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I had a bridging loan with LMC taken out in 2005 for a 6 figure sum in joint names with my wife. It was for a business that failed. Since its inception we have never received any correspondence except the original offer letter. No annual statement, no nothing. Even emails I have sent with queries go unanswered. The debt has now been reduced substantially by me selling assets and cashing in a pension pot.
I asked for a settlement figure at the begining of 2014. I was told £75k however I was not able to settle then. I asked again for a settlement figure in March 2015. Nothing came from them for 3 months. Eventually I was quoted a figure of £120k
I eventually had a face to face meeting with a senior person there asking how it can change in such a short period of time. They denied having quoted £75k but I had an email confirming from them. They were not happy at that. They reduced it to £65k but only valid for 2 months. They know I cant pay it n 2 months and have no means to settle it so quickly. I asked if interest could be frozen, could the loan be capped, could the interest be capped....could you do anything so I can make monthly payments that would allow me to reduce and clear the loan. They proposed a ridiculous monthly figure that I could not afford. I made a suggested figure that they said would only go to interest payments and would reduce the loan.
I secretly recorded this meeting. I asked what interest rate was being applied and was told it would only be a nominal amount. I have now found out the rate being applied is 12%pa. They refused to look at my income and expenditure details and bank account details I bought with me.
I asked for confirmation of points from meeting in writing, they refused. The loan is secured as a second charge on my home. At the monthly payment they want I will be 78 years old when its paid off. I'm 56 now. Of course I will not be able to make those payments anyway after about 65 years old, if that
Any suggestions? The FCA do not investigate indivdual complaints. How can i get them to freeze everything and let me pay the debt down over 5 years which I can do
I asked for a settlement figure at the begining of 2014. I was told £75k however I was not able to settle then. I asked again for a settlement figure in March 2015. Nothing came from them for 3 months. Eventually I was quoted a figure of £120k
I eventually had a face to face meeting with a senior person there asking how it can change in such a short period of time. They denied having quoted £75k but I had an email confirming from them. They were not happy at that. They reduced it to £65k but only valid for 2 months. They know I cant pay it n 2 months and have no means to settle it so quickly. I asked if interest could be frozen, could the loan be capped, could the interest be capped....could you do anything so I can make monthly payments that would allow me to reduce and clear the loan. They proposed a ridiculous monthly figure that I could not afford. I made a suggested figure that they said would only go to interest payments and would reduce the loan.
I secretly recorded this meeting. I asked what interest rate was being applied and was told it would only be a nominal amount. I have now found out the rate being applied is 12%pa. They refused to look at my income and expenditure details and bank account details I bought with me.
I asked for confirmation of points from meeting in writing, they refused. The loan is secured as a second charge on my home. At the monthly payment they want I will be 78 years old when its paid off. I'm 56 now. Of course I will not be able to make those payments anyway after about 65 years old, if that
Any suggestions? The FCA do not investigate indivdual complaints. How can i get them to freeze everything and let me pay the debt down over 5 years which I can do
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