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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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OK ,SO I HAD A DEVELOPMENT LOAN TO CONVERT A BUILDING INTO

Customer Question

OK ,SO I HAD A DEVELOPMENT LOAN TO CONVERT A BUILDING INTO 6 FLATS ,TWO WERE SOLD ,LEAVING £280.000 ,I GOT A DEMAND FOR THE FULL AMOUNT TO BE REPAID IMMEDIATELY ,THE BANK ALMOST TRIPPLED THE INTEREST RATE ,AT THE SAME TIME DEMANDING THAT I PUT TWO FLATS ON THE MARKET,I HAD TO AGREE ,SO TWO FLATS RENTED THE OTHER TWO EMPTY FOR SALE,TWO FLATS RENTED WOULD NOT COVER THE RAISED INTEREST PAYMENTS ,SO THEY DEFAULTED THE LOAN ,I HONESTLY BELEIVE THIER PLAN WAS TO REPOSSESS,I CONTACTED THE BANK AND SAID THAT I WOULD REDEEM THE LOAN ON PRODUCTION OF THE ORIGINAL LOAN DOC ,IT IS MY OPINION THAT THE ORIGINAL LOAN DOC WAS SOLD INTO THE MARKETS AND THUS FAR THEY CANNOT PRODUCE IT ,SO THEY MONETIZED MY SIGNATURE ON THE DOC ,PLACED THE MONEY IN AN ACCOUNT,THEN LEND IT TO ME,so they obtained my signature on the promissory note,and monetized it,by converting it into a negotiable instrument,thereby creating an assett on the banks accounting books according to UCC 1-20 1(24)AND3-104
SO THE BANK TOOK THE NOTE AND SOLD IT ,WITHOUT DUE CONSIDERATION TO ME
THE BANK RISKED NONE OF ITS ASSETTS,AND CANNOT POSSIBLY SUSTAIN A LOSS
CONSIDERATION IS ESSENTIAL TO AN ENFORCEABLE CONTRACT AND THE NOTE WAS OBTAINED FRAUDULENTLY ,ANYHOW A CONSIDERABLE AMOUNT OF MONEY ,AND HARD LABOUR IS WRAPPED IN THERE,THEY HAVE JUST DECLARED THAT THEY ARE SELLING THEM AT AUCTION ,I AM UP FOR A FIGHT ,THEY PUT ME IN DEFAULT ON PURPOSE
SO CAN I PLACE SOME SORT OF LIEN OR CHARGE TO HAMPER THE SALE ,AND HAVE MY DAY IN COURT?THANKS FOR READING
Submitted: 4 years ago.
Category: Law
Expert:  Ash replied 4 years ago.

AlexWatts2013 : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
AlexWatts2013 : Did you in any way breach the terms of the loan please?
JACUSTOMER-h9qjcleg- :

Probably did ,as once the interest rate was raised ,and two flats were empty and for sale ,the payments could not be met,thanks

AlexWatts2013 :

Why was the interest rate raised? Did their terms allow them to do this? Before the interest rate was raised had you breached the terms of the loan at all please?

JACUSTOMER-h9qjcleg- :

The Loan had expired ,they wanted the loan repaid ,which was impossible ,so they had me sign a new loan agreement with higher interest ,

JACUSTOMER-h9qjcleg- :

I would have mortgaged them to pay off the loan ,but the credit crunch had adversely affected my credit rating

AlexWatts2013 :

Have you made a formal complaint to the bank or Ombudsman yet?