Complicated LLoyds bank debt - now issued repo proceedings on last asset

[SabreSheep]

Is the loan secured or unsecured?

[hesanmp]

secured. loan dates back to 2007. no payment made for years. misrepresentation re bank valuation instructions to surveyor, signing blank mortgage documents...the list goes on

[dx100uk]

numerous threads on same issues merged for history

of advise already given

 

 

dx

[hesanmp]

situation is as follows:

 

been with lloyds since 1993.

 

started developing property. 

 

gave security.

 

bank gave me loans based on security value.

 

transpires bank manager gave false information to their panel valuer.

 

valuer agreed value of security as required by bank to advance monies.

 

valuer knew valuation was for loan.

 

main security was repossessed and sold at almost 50% of valuation.

 

bank is now trying to repossess my last asset which potentially has 30k surplus.

 

bank debt is over 200k

 

my question is why didn't bank simply recover all of its losses from the valuer if his valuation was so wrong?

[dx100uk]

old and new threads merged for complete history

 

dx

 

[hesanmp]

matter has just escalated as lloyds has issued proceedings for repossession!!!

[dx100uk]

moved to the repo forum.

 

so, its difficult to understand as so many threads over the years have been started about this, them get merged, then the story/progress dies and you just start another thread, as you have today....

 

so your current asset they have issued repo papers on...was this used as security for the original loan ??

[hesanmp]

at the time of the new loan in 2007 the bank already had security over the current asset, given in 2005. when the new loan was given in 2007 it was solely based on , and conditional of the old asset being valued at 750k