iconoclash
-
Posts
730 -
Joined
-
Last visited
Content Type
Profiles
Forums
Post article
CAGMag
Blogs
Keywords
Everything posted by iconoclash
-
Advantage Car Finance
iconoclash replied to iconoclash's topic in Vehicle Finance and Vehicle Repossessions
hi DOH - your mailbox is full by the way - will get back to you shortly -
GMAC and LIBOR rates example
iconoclash replied to iconoclash's topic in Sub forum for those affected by Libor / rate fixing
hi- i don't know much about it but even i can see that £40 on a 50k mortgage for a one point move is a lot more for many of us on higher mortgages and some organisations are saying that it would have evened itself out, but I'm thinking any manipulated rate must surely put the whole contract in doubt. I havent see any statements from the likes of the OFT, FSA about it either - has anyone any more info? thanks -
Advantage Car Finance
iconoclash replied to iconoclash's topic in Vehicle Finance and Vehicle Repossessions
Who's the expert on default notices? - I've been reading about the content etc but having trouble finding info about the sums stated, I know they have to be what represents say, arrears, and then remainder but what if they are inaccurate, don't match the statements? and, does anyone know if the D/N should have a statement with it in order to clarify how they get to those sums? thanks -
Advantage Car Finance
iconoclash replied to iconoclash's topic in Vehicle Finance and Vehicle Repossessions
hi - just letting you all know where things are now, the car finance company's solicitor is intimidating me with their letters, the lender is refusing to supply the underwriting sheet so that i can get the commission stripped out of the credit and agree what i do really owe, if anything given that i did not individually negotiate anything ever on this deal, their non-disclosure of total charge for credit for product sold and if they do take me for £20,000 I will be shouting it from the rooftops before I jump!. Maybe go back to Channel 4 news - for those of you who remember the HSBC managed loans debacle and that interview I did with them. -
wow that is terrible - i am pretty sure youre right that they cant take it off the drive, or anywhere in fact if they have no warrant if youve paid more than a certain amount, think its half - this will all be in the agreement but would check the relevant bits of law on this - theres another thread in here which has similar circumstances except for getting in the boot ! - lol - that must have been dreadful situation with all that duress and heavy handed behaviour - did you have any info on what bailiff that was?
-
Charged for accountant i havent used
iconoclash replied to scorterooney's topic in Self Employment Issues and Questions
Hi - it doesnt sound like you signed a contract with them to perform a service and i think they would be hard pressed to prove you had so what on earth can they think they will rely on in order to pursue monies? - that would be like getting an invoice for going to an interview - lol - dont think i would do anything if it was me unless they try to claim through courts and this would only look like unjust enrichment, getting monies for doing nothing, etc, and could face a counter claim for messing you about - wonder if this is covered by supply of services act? -
Hi - that's just like my case I have with the FOS at the moment where the lender kept charging things like late payment fees when I was waiting for the DWP to set up the payments etc and still charging me £10 a month for not paying by direct debit even though the M.I. payment goes directly from the DWP and I have no control over that whatsoever! - they make you want to pull your hair out. I too have just noticed that when the lender/servicing company transferred my mortgage account to yet another company, they changed the expected payment date from the 1 st of the month to the last of the month and I cannot figure which month I am actually paying for. I think these are all things designed deliberately and represent profiteering and gross behaviour - why doesn't the OFT or some-such step in - arrrgh.
-
Hi - I have been checking the info that GMAC gave me for an interest only mortgage, on reading through their tariff booklet and Mortgage Guide 2000, for Interest Rates it says the following: "The interest rate charged will be based on "LIBOR" plus an additional amount (a "margin") e.g.3% over the Libor rate. This means that if LIBOR were at 7%, the interest rate would be 10%. The margin applied will depend on the type of scheme you are taking and your personal and financial circumstances and this will be set out in your Mortgage Offer." OK - I notice that little bit about your circumstances, which sounds like "we will hit you with an enhanced rate if you have any adverse credit" - lol, then says: "To help you understand how a change in the interest rate might affect your monthly payments, a typical example is given below assuming a 3 month LIBOR rate of 7.56% on a mortgage loan attracting interest of 3%, giving a total charging rate of 10.56%. EXAMPLE: Based on a residential, interest only mortgage loan of £50,295 (Initial mortgage loan of £50,000 with a £295 arrangement fee added on a property valued at £75,000 repayable at the end of a 25 year term. Included in the calculation of the total amount payable and APR are: Arrangement fee £295, T.T. fee£30, Non block Insurance fee of £40.00, Valuation fee £220, Legal fees £350, Redemption Admin fee £155 payable at the end of the 25 year mortgage loan term. 300 gross monthly payments of £442.60. Total amount payable £183,905.00. The APR is 11.3% assuming that the 3 month LIBOR remains at 7.56% throughout the 25 year term. For each 1% change in the charging rate, the gross monthly payment would change by £41.91p." Hope this is helpful.
