Nat west have called in the receivers. Have never missed or been late with a payment.

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  • #16
    Hi David. Had them valued last year & they were all the same including the commercial property. It had a new tenant last October for a 5 year term with regular rent reviews & directors guarantees.
    I appreciate that I had a very good deal but it was the deal they were happy with when I took out the 5 year loan & then over the next 2 years more loans over 15 year terms. I think this has been planned by the bank in order to get rid of the longer term loans. They increased the loan repayments by 3% across the board at the end of the 5 year term so they haven't been supporting me they have been making a fair profit.
    I was assured when I took out the 5 year loan that it would be renewed. I had done my business plan with the bank manager as I had never done one before. It was a 20 year plan the 1st 10 years buying as many properties as I could interest only & then the next 10 years paying them back as quickly as possible as the rents rose. Had I been given even a 1% chance of it not being renewed I would never have moved my properties to them. I was told as long as I pay & don't go bouncing cheques I would have nothing to worry about.
    They haven't actually given me 2 years it is 1 year in this June.
    It cost me around £13,000 to move my properties to them & I was lead to believe it would be for the long haul I was also told I would get free banking but they starting charging me for that after a year. I managed to get this back to free banking but then the bank manager left & after the second year it reverted back to charges again. At that time I was in an 18 month battle with the local council regarding funding for care for my mother in law who had dementia. I discussed the charges with my with my then bank manager & he just said sorry we can't do free banking & the manager who had done it for the second year shouldn't have.
    The succeeding bank managers have said they can see no reason why the original manager wouldn't have said it would have been renewed but the world is a different place now & NatWest don't want this business.
    This is crazy as I have never missed a payment even when they increased the interest rate.
    I am not trying to force or cajole them into anything I was not told when I took the loan out. Just because the bank manager didn't record it doesn't mean it wasn't said. there is no point in seeking finance elsewhere as I work for my husbands business for love not reward so as the receivers have taken away my only other source of income I wouldn't imagine anyone would lend to me. I am very reluctant to sell any of the properties as they were to be my pension. Lets remember I have never missed a payment.

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    • #17
      Unfortunately unless a previous manager put it in writing (and I can virtually guarantee they wouldn't even if you had asked them) you don't have much leeway and most of the banks have shortened their lending term so they have two alternatives at the end of the 'new' shorter terms - if they like you and your portfolio they charge you another round of fees and re-write the loan on terms that benefit them (it would cost you legal fees to move and they know that) or just walk away if they feel it doesn't fit their future plans.

      Even if they do support you moving forward you are unlikely to get interest only funding and you will be very firmly in their hands and they (collectively) hold a very powerful monopoly.

      I know the properties may represent a form of pension, but if they take them back they will sell, probably by auction, at a discounted price, the bank will be redeemed and you may not have anything left over, indeed if there is a shortfall they will come after you for it!

      By controlling a sale yourself you may be able to downsize the portfolio slightly but move to another lender on terms that could work and possibly for a 20 yr term.

      Always happy to discuss this privately if you want to pm me.
      CFA

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      • #18
        Thanks David. I wouldn't be in a position to refinance as I work supporting my husbands business so am not paid = no income in my name. I am still trying to get information from them as I believe there may be some evidence to support me in hand written notes, there should also be my 20 year business plan which I did with the bank manager & phone call transcripts. I spent weeks ensuring this was the right deal for me & I believe the bank manager enticed me & told me what he thought I wanted to hear to get my business.
        He left just over a year later because a fortune teller told him to. Hes been involved in a couple of failed businesses since then & the last time I saw him he looked like a tramp & was trying to sell me racking & second hand bikes. I know there must be paperwork to support my case. I have offered to continue paying the interest rate they have increased to & change to a repayment mortgage but they say they just don't want this type of business. I really don't understand why they're doing this to my business, apologies if this offends anyone who is genuinely behind with their payments but why aren't they chasing the people who don't pay? When I have a tenant who pays I leave them alone, I don't even increase the rent.I save my energy for the ones who don't pay. There are 2 properties that shouldn't even be in the portfolio, they were only put in so we could buy a place in cash, the deal fell through 2 days before we were due to complete (we were gazumped) & we couldn't get them back out. I believe they have miss sold me the product & all I can do is fight.

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        • #19
          Originally posted by Stevlynd View Post
          There are 2 properties that shouldn't even be in the portfolio, they were only put in so we could buy a place in cash, the deal fell through 2 days before we were due to complete (we were gazumped) & we couldn't get them back out.
          Surely if this is the case and the purchase didn't go through, you still have those funds or did they get gobbled up for something else? If they went on other property, no problem you should have some unencumbered part(s) to your portfolio you can capital raise on, if it went elsewhere, unfortunately you may have helped make your situation a little more challenging.

          If you work in your husband's business I suspect that you are either paid by him or receive a share of the income just so your accountant can make best use of your individual tax allowances, that is still classed as income. If your husband has an income why not look to put the properties in both names, and apply for joint mortgages, I expect you would get more joy that way.

