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Hello there,
Background: My partner took out a loan with Lloyds in March 2009 for £125,000 this was for two buy-to-let properties - one of which needed work, with repayments at £260.00 per month. One property was already let and still is let at £450. We had a huge problem with terrible cowboy builders [recommended by a friend] with the second property, it is a long story but my they became very threatening and my partner was forced to ask the bank for an overdraft in October 2009 for £5,000 to get them to finish the work, even though I told him not to and yet they still never finished the property as asked - running away leaving the house as was.
The overdraft was taken away at the start of 2010. But we couldn't pay it back. Problems had arisen with my partners employers in 2009 who went into liquidation, but receivers who bought them out offered my partner a job at lower wages or redundancy - as his job is specialized he didn't have much of a choice.
My partner made an appointment with his business bank manager asap, and she was reassuring and said she would sort it out - it would be placed on-top his loan already. Do not worry.
But, a few months later nothing was being done. Money of £450 was going in and being whittled down through charges to about £300 of deduction from the overdraft. And the loan repayment was not being paid. We tried to negotiate with Lloyds on the overdraft but they were not budging. In the end, in August 2010, Lloyds referred negotiations through their solicitors - we have been doing more negotiations but basically they want the whole amount of £125,000 paid in 5-years or less, or paying it all within 6 months... We cannot afford these repayments they are requesting of us.
We put the second house on the market, but my partner worked on it on an Evening and as nothing was biting we got a tenant in August 2010 and now have an extra £530. We have offered all missed payments of loan to date and a payment of £500 pay off of overdraft facility - but they have declined us.
2010 has been a really difficult year for us, our eldest son as a very complex syndrome [Dravet's syndrome] and needs 24hr care, I couldn't work and wasn't in realization of what we could get benefit wise till June 2010. We have been pushed to the brink. And we have had financial hardship, which Thankfully is much brighter now...
They want a reply by Friday 11th Feb 4pm. I have made a written complaint to Lloyds a week ago, but I know this can take several weeks.
I think it was badly handled by Lloyds because
a) We could clearly make the loan repayments, and they never gave us any other option of how to repay it.
b) The negotiations have gone on far too long, they have take unreasonable amounts of time to respond and have never really given a reasonable solution.
Background: My partner took out a loan with Lloyds in March 2009 for £125,000 this was for two buy-to-let properties - one of which needed work, with repayments at £260.00 per month. One property was already let and still is let at £450. We had a huge problem with terrible cowboy builders [recommended by a friend] with the second property, it is a long story but my they became very threatening and my partner was forced to ask the bank for an overdraft in October 2009 for £5,000 to get them to finish the work, even though I told him not to and yet they still never finished the property as asked - running away leaving the house as was.
The overdraft was taken away at the start of 2010. But we couldn't pay it back. Problems had arisen with my partners employers in 2009 who went into liquidation, but receivers who bought them out offered my partner a job at lower wages or redundancy - as his job is specialized he didn't have much of a choice.
My partner made an appointment with his business bank manager asap, and she was reassuring and said she would sort it out - it would be placed on-top his loan already. Do not worry.
But, a few months later nothing was being done. Money of £450 was going in and being whittled down through charges to about £300 of deduction from the overdraft. And the loan repayment was not being paid. We tried to negotiate with Lloyds on the overdraft but they were not budging. In the end, in August 2010, Lloyds referred negotiations through their solicitors - we have been doing more negotiations but basically they want the whole amount of £125,000 paid in 5-years or less, or paying it all within 6 months... We cannot afford these repayments they are requesting of us.
We put the second house on the market, but my partner worked on it on an Evening and as nothing was biting we got a tenant in August 2010 and now have an extra £530. We have offered all missed payments of loan to date and a payment of £500 pay off of overdraft facility - but they have declined us.
2010 has been a really difficult year for us, our eldest son as a very complex syndrome [Dravet's syndrome] and needs 24hr care, I couldn't work and wasn't in realization of what we could get benefit wise till June 2010. We have been pushed to the brink. And we have had financial hardship, which Thankfully is much brighter now...
They want a reply by Friday 11th Feb 4pm. I have made a written complaint to Lloyds a week ago, but I know this can take several weeks.
I think it was badly handled by Lloyds because
a) We could clearly make the loan repayments, and they never gave us any other option of how to repay it.
b) The negotiations have gone on far too long, they have take unreasonable amounts of time to respond and have never really given a reasonable solution.
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