Nat West

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by AA » Mon Jan 18, 2010 8:28 am
I have a natwest loan of 60,000pounds. It is unsecured and was taken out in 2004. They took personal gaurantee and a charge on the lease as their security.
In nov/dec 2007 i couldnt keep up with the payments. They wrote me a letter in may 2008 saying they've taken charge on the lease.. I carried on trading without making any payments to the loan. In april 2009 i get locked out by the landlord as i could not afford to pay rent. Natwest filed to take me court in september 2009 and on the day of the court hearing, turned up without any paper work. The judge adjorned the case and asked natwest to submit relevant documents by december 2009. jan 2010 a letter from bank arrives saying that they'd agree for the loan to be settled out of court , reduced to 40,000pound at 200pound a month. What is going on? and what does it mean when theyve taken charge on lease?


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by Shining » Mon Jan 18, 2010 8:45 am
Hi AA and welcome to the forum, I'm afraid I don't have the answer to your query but feel confident a professional post will be along very shortly to advise accordingly.


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by MelanieGiles » Mon Jan 18, 2010 9:33 am
By taking a charge over your lease, it means that they have taken a form of security - which would be repaid if you ever decided to sell the lease for value.

I am assuming that you have now forfeited the lease due to non payment of rent, so presumably this debt is being pursued against you directly as an unsecured claim. Could you clarify the position with the lease, confirm whether you are still trading and also whether you have other debts as well as the Nat West loan which you are struggling to pay.
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