Thank you for your swift response.
The loan was repaid last year March, under pressure from the bank to re-posses.
The loan was in the name of a Property Development Partnership and we could argue that the course of action arose in January 2013 when we first became aware of the following discrepancies in the agreement:
1). At the time the Bank forced an investor (not being a Partner) to co-sign the agreement
2). Material Terms and Conditions were not included in the agreement, but put to the Firm at a far later date (well after we had signed)
In our letter dated 26-02-2013 to the Bank we actually mentioned and disputed these issues; could this action be construed as a Formal Complaint?
I feel our best chance lies in our complaint issued by formal letter to the bank on 26-02-2013, although this was not a Formal Complaint...would this still leaves us 'in the race' you think?
The initial cause of the complaint lies way back in February 2007 when we signed the business loan agreement although we only found this out in January 2013... The complaint however was issued within the legal bar limit of 6 six years...just, by one day.
Bold question here: can we legally spoken still proceed or would we be wasting time and money?
Many thanks for your latest response.
The nature of our complaint revolves around misrepresentation of a business loan agreement and the inaccurate and by times incompetent, negligent, chaotic working practice demonstrated by the Bank over a number of years which has caused a lot of damage to both the Firm and our personal lives.
As for the misrepresentation of the business loan agreement I can highlight three main complaints, as already partly mentioned to you in an earlier mail
1). At the time the Bank forced an investor of ours (not being a Partner) to co-sign the loan agreement
2). Material Loan Terms and Conditions in connection with a property development project we had started in 2007 were not included in the agreement under Preconditions but put to the Firm at a far later date (months after we had signed)
3). Misselling of 3 (expensive) life-assurance policies, which the Bank had forced us (my Partner, our Investor and myself) to take out as part of their Preconditions for the loan to be granted (but, again, not included in the agreement)
As for how to proceed. I feel we should first go back to the Bank and issue them with all the relevant details of our complaint since they so far only have received a general description of the issues on hand.
Once we have received a formal position from the Bank in response to our complaint we can consider further action. The first step then would indeed be referring the case to the Financial Ombudsman before taking further legal action.
But at least we now know that we can still continue suing the Bank (Lloyds Bank, for your information).
Would there be anything else you could advise us at this stage, Alex?