How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
Type Your Law Question Here...
Ash is online now

My business suffered bad debt and ceased trading. We were purchasing

Customer Question

My business suffered bad debt and ceased trading. We were purchasing our business premises through Lloyds Bank @ £ 750pcm. & fell into arrears for £5000. We then Let our premises out through a solicitor for £600pcm on a 4 year lease with option to leave after 2 years which is now. Our LLoyds Business Manager Julie Povey advised us to claim on our PPI to bring the account into credit which we did. This paid off our arrears and were then asked to make a lump payment of £110.000 to clear the account which we can`t do but wanted to agree a payment plan to keep the premises as myself & my wife have full time jobs and am receiving £ 600pcm from our letting business. Do we have any legal entitlement to stop Lloyds Bank from seizing the premises & selling by auction Eddisons Recievers as were are no longer in arrears. Any advice would be greatfully recieved. Yours sincerely Mark & Mary Nicholson (Bristol)[email protected] or 01275 832037
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and 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 :

When you say you are not in arrears the bank seems to be asking for £1100?

JACUSTOMER-knr53k98- :

Good morning Alex. We have not received any paperwork relating to an outstanding £1100. If they are agreeable I will pay the £1100 & follow on with the monthly payments. We also didn't receive any letter from them about our complaint about our busim

Alex Watts : I don't quite understand, the £1100 settlement where has that come from? Is that in writing?
JACUSTOMER-knr53k98- :

I have not received any paperwork ask for any payment for £1100. I don't not where this has come from. If they could explain this I would bring the account up to date, but can't deal with this if they don't communicate with me. M

Alex Watts : I agree.
Alex Watts : You should formally write to the bank and set out your understanding of the position and raise it as a formal complaint
Alex Watts : If they do not deal with satisfactory then you can complain to the financial ombudsman
Alex Watts : They offer a free service and can Investigate your complaint.
Alex Watts : Their website is
Alex Watts : But until this is replaced could you stop the bailiffs selling your goods, no - not without a court ordrt.
Alex Watts : order
Alex Watts : And sadly the courts won't grant an order without evidence from the bank
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Alex Watts : You may wish a local solicitor to write to give added weigh.
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-knr53k98- :

Many thanks for the information. I will get back to the bank. Thanks for your time. Mark

Alex Watts : If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.Please bookmark my profile if you wish for future help:
Alex Watts :

Please remember to leave feedback before you go today