Lloyds secured loan, Claim for possession.

[jansus]

I think that you are asking for advice on the enforcibility of the loan to avoid possession so I am not sure really if you are in the right part of the forum. Also you do not have a huge amount of time. This is a business loan and I am not sure what the complaints proceedure is in your terms and conditions but that normally would be your way forward. Is it the FOS?

 

My only advice would be to put the property on the market and use the Norgan case so that you can stay in the house while it is being sold.Then work on the rest of your case.

 

What do you want to put in your defence?

 

The fact that you dispute the amount owed?

 

 

What do you think makes a case for the fact the loan is not enforcable - dates of signing etc?

 

the mistakes over PPI?

 

What happened to your charges on the business account do you know how much they totalled?

[jansus]

Sorry I could not be of help on this one. But i do feel for you.Sounds as if the lender has let things get out of hand.Hope you get help soon

[jansus]

Ahh the dreaded all monies clause .

 

Would make a difference - is this the first time you were made aware of this?

[jansus]

We had a case on another forum with an all monies clause and in the end he did manage to avoid possession. I have seen Ell-enn comment that it is not really relevant when it goes to court. So dont give up yet.

[jansus]

They probably did what is called a "drive by valuation"

 

I think Ell-enn is correct it will be worth doing one of her budget sheets to double check you are only offering what you can afford - because once they have a suspended possession order they will be able to move quickly if you default.

 

Is there anything you feel they could offer you to help the situation that they have not done so far?

 

How do you feel you could manage if you kept the house and had to make current payments plus a small amount towards the arrears?

 

How much do you want to keep the house in the hope your situation will improve and house prices may increase?

[jansus]

thats a shame - but lets hope that your kind act will be rewarded in that at least you will be able to keep your house.What goes around comes around is one of my dads sayings:)

 

Please remember try not to be bullied into paying more than you can afford. If you have agood week you can always pay extra - but you must be able to pay what you can afford.

 

It is always in your interest to repay the arrears quicker if you can because of the interest you are being charged - but if all possible you need to keep that within your control.

[jansus]

so do you mean that they have a suspended order but at any time if you default they must give you 28 days notice - which would give you time for an appeal or find alternative accomodation?

 

How was the hearing?

[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 ?

[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?

[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?

[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.

[jansus]

any news yet?