Lloyds secured loan, Claim for possession.

[nunnyrose]

thanks Ell - couldn't have done it without the help, advice and support from here.

Now my next question is how do I get out of these forums ? I'm completely addicted !!!

[Ell-enn]

There's no way out of the forums now Nunnyrose - your experience of the situation you have been in will be helpful to many others, both new and existing caggers. That's how we all help each other here

[nunnyrose]

I'll be here, I've quite involved in another thread and just about to pen a letter to my local MP re bully banks. The CAB, part funded by local and central government were unable to advise me, without explanation. Caggers have listened, and advised through their own experiences.

[Ell-enn]

[jansus]

I am no expert in this but have done a lot of reading up on the all monies clause - I have seen the argument before that the courts do not have the same juristriction when this clause is present.

 

But perhaps the judge was arguing that the bank had in fact made a written offer of an agreement so in fact this superseded the clause and the agreement was kind of contract and that the lender should not then turn round and try and renenge on that agreement. I am only guessing but it looks like the bank was trying to flex its muscles using the clause ( which a lot of borrowers are not aware of and IMO is therefore unfair) and the court did not like it.

 

Are you ok with the arrangement that has been made ?

[nunnyrose]

I think you are absolutely right Jan.

 

I'm sort of ok with the arrangement for now

- it keeps us in our home, but now that we have some breathing space I want research everything I can about the way that the bank have dealt with the whole thing from day 1 up to present day. O

 

ne of the reasons we were given for the bank being willing to neg. this current arrangement was the break down of communication. no contact from them since march until the possession claim.

That cant be right.

[Spamalot]

Just saying a quick well done and good luck with the future...

 

Spam.

[nunnyrose]

Update

have received the papers from the court today confirming everything above.

Interestingly, what I didn't take in in at the time was that the claim against second defendant (hubby) stand struck out.

I'm a bit concerned about this:-

"This order is not to be enforced so long as the First defendant pays the claimant the unpaid instalemts under the mortgage by the payments set out below in addition to the current instalments under the mortgage."

 

We've all established I'm a bit thick so hoping I'm not understanding this but could the bank now ask me to resume what was the normal monthly payment as well. Keeping in mind the all monies clause is for the total amount owed, not an arrears issue.

The agreement we took into the court was a monthly payment, over a period of time for the whole amount owed.

 

Just give me slap if I'm being stupid.

[jansus]

Does it just refer in the court papers to that specific loan?

 

Was the loan in joint names although you said the business was just in your name?

 

And yes it does sound like original payments plus an amount to clear the arrears. Does it quote the arrears amount - the additional amount and the normal MP?

 

wonder why there were two actions and one was struck out?

[nunnyrose]

Hi Jan

 

"Does it just refer in the court papers to that specific loan?"

Original loan £60K- this is what I thought the security was for when I signed the agreement

+Smaller loan

+Business Overdraft

Court papers just show a total amount of £83K , turns out is all secured by the all money charge - up to £100K

 

"Was the loan in joint names although you said the business was just in your name?"

All borrowing was in my name only, although hubby had to sign security docs.

 

"And yes it does sound like original payments plus an amount to clear the arrears. Does it quote the arrears amount - the additional amount and the normal MP?"

The arrangment made out of court was for the full amount owing, monthly payments over 10 years. The judge decided this was obviously acceptable by the bank as it was agreed before the hearing. In effect the total amount is the arrears as that's what the bank are claiming.

 

"wonder why there were two actions and one was struck out?"

I'm guessing because all borrowing is in my name - it's all very confusing

 

The overdraft has risen from 8K in June 08 when I stopped using account, to nearly 12k in March 09. I haven't had a statement from the bank since then. Also, the smaller loan has ppi. I really want to persue the bank charges and reclaim the ppi though I'm a little anxious in case it upsets the apple cart.

[Desperate Daniella]

Hi nunnyrose,

 

My situation is different in that I was in arrears on a mortgage, rather than a loan, but I have to pay the normal monthly payment, plus £500 per month for 16 months as arrears. I've just done eight, and was four days late on the eighth payment and Collections had already passed it to Litigation.

[jansus]

Sorry I am still a bit confused.

 

An overdraft wont have a regular monthly payment only the two loans will

 

if the order refers to the mortgage singular - not all three accounts together I am not quite sure what it means.

 

What you are saying in effect is that you thought the bank agreed to roll the whole amount together ( were they going to restructure the debt?) and accept one MP to clear the whole debt over 10 years?

 

If so how were they calculating the interest ?

 

If the OD is still incurring interest and charges you are not actually going to be reducing the debt at all?

