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Lloyds business acc turned into loan help please!


funkymonkey123
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I am trying to assist my father into reclaiming bank charges that Lloyds applied to his sole trader business account. This account is now closed and Lloyds gave him a loan so he could repay his unauthorised overdraft that was mainly charges. He still has this loan and it is up to date.

 

He is totting up the total charges at the moment and the prelim letter is almost ready to go.

What we need to know is if when repaying charges to him will this be deducted from the balance of the loan?

And is there any chance that Lloyds will demand repayment of the loan in full as a reaction to him claiming againest him? Can they do that?

 

Is there anything else we should be aware of with regard to reclaiming charges from a business acc?

 

Thanks in advance for your help, Funkeymonkey123.

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Funky

I am in pretty much exactly the same situation as your father.

Business account now closed and recliaming charges.

I also had a consolidation loan on that account to repay borrowing a lot of which was due to charges.

I have started two threads:

One to help people pool together who are claiming on Business accounts.

The other to help people pool togeteher who have had loans to repay charges.

hopefully both links will appear in my signature, so come along and join in and get and share some advice.

The Bank cannot call the loan in for taking actions, they can only call it in if in default.

Also they cannot deduct any charges reclaimed from actions by offsetting them against the loan unless you volunteer to.

Bear in mind also, that you should also be able to reclaim the additional portion of interest of the loan that is due to repaying charges in the first place.

so a win win situation.

Which Bank is it with?

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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Just noticed it's Lloyds.... me too .......grrrrrrrr

 

Don't send anything until you've visited the threads.

Also what interest are you going for?

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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Photoman, thanks for the reply.

Very pleased that they shouldn't recall the loan, I want to help him make his situation better not worse!

I will have a proper read of the links this evening. With regard to interest i think to keep it simple will prop add 8% at court claim stage. Although as you say if we reclaimed the interest on the loan in proportion to the charges originally that could be quite a bit of extra money i would think. Lots of food for thought. Where abouts are you in your claim againest Lloyds?

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