Nat west business loan - cant find agreement

[Jackien]

Re: Nat west business loan - cant find agreement

DW is FO adjudicater

[Jackien]

Re: Nat west business loan - cant find agreement

Is all a bit odd isn't it.

Response to D Waterman 9th Jan 2013
Thank you for acknowledging that my account was not in arrears when passed to the collections department. This was previously ignored and formed a large part of my complaint as the bank had always maintained that the account had been passed here for this reason. Surely this is a good enough reason for the account to be reinstated. .
The bank received returned mail in January 2010 when the Royal Mail redirection facility - which had been in place for more than 2 years took effect.
The bank were well aware that the business had ceased trading in 2007 so the returned post did not trigger the bank realising that the business had ceased trading. There had been very little activity on the account since the business closed so I do not believe it took the bank 3 years to realise anything.
I have correspondence from the bank in 2008 where they acknowledge that the business was not trading.
I received all statements and correspondence from the bank until January 2010 due to the redirection of mail.. What I failed to notice was which of my post was redirected and which was addressed directly. The post all came together.
I feel that the bank reacted badly to the return of the post from my previous address – which I had left on 2007 - they made no attempt to contact me on a mobile phone number that I have had for 20 years and also the land line number which would have reached me or even an email, in this day and age there is no excuse not to be able to make contact. Fay Larkin made a decision which was unnecessary and even said that I failed (actually refused) to give the bank a forwarding address. I do not accept that I was at fault for not providing the bank with an address which they had a security on, that is crazy. Of course they knew that I could be reached there.
I visited my local branch and made the change of address form to formalise the situation, I still felt it was expedient.
It was the bank that suggested the £700 payment was made.
I fully expected the bank to debit this monthly amount as they had previously been deducting the £350. When they informed me that the payment had not been made I immediately made the payment, and actually the next months payment as well as I was informed the revised amount needed to be advised by myself ?? This doesn’t seem right either and they are using this as an excuse that I am further in the wrong..
The bank told me that subject to a current valuation of the property a settlement maybe considered,
Under the freedom of information act I believe I am entitled to all correspondence held by the bank that relates to me.
In regard to the M112 form, in the absence of a loan agreement on what basis are the bank saying that the loan was a business account. I still think they should provide this form to the DWP for them to make a judgement . This is surely in the banks interest.
The Bank have not been consistent in their replies to you in this matter, you have reviewed a previous complaint so will be aware of this. Even last month they are promising a copy of my loan agreement will follow. Another example of stock replies that are worthless but they are rarely challenged.
In conclusion whilst I take some comfort from your findings I feel that the bank do not really care or even learn anything from complaints. They offer the odd £25 or £200 here and expect that to make everything alright. This is small change to them and it will only be when they are hit with compensation awards that have an impact on their finances that they will take more care of their customers.

[Jackien]

Re: Nat west business loan - cant find agreement

Is all a bit odd isn't it.

