Jump to content


terriersaregreat

All monies legal charge does it cover business loan?

style="text-align:center;"> Please note that this topic has not had any new posts for the last 3167 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Recently issued proceedings for sale at undervalue of our property by bank. Using this fantastic site have noticed various comments about charges, interest etc.

 

Complex case, but logic is telling me something wrong with the fact that we had an all monies legal charge and a 25 years business loan.

 

Bank repossessed after 5 years of court battle as we did not recall signing the legal charge and have since discovered it was void. Two months after the repossession the Bank obtained equitable charge for full amount on another property. Bank later sold repossessed property at massive undervalue.

 

I understand that an all monies legal charge is just that, call in whenever they wanted, but how does this work with an agreed amount over an agreed time? The overdraft and the loan were lumped together in the money judgment.

 

The Bank caused a default on the business loan by taking both accounts to debt recovery. We then negotiated and a new joint account was opened in my and my husband's name( previous in his sole name) Payments to reduce borrowing were taken from there. Does this create an overriding interest?

 

Help please as I want to be prepared.

Share this post


Link to post
Share on other sites

Was this 25yr 'business loan' financing the mortgage on your residential property?


Cabot and the Cabot Fan Club Threads:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot.html

 

Legal Actions Explained for Businesses:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20492-legal-actions-explained-company.html

 

Payplan CCCS Advice:

http://consumeractiongroup.co.uk/forum/getting-out-debt/128587-info-cccs-payplan-experiences.html?highlight=Payplan

 

How to use the Forum

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

A click on the scales below is appreciated if my posts were helpful

Do not regard my postings or suggestions as professional advice. If in doubt seek a professional opinion.

 

PLEASE DONATE IF SUCCESSFUL - Every little helps :)

 

PLEASE, Do not Private Message me with basic questions, start your own thread and PM a link if you wish, but I will not be able to respond to all individual questions as I am very busy on numerous other things and anyway, others cannot learn from PM's. It also stifles contributions from the vast talent base this site offers from it's contributors and I'm not all that clever really! :D Thank you.

Share this post


Link to post
Share on other sites

Now that's an interesting question! The loan was marked under "purpose of loan" "to purchase farm". The farm had a house on it.

 

The farm had been purchased on an overdraft/bridging loan with agreement from the bank to transfer to a loan.

Share this post


Link to post
Share on other sites

Okay, let me up the anti then...

 

Farms have residential dwellings, out buildings, barns, grazing land. What was the % of residential to barns to 'grass'? in rough meterage %'s


Cabot and the Cabot Fan Club Threads:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot.html

 

Legal Actions Explained for Businesses:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20492-legal-actions-explained-company.html

 

Payplan CCCS Advice:

http://consumeractiongroup.co.uk/forum/getting-out-debt/128587-info-cccs-payplan-experiences.html?highlight=Payplan

 

How to use the Forum

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

A click on the scales below is appreciated if my posts were helpful

Do not regard my postings or suggestions as professional advice. If in doubt seek a professional opinion.

 

PLEASE DONATE IF SUCCESSFUL - Every little helps :)

 

PLEASE, Do not Private Message me with basic questions, start your own thread and PM a link if you wish, but I will not be able to respond to all individual questions as I am very busy on numerous other things and anyway, others cannot learn from PM's. It also stifles contributions from the vast talent base this site offers from it's contributors and I'm not all that clever really! :D Thank you.

Share this post


Link to post
Share on other sites

Lot of land percentage wise 105 acres to farmhouse. Value probably 50/50.

 

Borrowed 60K reduced to 23K five months later. Then 23K transferred to a business account in January 1983. Did not have a business loan but terms agreed in writing in a letter £350 per month.

 

In 1984 wanted to improve farm, new building. Bank agreed to lend 30K to pay off exisiting loan with balance for improvements. This is when we had the first business loan agreement over 25 years. "Purpose of loan", to "purchase farm".

 

We continued tp repay this loan for 13 years making little headway. The bank took the loan to debt recovery together with the overdraft .

Share this post


Link to post
Share on other sites

How was the loan described - a Regulated Mortgage Contract? Unregulated Agreement? Business loan - who regulated this loan/any of the laons if at all?


Cabot and the Cabot Fan Club Threads:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot.html

 

Legal Actions Explained for Businesses:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20492-legal-actions-explained-company.html

 

Payplan CCCS Advice:

http://consumeractiongroup.co.uk/forum/getting-out-debt/128587-info-cccs-payplan-experiences.html?highlight=Payplan

 

How to use the Forum

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

A click on the scales below is appreciated if my posts were helpful

Do not regard my postings or suggestions as professional advice. If in doubt seek a professional opinion.

 

PLEASE DONATE IF SUCCESSFUL - Every little helps :)

 

PLEASE, Do not Private Message me with basic questions, start your own thread and PM a link if you wish, but I will not be able to respond to all individual questions as I am very busy on numerous other things and anyway, others cannot learn from PM's. It also stifles contributions from the vast talent base this site offers from it's contributors and I'm not all that clever really! :D Thank you.

Share this post


Link to post
Share on other sites

Described as a business loan. Banks didn't do mortgages in those days.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...