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R.B.S
Hi .
I am just new to this i sent a private mail about my grievances with the R.B.S dont know if any one has read it or not,anyway i will try to give you a brief account of my problem.
I put my house in my sons name to let him tart a small building business the bank had advised if he put the house for security he would get an overdraft easier.
he did this and got an overdraft he was working for his business as a plasterer with a take home pay of £200 per week.
as time went on the bank manager asked him why he didnt buy a couple of houses on the sites he was working on to sell as profit and this my son did they also gave him a commercial loan to buy another property but unknowm to my son and his lack of finacial literacy he did not know or fully understand that the bank was putting these all down as an all monies which my house was tied into.
When the building trade started to collapse during the credit crunch my son was left with 2 mortgages and a commercial loan all amounting to £540,000 due to the bank. plus 2 motors a range rover and a Q7 which are now repossessed we havent heard anymore from them, it was like letting a child loose in a sweet shop he did not know what he was getting into and was never fully advised of the consequenses
#I complained to the F.O.S about this and it took them 2 years to come to the conclusion the bank done no wrong i gave them all the proof they needed about the codes of irresponsible lending which i got from the O.F.T scoping papers but no they would not agree there was even proof of the bank manager telling my son he would do all the necessary paper work and he would not have to do anything but sign the paperwork.
I then find out that the ombudsman is run by x bankers (NO CHANCE) what i would like to know is how can a financial institution give out all that debt on a take home pay of £200 per week and the business running of the banks overdraft.
I said they should have checked out his income and expenditure at the time and then decide wheather he could afford that amount there answer was "we dont always check out peoples finances" i couldnt beleive this comment./
they were relying on the equity in my house but it did not have the amount of equity to sustain the debt they alowed him to accumulate My son was made bankrupt last year but is now discharged but not in relation to what is going on with the bank but now they have a trustee and i dont understand where this is coming from as i believe a trustee will take nothing to do with secured debts even if the debts were clear there is nothing in it for him we had a buyer for one of the properties last month but he wouldnt budge so the sale fell through we have had calling up papers for the 2 mortgages and the loan 3 times but nothing has been acted on also the bank set up a standing order 7 monthes ago for us to pay £500 towards the debt and my own house that was put up for security is fully up to date with the mortgage and has never been missed i was also led to believe that once you had calling up papers this would end your loan agreement yet i still continue to pay my mortgage and £550 to the other debts.
the bank also had my son signing personal agreements saying he would be responsible for the debts if things went into default. but they knew he had no personal savings as they were running the business they had all his yearly accounts and knew what the business was capable of in actual fact they were paying all the debts of their own money my son had none.
#I have done my home work on this and we are in limbo i have got a lawyer and advocate on to it but i think they are not looking at the file properly i would really like to know where i stand here we did try 2 years ago to negotiate repayment plans with the client relation officer at the time but he was a pure swine he was not interested at all and handed it over to the recovery team with out giving us a chance to repay If he had it would not have got this far.
I reall;y need some advise all we want is my house released from this and they can have their houses back.
please help
I am just new to this i sent a private mail about my grievances with the R.B.S dont know if any one has read it or not,anyway i will try to give you a brief account of my problem.
I put my house in my sons name to let him tart a small building business the bank had advised if he put the house for security he would get an overdraft easier.
he did this and got an overdraft he was working for his business as a plasterer with a take home pay of £200 per week.
as time went on the bank manager asked him why he didnt buy a couple of houses on the sites he was working on to sell as profit and this my son did they also gave him a commercial loan to buy another property but unknowm to my son and his lack of finacial literacy he did not know or fully understand that the bank was putting these all down as an all monies which my house was tied into.
When the building trade started to collapse during the credit crunch my son was left with 2 mortgages and a commercial loan all amounting to £540,000 due to the bank. plus 2 motors a range rover and a Q7 which are now repossessed we havent heard anymore from them, it was like letting a child loose in a sweet shop he did not know what he was getting into and was never fully advised of the consequenses
#I complained to the F.O.S about this and it took them 2 years to come to the conclusion the bank done no wrong i gave them all the proof they needed about the codes of irresponsible lending which i got from the O.F.T scoping papers but no they would not agree there was even proof of the bank manager telling my son he would do all the necessary paper work and he would not have to do anything but sign the paperwork.
I then find out that the ombudsman is run by x bankers (NO CHANCE) what i would like to know is how can a financial institution give out all that debt on a take home pay of £200 per week and the business running of the banks overdraft.
I said they should have checked out his income and expenditure at the time and then decide wheather he could afford that amount there answer was "we dont always check out peoples finances" i couldnt beleive this comment./
they were relying on the equity in my house but it did not have the amount of equity to sustain the debt they alowed him to accumulate My son was made bankrupt last year but is now discharged but not in relation to what is going on with the bank but now they have a trustee and i dont understand where this is coming from as i believe a trustee will take nothing to do with secured debts even if the debts were clear there is nothing in it for him we had a buyer for one of the properties last month but he wouldnt budge so the sale fell through we have had calling up papers for the 2 mortgages and the loan 3 times but nothing has been acted on also the bank set up a standing order 7 monthes ago for us to pay £500 towards the debt and my own house that was put up for security is fully up to date with the mortgage and has never been missed i was also led to believe that once you had calling up papers this would end your loan agreement yet i still continue to pay my mortgage and £550 to the other debts.
the bank also had my son signing personal agreements saying he would be responsible for the debts if things went into default. but they knew he had no personal savings as they were running the business they had all his yearly accounts and knew what the business was capable of in actual fact they were paying all the debts of their own money my son had none.
#I have done my home work on this and we are in limbo i have got a lawyer and advocate on to it but i think they are not looking at the file properly i would really like to know where i stand here we did try 2 years ago to negotiate repayment plans with the client relation officer at the time but he was a pure swine he was not interested at all and handed it over to the recovery team with out giving us a chance to repay If he had it would not have got this far.
I reall;y need some advise all we want is my house released from this and they can have their houses back.
please help
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