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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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I have a portfolio of property (12) that are presently on an

Customer Question

I have a portfolio of property (12) that are presently on an interest only loan. they where on a higher interest for 5 years and now its lower. I had 2 other accounts with the bank for unrelated business and a credit card in a business name. I had an overdraft which has been called in and the manage who is not with the bank had a spat and decided to close my accounts. 15k overdraft. I offered to pay 100 per month approx.. They sent me paying in books. Then they closed my accounts , so I now pay the interest on the £550k loan which I am told has until about 2033. However the bank say I am in default. Apparently I asked on what basis I am in default. I asked them to show me the Terms and Conditions. And it has been mentioned that they have lost all documentations on the loans , overdrafts . So I asked where is the default ? Never missed a payment in 5 years ! I did enter an IVA last year but had stopped it as the HM Revenue didn't agree with it . So no IVA. The bank have been very vague and I therefore complained , and then complained to the Banking Ombudsman. I am told by the bank that they are looking to use there power under the Law of Property Act when mortgage money has become due and remains unpaid or the terms of the mortgage, etc, have been breached - However they are now only relying on the property mortgage deed which basically says in any event of financial what what they can call it in. However the so called event didn't take place. so how do i stand ? and have I a defence if they haven't got the original mortgage documents signed by myself, along with the overdraft documents and business card documents . I look at it and feel they are looking to foreclose because the interest rate doesn't suit them now. They say they are waiting for the Banking Ombudsman's decision before proceeding down the road as above. Where do I stand and can they pull the loan in ?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Thank you for question and welcome.
My name is ***** ***** I will assist you.
How far did the IVA get? Was it filed at court?
Are they trying to appoint a receiver?
Kind regards
Customer: replied 3 years ago.

The IVA was turned down by HM Revenues vote at the second meeting of creditors. . so was the IVA was not concluded. Just left there.

No I am not trying to appoint a receiver. The bank has just said that they feel on an event it was a technicality that breaches the Mortgage. The mortgage security deed has a vague part about events. However the Bank have lost all Mortgage papers .

Customer: replied 3 years ago.

Attachment: 2014-11-03_134418_letter__part_property_mortgage_security_document.pdf

Relist: Other. I haven't received any answer at all - I enclose more details for you to answer

Customer: replied 3 years ago.
Relist: No answer yet.
Customer: replied 3 years ago.
Relist: No answer yet.
Customer: replied 3 years ago.
Relist: No answer yet.
Expert:  Nicola-mod replied 3 years ago.
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Customer: replied 3 years ago.

The iva did not proceed past the first meeting , the Inland Revenue didn't agree to it so we withdrew.

They(the Bank) are not at the moment appointing a receiver , They are threatening. This will take the property from me leaving me with no income. I want to be ready with a defence if that happens. I have paid the mortgage every month without delay for 5 years.

Expert:  Nicola-mod replied 3 years ago.
We will continue to look for a Professional to assist you.
Thank you for your patience,