nat west not replying to my offer

[chester]

I made offer on loan 2 weeks ago and have not had reply, my first offer was ignored until we made phone call and we were advised that it wasnt enough. Is there a time scale that the banks have to adhere to to accept or refuse full and final offer. The loan was secured but they have lost all documentation and we have been told that they will consider offer. :tinysmile_twink_t2:

[IanM]

Re: nat west not replying to my offer

I made offer on loan 2 weeks ago and have not had reply, my first offer was ignored until we made phone call and we were advised that it wasnt enough. Is there a time scale that the banks have to adhere to to accept or refuse full and final offer. The loan was secured but they have lost all documentation and we have been told that they will consider offer. :tinysmile_twink_t2:

I wouldn't pay them anything at the moment!

First thing you need to do is to send a SAR to the bank and obtain all of your paperwork.

If they haven't got any paperwork then they would have a very hard time in court proving how much you owe and how they have arrived at the amount they are claiming.

Send the SAR, wait for a reply, make an appointment with a solicitor to see if the loan is unenforceable.

[chester]

Re: nat west not replying to my offer

One part of balance owing is secured loan but they have lost paperwork the other amount outstanding is overdraft. Can you explain SAR please .We spoke to ombudsman and they can recall secured loan or overdraft at anytime .

[chester]

Re: nat west not replying to my offer

Ive found template for sar thanks Ill post and wait 40days for reply !!!!

[chester]

Re: nat west not replying to my offer

Sar not relevant this is business loan

[Streetwise]

Re: nat west not replying to my offer

I made offer on loan 2 weeks ago and have not had reply, my first offer was ignored until we made phone call and we were advised that it wasnt enough. Is there a time scale that the banks have to adhere to to accept or refuse full and final offer. The loan was secured but they have lost all documentation and we have been told that they will consider offer. :tinysmile_twink_t2:

How much is the loan for and are you still paying the loan.:beagle:

[FlamingParrot]

Re: nat west not replying to my offer

I made offer on loan 2 weeks ago and have not had reply, my first offer was ignored until we made phone call and we were advised that it wasnt enough.

Whatever you do, do not discuss settlement offers over the phone, keep all communication in writing.

With full and final settlements, it's VERY IMPORTANT to get things right so they can't chase you for the balance later on, or sell it on to someone who will.

How much was this loan for and what sort of offer are you making?

Is there a time scale that the banks have to adhere to to accept or refuse full and final offer.

Not officially, that would depend on the terms of the offer, you'd normally give them a certain timescale when you make the offer, say, 28 days.

The loan was secured but they have lost all documentation and we have been told that they will consider offer. :tinysmile_twink_t2:

When you say it WAS secured, was it secured on a property you no longer own, in which case it's now unsecured? Or do they still have a charge on a property you own?

[Kafka]

Re: nat west not replying to my offer

^^^^^^^^^^^^^^^^^^^^^^^^^^

This covers the main points here, but a few more.

Do you have it in writing that they don't have the documentation? Without that they would struggle to mount a court case if they wanted to and if you knew how to deal with it. Armed with that fact, you are in a very strong position to dictate the offer, because their options are limited.

[chester]

Re: nat west not replying to my offer

I am dealing with everything in writing and with 3rd party making payment. The paperwork has been lost we have confirmation of this in writing .The secured loan is against business property we still own that had original paperwork against us but this was cleared in 1988 and they forgot to renew with new loan for another business.They thought they still had legal charge but we dont think they have.It was new business that caused all problems it came back to us under lease loop hole this is why bank closed all accounts even though the loan was being paid monthly. There is 3 way split 15,000 overdraft old business 25,000 current business and loan £50,000 we offered £55,000 now improved to £69,000 but still no reply !!!!!
Should add that we were making payments up until date they withdrew all our accounts they even cancelled account as executor to mothers account. they were offered full money once property was sold but wouldnt wait for sale.30 yrs same bank and management changed and apparently policies .

[Streetwise]

Re: nat west not replying to my offer

I am dealing with everything in writing and with 3rd party making payment. The paperwork has been lost we have confirmation of this in writing .The secured loan is against business property we still own that had original paperwork against us but this was cleared in 1988 and they forgot to renew with new loan for another business.They thought they still had legal charge but we dont think they have.It was new business that caused all problems it came back to us under lease loop hole this is why bank closed all accounts even though the loan was being paid monthly. There is 3 way split 15,000 overdraft old business 25,000 current business and loan £50,000 we offered £55,000 now improved to £69,000 but still no reply !!!!!
Should add that we were making payments up until date they withdrew all our accounts they even cancelled account as executor to mothers account. they were offered full money once property was sold but wouldnt wait for sale.30 yrs same bank and management changed and apparently policies .

