LLoyds TSB and old Secured business Loan/OD

[SHELBELLE]

Hi

 

I am new to this site so please bear with me and any advice and help will be appreciated.

 

 

Unfortunately I have a failed business that went in to compulsory liquidation last May. I banked with LLoyds and basically was sold every extra going. I had to secure the business overdraft on my home and now owe Lloyds approx £38k.I also have an ongoing complaint with them as the business manager took 5 months to send my file to the debt recovery dept(although I informed her to do so months before) I could not come to an agreed arrangement at a branch level as she just wanted me to take out a new loan and I could not afford that, she would not freeze interest on the debt and the debt recovery dept have not been great either, although they agreed to me paying £300 per month for a year they would not stop the interest so I have written numerous letters(copies held) to the debt recovery dept and each time I respond to their correspondences it takes another 8 weeks to get a reply. So basically this debt started being a problem in June 2007, I still have not had my issues answered properly, I have requested a full and final settlemet figure and demanded that they cancel the interest on the period of 5 months. Still waiting to hear.

 

Basically as I gave a personal guarantee(idiot) is there any thing that I am able to do with regards to getting the interest stopped while the complaint is still ongoing and secondly are Llloyds likely to offer a reduced settlement figure if the loan is secured?

 

Any advice would be great

 

Thanks

[Goldlady]

Oh hell, what a situation. LTSB are not the easiest bank to negotiate with - I know this from personal experience.

 

As the debt has now become personal they bl88dy well should freeze the interest.

 

I think that even though the debt is secured they could not do anything without the intervention of the court. I can't help wondering if getting the court involved might actually help your situation:confused:

 

I suppose they might accept a reduced settlement if you can show that there is not enough equity to cover it. After all it would cost them a lot to go through the court process. Presumably a fair amount of this debt is charges as well.

 

Sorry - random ramblings but hopefully my post will bring along other people with advice too.

[SHELBELLE]

Hi can anyone advise me on the following:~

 

I need to know if I can ask for a copy of a CCA on a secured loan that has a second charge on my home, they did send me a copy of my personal guarantee(it was a business debt) but I am unsure if I can go down this route. I have an ongoing complaint with the Bank (ltsb) as I feel that I was treated unfairly and the fact that the Manager took 5 months to send my account to the correct department is obscene. I am still waiting for a full reply to my complaint but meanwhile the interest is still accuring, I have also asked for a full and final settlement figure, I am not currently making any payments until their response is received. Are there any suitable letter templates that I can send to hurry them up so I am able to bring this situation to a conclusion?

 

On a personal level I have various debts that I have been paying through a DMP, some of the creditors are now applying interest again so the debt is rising instead of reducing, would it be worth me requesting the CCA on each account and see where I get (as I have been paying instalments for over a year)? One creditor has issued a CCJ against me and I am paying the instalment set by the court, I have just received a letter from them (the DCA almost a year after the CCJ) stating the following:

Judgement has now been obtained against you for repayment of £the full amount of debt.

The judgement has already been registered and IS NOW A MATTER OF PUBLIC RECORD. This will certainly affect your ability to obtain a mortgage(I have one up to date) credit card, loan or other credit facility.

 

IT MAY SIMILARY AFFECT OTHER MEMEBERS OF YOUR HOUSEHOLD.

 

This entry can be REMOVED COMPLETELY IF FULL PAYMENT IS RECEIVED BY US WITHIN ONE MONTH OF THE JUDGEMENT ORDER(bit late aren't they)Otherwise the judgement will remain on record for SIX YEARS.

 

You can avoid the potential problems arising from the Judgement registration if you ensure that payment of the full amount reaches us before the time limit expires.

 

If you do not wish to take this course of action you must of course ensure that you make payment in accordance with the terms of the Judgement.

 

Yours faithfully

 

LITIGATION DEPARTMENT

Direct Legal Collections

 

I have typed as the letter has been typed!!

 

Is it me or is this very late in arriving and very contradictary? I want to send them a snotty letter back, any suggestions???

 

 

Yours hopefully waiting a reply

 

Shelbelle

 

Sorry to be impatient but can anyone HELP!!!!!!!!!!!!!!!

 

 

Thanks in advance

 

Shelbellexx

 

Hi GL

 

Thanks for your post, I have reposted a similar thread and await the experts advice.

 

Am I doing something wrong as it seems that I have lots of views and no replies!!!

 

 

I have left my donation today, as I thought that may encourage some much needed advice.

