Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
complicated situation but to condense, back in 2004 my father took out 2 loans that my wife gave security as 2nd charges on 3 properties,(my father was a property developer and had many accounts with this firm) my father passed away in 2007 it was our understanding that these loans were repayed by him, we have been informed that monies paid by him have since been re allocated to different accounts held by him.(after he passed away)we have today recieved a letter from the loan company requesting the full amount be repaid within 7 days or they intend to take possesion of the 3 properties,the request reads as if my wife took out the loans which is not correct, the cheques were paid to my father or direct to his bank. this is the first we have heard from them in almost 5 years, on checking it is our understanding that they have never formally requested repayment from anyone. i believe these loans are not covered by the cca, also at the time of giving the security my wife was not given any option to seek legal advice, just signed at the loan companys office along side my father, we are requesting copies of the loan agreements and also a SAR
what should we be doing next?
First off. Don't panic. The 7 days is designed to intimidate you into thinking you'll lose all 3 properties in a week and this won't be the case. SAR is the first step so make sure you get that off. Some firms will try and get around it i.e correct fee not enclosed, signatures not matching their records etc. Who is the Loan company? In the meantime make an immediate complaint via the Financial Ombudsman Service website here:
Send a copy of your complaint to the loan company. You've got to put them on immediate notice that you'll fight. Try contacting the local media. A combination of all these will give them at the very least pause for thought.
Remember you have to either obtain a final response or give your lender 8 weeks to respond to your complaint, before it can be investigated by the fos.
our complaints procedure and how to complain
"This is why the business you think is responsible for a problem should have the chance to look into any complaint – before the ombudsman steps in and decides who is right or wrong."
The FSA handbook states: “DISP 1.6.2 Final or other response within eight weeks The respondent must, by the end of eight weeks after its receipt of the complaint, send the complainant: (1) a final response; or (2) a written response which: (a) explains why it is not in a position to make a final response and indicates when it expects to be able to provide one; (b) informs the complainant that he may now refer the complaint to the Financial Ombudsman Service; and (c) encloses a copy of the Financial Ombudsman Service standard explanatory leaflet”.
Personally, I would suggest that you urgently seek professional legal advice as you will need to obtain information relating to your Father's accounts, which you may not have the authority to obtain.
secured loan company wanting possesion
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Originally Posted by enoughisenough
