bank theft?

[Tml123]

Hi , back in 2005 i was going to take a loan to purchase a property and my bank took a charge on some commercial property i offered as security. Ipresumed as i didnt take the loan as the deal fell through , that the charge would be removed. I was astonished to find some 13 years later it appeared on a security schedule for some loans i have within a parternship. after challenging the bank at a local leval and through their complaints department, they are addament they can do this and told me to go to the omsbudman. this cannot be legal can it ?

[Amethyst]

Re: bank theft?

It was probably an all monies charge so used as security for any and all debts/liabilities you may have to the bank then, now and possibly in the future. After signing the charge it became valid regardless of the loan being taken up or not. Are they removing the charge now or keeping it? Was the loan a commercial or personal loan ? Was the loan to be secured by the charge or was the charge by way of a guarantee?

Did you sign one document ( for the loan) or one for the charge and the loan one separately ? Do you retain any copies of those documents ? If not have you asked the bank for them?

[Tml123]

Re: bank theft?

thanks for your responce. i will have to check out a few of these points . i dont believe i signed a document for the charge but certainly didnt sign loan agreement as i still have the document and it says the offer was invalid after a date of a month . the bank wont release the charge as i signed a loan in 2014 with it added into the security list which i hadnt noticed as i was just asked to sign marked wwith a x