You don't think they have the legal charge,better check with land registry first,how long have you not been paying the loan.:beagle:

[FlamingParrot]

Re: nat west not replying to my offer

I am dealing with everything in writing and with 3rd party making payment.

That is a very wise idea clap2: as per the case mentioned here: http://www.legalbeagles.info/forums/...350#post423350

The paperwork has been lost we have confirmation of this in writing .The secured loan is against business property we still own that had original paperwork against us but this was cleared in 1988 and they forgot to renew with new loan for another business.They thought they still had legal charge but we dont think they have.

You really need to check whether there is a charge or not, the land registry will have a record of it.

It was new business that caused all problems it came back to us under lease loop hole this is why bank closed all accounts even though the loan was being paid monthly. There is 3 way split 15,000 overdraft old business 25,000 current business and loan £50,000 we offered £55,000 now improved to £69,000 but still no reply !!!!!
Should add that we were making payments up until date they withdrew all our accounts they even cancelled account as executor to mothers account. they were offered full money once property was sold but wouldnt wait for sale.30 yrs same bank and management changed and apparently policies .

You may want to look at this thread which has lots of useful info about F&Fs: http://www.legalbeagles.info/forums/...ht=settlements

In view of the substantial sums involved as well as the complexity of the case, you should really seek proper legal advice and get a solicitor involved.

It became my opinion after all of the research that it would be unwise to tackle this problem alone particularly if significant sums are involved (see 5 above). This is not relatively simple Statute Law and has all of the complexities of a Common Law of Contract issue and all of the pitfalls that go with that. Every case stands or falls on its own merits. Hence our decision to ask our solicitors if they could take it up on our behalf. I would have thought a higher offer would be required but it was their decision that the opening offer only be 10% in total. If they wanted more then the bank would have to return the cheques and ask for a higher figure. To deal with this all only three letters were required.

It is my feeling that many successful F & Fs have little to do with the law, they are rather more to do with endemic systems failure and a weak management structure within these large sophisticated financial institutions. They only wake up to what has happened far too late, accord and satisfaction have been established as per Lloyd LJ. They have concerns about bringing actions under Contract Law. a failure would be embarrassing and could be disastrous for the other institutions as well.

One final point is that it is essential that you keep “proof” on a daily basis. Once those cheques have been cashed it will only take a few days before you will not be able to access all of your statements on line. Ours were cut off to the day postdating the day of the cheques being cleared. We could access nothing previous including th cashing of the cheques (but we had hard copy)/ Therefore it is wise counsel to print down your on-line statements on a daily basis until you have your “proofs”. If you are dealing with solicitors, they WILL require this proof as well as a copy statement from your benefactor which can have all else blocked out except the relevant transactions of the cheques clearing their account. It is most unlikely that you will receive any further hard copy statements from your creditor once this has gone through.

[chester]

Re: nat west not replying to my offer

Thank you for the post I wonder if the loans were secured like ours and if they had legal charge on property . Im not happy re legal charge as this should have been taken off when we cleared previous loan in 1988. Im pretty sure we didnt owe any money on overdraft at this time as well.They have dragged up legal charge from 1988 and not sure how this stands against them losing our loan agreement.

[chester]

Re: nat west not replying to my offer

You don't think they have the legal charge,better check with land registry first,how long have you not been paying the loan.:beagle:

its been in dispute since March they have put things on hold trying to find paperwork. They have sent copy of legal charge against property but the original loan was cleared in 1988 , we are trying to find out if overdraft was cleared at same time if it was then the charge should have been taken off.They dont have loan agreement not sure where this leaves us now.We didnt want to stop paying loan they withdrew all accounts.

[chester]

Re: nat west not replying to my offer

Update ..... full and final settlement been refused 3 times they will only reduce full payment by £4000 but will accept monthly instalments . Unsure how to progress with this now as really wanted f/f to get legal charge off our backs. There is legal charge but no paperwork for secured loan so if anyone can recommend mediator/solicitor that specialises I would be grateful .