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  1. I am completely new to CAG and therefore apologise in advance for any transgressions or mistakes in protocol. I own land which I have been developing over the past few years. Secured on the land are 2 commercial/agricultural mortgages (circa £340K), and an overdraft facility (circa £40K). Having opened the business in the middle of last year, I asked the bank in September 2012 to provide a capital repayment holiday on the mortgages – as the income generated was lower than originally projected and expected, and I could see payment shortfalls looming. The response from the bank was that they wanted to see an updated RICS valuation, and this I asked them to initiate with urgency. Internal bank delays followed and it was not until February 2013 that they were in receipt of the updated RICS valuation. Suffice to say the valuation came in bang on target! After yet another 2 months of delay, the bank eventually increased the overdraft by £15K, of which £10K was immediately snagged back to cover the mortgage payments shortfall which had occurred (as I had already predicted) in the interim period from my initial request. However, from communications received from the bank it now appears that for the benefit of the (net) £5K cash influx, they intend to raise the interest rate on the ENTIRE debt from 2% over base to 4% over base. To say I am aggrieved is an understatement, but before I commence battle I would appreciate any constructive comments from anybody who feels they can provide helpful input. Brian.
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