Response to D Waterman 9th Jan 2013
Thank you for acknowledging that my account was not in arrears when passed to the collections department. This was previously ignored and formed a large part of my complaint as the bank had always maintained that the account had been passed here for this reason. Surely this is a good enough reason for the account to be reinstated. .
The bank received returned mail in January 2010 when the Royal Mail redirection facility - which had been in place for more than 2 years took effect.
The bank were well aware that the business had ceased trading in 2007 so the returned post did not trigger the bank realising that the business had ceased trading. There had been very little activity on the account since the business closed so I do not believe it took the bank 3 years to realise anything.
I have correspondence from the bank in 2008 where they acknowledge that the business was not trading.
I received all statements and correspondence from the bank until January 2010 due to the redirection of mail.. What I failed to notice was which of my post was redirected and which was addressed directly. The post all came together.
I feel that the bank reacted badly to the return of the post from my previous address – which I had left on 2007 - they made no attempt to contact me on a mobile phone number that I have had for 20 years and also the land line number which would have reached me or even an email, in this day and age there is no excuse not to be able to make contact. Fay Larkin made a decision which was unnecessary and even said that I failed (actually refused) to give the bank a forwarding address. I do not accept that I was at fault for not providing the bank with an address which they had a security on, that is crazy. Of course they knew that I could be reached there.
I visited my local branch and made the change of address form to formalise the situation, I still felt it was expedient.
It was the bank that suggested the £700 payment was made.
I fully expected the bank to debit this monthly amount as they had previously been deducting the £350. When they informed me that the payment had not been made I immediately made the payment, and actually the next months payment as well as I was informed the revised amount needed to be advised by myself ?? This doesn’t seem right either and they are using this as an excuse that I am further in the wrong..
The bank told me that subject to a current valuation of the property a settlement maybe considered,
Under the freedom of information act I believe I am entitled to all correspondence held by the bank that relates to me.
In regard to the M112 form, in the absence of a loan agreement on what basis are the bank saying that the loan was a business account. I still think they should provide this form to the DWP for them to make a judgement . This is surely in the banks interest.
The Bank have not been consistent in their replies to you in this matter, you have reviewed a previous complaint so will be aware of this. Even last month they are promising a copy of my loan agreement will follow. Another example of stock replies that are worthless but they are rarely challenged.
In conclusion whilst I take some comfort from your findings I feel that the bank do not really care or even learn anything from complaints. They offer the odd £25 or £200 here and expect that to make everything alright. This is small change to them and it will only be when they are hit with compensation awards that have an impact on their finances that they will take more care of their customers.

[Jackien]

Re: Nat west business loan - cant find agreement

I am having difficulty sending one of the letters, the final response from the FO. I have them on my computer, is there an email address I can forward them too, sorry

[Jackien]

Re: Nat west business loan - cant find agreement

Yes and I think that was the comment you made when I first joined the forum, seems its still odd ah well!
But then the took away my banking facility so where would they show the charges they arn't on the statements for the loan agreement. I really want to reach an agreement, we have just got planning permisssion and have a holiday cottage now made from an old barn so thats good. Haven't told them obviously. Ill post the letters in a while see what you think. Dont think the FO letter will help me or them. Apart from saying they gave me bad service but did nt insist on the bank doing anything to put anything right.

[Amethyst]

Re: Nat west business loan - cant find agreement

Is all a bit odd isn't it.

[Jackien]

Re: Nat west business loan - cant find agreement

No ! lol
J

[Jackien]

Re: Nat west business loan - cant find agreement

No lol !

[Amethyst]

Re: Nat west business loan - cant find agreement

Did the failed direct debit each month incur you charges on your bank account?

[Jackien]

Re: Nat west business loan - cant find agreement

Yes they do, btw everything was received outside of the 40 days does this help, not really I guess but there is nothing horrid in there anyway.
Jackien

[Amethyst]

Re: Nat west business loan - cant find agreement

Jackien xx

Since 2009 the only entries are a failed direct debit each month for 1801.26 a credit for 700 and quarterly amounts of interest of 1050.00. There was no covering letter or comp slip, nothing but the statements.

Do the new statements you have received match up with the ones you received in February?

[Jackien]

Re: Nat west business loan - cant find agreement

Think you need to do this now.

Now is the time to do this as SAR has not divulged anything that helps me or them. It would appear from the statements received that no charges have been applied to the account.
Jackien

[Jackien]

Re: Nat west business loan - cant find agreement

The Sar has provided me with the statements that I have not received since 2009, I have actually received them twice !
Copies of some letters that I have been sent and recordings of a couple of phone calls but nothing very helpful and no agreement. The statements show that I owe 200k and the end date of the loan as they have pointed out is Feb 2021. I am currently paying the 700 per month and now they have asked me for just under 3k a month. I understood that my rate was 1.5% over base, by my calculations this is 331.00 pm interest only or nearly 2300 repayment. I dont know where they got the £3k figure from was going to write and ask. They have admitted that the agreement is lost.

[Streetwise]

Re: Nat west business loan - cant find agreement

You need to phone them and ask for a settlement fee, a breakdown of all charges and copies of statements since the last statement received,you have to ask why they issued a formal demand and what rate of interest they are applying to your account at present and from when PHONE NOW.

Think you need to do this now.

[seduraed]

Re: Nat west business loan - cant find agreement

Did you go direct to thebank or via a broker cos if you went via a broker then they may have a copy .