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Posts posted by ataction

  1. My business was in financial trouble in 2006, amazingly Lloyds took on the overdraft and increased my debt and gave me a loan. The business could never service the loan and eventually I had to close down in 2010 with alot of debt. As a sole trader I have spent the last two years paying back my debts to suppliers etc. Lloyds are more of a problem, as they have secured loan against the house. Should they have lent me the money? I doubt it very much. But I am where I am, and they are unwilling to negotiate and are refering it to solicitors for recovery.

    My questions are:- 1) Do I have any grounds to argue this was irresponsible lending ? 2) I need time to negotiate settlement. 3) Can I stop them piling on the charges and interest?


    I am considering writing make an official complaint of irresponsible lending, will this complaint mean interest and charges are frozen?

    Anyone been or in similar situation?

  2. Briefly I have a mortgage with the Woolwich and it is upto date. I also have a Lloyds business bank loan secured against the house, they loaned me this money when the business was on its knees and has since closed. (Sole trader) They understandbly want their 40K+ back. I cannot pay it immediately, but have around £250K equity in the property. They are referring the matter to solicitors for recovery. I will be able to repay in the next 12 months, when I sell my mothers house, but they are not interested in negotiating.

    I also believe this loan should never have been granted and constituted highly irresponsible lending.

    I am prepared to pay, but interest and charges are being added. Any help please

  3. Everything was going so well my cash flow was positive. I have had success recovering charges, and a PPI, but yesterday the bank fought back. They have not renewed my overdraft facility, this is pretty serious for me, as suddenly my authorized OD is incurring massive interest and charges. Not quite sure what to do now, as I cannot operate my business without an overdraft. In fact things are already spiraling out of control, and my business manager is mysteriously 'unavailable'.

  4. The story continues, I have been away for a while, being well behaved, and keeping my account in order. Since recovering all my Natwest and Lloyds charges in 2007, plus a substantial insurance premium refund early this year, I even went into the black. Strangely the bank will not give me any leeway at all!! (Could be personal).Those of you who are sole traders will know the banks are quite merciless when times are tough. Anyway suffice it to say I have just incurred a couple of bank charges... the £35.00 hit. Not a lot of money in the scheme of things and compared to my previous reclaims, nevertheless deeply irritating, so here we go again. When will they learn that I always win.

  5. Thanks for the advice. I am accepting the 7K settlement and moving on.


    This one is done and dusted.


    I have some useful tactical information for potential claimants, particularly for business accounts and the self employed. I will post with this information in due course.

  6. Well I started this claim without the same enthusiasm I had for reclaiming my bank charges. The pursuit of the refund of bank charges was a mission, but eventually I was successful in all claims. The BLRI case seemed a little more complex, however I have today received an offer of a full repayment of the premium plus interest accrued. They are going to credit my loan account with the amount. The only query I have is regarding the interest accrued. Should I just agree and let them calculate the interest or should I seek confirmation of the amount.

  7. I have a query on this. As a sole trader do the same principles apply to BLRI (Business Loan Repayment Insurance)? I have a few issues with Lloyds over the product. It was sold as a single premium added to the loan with the interest added £7012.80 added to the £30K loan!

  8. Of course it is your decision, but the banks rely on those who waver and have doubts about continuing with the claim. Claiming on line is straighforward as Michael has suggested. If you proceed you have this site to give you advice and encouragement to get you to the finish line, it does take time, but is not a complicated process.

  9. Don't worry, very few claims unfold in exactly the same way. There is a reason for this, and that is to create uncertainty, so that claimants waver and fold before the end. You cannot affect the speed of the procedure, just stick with it.

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