Funds being released from a loan account BEFORE the paperwork was signed cost me my job at a bank, BUT....

[Jimmyboy]

This loan has already been repaid. In fact it had been repaid before I even lost my job!

 

A summary to what happened:

A loan was keyed for a family member of mine. (I did not process it as I was not allowed to, and the family member DID consent and go through an application over the phone, with my colleague).

The funds were released from the loan account into the current account roughly 3 hours after the application took place.

Approx 2 hours after that, the loan agreement was signed.

One month later, that loan was replied.

Approximately one WEEK later, my manager at the time went to check the filing was up to date for the branch, where it came to light that there was no credit agreement (this must have been destroyed at the end of the day when clearing our desks).

I lost my job due to this happening, but what I am wondering is if we can recover the money that was already repaid.

 

Two points at the back of my mind:

Firstly, if the loan hadnt been repaid already, we know this would have now been deemed as unenforceable under the CCA1974.

 

Secondly,the funds were released BEFORE the agreement/application was signed, again, deeming it as unenforceable.

 

I am aware of the Wilson case that a lot of people have looked into, but think this falls into a grey area really as the lender itself knows that this was an unenforceable debt?

 

Has anyone got any opinions on this?

 

Thanks,

 

Jimmyboy

[loopinlouie]

Are you for real?

 

You worked for them and want the bank to repay the money paid back on a loan on an account you knew cca existed and singed albiet late

and you think they should have some come back against the bank as cca not in existance now. So you are saying what? Dishonesty springs to mind as well as they will laugh you out of court if go that route. Are you planning to work in credit industry again, I wouldnt!!!!

 

Its a stark difference between a person taking on a bank and finding the cca does not exist, but what you state in your own words comes accross bordering fraudulant to me. You want to play on your own previous employers incompatence to suit your family.

 

Can I ask you would you have been as sympathetic to Joe Blogs commng in and asking for similar help on a loan you maybe processed? I bet not.

 

Sorry but I find you situation unusual as you worked for them its not a case of genuine cagger in need and the loan was bleediing paid off anyhow.

 

Comes accross bad eggs at you losing your job.

[Jimmyboy]

Are you for real?

 

You worked for them and want the bank to repay the money paid back on a loan on an account you knew cca existed and singed albiet late

and you think they should have some come back against the bank as cca not in existance now. So you are saying what? Dishonesty springs to mind as well as they will laugh you out of court if go that route. Are you planning to work in credit industry again, I wouldnt!!!!

 

Its a stark difference between a person taking on a bank and finding the cca does not exist, but what you state in your own words comes accross bordering fraudulant to me. You want to play on your own previous employers incompatence to suit your family.

 

Can I ask you would you have been as sympathetic to Joe Blogs commng in and asking for similar help on a loan you maybe processed? I bet not.

 

Sorry but I find you situation unusual as you worked for them its not a case of genuine cagger in need and the loan was bleediing paid off anyhow.

 

Comes accross bad eggs at you losing your job.

 

Wow, some very abrupt comments!

 

The reason I was dismissed was because i TOLD them the funds were released 2 hours before it was signed. I then took the company to an employment tribunal for unfair dismissal (and settled before we got to court) given that I had actually worked there for nearly 5 years, and always been extremely good at my job (winning countless awards and being one of the top advisors in the UK). I made an effor of judgement - for which I OWNED up to it, and apologised. There was never any malicious intent from my end, and as I said the loan was repaid almost immediately.

 

The reason the loan was repaid, (something you failed to consider) was because I had to take out a SECURED loan to pay off all the debt that bank had allowed me to get into - i was not DEBT FREE.

 

As for your comment regarding working i nthe credit industry again; We settled out of court and part of my settlement was that I got a reference of employment. In the financial services sector, if a member of staff has been dismissed for something eg theft - there is a duty on the dismissing employer to warm any other companies from takingg on this memeber of staff. The fact that the employer even gave me a reference actualyl confirms that they themselves would put their name on the line to say I am eligible to work in a bank again - so in response to your question; YES if I decided I wanted to go and work for another company where staff preyed on young (18 at the time when debt started building) naive members of staff for their own benefit, then Im sure at some point, I would happily go back to a bank, also given that I have over 80 pages of evidence confirming my continual fantastic work ethic and acheivements, I am sure that I would indeed be able to actually get a job in a bank too.

