Uneneforceable & Voidable loans

BigLad_2

PeterB & HomerJ,

I'd be very grateful if you could advise:

I have a NR Together mortgage (£ 80,750) and unsecured loan (£ 25,500), taken out through a broker in July 2004. I never take out PPI. I remember being called to sign something in the presence of a solicitor by the conveyancer becuse I was borrowing a lot of money...(My flat being valued at only £ 80,000).

From reading the posts I think I don't have any chance of any kind of claim. Am I correct? There was light at the end of the tunnell for a while when I started to read the thread

I was dismayed to see that after 5 years of struggling to make payments I still owe £24,453 on the loan. I'm not wanting to shirk my responsibilites but if my total debt could have been reduced even a wee bit it would have helped...

Also, if there is a possibility of a claim I wouldn't be dropping my broker in it would I? She was a lovely lady and I wouldn't want her to suffer in any way.

Thanks in advance for your help...

bert&ernie

~Brock~ wrote: »

I take it that they are soon to be your 'ex' employer?

If they were stupid enough to fire you because you refused to pay an unenforceable loan, then I think you'd have a nice little claim for unfair dismissal!

~Brock~

bert&ernie wrote: »

If they were stupid enough to fire you because you refused to pay an unenforceable loan, then I think you'd have a nice little claim for unfair dismissal!

On the contrary bert - bank employees are expected to be above reproach in respect of their personal financial affairs and it is usually written into their employment contracts that they could face disciplinary action if this was not the case.

I remember when I worked in a bank 20 odd years ago that the branch manager would inspect statements of each member of staff's accounts. Official line was that they were checking that staff were not being blackmailed or running up gambling debts, although at the time I just thought he was being a nosey git.

There is another thread regarding staff loans that may provide useful information here.
I fear we may be sending this thread a bit off topic.

maxdp

homer_j wrote: »

Sorry guys, I have not been around for a while. I will try and answer any questions that I can but please bear with me.

HomerJ how wonderful to see you again. Please pop over to the PPI discussion thread if you have time. We would all love to see you again.

bert&ernie

~Brock~ wrote: »

On the contrary bert - bank employees are expected to be above reproach in respect of their personal financial affairs and it is usually written into their employment contracts that they could face disciplinary action if this was not the case.

I remember when I worked in a bank 20 odd years ago that the branch manager would inspect statements of each member of staff's accounts. Official line was that they were checking that staff were not being blackmailed or running up gambling debts, although at the time I just thought he was being a nosey git.

There is another thread regarding staff loans that may provide useful information here.
I fear we may be sending this thread a bit off topic.

Contract law doesn't trump employment law, or consumer protection law for that matter. Lots of terms can be written into a contract, but it doesn't mean they are fair or that they can be enforced.

I think you will find things have change in the banking industry over the past 20 years. Managers no longer have the right to snoop on colleagues financial affairs.

People in certain prescribed positions may be subject to stricter controls, but in general your financial situation is a private matter

mungos_mum

Hi
I have posted my question in several other places but I am still not really getting to grips with it all, please forgive me for being dumb but that goes with my hair colour!
Our story is long and so very complicated that it could be seen as though I were making it up as the bank involved seems to have been totally incompetant, but here goes with the bare bones of the saga.

Early last year my husband and I were approached by a business developement manager to move our business banking. In exchange for moving we were offered several things including a £100k loan that we felt we needed to keep business afloat with up coming recession starting to bite.
We signed account opening forms (BDM said "just sign them, I will fill them in") and we opened our new business account. Account was opened in our own names as sole traders, not as ltd company.
We had £50k of the agreed £100k loan but never signed any paperwork for it.
The statements for the first 6 months or so stated that we did not have an overdraft/loan, but were X overdrawn, so we were getting hit for unauthorised borrwing.
We requested the next £50k but was given lots of excusses as to why we couldn't have the money, nothing had changed with our business or lifestyle.
Started to get calls, letters and e mails requesting that we either start to repay the £50k and/or put some security in place to safeguard the bank.
After several requests for information, copies of agreements etc, yesterday we received a letter from the bank stating that they do not have any signed or unsigned loan agreements on file, but pay up or else......They are also NOW tring to get us to sign papers for the money we have already had.
Can anyone offer any advice as to whether or not this is right please as this just seems to be a total mess?
Many thanks
Mungos mum

petermb_2

BigLad wrote: »

PeterB & HomerJ,

I'd be very grateful if you could advise:

I have a NR Together mortgage (£ 80,750) and unsecured loan (£ 25,500), taken out through a broker in July 2004. I never take out PPI. I remember being called to sign something in the presence of a solicitor by the conveyancer becuse I was borrowing a lot of money...(My flat being valued at only £ 80,000).

From reading the posts I think I don't have any chance of any kind of claim. Am I correct? There was light at the end of the tunnell for a while when I started to read the thread

I was dismayed to see that after 5 years of struggling to make payments I still owe £24,453 on the loan. I'm not wanting to shirk my responsibilites but if my total debt could have been reduced even a wee bit it would have helped...

Also, if there is a possibility of a claim I wouldn't be dropping my broker in it would I? She was a lovely lady and I wouldn't want her to suffer in any way.

Thanks in advance for your help...

Get a copy of your agreement across to me and i will get it checked out for you.

petermb_2

mungos_mum wrote: »

Hi
I have posted my question in several other places but I am still not really getting to grips with it all, please forgive me for being dumb but that goes with my hair colour!
Our story is long and so very complicated that it could be seen as though I were making it up as the bank involved seems to have been totally incompetant, but here goes with the bare bones of the saga.

Early last year my husband and I were approached by a business developement manager to move our business banking. In exchange for moving we were offered several things including a £100k loan that we felt we needed to keep business afloat with up coming recession starting to bite.
We signed account opening forms (BDM said "just sign them, I will fill them in") and we opened our new business account. Account was opened in our own names as sole traders, not as ltd company.
We had £50k of the agreed £100k loan but never signed any paperwork for it.
The statements for the first 6 months or so stated that we did not have an overdraft/loan, but were X overdrawn, so we were getting hit for unauthorised borrwing.
We requested the next £50k but was given lots of excusses as to why we couldn't have the money, nothing had changed with our business or lifestyle.
Started to get calls, letters and e mails requesting that we either start to repay the £50k and/or put some security in place to safeguard the bank.
After several requests for information, copies of agreements etc, yesterday we received a letter from the bank stating that they do not have any signed or unsigned loan agreements on file, but pay up or else......They are also NOW tring to get us to sign papers for the money we have already had.
Can anyone offer any advice as to whether or not this is right please as this just seems to be a total mess?
Many thanks
Mungos mum

The problem you havde got here is that 1) the loan is above the CCA regulated threshold and 2) it is a commercial loan. This is not an area that I have a handle on but I would seek a 30 minute advice session with a lawyer. However I will have a chat with my own Specialist lawyer next week for you and see what he thinks.

lclclclc

Hi Peter- sorry to interject here, I sent you a private message - could you possibly help me out there quickly? thank you

mungos_mum

Thank you Peter
I will try to find a specialsist lawyer, trouble is we live in the middle of nowhere and we've found in the past that the decent lawyers are normally up in town. However any information from your guy would be very welcome indeed.
Thanks again and I will update you as soon as I have anything

Mungos mum