 

Did you get anything from the bank in writing before you went into court?

[nunnyrose]

Your confused? me too

I think it works like this :-

 

When I took the 60K loan I thought it was only that amount secured.

BUT the security/mortgage paperwork, not the loan agreement gives the bank security up to 100K.

 

The bank have lumped all monies owed into 1,

restructuring the whole amount of debt over 10 years of MP's at base rate + 4.25% fixed.

 

I dont know if the OD has been incurring interest since March as no statements.

The court defence papers showed interest being charged at around £13 per day .

 

We did get an emailed copy of letter confirming the new arrangement before going to court, but so far have not received a hard copy or signed anything.

 

Hi D. Daniella, sorry to hear your situation, where is your thread? would like to pop in for moral support

[jansus]

so your total debt is shown as £83k ( loan plus loan plus OD?) in a new loan with new account number ? All the three original accounts will be closed?

 

What is the base rate at the moment?

 

Have you actually seen the new agreement and signed it?

 

 

If that is the case then the arrears will have been reconstituted into the new agreement.

 

So technically there would be no arrears and because there would be a new agreement and new number it would be like a fresh start. At a fairly low interest rate.

[nunnyrose]

Yes, total debt shown as 83K, yet to see a new loan with new a/c number but as I understand it originals will be replaced with new agreement.

 

Base rate at the moment ? I'm assuming its the Bank of England base rate of 0.50% + 4.25% so if and when the base rate goes up I'm stuffed !

 

Haven't signed anything yet, like I said I've only got the emailed letter.

 

Technically no arrears and a fresh start, which is why I am concerned about -

"This order is not to be enforced so long as the First defendant pays the claimant the unpaid instalments under the mortgage by the payments set out below in addition to the current instalments under the mortgage."

 

I'm just assuming the bank will contact me with details of the new agreement, I'll sign it and the new payment method will be sorted. I have to pay by the 25th of each month so if I dont hear from them early this week I'll ring them. Thing is I just dont trust them, they haven't dealt with any of this in an efficient manner so far, they've already admitted to the breakdown of communications that they want to "draw a line under"

[jansus]

any news yet?

[nunnyrose]

Hi Jan and thanks for asking:)

 

no news

- I have been trying to contact the bank, local branch can't deal with it.

The contact number I have is a voicemail asking me to leave a message and they'll get back to me, so have done that but they haven't returned my call.

 

Spoke to solicitor today who also hasn't heard anything, but has suggested that if they don't make contact I must go into the bank a few days b4 payment is due and insist they take my payment over the counter.

 

Solicitor has also said I must contact the court to verify the payment as agreed and not in addition as above - he obviously doesn't trust the bank any more than I do.

[nunnyrose]

Hi, just an update as we are now 1 year on from the court hearing.

 

Firstly, we are still managing to make the MP though it's a struggle.

 

We were supposed to go back to court after 6 months for a review but we have heard nothing from either the court or the bank.

 

We still haven't received anything other than the original email letter outlining the acceptable MP, so I still don't know if all the borrowing was re-structured into 1 new loan. I haven't seen or signed anything.

 

I had to ring the bank regarding how the MP should be made, they gave me details over the phone but this has never been verified in writing.

 

I have absolutely no idea how much the debt is at the moment as I haven't had any sort of statement since March 2009 -

 

None of this seems right to me, but I'm reluctant to stir up a hornets nest.

I would be interested to hear anybody's thoughts on this.

[nunnyrose]

Hi all can anyone point me in the right direction? I’m looking on land registry site to try and confirm any charges on my property but I’m not sure where I need to look. TIA

[dx100uk]

just make sure you only use the .gov.uk site

then pay your £3 i think and ask for a copy of the deeds it comes by email PDF .

 

charges are listed in their own section within your deeds.

 

[nunnyrose]

Thank you dx...helpful as always 

[nunnyrose]

Brief history

2006 secured loan with Lloyds , taken to court November 2009 suspended possession order against me, husband struck out which I interpret as only I am liable. Have checked on land registry and it shows the charge . 
Anyone know if the charge should have been changed when hubby struck out.

 

Also , how can I find out what sort of charge Lloyds have?

Really hoping it’s only against me as sole debtor on jointly owned property.

hope that all makes sense

 

[Dwayne Dibbley]

Property Search - Land Registry as above 3 quid for title register

[nunnyrose]

Found and done thanks I’ve started another post in mortgage/ secured loans hopefully, lol

[dx100uk]

old historic thread merged for history.

 

you need to show us what EXACTLY is on your deeds with regard to this 'charge' and Lloyds in general.

 

dx