 

Please step back for a minute and look at things from my perspective, not the perspective you have (which seems to be; Oh bank staff, cocked up, their own fault anyway!) - Had I not come clean about the Agreement not being signed before the funds were released, I would have been in a much better position than I am now.

"Can I ask you would you have been as sympathetic to Joe Blogs commng in and asking for similar help on a loan you maybe processed? I bet not."

As a matter of fact - the reason I was so successful throughout my employment was due to the fact I listened to peoples situations and did everything I could to make them genuinly better off - therefore its a good job the "bet" you talked about isnt true, or you too would be at a loss.

 

Jimmyboy

[loopinlouie]

My perspective is that this loan was for a family member which has been paid back. It comes accross dodgy indeed that you are trying to use your experience of this loan to say you know no cca exists and therefore could your relative or whatever claim the money back that they paid back, very sniffy.

 

I mean if the loan was legit which was why would they have paid it back?

You wont get anything back. Its a bit like paying a dca and then finding the dca held no cca, they will treat it as a gift and you learn just not to pay with no cca again or at least ask for proof of it before paying.

 

The loan was legit and they paid it back, end of.

Your reason for leaving or judgnement has nowt to do with it other than appears sniffy to try and use your employers non compliance in these matters to your own ends.

 

I ask as I am only judging on your own post, if I walked in with no valid cca and you were demanding payment and you knew you issued the funds to me, would you be as sympathetic and tell me to stop paying as no cca or stop me in the street and say look I have left them now. By the way no valid cca claim your money back.

 

Silly xx

[loopinlouie]

Meant to say paid back as they knew it was legit which was right thing to do.

Wonder if I was your former customer and you knew my loan had no cca would you stop me in the street and say claim all monies back?

[Jimmyboy]

"My perspective is that this loan was for a family member which has been paid back. It comes accross dodgy indeed that you are trying to use your experience of this loan to say you know no cca exists and therefore could your relative or whatever claim the money back that they paid back, very sniffy."

 

The loan with in my mothers name, but the money was for me.

 

As I said earlier that loan was repaid using the funds from a secured loan, which paid off all the unsecured debts I had.

 

I actually saw an old client of mine, just on Friday and explained to him what had happened and we got into a deeper conversation about his debt problems - I recommended he looks on hereas I know there were defects in the agreement that he signed back in 05 when he took out a loan from me - so yes, I would be sympathetic. I can even understand if you dont believe what I have just said, as it was a coinsidence that I saw him, but that was the reason I got thinking about my mums loan, and hence, came on here to ask around.

 

So far, all you have done, is passed opinions on me, which is fine, but will make no difference to the loan I am talkin about - I posted this on here to find out if any one had any legal knowledge around this. I am not saying that it SHOULD be reclaimed, but I am asking if it COULD be reclaimed - using the law, of course, not opinions. Bear in mind that The reason for my dismissal was that because the funds were released before the agreement was signed COULD have cost the business X amount of pounds - I just wanted to delve a little deeper and see if this is the case.

 

Not-so-silly xx

[Jimmyboy]

Meant to say paid back as they knew it was legit which was right thing to do.

Wonder if I was your former customer and you knew my loan had no cca would you stop me in the street and say claim all monies back?

On the basis that we have gotten off on the wrong foot - no, I probably wouldnt tell you this ( in the nicest possible way!)

x

[loopinlouie]

Goodness it gets worse, the money was for you, please let it go.

[Jimmyboy]

gets worse?

 

My mum agreed to get the loan in my name to help me with ever increasing debt.

 

I applied for the loan myself, and was knocked back, even as staff. I told my manager I was experienceing financial difficulties (which we had a duty upon us to do) - he appealed the loan in my name but was still unsuccessful - this is when my mum stepped in.

 

I think that from the outset, you have thought something was "dodgy" about this loan. It wasnt, IF it was, I wouldnt have repaid it, would i??

