Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

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  1. #1
    Basic Account Holder andy262000 Novitiate

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    Default Natwest Commercial Loan, They want it back!!!

    I received a letter saying my commercial loan is due in full this month, It's impossible for me to do that!!
    Can Natwesticon take back a commercial loan, my property and security?? It's for a business property there's 2 month's arrears, thing is there charging 35 for every default and due to personal problems which they know about they was more than happy 2 years ago to arrange overdrafticon facilities, last year they took it back, and that's when I started struggling, these 35 charges come to around 3000 which would be more than enough to cover the arrears. The annoying thing is the bank won't listen to me, as from next month the arrears will be up to date, we've started a new business and I already have orders in the region of what is outstanding, they won't give my business a chance to get going by the look of it. They have stated my account will be closed and anymoney outstanding be due in full.

    Ok I'll open another bank account, but...

    Is it possible to reclaim charges on a business account??
    If I reclaim charges will that cause any problems on my loan account, will the bank get even more nasty with me?
    Can they take my property off me in the space of 2 weeks?

    Hope someone can help

    Thanks in advance!!


  2. #2
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    Default Re: Natwest Commercial Loan, They want it back!!!

    Hi andy

    Hopefully the guys can provide some constructive advice in the meantime heres some links:

    http://www.smallbusiness.co.uk/

    http://www.businesslink.gov.uk/bdotg/action/home

    http://www.smarta.com/

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  3. #3
    Basic Account Holder andy262000 Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Thanks for the quick reply!!

    Thanks for the links, I've been with business link since we started business, I'm with one of there guys who is really helpful and put us in touch with new clients. I spoke with them about the bank problem and they seem quite surprised Natwesticon would deal with a customer in this way, his suggestion was hit them with a claim for bank charges but suggest they are used to offset the arrears. I just wanted to know if they could take my property for the sake of 2000 arrears.. Would the reclaim of charges be a feasible trade off, would the bank work something out if I made proceedings to claim back charges??

    Thanks in advance


  4. #4
    Basic Account Holder andy262000 Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Quote Originally Posted by andy262000 View Post
    Thanks for the quick reply!!

    Thanks for the links, I've been with business link since we started business, I'm with one of there guys who is really helpful and put us in touch with new clients. I spoke with them about the bank problem and they seem quite surprised Natwesticon would deal with a customer in this way, his suggestion was hit them with a claim for bank charges but suggest they are used to offset the arrears. I just wanted to know if they could take my property for the sake of 2000 arrears.. Would the reclaim of charges be a feasible trade off, would the bank work something out if I made proceedings to claim back charges??

    Thanks in advance

    Could anyone advise which would be a good bank to open another account with?? or are they all pretty much the same?


  5. #5
    Basic Account Holder liquidauctions Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    As far as I am aware they can ask for it back. Two of my customers had the same demand, One went bankrupt and the other had 4 weeks to pay 250k or he had to pay 25% above the base rate. Im taking this as a business loan secured on a commercial propety?. They cant just take your property they will have to go through the courts so I would dispute the amount with and write in the letter you have a view of reclaiming the charges. Then when your court order comes get a stay put on to it and include the letter and write a few paragraphs to the judge that you are claiming the charges and they will cover the arrears, This will then stop the repossesion. Do not quote the CCA as it doesnt apply to businesses unless sole trader (I think).


  6. #6
    Basic Account Holder andy262000 Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Thanks for the advice, yes it's a sole trader account in my name so would CCA and CPR request apply the same as a personal account?? I've tried talking to an adviser to see if they would ease the pressure and let me earn some money as it was there decision to recall my overdrafticon which they lumped onto my loan for the property, that is why it's been so hard for me and with personal problems behind me I can make a go of it now, if i'm just given a chance, and he basically said well it's going to be even harder now as next week I will have no bank account or card processing facility!! They don't want my business and want the money back in full, they've had loads of money out of me over the last few years, arrangement fees for settling the overdraft and rearranging the loan facility was in the region of 8000 then all the charges circa 3400 plus 80,000 loan repayments over last 5 years, I borrowed 160k and they want 165k back, no wonder banks show mega profits and I'm broke :o(

    Thanks for the replies guy's, I'm finding some really helpful stuff on here again!!


  7. #7
    Basic Account Holder liquidauctions Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    I am not sure but I would think sole traders come under the CCA. Take a look into it.


  8. #8
    Basic Account Holder GetRichOrDieTrying Novitiate

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    Angry Re: Natwest Commercial Loan, They want it back!!!

    Hi i'm sorry to hear about your woes with Nat West - but I can assure you you're not alone. I had an equally tough time last year (during the biggest financial crisis ever which nearly toppled Natwesticon) and fell 6 weeks into arrears with my commercial loan.

    As a result they passed my account to the SRM Specialised Relationship Management. They immediately pulled my Overdraft and wanted to more than double my interesticon rate.

    Luckily my fortunes have improved and I have repaid all my loan/OD 4 months ahhead of the agreed schedule but the SRM manager is still on my case - constantly wanting "more information" and even rung me today for more income/outgoing forms to be completed.

    Going back to your case as a lay person I would say as you (and I) have defaulted on the loan agreement by missing payments they could demand a return of the money!! I would be interested to know how you get on because I fear they may call my loan in too and I owe 200k.

    Good luck.


