Relative victim of fraud/investment scam/Bank acted irresponsibly

[Amethyst]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Hiya, Ok, might have a narky letter with the N181 but hopefully it's stalled things enough to get the info. We now at least know the situation with the loan and that it was a consolidation loan, and that the defence was actually an admission.

We still don't know how the loan was taken out though, who did it and whether it was taken out in branch or online / telephone and the SAR will take ages to come back.

We'll get the N181 in then apply to amend the defence I think as we should have more information by then, at the very least the timescales for the CCA request will be passed.

[SpringBreak]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Okay - thank you Ames

I'll wait for the form to arrive and will let you know when that is.

Thanks again

SB

[Tools]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Annoyingly I haven't heard a peep back from Trading Standards as yet but will let you know if/when I do.

[SpringBreak]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Okay Jules, no worries thank you again - we've received a copy of a letter from Lloyd's solicitors along with an N181.
I will explain what the letter says or scan a copy when I get home tonight.

[SpringBreak]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Hello - have scanned the letters and a "general directions order" I presume a copy sent from the court - attached in post . They've also sent the N181 as mentioned. Not entirely sure what to make of this - the letter is dated for Feb '14 so gives some indication of how the thing has been delayed as some kind of dispute over the amount has been made. Feel quite angry - they say they have a 'duty of care to their customers'

[Tools]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Ame will take a look tomorrow

[SpringBreak]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Hello guys - was just wondering if you'd had a moment to help me fill out this N181?

Thank you - hope you're enjoying this wonderful English weather!!

[Amethyst]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Hi Springbreak

I've been thinking about all this situation, and Jules has spoken again with TSecrime and they just can't do anything with the bank at all. The fraudulent land sales is being investigated and is awaiting a high court appeal so we're a little stuck on that front and this needs dealing with now.

CAB have really sent this off down the entirely wrong path which makes things more complex, I am looking into their 'advice' and the phone call from the equity release guy, waiting for CAB HQ to get back to me on that. The defence/admission is written very poorly.

Although the loan was used to pay a scammer, the loan was taken out legitimately (so far as we are aware). It is more than likely the bank will come up with the credit agreement as it is quite recent. As there was nothing in place flagging your Uncle up as vulnerable, if it isn't obvious then I doubt irresponsible lending will come into it. He has made quite a lot of repayments on the loan and consolidated it twice without any issue, it isn't like he was constantly missing payments and they still let him borrow more money.

So this is what I propose to save any further costs and stress.

We withdraw the current defence/admission and just enter a full admission and offer to pay.

Uncle gets a CCJ against his name, which seems unfair I know, but it will stop any further borrowing if you look on the positive side.

He hasn't got much in the way of income so can make an affordable offer of repayment based on his income and expenditure sheet.

The bank may obtain a charging order over his property, however a sale order is extremely unlikely so long as the payments are made. It would basically sit on his home until he sells it, re-mortgages or has paid off the loan. It is basically security for the bank.

I think that is the path of least resistance to enable you all to move on from this. There isn't at the moment any specific defence to the claim.

The claim will be run through the fast track and as such solicitors costs will just keep rising so we need to draw a line under it if at all possible.

Putting this up for discussion, obviously you have to do what you think is best, and if you want to try fight against it we will help you as much as we possibly can, but it does have risks and sadly I don't think their is a very large chance of succeeding as the court will see the issues as separate (ie. it isn't the banks fault that your Uncle was scammed by the African Land people)

Did you get a copy of Lloyds' N181 by the way?

[Tools]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Sadly as far as the court proceedings are concerned I have to agree with Amethyst. The legal facts of the matter are

• Uncle took out a loan(s)
• the bank was/is unaware of any vulnerability
• we have no evidence to confirm without doubt that the loan(s) were taken out by anyone other than Uncle
• they remain unpaid and in default

In which case the steps mentioned by Amethyst would be the best course of action until such a time as we can establish any new info or until the outcome of the FCA's case against Capital Alternatives Ltd/Agri-Land etc.

We will also see what the SAR information comes back and see if this sheds any further light on what has occurred, the CCA requests will no doubt be compliant/enforceable as they are >2007.

I'm going to try and speak with whoever is dealing with the case ( Case Reference HC13F02624 ) at the FCA to see what stage proceedings are at. Trading Standards have hit a dead end pretty much, but are still looking into alternatives.

The main issue to deal with at the moment is the court case, possibly speak with SCM to propose a remedy to the case without incurring further costs.

[Tools]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Spoken to FCA, no further updates on the appeal by African Land, Capital Alternatives & others. "Investors will be contacted with any updates"

[SpringBreak]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Okay Ames - have spoken with my dad and we feel it's best to go down the route you suggest - is there any possibility anybody could help with the N181 form?

As far as the FCA case - I've not heard anything regarding this - what do you think the chances of getting compensated are? Have plenty of evidence against AL

Thanks

[Tools]

Re: Relative victim of fraud/investment scam/Bank acted irresponsibly

Okay Ames - have spoken with my dad and we feel it's best to go down the route you suggest - is there any possibility anybody could help with the N181 form?

Ame said she will help you complete the N181 tomorrow, and suggest a plan to negotiate an affordable repayment plan.

As far as the FCA case - I've not heard anything regarding this - what do you think the chances of getting compensated are? Have plenty of evidence against AL

Thanks

As for compensation, I think that all depends on the outcome of the appeal in the court case between the FCA v AL, sadly that may not be for some time. Have you tried to contact the FCA to make them aware of the situation your Uncle is facing, that would have to be done at your end as the FCA will not discuss your case with me for obvious reasons.