 

Thanks again

 

Shelbelle

 

Hi

 

I am not having much joy with answers on my other threads, so thought I would ask a general question:~

 

Can you request a copy of a CCA for any type of credit be it Cards, O/D, Secured and Unsecured loans?

 

 

Any help much appreciated

 

Shelbelle

[Bona]

OK

I think you are confusing people buy posting a number of threads at the moment it seems that you have a lot of debt but have possession order or threat of possession order on your home, I sympathise with you We nearly lost our house many years ago as we personally gaurenteed a busines loan and the business whent down the pan. Im not good with debt some one else may be able to help you but to begine with I think send a S.A.R request all all the peole who you owe money to and allso ask for copies of all agreements that you have with them letters should be in the tenplate section when you see what comes back you can move forward

[SHELBELLE]

Bona

 

Thanks for your post, yes I probably have confused matters haven't I?

 

I haven't had a possesion order or threat, the business debt is on a 2nd charge. i

 

I realise I have to start somewhere so do you know if I send the s.a.r. at the same time as a c.c.a?

[SHELBELLE]

Bona

 

Thanks for your post, yes I probably have confused matters haven't I?

 

I haven't had a possesion order or threat, the business debt is on a 2nd charge. My question is can I send a s.a.r/c.c.a on a secured loan if I have given a personal guarantee?

 

I realise I have to start somewhere so do you know if I send the s.a.r. at the same time as a c.c.a?

 

Any help appreciated.

 

Shelbelle

[Bona]

Just send it all of but in seperate envelopes remeber to send everything recorded delivery

[Goldlady]

I think your problem is pretty complicated, which is why people have looked and not posted anything. I am not entirely sure what to advise you either, it so much depends on the attitude of the bank and how much they are prepared to negotiate. If I post a reply now hopefully there will be more people around who might be able to help. If not post again and I will see what I can do.

[Goldlady]

One question. - how much was the 38k overdraft before they added charges and interest once things went wrong?

[SHELBELLE]

Hi GL

 

Thanks for taking some time to post to me.

 

I am not sure how much before charges as I have requested the amounts from the bank but am still waiting.

 

What I really wanted to know was can I take the cca route on a secured loan?

 

Thanks again

Shelbelle

[SHELBELLE]

Hi again,

 

So just to reliterate, I send both the s.a.r. & c.c.a to both the secured loan creditor and also the unsecured creditors?

 

Thanks

 

Shelbelle

[Guest Old_andrew2018]

Hi

 

I am not having much joy with answers on my other threads, so thought I would ask a general question:~

 

Can you request a copy of a CCA for any type of credit be it Cards, O/D, Secured and Unsecured loans?

The answer is yes to all execpt an overdraft, again if I am wrong I expect I'll be corrected

 

Any help much appreciated

 

Shelbelle

 

Most of what I have read would suggest if you want information on charges regqrding an overdraft you would need an S.A.R - (Subject Access Request).

 

Regards

 

andy

[SHELBELLE]

Old Andrew

 

Thanks for that much appreciated.

 

The problem is that the secured loan was originally part of an overdraft!!!

 

Confused.com I think!!

 

Shelbelle

[Guest Old_andrew2018]

Hi

 

So would I be correct in saying you took a secured loan to clear an overdraft,

so if that is the case you can request a copy of your agreemnet via a CCA request.

 

Regards

 

Andy

[Goldlady]

Hi, as far as I know the CCA applies to secured loans under 25k only. So in your case probably not:mad:

 

But don't give up just yet.

 

You could send a SAR which you need to send a £10 cheque with. This is your right to all information they have about you under the Data Protection Act and it will make them put all their cards on the table. It might give you a chink in their armour.

[tbern123]

sorry didn't read all the posts

[SHELBELLE]

Hi everyone

 

I need some help and assistance with the following:~

 

I will try to be brief!!

 

Basically had a business that went into liquidation, had overdraft and business loan secured on property, still owe the bank in excess of £30k.

 

Instructed Business Manager to send my account to recovery department in June 2006 as she just wanted to sell me another loan!!!. She took 5 months to do this(I continually chased) so it reached recovery in November 2007. Liased with them still got an ongoing complaint where they fail to provide proper answers/requests.

 

I wrote to them last on the 07/05/08 stating once again that I want answers together with my balance and I also sent a S.A.R. under the 1974 Act. Received their "FINAL RESPONSE" yesterday stating the following:~

 

1)As the company is in liquidation, they understand that I no longer have the capacity to bring a complaint on the company's behalf and that the liquidators would have to pursue!!!

