any news yet?

http://www.consumeractiongroup.co.uk/forum/repossessions/221377-lloyds-secured-loan-claim.html

There is a similar thread on here with another bank - where they were using the "all monies " clause to try and prevent negotiation on the mortgage . I will send you a link in a second. I would not normally advocate speaking to them - on the letter threatening the legal action is there aspecific contact or email address. Have you been sending letters by recorded post?

thanks we have found a garage who are looking at the damage today.

No thats ok- we are resigning ourselves to the fact there is nothing we can do. But yes he has had the car serviced at the correct times. He had the belt changed early so it was not due to be changed. Our only question is if the garage really did change the belt or whether it is really the original one on there.

apparently it is the belt thats gone not the tensioner. I guess we wont know whether its a genuine Fiat part until its given back to us. We do have a receipt for the replacement work - the cam belt was bought by the garage who did the work. I just feel peeved that a part that is not supposed to be changed for 70000 miles appears to have failed after 20000. We asked for it to be changed as a precaution only when we bought the car.

thanks for that info. learn something every day

So he did it early - we know it was changed as they put the old one in the car - and it has only done 20000 miles and has been regularly serviced - but now he has a huge bill. Normally would it not give some signs of going or make a loud noise?

yes wish it was like the old days - we could not even find the starter motor!

it was a 1.9 and it had only done 45000 miles when he bought it. So he was being extra cautious asking for a new belt to be fitted. So does seem unfortunate that he has done everything right and is now landed with a huge bill. down to experience I suppose.

Over a 2 years ago my son bought a fiat stilo . Before he completed the purchase he insisted on a new Cam belt - because of the milage etc. this week he broke down- the AA said it was the starter motor ( there was no engine noise or anything drastic happened when he stopped or tried to restart) Now the garage have looked at and say it is the Cam belt - which has only done about 20000 miles Surely they should last longer than that? the car has been well looked after and regularly serviced etc. I suppose there is not a hope in hell that we can have any hope of claiming it is not fit for purpose. grasping at straws I know but he could be looking at a £1000 bill.

so your total debt is shown as £83k ( loan plus loan plus OD?) in a new loan with new account number ? All the three original accounts will be closed? What is the base rate at the moment? Have you actually seen the new agreement and signed it? If that is the case then the arrears will have been reconstituted into the new agreement. So technically there would be no arrears and because there would be a new agreement and new number it would be like a fresh start. At a fairly low interest rate.

Truro Could you start your own thread in the possessions section as well? Not that you seem to need help but we could rate your thread and keep a track of your very interesting defence. Hope you succeed after all your hard work.

Sorry I am still a bit confused. An overdraft wont have a regular monthly payment only the two loans will if the order refers to the mortgage singular - not all three accounts together I am not quite sure what it means. What you are saying in effect is that you thought the bank agreed to roll the whole amount together ( were they going to restructure the debt?) and accept one MP to clear the whole debt over 10 years? If so how were they calculating the interest ? If the OD is still incurring interest and charges you are not actually going to be reducing the debt at all? Did you get anything from the bank in writing before you went into court?

Does it just refer in the court papers to that specific loan? Was the loan in joint names although you said the business was just in your name? And yes it does sound like original payments plus an amount to clear the arrears. Does it quote the arrears amount - the additional amount and the normal MP? wonder why there were two actions and one was struck out?

I am no expert in this but have done a lot of reading up on the all monies clause - I have seen the argument before that the courts do not have the same juristriction when this clause is present. But perhaps the judge was arguing that the bank had in fact made a written offer of an agreement so in fact this superseded the clause and the agreement was kind of contract and that the lender should not then turn round and try and renenge on that agreement. I am only guessing but it looks like the bank was trying to flex its muscles using the clause ( which a lot of borrowers are not aware of and IMO is therefore unfair) and the court did not like it. Are you ok with the arrangement that has been made ?

so do you mean that they have a suspended order but at any time if you default they must give you 28 days notice - which would give you time for an appeal or find alternative accomodation? How was the hearing?

we had this happen and it was due to a leak. the water was absorbed until the plaster was saturated then bang it collapsed. we were covered by our insurance.but you will have to study the smallprint.

ok no problems. fingers crossed for you.

By the way who is your lender? Have they been charging you for just being in arrears?

By the way who is your lender? Have they been charging you for just being in arrears?

Hi you are doing all the right things. Facing up to the situation is half the battle. At the moment the courts are definitely on the side of the borrower so as long as you pay as much as you can afford and market the property if you feel that is the best thing to do you should be ok. Hopefully it will sell and you may be in a smaller property but in the long term probably a lot happier and more relaxed. I love my house but we call it the money pit because the bills and any improvements are big bucks - and I often wonder if we did the right thing by moving. Hopefully things will work out for you. Keep posting and let us know how you get on.

Hi you are doing all the right things. Facing up to the situation is half the battle. At the moment the courts are definitely on the side of the borrower so as long as you pay as much as you can afford and market the property if you feel that is the best thing to do you should be ok. Hopefully it will sell and you may be in a smaller property but in the long term probably a lot happier and more relaxed. I love my house but we call it the money pit because the bills and any improvements are big bucks - and I often wonder if we did the right thing by moving. Hopefully things will work out for you. Keep posting and let us know how you get on.

Well done you - glad you are managing to fight back. I am a bit like you want to go in with all guns blazing especially when there is a principal at stake! My sister is the opposite and when things go wrong she will burst into tears - and guess what she just gets walked all over. Enjoy your christmas and let us know how you get on.

Well done - really pleased for you. Hope it gives you a chance to get back on your feet and enjoy your family. good judge obviously!