 

I have only asked a flipping question, and was eager to find out what peoples views were!

[loopinlouie]

You repaid it and should leave it at that in this case and I am only answering, I appreciate you were suffering from debt like average person, but worry about the morals of some bank staff especially those force feeding loans to people like me who shouldnt have been pressured to have something they didnt want. I now realise my feelings of bankers moral come true. I am off to abbey now to ask again if they will help me cancel it as I requested withing the cancellation period, they said no last time and fobbed me off. Too keen to sell yet not help when needed.

[loopinlouie]

Bet they help their own though xx

[Jimmyboy]

Hahah ohh hso thats what it is:"but worry about the morals of some bank staff especially those force feeding loans to people like me who shouldnt have been pressured to have something they didnt want."

 

You think im one of those that would just convince you to take something out? I actually ALWAYS made a point of making people better off, if it didnt make them better off (ie SAVE THEM MONEY) i wouldnt do it - thats how I was so successfull.

 

Regardless of all of our conversation, and you very strong opinions, I would really like to know what the law says about this.

 

Abbey is now closed.... you may aswell wait until tomorrow/Monday morning to visit them.

[loopinlouie]

Figure of speach off to abbey now:)

 

And I thought the smell in the air was the muckspreaders on the local fields

[loopinlouie]

Well I have just read your own words and if I was the bank manager would have had serious concerns myself. Look you lost your job over it, but to try and hope to reclaim anything is very very silly. I would as a manger have a concern as to how a cca was not signed and the money released and I hate banks.

 

I find it hard to personally believe you would represent a good side of any bank based on the workings you mention, sorry. Some nasty bankers are out there and out for their own sales targets, you get accosted going in to do general business and brainwashed that they can save you money and you are very very sill if you dont take it up. You have a rethink go into return said money and they refer you to head office, who refer you back to the same bleeding bank who again refer you to head office and then say not cancelled in time, they exist I know.

 

I find anyone genuinely fighting a cause of misseling or unresolved problem with a bank tarnished enough as non payers or whatever due to banks not realising they are letting people down. Concerning a banks own staff want to find ways to claim monies paid back in what appears proper fashion.

 

Sorry but my own opinion, anyone else think its a little over the top is welcome to comment xxxxx

[loopinlouie]

Hey you wernt singing in any adverts were you?

 

sorry couldnt resist it xx Isa Isa baby drives me mad xx

[Jimmyboy]

Lol, I love that you commented over a span of nearly an hour. Im glad you have spent time thinkin about my dilemna! I have aterrible singing voice, so no adverts for me, and my bank didnt have singers on their adverts lol.

 

I understand where you are coming from 110% with your attitude toward bank staff,, but you surely must see we were just doing our jobs, much like a traffic warden does their job.

 

If you have a look on this link, you'l see im not tnat bad....

 

http://forums.moneysavingexpert.com/showthread.php?p=27725437&highlight=jimmyboy#post27725437

 

I like your comment about being my bank manager... just out of interest, what do you actually do for a living?

xxx

[silverfox1961]

Hi,

Please accept my apologies if I get anything wrong here.

In summary, You mum applies for a loan to pay your debt.

Your colleague processes the application and approves it.

Money transferred within 3 hours but agreement not signed until 5 hours.

Agreement accidentally destroyed

You took out a secured loan to pay this loan.

 

Now you think the money paid for the first loan could be reclaimed as there was no agreement.

 

Just because no agreement now exists doesn't mean the loan never happened. There would be electronic records and possibly phone recordings.

 

If you went down this route, I happen to think you may find yourself in handcuffs and quite possibly implicate your (ex) colleague and your mum in a conspiracy to defraud.

 

Just my opinion of course. Drop it!

[Jimmyboy]

Silverfox, Thanks for your comments, thats more like what I was looking for!

 

Thanks,

 

Jimmyboy

[loopinlouie]

So it took you a quite a while to realise what you were trying to see was possible was naughty and likely to get you in the clink !!!!!

