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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I have had an interest only secured loan of £80k from HSBC

Customer Question

I have had an interest only secured loan of £80k from HSBC for approx 5 years to obtain full planning but because of enforced affordable house requirement we have not achieved full planning.
I paid up until last sept 2013 Sept 2013 when they closed the account and demanded full repayment I trie to make an o0ffer which the didn't respond to !
they just handed the debt over to recievers who conntacted me over chrismas and advised that they were going to auction the land (1 plot out of 5) for about 10-15% of its value £10-12k which would destroy the remain plots because of new lay out covered multiplble plots I have beg them to give me one more chance at planning by accepting the planners request for affordable plus i would start repaying interestr for 3/4 months but are threatening to refuse to help can I get support for any banking ombudsman dept.

AV Thomas South wales
Submitted: 4 years ago.
Category: Law
Expert:  UKSolicitorJA replied 4 years ago.

There is the Financial Ombudsman Service but I do not think they will get involved here if the Bank is exercising its legitimate rights when enforcing any securities/charges held over the land.

The best thing is to try and secure alternative funding to take over the HSBC debt, or for you to try and find suitable buyers for the land yourself who are willing to pay nearer the market price.

Sorry this may not be what you wish to hear but I can only advise you truthfully.