Lloyds want their money - Secured Loan - Please Help

[ataction]

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'.

[chrishoyle]

ataction,

 

if i was you i would look for a business account elsewhere, transfer everything over to your new business account and then begin the process of reclaiming the overdraft interest charges. If it is a business account as you say, there may be a chance that the high court stay will not affect your claim.

 

alternativley, track down your business manager and slap him with a wet fish!

 

Chris

[fubar925]

Hi guys need some help,

Lloyds have admitted to giving me a loan a few years ago irresponsible.... All good so far..

my problem is defaulted on loan and went to creditors..

they have offered to pay back the interest ive already paid, refund lpi premium and overdraft fees.

But this still leaves me with an outstanding debt..

My question is because they admitted to irresponsible lending should i just have the debt written off?

Any help would be grateful thanks.

[citizenB]

What is the difference between what they are offering to refund and the actual debt outstanding ?

 

It might be considered that you should take some responsibility for entering into the loan (unless you were persuaded against your best interests).

 

Are they intending to just refund the PPI premiums or including the interest on those as well ?

[fubar925]

Hi thanks for the reply.

I told the lady it was more than what i could afford but she advised that if i made the monthly repayments i would be paid off within 3 years ish. She persuaded me to take this loan out.

what they offered is

Refund interest £3.500 ish ive already paid on loan

Refund £2.500 of LPI premium i originally paid this equates to a full refund of the premium you paid of £2.800

Plus £400 overdraft fees

which leaves me with £7,500 to pay....

[citizenB]

I have flagged your thread for comments from others on the site team. You might want to wait a while and see what they have to say

[ataction]

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

[ataction]

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?

[ataction]

I believe that if they had correctly analysed the financial date I provided they would have realized the business could not sustain the debt level. I was amazed when they authorized the new loan, secured against my house of course. The business manager left under a could.

[ataction]

How to instigate my complaint to the bank regarding irresponsible lending?

[freakyleaky]

Check this out for starters http://www.consumeractiongroup.co.uk/forum/showthread.php?296108-Hot-news-for-anyone-who-has-suffered-mortgage-arrears-charges-irresponsible-lending-or-other-unfair-lender-conduct&highlight=irresponsible+lending

[ataction]

Thanks freakyleaky

[brokebutnotbeatn]

Your debts to suppliers were not priority debts; your secured debt was and is. Ultimately they will need to negotiate. If you are in financial hardship and you wrote and told them this then you can claim back any fees and charges. Write and make an offer with a copy of you I&E and request charges and interest be frozen.

[ataction]

Thanks for the advice. I think the problem maybe that whilst I am experiencing financial hardship, they can see equity in my property and they are after it. I will certainly follow your advice, but wonder at one point I should instruct a solicitor to act for me. Or is that just escalating the thing out of control?

[ims21]

Four threads merged

 

Please keep to one thread for this Lloyds Secured Loan Issue

 

Also moved to correct forum

 

EDIT: Thread also Tidied