My Question

Why have they been liasing with me on a personal level since last year? The debt is now personal due to me giving the "personal guarantee". Are they within their rights to quote this, where do I stand with this.

 

2) They say they have addressed my concerns and have nothing more to add.

My Question

They have not answered most of my questions and ignored many points that I have raised.

 

3) They have not provided account information that I have requested. I sent them the S.A.R. D.P ACT 1974, they quote D.P ACT 1998 and that the act does not cover private limited companies. I had asked for an in full & final settlement figure, total of accrued interest together with charges on the account and they will not provide anything.

My Question

How the hell do I know what the account balance is if they fail to provide it and the S.A.R I sent, they have said they will provide me with personal info and not the business account info. Are they correct in saying that the S.A.R does not apply to limited companies and if so is there an alternative so I can get the full history on the account?

 

It seems very strange that they do not mention the repayment of the debt at all, this makes me think what they are quoting is total rubbish.

 

I am seriously considering taking them to court but I do not know on what grounds apart from them being totally unreasonable and ignorant.

 

In short (I am very confused now) is this debt personal or business??

 

I have filed all correspondence to the Financial Ombudsman this week and await their response.

 

I would appreciate any comments or advice

 

Thanks

 

S.B

 

Sorry anyone out there with any advice???

 

 

 

Please HELP!!!!

 

ELL-ENN

 

I have sent you a PM if you are able to help me

 

 

Thanks

[Ell-enn]

Hi Shelbelle - this is outside my area of expertise but I will try and attract the attention of someone who might be able to advise you.

 

Kind Regards

 

Ell-enn

Edited May 16, 2008 by Ell-enn

[SHELBELLE]

Thank you very much.

 

Fingers crossed.

 

Best Regards

 

 

Shelbelle

[steven4064]

Hi shelbelle

 

I can't answer all your questions 'off the top of my head' but

 

1) they are right that, if the company is in liquidation, you cannot bring a compliant/claim on behalf of the company

 

2) they are right in that the DPA only applies to personal data

 

I also have a couple of questions-

 

1) you say the loan is secured on property, is that your house?

 

2) you say the Business Manager sold you another loan - presumably a pesonal loan? is it secured (on your house)? does it cover all the business debt? prsumably this has arisen because of your guarantee?

[SHELBELLE]

Steven

 

Thanks for that.

 

My questions, why have thet responded to me from last year if the company was in liquidation at that time? Also surely because the debt is now down to me personally I have a right to complain over the way I have been treated.

 

Although the Data protection applies to personal details only, there must be some law or ruling that they have to supply me with the balance and a breakdown of charges etc. They haven't even told me what I owe them to date!!

 

The debt is secured on my home.

 

The Manager tried to sell me another loan but I refused and instructed her to send to recovery, so the debt is a cimbination of an overdraft and a business loan which I signed a personal guarantee for and is a 2nd charge on my home.

 

Hope this clarifies the points raised and thank you.

 

Shelbelle

[steven4064]

As it is a personal loan (irrespective that it is covering a business debt) you certainly have the right to complain as a consumer and shuold make that clear to them.

 

There doesn't seem to be any law that requires them to send info relatin to a business account. However, you or your accountant should have all the statements up to the point where the comany went into liquidation and after that you were a pesonal customer.Therefore you should be able to put together the account history.

[SHELBELLE]

Steven

 

Ok I will make sure they are aware of that.

Unfortunately all the business paperwork had to be given to the Official Receiver, therefore I do not have any statements etc.

 

I can't believe that after several requests that they will not tell me the exact figure of what I owe it seems ludicrous or indeed are they worried that I will get to see all their extortinate charges?

 

Hopefully the Financial Ombudsman will sort them out!!!

 

 

Thanks

 

S.B.

 

Steven

 

 

Are you about???

 

S.B.

[steven4064]

I'm just about to go off - we've got visitors coming

[SHELBELLE]

Hi all

 

I have a very long ongoing battle with Lloyds which I will post later,

 

I just wanted to check one thing:~

 

If there is a personal guarantee in place for a secured business debt is it worth sending a CCA?

 

I ask this question because when I SAR them ages ago they said that SAR was only applicable for me personally and not the business.

 

I really want to check what the state of play with this one is.

 

Can anyone help?

 

Many thanks

 

S.B.