PLEASE HELP Appointment tomorrow 9am

[taxi-maid]

Hi, I hope i've posted this in the right section.
My daughter & son-in-law were offered a taxi business [hackney plated vehicle] to buy, they went to their building society on Tuesday to borrow the money, explaining exactly what they wanted it for. They were told the only way was for 2 separate loans [as it's quite a large amount] 1 in each name. All forms were filled in & signed, both loans were granted & they were told the money wouldbe in their account within 24/48hrs. They then spoke to the chap selling the vehicle agreeing to purchase it from him,[they even received a letter this morning confirming the above]. By Thursday lunchtime as the money hadn't been deposited into their account they phoned the manager, & were told b4 money could go in the head office needed sight of the trading accounts,which were duly given that same afternoon[showing an excellant profit] & the money wouldbe released. Now at 16.50 this afternoon they have been told they have to show their own accounts for last 3 months [as this is a new venture for them they haven't got any this was explained at the 1st meeting]. They managed to speak to the lady that had dealt with them on Tuesday & although she is really upset & apologetic & doesn't know what's going on all she can suggest is to try & borrow from somewhere else. They have arranged an appointment with the manager tomorrow at 9am & asked if i will go with them for support.
Now to the question. Have my daughter & son-in-law got any redress against the building society ie breech of con
tract?
Please any advice would be appreciated [my daughter is in tears]

[factor-fiction]

Did they have anything in writing on the Tuesday confirming the loan and were any terms and conditions issued. Did the written terms make any reference to whether the loan was definite or conditional?

[taxi-maid]

Hi factor30 thanks for your prompt reply. Yes they did they had the customer copies of the loan agreement, with no conditions attached, terms & conditions were issued & sent in the post with the letter thanking them for choosing the ---------- -------------- building society &confirming the monies would be put into their account within 2 working days.

[factor-fiction]

If Buildersmate is reading this I think he'll be able to advise

[buildersmate]

Then I reckon they may have a case if the deal falls through because the finance was not available. Any different view, factor/

[taxi-maid]

Thanks both, is there any law, act whatever they can mention tomorrow? If you know what i mean.

[factor-fiction]

Hope your appointment went well today taxi-maid.

I have only a basic awareness of legal principles I'm afraid so I can't add to what buildersmate has said.

It's worth checking again though the terms and conditions- there may be something in there that says the loan has been approved �in principle' but is subject to ratification by head office or appropriate accounts being provided. It may also say that it cannot be responsible for consequential losses arising should the loan not be granted.

If the paperwork contained no such 'small print' T and Cs and the letter clearly says you will receive the loan then it's worth starting with a complaint to the bank followed up by one to the Banking Ombudsman if necessary.

[taxi-maid]

Thanks factor 30, daughter has taken your advice & contacted banking ombudsman. Good news though they have secured funds from another bank.