  9. #9
    Basic Account Holder liquidauctions Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Quote Originally Posted by GetRichOrDieTrying View Post
    Hi i'm sorry to hear about your woes with Nat West - but I can assure you you're not alone. I had an equally tough time last year (during the biggest financial crisis ever which nearly toppled Natwesticon) and fell 6 weeks into arrears with my commercial loan.

    As a result they passed my account to the SRM Specialised Relationship Management. They immediately pulled my Overdraft and wanted to more than double my interesticon rate.

    Luckily my fortunes have improved and I have repaid all my loan/OD 4 months ahhead of the agreed schedule but the SRM manager is still on my case - constantly wanting "more information" and even rung me today for more income/outgoing forms to be completed.

    Going back to your case as a lay person I would say as you (and I) have defaulted on the loan agreement by missing payments they could demand a return of the money!! I would be interested to know how you get on because I fear they may call my loan in too and I owe 200k.

    Good luck.
    Start planning ahead. If they recall you then you wont have time to do anything


  10. #10
    Basic Account Holder liquidauctions Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    If you have a property that you can finance or re finance then I would go down that route. If they let you off the hook and agree a plan then the minute you make a single late payment they will show no mercy. If you are detecting now that they may give you problems then theres a high chance they will. At this early stage you can try another bank


  11. #11
    Basic Account Holder GetRichOrDieTrying Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Quote Originally Posted by liquidauctions View Post
    If you have a property that you can finance or re finance then I would go down that route. If they let you off the hook and agree a plan then the minute you make a single late payment they will show no mercy. If you are detecting now that they may give you problems then theres a high chance they will. At this early stage you can try another bank
    I hear what your saying but most lenders aren't lending and the interesticon rates are prohibitive. i'm just planning not to make another late payment. Talk about living life on the edge!! The good thing is with the low interest rates I'm making a serious dent in the loan each month. It's a living nightmare though - never again.


  12. #12
    Basic Account Holder liquidauctions Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Quote Originally Posted by GetRichOrDieTrying View Post
    I hear what your saying but most lenders aren't lending and the interesticon rates are prohibitive. i'm just planning not to make another late payment. Talk about living life on the edge!! The good thing is with the low interest rates I'm making a serious dent in the loan each month. It's a living nightmare though - never again.
    I think if you pay on time and pay more than needed then they may not have a problem. If you do miss a payment and even ring to tell them that you are having problems I think all it will do is give them a head start in getting the money back in. It may be an idea to put away 1-2 months payments if you can spare it or even put aside an amount weekly so that if it does come to a time that you dont have the money you can use your reserve fund to get you by a month or 2. Banks are lending but you need to have a good turnover. One of my customer is a frequent borrower but he also turns over alot so Its all about turnover now


  13. #13
    Basic Account Holder GetRichOrDieTrying Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Quote Originally Posted by liquidauctions View Post
    I think if you pay on time and pay more than needed then they may not have a problem. If you do miss a payment and even ring to tell them that you are having problems I think all it will do is give them a head start in getting the money back in. It may be an idea to put away 1-2 months payments if you can spare it or even put aside an amount weekly so that if it does come to a time that you dont have the money you can use your reserve fund to get you by a month or 2. Banks are lending but you need to have a good turnover. One of my customer is a frequent borrower but he also turns over alot so Its all about turnover now

    That is good advice. I think you were right earlier when you said alternative funding should be considered but I just don't have the appetite or money to pay for the valuations/ arrangement fees etc and then on top the interesticon rateover base on the loan will no doubt be 3% higher than I am paying now. Better to sit tight, ensure the payments are made in a timely fashion and hope they don't call it in. Thanks for your advice - much appreciated.


  14. #14
    Basic Account Holder Chazzyboy Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!


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    Default Re: Natwest Commercial Loan, They want it back!!!

    Move bank accounts. Try Barclaysicon. It all depends what you need, shop around. ASAP.

    Put in a claim. The OFT ruling was for personal accounts. No decision was made on business accounts.

    Can they take my property off me in the space of 2 weeks?
    This does seem desperately unfair. You need to look at your loan agreement to see if they can do this. Have they issued a Default Notice. As for personal assets, they would have to get a CCJ first.

    I would put in an "Official Complaint" direct to Natwesticon/RBS head office. Outline all your issues and highlight the conduct of the bank. Withdrawing the overdrafticon, the excessive & unfair charges, refusal to listen and understand. Especially as part of the deal to bail out the RBS, was that some of the 93 Billion would be used to help small business's.

    Banks were brilliant at offering umbrellas when the sun was shining, but as soon as it started raining, they withdrew the offer.......

    Look at what is best for you, your family & business. Look at all the options available.


  16. #16
    Basic Account Holder andy262000 Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Thanks for all the advise, it's good to hear it's not just me but bad at the same time I'm working on getting some equity released on my house which is easier said than done with adverse credit but if I can sort something out on that front I can clear my arrears and put something into the business to aid turnover, it's all I can think of doing at the moment along with trying to lodge a claim for all the charges. I've been passed over to an SRM and it's all about their money and how I'm going to give it back, not how I'm doing and they know nothing about what I'm trying to achieve or even have a slight interesticon unlike when I first started and they couldn't do enough for me financially. Tough times!!


  17. #17
    Basic Account Holder liquidauctions Novitiate

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    Default Re: Natwest Commercial Loan, They want it back!!!

    Times are hard for aloit of businesses and borrowing is tough but not impossible. If you have adverse credit then its even harder.



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