Dear Lord Blackwell,
The history of your bank’s treatment of our client reads like a script from the fictional Poldark television series.
Our client borrowed £2.2m from BOS in December 2004.
The repayment date was set at May 19th 2028.
BOS INSISTED on forcing our client to sign up to an ISDA agreement for the near 25year term of the loan.
In 2012 Lloyds Bank sought to find ways to break long term mortgages, along with most UK Banks. This is known as “Engineered Defaults”!
For Lloyds to attempt to do a Pontius Pilate, and keep their hands clean, Lloyds sold the “economic benefit” of the loan to Cerberus.
Lloyds called in GVA Grimley, to seek to find an LTV breach.
GVA Grimley, armed with information supplied by Lloyd’s staff unsurprisingly stated that our client was 0.5% in breach of their LTV covenant.
Our client offered to remedy the Breach, not surprisingly Lloyds refused, because of your hidden agenda.
Our client offered to sell the property, but was then hit with an obscene £640,000 “Break Clause”, even though it was you that was breaking the contract.
Lloyds, not surprisingly rewarded GVA Grimley by appointing them LPA Receiver.
GVA Grimley sold to the buyer that our client had found.
Total proceeds redeemed the mortgage and paid the break cost, almost to the penny!
1. Our client retained Vedanta Hedging, the UK’s leading expert on derivatives.
2. Our client retains a leading London Barrister specializing in Civil and Criminal fraud, who produces a Letter before Action.
3. BBS Law LLP, a specialist banking litigator, forwards the LBA and the Vedanta report to Addleshaw Goddard, on behalf of Lloyds Bank.
4. AG are refusing to take the matter seriously and have written pathetic and dismissive letters.
5. AG have refused to enter into Mediation or even a dialogue, probably to increase their fees!!
6. The client will issue legal proceedings in 14 days’ time, if AG do not take matters seriously.
You Sir, are Chairman of a Bank where the UK tax payer still owns 9% and yet you are acting like a Pay Day Loan Company. You know what your staff did wrong, so just admit it and make it right. Our client was a model bank client, never a missed payment nor a late payment, but because you were required by George Osborne to improve Capital Adequacy Ratios, you decided that our client should be sacrificed. Ian Fraser has written an excellent book about RBS, but you have no room for smug complacency. Forcing our client to issue proceedings, and thereby waste Court time, deserves to be sanctioned most severely.
We wait to hear from you.
Glenn Mc Dowell