The Importance of an "Offer Letter"

[IAS]

I have been away challenging many business issues over these last few months - Happy New Year!

Anyway, let me get to the point: I am unfortunate enough to be challenging a UK bank and have been doing so for over a year now. To cut a long story short, the bank agreed that it will fund my new business plan via the SFLG process in January 2004. The bank/Firm then proceeded to conduct a rather messy funding process that caused considerable delays to my business funding. i.e the funding process did not finalise until 26 May 2004. This is what you call Maladministration!! Again, unfortunately for me, the Financial Ombudsman Service, being biased (well, let's not forget that the Ombudsman's Scheme is funded by the banks) have agreed with the bank that the agreement to fund the bank was made in March 2004 and not January 2004. The FOS have not provided me with any transparency that confirms that a 'letter offer' was provided by the bank (at the time that it originally agreed the loan in January 2004) nor have the FOS provided any confirmation of signatures on the mysterious 'offer letter'.

Now, I have confirmed that an 'offer letter' is a Mandatory process for a bank thus confirming dates and terms & conditions for the contract both parties with to enter into. Sadly and appallingly, the bank has failed to offer this 'offer letter' to me. I wonder what the courts will think as the FOS seem rather concerned that I offeref this information late in the day rather than willing to question the original Adjudicator's "finding" that did not make any suggestions or attempt to request this "offer letter" from the bank. If the FOS did so they will realise that there is no "offer letter" as only a Debenture form was signed in March 2004. I was never preseneted with an 'offer letter' by the bank.

Is anyone aware of the importance of a bank providing an "offer letter" to a business/director once the bank/Firm has decided to commit itself to your business plan? I have been told that a court would not look at the bank favourably (it's a shame that the FOS are unwilling to challenge the bank about this). My challenge goes on.