Lloyds Business loan secured, help needed please

[Lloyds Defender]

Firstly,

 

The wife should have sought independent legal advice; the same solicitor should not have advised both parties.

 

The bank can postpone its first charge, but still remain on the deeds.

 

Yes we have been told this but they don't seam to care about little points like that.

 

I don't understand your second point, the bank don't have a first charge the building sociaty do.

[gizmo111]

Gizmo, what is an ERC?

 

Early Redemption Charge - it is a charge you may have for paying off your mortgage before a certain time - sometimes known as a tie-in period. If you have one then it will bring the cost of the selling higher and make the net equity less.

 

I know professional advice is expensive - but you need some to be sure you are doing the right thing - I am not qualified in insolvency.

 

Let us know what the IP's say.

[Lloyds Defender]

Early Redemption Charge - it is a charge you may have for paying off your mortgage before a certain time - sometimes known as a tie-in period. If you have one then it will bring the cost of the selling higher and make the net equity less.

 

I know professional advice is expensive - but you need some to be sure you are doing the right thing - I am not qualified in insolvency.

 

Let us know what the IP's say.

 

No there is no redemption charge.

 

IP's said "get a Solicitor".

 

Round we go.

[Bona]

As far as I am aware the liqidator of your bankruptcy will negotiate a sale price of your half to your wife can she rais between £8 to £13 grand I think that all that will happen is ammber will agree for the deeds to go in her name there is no sale envolved can I sugest you make enquires with the Law socierty for a firm near you who specalise in insolvency

[gizmo111]

I think you are going to have bite he bullet and book an appointment with a solicitor.

Is there any possibility of your wife raising the amount needed over the next 12 months?

What stage are Lloyds at with the possession order?

I suggest you post the question over here as well.

[Lloyds Defender]

I think you are going to have bite he bullet and book an appointment with a solicitor.

Is there any possibility of your wife raising the amount needed over the next 12 months?

What stage are Lloyds at with the possession order?

I suggest you post the question over here as well.

 

She could borrow the money from her parents.

 

Lloyds are at the application stage, I have to file a defence by Thursday.

[Bona]

It the case against you your wife or both

[Lloyds Defender]

I am trying to reply but can't post from Word, will try again from notepad

[Lloyds Defender]

They have filed an application for possession of the house only, they have only named me as the defendant and they have not yet filed an application for judgement of the debt, they have filed an application for judgment of the debt from my business partner and now an application for possession of his house.

Gizmo referred me to the fool forum and someone has raised this as a potential stopper. I am trying to find out if they can make an application for possession when they don’t have a judgment to back it up.

However, I don’t know if this is relevant but the security is a “Mortgage of freehold or leasehold property to secure own liabilities”. Does anyone know if this security can be used to secure our Limited companies liabilities?

[Lloyds Defender]

Just looking through the agreements again and found this:

 

3.4 Unless I / we agree otherwise with the bank, this Mortgage shall not secure any liabilities regulated by Part V of the Consumer Credit Act 1974.

 

I have just had a look at Part V Consumer Credit Act 1974 and unless I mistaken it looks like I am protected.

 

Does anyone else think so?

[Lloyds Defender]

Another thought, or am I clutching at straws!

 

Does the Bill of Rights Act 1689 apply in this case? where it says

 

That all grants and promises of fines and forfeitures of particular persons before conviction are illegal and void;

 

The Cambridge Dictionary says that a forfeiture is "the loss of rights, property or money, especially as a result of breaking a legal agreement:

e.g He was deep in debt and faced with forfeiture of his property"

I have used this for parking tickets on more than 20 occasions with success every time, does it apply in this case?

[Bona]

Yes they can apply to the courts as you put your house up for security dont need a Judgement vant help other wise I would put in a holding defence or ask the otherside for more time but you need to get there agreement or your defence in by 4pm tomorrow

[Lloyds Defender]

Just a quick update for those who have subscribed to this thread.

I put in a defence to the claim and Lloyds solicitors applied to have my defence struck out! I out is a defence to this application on the basis that it breached my Human Rights Article 6 and it will come as no surprise this defence was also struck out!

At the hearing the judge stated several times “I must confess to having not yet read the statements” so let me make this clear, he did not read the statements but decided to strike them out anyway!

So we have applied for my wife to join the defence and she has a very good defence under the Royal Bank of Scotland v Etridge case.

The house is now negative equity and has been valued by 3 estate agents in the past 2 weeks and we have an average of £15,000 negative.

However, Lloyds still want to progress with the application or rather their solicitors do, well he would he is getting paid regardless of the outcome.

Does anyone know of any rules / law that would stop them in this situation? It can’t possibly be right that they can just kick us out of our house when there will be no financial gain to them.

Thanks for your help.