs, quite happy after yesterdays result.
Thank you for your post, we have considered re financing but this is not option for us at the moment as by Lloyds own admission they have ballsed up our credit rating & are suppossedly looking in to clearing it up again for us

jonesMUFCforever

Sorry but this is bull**it.
It is your balance sheet and accounts which determine whether you are trading profitably and if you are trading as a limited company your credit rating does not come into it.
If you have proof from LTSB that they have made a mess of things why not take this to your previous bank?

mungos_mum

jonesMUFCforever wrote: »

Sorry but this is bull**it.
It is your balance sheet and accounts which determine whether you are trading profitably and if you are trading as a limited company your credit rating does not come into it.
If you have proof from LTSB that they have made a mess of things why not take this to your previous bank?

Thank you, not the most contsructive advice I've ever received. I know the whole saga seems far fetched but why would I make this up?
As I said in previous post, we are not a limited company

jonesMUFCforever

What do your last set of accounts show the business doing?
How much is in your Capital account now compared with last year's figures?