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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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We have just been told that a bank with which we have a 2nd

Resolved Question:

We have just been told that a bank with which we have a 2nd mortgage will not continue the loan agreement and the arrangement we had up till recently due to not fitting the banks profile. The property s coowned between my common-in-law wife and myself. I am terminally ill with cancer and have recently been operated for the 6th time. We have been on interest-only arrangement since Jan 2012 on an original repayment loan, but I was not capable to continue working due to my health situation. We had discussions with the bank by end last year and they told us just to hold on and don't do anything in terms of payments till they had news. Right before going in for my last operation in February we were told the same. I was in hospital for 5 weeks and continued concvalecence at home for several weeks. We had no futher communication from the bank. Now, and a week ago, the bank come back and told us that they want the money back and not willing to prolong the agreement. They had deliberately waited for several months not given us the answer, which was presented to them without leeting us know (it's a foreign bank with full commercial banking licence in the UK). To add, I/we have had loans with the bank for 25 years and their motive for canceling the agreement and arrangement is that we do not any longer fit their profile, not for defaulting. I have health conditions which are very debilitating and not in conditions to move from our home. The total mortgage we have, only repesents 40% of the full property value and does not present any threat for the bank of us loosing the value of the property. I have complained to the bank, finding their attitude completely unaccecptable to use my illness as reason for the cancelation of the loan. On an interest-only basis we were all the time capable to fulfill our payment obligations. We will soon receive a letter from the bank telling us that if we don't pay the outstanding loan in full, it will go to the bank's legal department and they will forfeit our lease and force us to sell the property. We have no other means or savings to come up with the money claimed. Can you, please, see what you can do for us and if there is any way to come to a reasonable arrangement - othrwise will have to file a formal complaint with the ombudsman. Yours sincerely XXXXX XXXXX
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX 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. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Are they calling in the loan or was it just a refusal for extension please?

Customer:

they are going to call in the loan.

Alex Watts :

Have you missed any payments or anything please?

Customer:

None, but it is contentious because the bank says now that time has passed since last communication and the might claim in the interim that we have not piad, whilst we were told to wait till we were getting any further instructions.

Alex Watts :

Have you raised a formal complaint and got a final response?

Customer:

No, but written to the bank with my comments to their letter of last week and was asked to meet with one manager yesterday. Same attitude.

Alex Watts :

Ok - you need to make a formal written complaint and then ask that it be investigated under the complaints procedure.

Alex Watts :

They will look at it and report back to you with a final response

Alex Watts :

If you are not happy then you are entitled only then to take it to the Financial Ombudsman

Alex Watts :

They are independent of the bank and can investigate your issue for free

Alex Watts :

Their website is: www.financial-ombudsman.org.uk

Alex Watts :

Although loans are repayable upon demand, it is usually only where you have broken a term of the loan

Alex Watts :

If you have not, then it is highly usual that it is called in

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Yes, please.

Alex Watts :

Of course

Customer:

I am reading your text again - don't you mean to say "highly unusual" rather that "highly usual"..please, explain.

Alex Watts :

Unusual - sorry

Alex Watts :

The normal course is an appeal

Alex Watts :

Because you are trying to ask the Court at a costs hearing to find fraud.

Alex Watts :

Forgive me.

Alex Watts :

What I meant to say was this:

Alex Watts :

Where there has been no breach of the agreement, then the usual course is that the loan runs

Alex Watts :

It is only where there has been a breach of the loan conditions, for example a late payment etc would it be called in

Alex Watts :

The bank is entitled to call the loan in at any time but this is highly unusual

Alex Watts :

It does not happen very often unless there has been a breach

Alex Watts :

Does that clarify?

Customer:

Sorry, I don't get it whe you talk of "the Court at a costs hearing to find fraud" - i don't understand. Was it meant to be there..Secondly, I am suppsed to write to te bank with a formal complaint? And, thordly, if they don't accept that and claim that because of unpayment (has only been since January beacuase of no arrangement, but asking us to wait till there was an answer, which came now in May, asking to pay up. I am very confused about further procedurefrom our side.

Customer:

And, again sorry - to whom should an appeal be directed?

Alex Watts : Sorry my fault, scrub the reference to fraud. Write to the bank and make a formal complaint.
Alex Watts : Then once you get a final response then go to the ombudsman.
Alex Watts : Does that clarify matters?
Customer:

Thank you! OK - clarified...

Customer:

How can I print this?

Alex Watts :

Once you rate then the format changes and you can copy and paste - thanks!

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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