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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33283
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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We took out a loan in 2007. We have never received an

Customer Question

We took out a loan in 2007. We have never received an update/statement on what we owe from the lender since taking out the loan. We have no idea how much we owe. Could we use the Limitation 1980 act to get the loan cancelled. Do they have a legal duty to inform us of our balance owed
Submitted: 3 months ago.
Category: Law
Expert:  Clare replied 3 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Who was the loan with and was it secured in any way?

Have regular payments been made?

Customer: replied 3 months ago.
Fiirst Plus never missed a payment
Customer: replied 3 months ago.
it was a secured loan for £30,000
Expert:  Clare replied 3 months ago.

Was it secured on a property?

Customer: replied 3 months ago.
our home
Customer: replied 3 months ago.
Claire I can't call you. I am dealing with other things at the moment so its easier for me to chat
Customer: replied 3 months ago.
I am sorry this is not working for me,. It was 5 hours ago I asked the question. Sorry but I will not pay for a service that is non existent. I simply do not have ALL day to sit and wait for your reply. So I will not pay for anything you have done, simply because you have done nothing !!!!!!
Expert:  Clare replied 3 months ago.

My apologies - we are all working lawyers and cannot be online all the time - and today I had an Court case in the afternoon.

In addition the very annoying popup about phone calls is site based and (sadly) beyond my control

Was this a first or second mortgage?

What has your husband done with the money - and what is the nature of his mental health problems

Customer: replied 3 months ago.
It was a second mortgage. That was the 30,000. The £5000 was also borrowed against the first mortgage. He used the money to keep the house going. He was unemployed and then decided to work for himself and a lot went into funding the business.The bank threw money at him. Depression and anxiety. He is a partition and ceiling erector. He is not allowed to work at height anymore as he threatened to throw himself off the scaffolding
Customer: replied 3 months ago.
sorry meant to say £50,000 from bank
Expert:  Clare replied 3 months ago.

When was the diagnosis and how aware was the bank of his problems?

Customer: replied 3 months ago.
The diagnosis was later when he had a breakdown. 2012. The bank was aware he had been made redundant after 24 years and was going self employed. Thing is they lent him so much money in such a short time, no questions. There are other factors but its much too much to go into on this site. We are struggling, no doubt. I really did just want the answer to the question regarding, no statements from the loan company at all since taking loan out in 2007.
Expert:  Clare replied 3 months ago.

You are certainly entitled to an annual statement and their failure to provide one is a matter that you can complain about to the financial Ombudsman

http://www.financial-ombudsman.org.uk/

You may even be entitled to some minor compensation but sadly it is not a mis administration which entitled you to have the debt written off

Please ask if you need further details

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