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.
I am in a stick situation which I would appreciate ANY help with.
I started up my own company in late 2003, and opened an account with Lloyds TSB. I initially deposited some directors start up cash, and applied for an SFLG (small firms loan guarantee scheme) loan.
The business manager at Lloyds informed me and my co-director that it would take 4 to 5 weeks to process. In fact, it took about 17 weeks.
When we got the loan, the bank added on a PPI policy, adding 12,500 GBP to the loan. They failed to mention at any point (which they had a legal obligation to do) that we had a right to arrange our own insurance, which would have cost less than 1oo GBP per month.
We ran into financial difficulties due to the huge delay in getting the loan through, added to which when our product arrived from overseas it was useless and had to be scrapped. The resulting delay for the re-order caused even more financial problems, which meant that the bank offered and arranged for us a 20,000 GBP overdraft. We signed a joint and several guarantee on same.
We discovered along the way that the insurance had been mis-sold and pushed really hard for a refund. Eventually Lloyds agreed, but crucially did not refund us the money but paid it off the overall loan, when we really needed the money.
To cut a long story short, one year ago we ceased trading due to lack of cash.
The bank is calling in it's marker on me alone (taking no interest in my co-director who has disappeared off the radar).
My position is that, had the bank discharged it's legal duty and informed us that we could arrange our own insurance we would have done so, in which case we would not have needed the overdraft in the first place.
The bank is now playing hardball, and I am mindful to ask for a letter of deadlock and take the whole thing to the Ombudsman on the basis that Lloyds have been found out time and again mis-selling PPI (albeit on personal loans)
I have already had them back down once in writing after they wrote to me saying that their senior business manager had sat down with us and explained to us in writing our rights in January 2004, when we met him for the first time six months later. they have acknowledged this to be the case in writing some time back.
In short, any help or advice anyone can give would be REALLY appreciated!
Thanks in advance
Help with mis-sold payment insurance
TSB. I initially deposited some directors start up cash, and applied for an SFLG (small firms loan guarantee scheme) loan.
Reply With Quote