Nat west business loan - cant find agreement

[Jackien]

Nat west can not provide me with a copy of my loan agreement, they want yo call in the loan. we are making monthly payments that they say will not clear the loan within. The timeframe that they think it should be cleared. Without the agreement how do we know how much we owe and by which date it should be repaid? Any help please?

[pt2537]

Re: Nat west business loan - cant find agreement

Nat west can not provide me with a copy of my loan agreement, they want yo call in the loan. we are making monthly payments that they say will not clear the loan within. The timeframe that they think it should be cleared. Without the agreement how do we know how much we owe and by which date it should be repaid? Any help please?

Business loan? now then is it a limited company? or Sole Trader?

Also, how much was the initial loan?

[Jackien]

Re: Nat west business loan - cant find agreement

Sole trader and £250k taken out in 2006

[wales01man]

Re: Nat west business loan - cant find agreement

Is loan secured?

[Jackien]

Re: Nat west business loan - cant find agreement

Yes, secured against the property although business hasn't traded for over 5 years and I live there.

[pt2537]

Re: Nat west business loan - cant find agreement

Sole trader and £250k taken out in 2006

£250k?

Then its not regulated as the Act applies to loans upto £25k way back in 2006

[IanM]

Re: Nat west business loan - cant find agreement

Nat west can not provide me with a copy of my loan agreement, they want yo call in the loan. we are making monthly payments that they say will not clear the loan within. The timeframe that they think it should be cleared. Without the agreement how do we know how much we owe and by which date it should be repaid? Any help please?

I would have thought that if they cannot provide you with the original loan agreement, or any proof that the amount you owe is exactly what you owe in accordance with that agreement, then they cannot collect any money from you for any reason other than for them looking after your deeds.

Get some free legal advice as I'm sure if there is no physical contract there is no binding contract.


http://www.thisismoney.co.uk/money/c...ing-debts.html

May be worth a quick look, but if they don't have any version of your agreement whatsoever then you may have a good case.

[Jackien]

Re: Nat west business loan - cant find agreement

Sorry to sound ignorant but what does it mean when you say not covered by the Act? Sorry (a dumb blonde)

[Jackien]

Re: Nat west business loan - cant find agreement

Will do and thanks!

[Guest]

Re: Nat west business loan - cant find agreement

£250k?

Then its not regulated as the Act applies to loans upto £25k way back in 2006

Still doesn't

[Jackien]

Re: Nat west business loan - cant find agreement

So, is that good or bad? Does that mean as not covered by the Act they don't have to provide me with a copy of the original agreement. I'm not disputing there was a loan I'm just concerned how they know how much I owe them and for how long I need to pay. What started as a simple request is now becoming an issue!

[Guest]

Re: Nat west business loan - cant find agreement

This is a business loan so you do not have the protection of the consumer credit act for this amount of cfredit.

But i take it you are not contesting that the consideration was not made( you had the money). so what is it you are contesting, is it the amount you are repaying , is it the interest they are applying is it the charges.

Have you been receiving annual statements, do you consider the way the account has been conducted by the bank to be unfair.

You are going to have to come up with a reason why, otherwise they can get a judgment based on the probability that an agreement was signed, and that you are just trying to get out of repaying it.

[Guest]

Re: Nat west business loan - cant find agreement

Sorry to sound ignorant but what does it mean when you say not covered by the Act? Sorry (a dumb blonde)

http://www.legislation.gov.uk/ukpga/...e-1974-act-etc

4Exemption relating to businesses

Before section 17 of the 1974 Act insert—

“16B

Exemption relating to businesses

(1)

This Act does not regulate—

(a)

a consumer credit agreement by which the creditor provides the debtor with credit exceeding £25,000, or

(b)

a consumer hire agreement that requires the hirer to make payments exceeding £25,000,

[Jackien]

Re: Nat west business loan - cant find agreement

Thank you for the info I understand that now. In regard to the loan I took a payment holiday in 2009 when payments resumed and I had an amount if money available I asked them if I could settle it. They did not respond, after 6 months or so I received a letter from them saying I had to make higher payments as the Loan would not be cleared by the time it was meant to be. At this point I asked how much I owed and when should the loan be repaid and in fact can I please have a copy if the agreement as mine seems to be missing. I have not received a statement since 2009 when I took the. 9 month payment holiday. Now they have said they do not have a copy of the loan agreement. I posted here in the hope of getting some words of wisdom and I could tell them how it is rather than the other way round!! Banks seem to bully people. I wanted to be on top of things.

[IanM]

Re: Nat west business loan - cant find agreement

This is a business loan so you do not have the protection of the consumer credit act for this amount of cfredit.

But i take it you are not contesting that the consideration was not made( you had the money). so what is it you are contesting, is it the amount you are repaying , is it the interest they are applying is it the charges.

Have you been receiving annual statements, do you consider the way the account has been conducted by the bank to be unfair.

You are going to have to come up with a reason why, otherwise they can get a judgment based on the probability that an agreement was signed, and that you are just trying to get out of repaying it.

From my point of view, the lender has required the repayment of a loan from the customer that the customer is disputing as to whether it is the correct amount in accordance with the original loan contract.

If the lender cannot produce a dated original loan agreement with all the relevant details on it then the amount demanded will always be in dispute as the lender is unable to refer to the original agreement to prove their figures are correct.

It's not whether there is probability of an agreement being signed and trying to get out of it, it is the about the amount being claimed that is In dispute and the lender will have to prove this to be a true figure which I don't believe they ever could without the original contract so there will always be a disputed claim from both sides.