Nat west business loan - cant find agreement

[Streetwise]

Re: Nat west business loan - cant find agreement

Payments restarted March 2010
SAR request made 2010
Want the bank to take away threat of calling in loan and let it takes its course and run until its due date in 2021. They are saying the monthly payments that I make, which they told me to make will not cover the loan by 2021, hence me asking for the agreement etc amount due, how I get the account back on track, none of which they have answered. and as for the agreement with the interest rates etc which they cant provide, rewind 18 hours.

If no formal demand has been made,why don't you just ask them how much you should increase the monthly payments too bring the loan back into line.:beagle:

[Amethyst]

Re: Nat west business loan - cant find agreement

As an aside I have been to the FSO who found the bank were wrong and ordered them to pay me £300. I did not accept this decision or the £50 cheque that the bank sent me last year, well I have it but havent cashed it.

I don't see that as an aside, what was your complaint and what was the adjudication made by the FOS. What was the award for? If you have copies of that paperwork that would be incredibly helpful in working out exactly what your situation is with this loan and help us support you in the next steps.

[Jackien]

Re: Nat west business loan - cant find agreement

mmmmm, maybe post up a copy of your subject access request and their response (If you have them) or we'll help you in drafting a new SAR to start from the beginning again.

I have found the response in a letter dated 13th July 2011 it states 'We regret that the information you have requested is not held on our files. We can also confirm that your Data Subject Access Request was not necessary to obtain this information, if it was available.
We hereby return your cheque in the sum of £10.00 accordingly.
We would also remind you that if full payment of the loan is not received by 31st august 2011 the banks solicitors will be instructed to commence proceedings against the above property'.

[Jackien]

Re: Nat west business loan - cant find agreement

If no formal demand has been made,why don't you just ask them how much you should increase the monthly payments too bring the loan back into line.:beagle:

I have, they are not interested in working with me!! I get the feeling they would rather repossess.

[Amethyst]

Re: Nat west business loan - cant find agreement

Oooerrr. Did anything happen in August 2011 as threatened ?

What information did you ask for, do you recall ?

[Jackien]

Re: Nat west business loan - cant find agreement

I have, they are not interested in working with me!! I get the feeling they would rather repossess.

BTW this is not a problem for me to bring the account up to date. Remember though they have no agreement and no idea of interest rate so how do they provide me with this accurately?

[Jackien]

Re: Nat west business loan - cant find agreement

Oooerrr. Did anything happen in August 2011 as threatened ?

What information did you ask for, do you recall ?

No nothing happened and it was the damn agreement lol!! that I asked for. It was after this that I went to the FSO and it has taken all of this time as the bank took ages in replying to the FSO.

[Jackien]

Re: Nat west business loan - cant find agreement

I don't see that as an aside, what was your complaint and what was the adjudication made by the FOS. What was the award for? If you have copies of that paperwork that would be incredibly helpful in working out exactly what your situation is with this loan and help us support you in the next steps.

I hear what you are saying re FSO but I wanted things to be not too complicated haha! I think applying fro a SAR now and see what that brings. Do you agree? They are in a bit of a pickle arn't they I hope if I keep questioning them others will not suffer the same way. Who regulates the Bank ie is there any recourse after the FSO apart from the law ?

[Amethyst]

Re: Nat west business loan - cant find agreement

Complicated is better then we know where we are at and don't end up just duplicating things.

So the FOS agreed that Natwest should have given you a copy of your agreement and awarded you £300 ? Have you got their adjudication letter you can post up ?

You know already they will just try for reposession and you need to be ready to stop it. Also the SAR is another 40 days and the longer you underpay for (even on their advice) the more interest builds up and the more it will cost to redeem, as well as more risk of reposession/default.

You mentioned earlier you wanted to pay the loan off and just wanted a settlement figure to check everything had been worked out correctly etc. Did FOS order Natwest to send you a redemption statement or anything ?

[Streetwise]

Re: Nat west business loan - cant find agreement

I have found the response in a letter dated 13th July 2011 it states 'We regret that the information you have requested is not held on our files. We can also confirm that your Data Subject Access Request was not necessary to obtain this information, if it was available.
We hereby return your cheque in the sum of £10.00 accordingly.
We would also remind you that if full payment of the loan is not received by 31st august 2011 the banks solicitors will be instructed to commence proceedings against the above property'.

Long time not to take action after threating action,has this affected your health.

[Jackien]

Re: Nat west business loan - cant find agreement

Complicated is better then we know where we are at and don't end up just duplicating things.

So the FOS agreed that Natwest should have given you a copy of your agreement and awarded you £300 ? Have you got their adjudication letter you can post up ?

You know already they will just try for reposession and you need to be ready to stop it. Also the SAR is another 40 days and the longer you underpay for (even on their advice) the more interest builds up and the more it will cost to redeem, as well as more risk of reposession/default.

You mentioned earlier you wanted to pay the loan off and just wanted a settlement figure to check everything had been worked out correctly etc. Did FOS order Natwest to send you a redemption statement or anything ?

No in fact the ombudsman actually said that as the account was in arrears then the bank were well within their rights to ask for the loan to be repaid!! I asked her to insist that it was allowed to run it course and she said she couldnt do that for the reasons above. I am beginning to think that I let them come to me and then try to negotiate, I do have funds, not to clear the loan but to put it back in order, I just think they have behaved so bullishly if that is a word and they need taking down a peg or two, Im just not going to make the difference though. Do you think they consider they have a small amount of difficulty in not having the agreement or not ?

[Jackien]

Re: Nat west business loan - cant find agreement

Long time not to take action after threating action,has this affected your health.

Of course :tinysmile_cry_t:

[Streetwise]

Re: Nat west business loan - cant find agreement

No in fact the ombudsman actually said that as the account was in arrears then the bank were well within their rights to ask for the loan to be repaid!! I asked her to insist that it was allowed to run it course and she said she couldnt do that for the reasons above. I am beginning to think that I let them come to me and then try to negotiate, I do have funds, not to clear the loan but to put it back in order, I just think they have behaved so bullishly if that is a word and they need taking down a peg or two, Im just not going to make the difference though. Do you think they consider they have a small amount of difficulty in not having the agreement or not ?

( Do you think they consider they have a small amount of difficulty in not having the agreement or not ),that question has been asked many times on many FORUMS and has never been answered directly.Wonder WHY.

[Amethyst]

Re: Nat west business loan - cant find agreement

Okay.

Have the bank at least said how much in arrears they consider the account to be ?

[Streetwise]

Re: Nat west business loan - cant find agreement

Of course :tinysmile_cry_t:

Thought as much sorry to hear that, by the way its the F.O.S.,unless your reffering to another regulator,kind of through me a bit.