 

Thats why I say bad bank workers exist, if you had to have a couple of nudges to know you were out of order, you certainly shouldnt be passing judgement on other finanacial situations whatever you think.

[Jimmyboy]

not really. I couldve got the paperwork signed by her before it was released, durint the time period before when the funds were released, I didnt bother to as I knew that the paper work would be signed at some point that day.

 

Obviously, I knew the question around would the paperwork be signed or not was never an issue, as it was to be signed.

 

The reason the whole thing came to light was because I told my boss we couldnt find the agreement and she needed to print one off so my mum could sign it again.

 

with regards to me passing judgement on other peoples finances - what year are you living in?? its 2010, the bank staff dont say "yes you can have this loan" or "no, we dont like the look of you" - thats what people called underwriters do.

 

Im finding it extremely difficult to hold my tongue with you. From what I can piece together, you've been suckered into taking out loans, then some horrendous bank staff have marched you to the cash machine, made you put your pin number in, and then forced you to by shoes, holidays, perfume, and goodness knows what else. For this reason, you have tarred all bank staff with the same brush? Forget about your grudges, Im not hear to get you in debt, Im just interested in the rights and wrongs of what debt is already out there, just like reclaiming PPI and charges - just so you know, I DID take out repayment cover on my debts (Funny ey, all bank staff tricked people into taking out this product, so I thought??)

 

Jimbo xx

[loopinlouie]

You are not finding it hard to hold your tongue, you just pmd me with you opion of me being in debt, thanks for that. Dont pm me again, I on the other hand are happy to post my opinions here in full view of others.

 

Sorry but on open forum what do you expect, what you were trying to do was take advantage of a situation personal to you in your employement at a bank. Its not a genuine case of done wrong by an institution or find in difficult circumstances as circumstances changed. You also say some of the situations a person finds themselves in is not your fault and down to udnerwriters on my pm, well it wasnt the underwriters who pounced on me in the bank was it?

 

In any case my situation doensnt matter, I picked up what you were suggesting was scandalous and wrong and you dont like it. You are given another opinion from cagger suggesting authorities would not be happy with your suggested actions so its not far of the mark from mine. I suggest next time in a place of work you whatever your predicament keep your home life seperate to your employment, wont happen again then.

 

This forum sees many people experiencing difficulties as situations change, the situations in your case were of your own making and yet you feel it acceptable to pm me with telling me its basically my own fault for being in debt basically. I am a big girl and happily can swtich off now from fools.

 

Dont pm me again its not welcome and the pm system is not for insults.

[loopinlouie]

I noticed on my cca the bank sent me, that the bank workers had put me rather than disabled and not employed down as working for the dwp. Could this be why I was accepted for a loan I didnt want? I dont believe the underwriters are responsible for what is put on the application form. I also noticed I was not given a copy, suspicious now I realise. My bank have since made me aware they know I was not working and dont want to answer how they could have me employed as working for the dwp. Sorry but I have to hold the bank reps responsible for that and therefore cant trust any of them again.

 

Your post just made me concerned that whilst they dont help people like me, they seem to help themselves in my opnion and here was me feeling they were in authority over me and I would be silly to disbelieve them. I was niave but not inviting debt xxx

[car2403]

Is much of this really necessary? What are the outstanding questions you have Jimmyboy and how can we help? Cutting each other down isn't productive - if you disagree, you'll have to agree to disagree and move on. Others will come along with supporting opinions, or otherwise, eventually.

 

What we need here is constructive discussion, any further posts considered anything otherwise may be moderated by Site Team.

 

I'd also warn anyone against the use of PM for taking or receiving advice, and you should be aware that recipients of PM's have the option to bring the content of them to Site Team's attention. There is always the possibility that the use of PM can be restricted, if it's deemed appropriate.

 

Now, let's get back to helping each other, rather than fighting each other. Ego's away, please...

[reorete]

i agree the poor guy asks for help and gets cut to ribbons

[loopinlouie]

He liked to cut cagger to death by pm messages that he didnt post on here. I personally at least post my thoughts on the forum so all can read and that gives chance for other responses

 

Fact is he didnt hear what he wanted, simples.