-
Interest Only mortgages - double recovery?
iconoclash replied to iconoclash's topic in Home Repossessions
Hi - I found this: "The liberty of choosing (or the act of choosing) one out of several means afforded by law for the redress of an injury, or one out of several available Forms of Action. An election of remedies arises when one having two coexistent but inconsistent remedies chooses to exercise one, in which event she or he loses the right to thereafter exercise the other. Doctrine provides that if two or more remedies exist that are repugnant and inconsistent with one another, a party will be bound if he or she has chosen one of them." and this: "election of remedies n. an outmoded requirement that if a plaintiff (party filing suit) asks for two remedies based on legal theories which are inconsistent (a judge can grant only one or the other), the plaintiff must decide which one is the most provable and which one he/she really wants to pursue, usually just before the trial begins, thus putting a possibly unfair burden on the plaintiff. Example: suing someone for both breach of contract and for fraud (a secret plan not to fulfill the contract when it was made.) Fraud might bring punitive damages, but proof of fraud might be more difficult than it would be for breach of contract. Increasingly, the courts have dispensed with the election of remedies as unfair until the evidence is fully presented." which I'm reading as two remedies being used by lender for consumers being in arrears..... -
Interest Only mortgages - double recovery?
iconoclash replied to iconoclash's topic in Home Repossessions
Hi - yes been searching around and I cannot find anything relating to this within the MCOB but it would seem that contract law restricts double recovery and a mortgage is a contract. I have put the question to the FSA and will let you know what they answer. -
Interest Only mortgages - double recovery?
iconoclash replied to iconoclash's topic in Home Repossessions
HI -thanks, glad to find their are like minded out there - lol. I have been throwing this around in my head for awhile and will try to find some relevant law on double recovery of interest - this might have implications with tax for the lender and I'm pretty sure contract law is the best place to start. -
Interesting - in my case they keep saying the broker worked for the dealer and not me...I wonder how a well-known motor delearship would feel about being brought into the proceedings then?
-
Advantage Car Finance
iconoclash replied to iconoclash's topic in Vehicle Finance and Vehicle Repossessions
Hi - been dealing with the blown sockets and 14 page document for the FOS but, back to it. Yes, W, I know this will expose me to huge costs if the DJ allows the track move. Had a hearing in May when they restored their claim and at the same hearing asked for the removal from small claims. I jumped up and down a lot and the DJ said he would give me two weeks to amend my original defence and then look at it all, and send out allocation questionnaires. Have just spoken to the court and the file is with the DJ now. Looks like there might be nothing further I can do if they already allow the move but, this will not stop me defending myself and ensuring the court sees what they have been up to. So, no news re allocation yet. thanks. -
hi - that sounds like changes in the interest rate being used possibly, and the first payment probably a part month plus a month or somesuch -however - you also note that you had a fixed interest rate so that may have ****ed it up - worth checking the rates they used in each month/quarter. Is all the payment fixed as some deals were something like: 5% fixed plus 2% at Base rate, variable. ?
-
Great! - oooh, so much like my case, no commission disclosed at all and the finance company quoting Hurstanger at me. lol
-
Advantage Car Finance
iconoclash replied to iconoclash's topic in Vehicle Finance and Vehicle Repossessions
Hi - latest on my car finance with Advantage. They have restored their claim in court. They have engaged a solicitor who is threatening me with £20 k legal costs. They have asked to take the case out small claims and into multi-track. I have no legal representative. I am currently waiting for the court listing information having submitted a defence but have not had any allocation questionnaire, which I thought I should get if they were re-starting their claim against me.? -
Hi - I thought I heard something about this kind of 'manipulation' going on for years, from much earlier - is that right and where can I look for information re rates around 2002 - 2006 to see if they were higher rather than lower. Is this too basic an idea about costs to the consumer? thanks
-
Hi DoH - you might remember helping me with my arguments in my own thread a little while back - that is all about to get very hot soon, but can you tell me what does NU mean? thanks
-
hi - thanks for the sound advice and I wholeheartedly agree. I have been bullied already by the other side, in my own opinion, and I await the hearing date at the moment. Their solicitor has written to say that I am likely to incur £20k in legal costs etc etc and some other stuff separately under 'without prejudice' cover. I have to bring my thread up to date but not sure about how much to put online whilst they are probably 'guests'.... and, I don't want to hijack your thread on this. would you mind if add a pointer to my thread soon?
-
wow that's so good - how on earth did you manage to examine the others - i have so much trouble personally trying to speak up in court which is in fact a similar case coming up soon - help - and i know it is due to lack of confidence on my part - fancy a trip out to another hearing someday - lol
-
Hi - well that's time for a little break and a cuppa - is that two weeks time then another two waiting for the post?
-
Hi - been trying to work this out in my head but wonder if anyone has any ideas about this situation of mine, thanks. I have an interest only mortgage - the arrears I previously had were shown on the statements and increased the outstanding balance, which I understand. The new balance then attracted more interest. Later the lender took me to court and had the arrears added to the security, increasing the balance again. Shortly after that they capitalised the arrears - so - assume the balance went up again. Also added all their legal fees. Does this mean that there has been a double recovery of interest then?
-
Good luck, good luck, good luck, so want to hear the outcome - what a fight - justice must be done!
-
Hi - so who thinks that giving us a mortgage that runs to the age of 74 is unsatisfactory, that has an ERC on it for 24 years, that has a Higher Lending Fee that doesn't meet their own criteria spelt out to brokers in their own documents to brokers, that charges late payment fees to us despite waiting for DWP to make payments, that charges us £10 every month for not paying by DDM when it is being paid by DWP and out of our control, that takes a repo case into court and passes legal costs for that onto us but then, immediately afterwards capitalises the arrears! which should have been done as an option under the pre-action protocols first surely?
-
hi - just a thought but aren't things related to unfairness without a time limit? "Generally the FSA will consider complaints relating to unfair contract terms where the contract has been entered into on or after 1 July 1995."