          At the end of the day, anybody who takes out any form of borrowing has to abide by the terms, which I know often get skirted over when times are good and everything is on the up, it is hard therefore to try and argue against anything that wasn't fully documented at the time, and the fate of the former manager really doesn't make that much difference as a lot of them lost their jobs too. The basic tenet always is 'Caveat Emptor' - let the buyer beware!
          CFA

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          • #20
            Hi david.
            The money was taken back by the bank so the amount on the loan agreement was not the amount borrowed. I did do not get paid from my husbands business as i had my own income from my property portfolio therefore using my own tax allowance. My husband is a retired firefighter with a small additional income from his business. We have kept our business separate deliberately so if one has problems it shouldn't affect the other.
            I am happy to abide by terms but I spent 2 hours going through the agreement asking questions & raising my concerns, as I had got to know the bank manager over a couple of months I believed what I was told when he reassured me at every question that as long as I didn't get I to arrears then I would have nothing to worry about. Would you not have believed a bank manager 6 years ago? That's all I did, I believed him. I know now as everyone in the world does never trust a banker. It was all over the news last week about interest only mortgages & how they were miss sold the people selling them were saying anything to get the business. At the end of the day the bank manager was the representative of the bank so they should be accountable for what their representatives actions.

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            • #21
              Sounds awful. I don't know anything about finance, I wish you well and hope you manage to get it sorted. This actually makes me feel nervous about banks. I'm the sort of person who never misses a payment etc, and to me, this sort of action from the bank seems incredibly unfair.

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              • #22
                Hi. Well now we all know the banks are immoral - washing money for drug cartels, fixing libor rates, ripping off SME's(IRSA mis selling), ripping off everyone (PPI). Try joining bullybanks, a campaign group representing people against banks. They will give you helpful information regarding all of this and you will be supporting their cause against the banks!

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                • #23
                  RBS - shrinking their balance sheet. They did this to me or rather tried. Basically my loan term was coming to an end and they said they wanted all their money back. I refinanced but made them wait a year pointing out that under the BBA Buisness Task Force guidelines they signed upto, they promised they would contact any small business customers at least one year before loan expiry to tell them what thet needed to do in order to renew the loan. In my case and prob most others they didnt do what they publicly said, so I told them I was going to complain to my MP who would be writing to the business secretary and Treasury for answers. They quickly backed down and 1 year later I managed a refinance. i would use this approach and contact your local mp asap for him/her to contact HM Treasury and the Business Secretary.

                  Good luck http://www.bba.org.uk/media/article/...ance-taskforce

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                  • #24
                    Originally posted by Claymore View Post
                    Sounds awful. I don't know anything about finance, I wish you well and hope you manage to get it sorted. This actually makes me feel nervous about banks. I'm the sort of person who never misses a payment etc, and to me, this sort of action from the bank seems incredibly unfair.
                    Thanks Claymore, it is so scary, never in a million years did I think something like this could ever happen to me or anyone else. I never sign anything unless I have thoroughly understood it, I asked loads of questions before signing the agreement & was reassured that as long as I never missed a payment I had nothing to be concerned about. Big lesson learned, if whoever your dealing with is not prepared to put it in writing don't deal with them, although this would probably mean you would never get a loan anywhere.

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                    • #25
                      Thanks for the info hech123 will pop over & have a look.

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                      • #26
                        Originally posted by Ash London View Post
                        RBS - shrinking their balance sheet. They did this to me or rather tried. Basically my loan term was coming to an end and they said they wanted all their money back. I refinanced but made them wait a year pointing out that under the BBA Buisness Task Force guidelines they signed upto, they promised they would contact any small business customers at least one year before loan expiry to tell them what thet needed to do in order to renew the loan. In my case and prob most others they didnt do what they publicly said, so I told them I was going to complain to my MP who would be writing to the business secretary and Treasury for answers. They quickly backed down and 1 year later I managed a refinance. i would use this approach and contact your local mp asap for him/her to contact HM Treasury and the Business Secretary.

                        Good luck http://www.bba.org.uk/media/article/...ance-taskforce
                        Thanks for that Ash. To be fair they did contact me a year before but at the time I was fighting the local council over nursing home funding for my mother in law, they had been paying for 18 months then suddenly decided she had deprived herself of assets so wanted all the money back. We did win that one but it took 18 months of battling, in the mean time over a 1 year period 12 of our friends & family died including my mother in law, we got the final solicitors bill a week before she died, & a friend who was also a tenant who my husband found, my sister who has learning difficulties was told she had kidney failure & would need to be prepared for dialysis so i had endless hospital visits. The next year 8 of our friends & family died including my mother. Probably the worst 3 years of my life. I really thought NatWest would just come up with an extortionate interest rate & I would have snatched their hands off. 2 of the properties shouldnt have even been in the pot as we were buying a house for ourselves in cash. To get the cash we put in our home which we would have rented out & 2 other properties. Unfortunately the purchase fell through 2 days before we were due to complete as the seller pulled out. We asked for the 3 properties to be taken back out of the pot but we had a battle and they would only let us take out our house giving us the impression he was doing us a big favour even letting us have our house back. It had cost us over £13,000 to move the properties to NatWest so I was fuming that it was going to cost the same again to move them elsewhere. So i became pretty stubborn & wanted my day in court, not realising i wasn't going to get one. After spending the last couple of months on forums reading & learning i have now decided i am going to take my properties back. iI have written to the tenants, reminding them their contract is with me & that in the absence of a court order my name is on the land registry. There is even more to this & I could rant all day but I am now going to download the court forms for non compliance of my SARS request to them even after a reminder letter & emails. I will probably need help with this so if anyone can point me in the right direction I would be eternally grateful.

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                        • #27
                          Hi hech123, have had a look at the site you suggested but wasn't sold a IRSA. It makes a big thing about every member being miss sold one so don't want to join falsely. Thanks anyway.

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                          • #28
                            yeah just follow them on facebook and u will get all the updates on progress against the banks

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