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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10174
Experience:  Barrister 17 years experience
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hello I have a commercial mortgage with Lloyds bank which

Customer Question

hello
I have a commercial mortgage with Lloyds bank which I have had and paid since 2005. I was late paying on two occasions last year. Once because the bank did not make a transfer I asked them to make (I had over £100,000 on account with Lloyds at the time) and the second time the payment was taken from my account which put the account overdrawn and the same day I paid in to cover the overdraft but the bank bounced the mortgage payment back to my account.
with great difficulty I managed to get someone in the bank to apply both the payments to the mortgage account. the manager concerned refused to return my calls and messages after over 40 calls
whilst I was not in arrears the bank sent the account to their own recoveries, they would not take any further payments and after two months they sent it to the LPA receivers .
I was not in arrears at all when they sent it to recoveries. the bank have closed my account with over £1000 in it
how can I get the LPA receivers off the case. even if it is only to allow time to refinance
I have been told they will give me until next Tuesday to refinance, which I just cant do because no one will move that fast
Submitted: 2 years ago.
Category: Law
Expert:  Buachaill replied 2 years ago.

Buachaill :

1. Given the short time frame as Lloyd's bank have effectively "put the gun to your head" you should go to court and apply for an injunction preventing the LPA receivers or the recoveries department from acting to recover the entire commercial mortgage thereby giving you time to refinance. Effectively, the conduct of LLoyd's bank here has been reprehensible. By getting an injunction taken out, you will take the dealings with the commercial mortgage out of the hands of whoever has been mishandling it and abusing the situation. Once a fresh pair of eyes sees how it has been handled there is a good chance you will be able to negotiate some form of settlement whereby the mortgage continues but being dealt with by a different manager or official. However, at the moment, the bank have put you in an impossible situation.

Buachaill :

2. Accordingly, I would suggest you get yourself a solicitor and get him to issue proceedings in your local County Court seeking a restraining injunction on further enforcement action by Lloyd's Bank. All banks are subject to a Bank of England code in how they handle commercial mortgages which might be performing. Here the bank has abused this code. So you can rely upon this and the general provisions of not being in default to prevent action being taken against you here.

JACUSTOMER-l6oxvbkf- :

how quickly will an application be heard by the court?

Buachaill :

3. Once the papers are ready, you can get an ex parte order if necessary to preserve the situation. The court will react to the urgency of the situation.

Customer :

the bank have told me that not being in arrears is no protection from enforcement action because I broke the terms of the agreement by being late. I don't know if this matters but they accepted payments from me after sending a formal demand for repayment of the debt. Does this help me?

Customer :

also by closing the accounts down I am no linger able to make mortgage repayments but they have said I can give them money and they will just take it off the debt. In October 22 they sent me a message which said " thanks for bringing the payments up to date" and then carried on with recovery anyway

Buachaill :

4. It is true that any breach of the loan agreement will entitle the bank to terminate the mortgage. However, in each instance, you effectively paid on the day it was due. So it is not in fact a breach upon which the bank are relying as it was their own conduct in each instance that lead to no payment being accepted. You cannot rely upon your own conduct to put the other party in default. That is the element of unconscionability which makes the conduct unlawful.

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