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leeby

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  1. Apologies if this is sat in the wrong section. My son applied to Amigo loans in order to purchase a new car, He asked me if I would step in as a guarantor which after some consideration I agreed. I know many of you will say I signed it and that's just the way it is. I accept the position at the time. However what has troubled me since is as follows. My son borrowed a substantial amount of monies however he defaulted the first month, the second month and so on.. through to month five. I have paid every month to date as a guarantor. I have raised a complaint based on the due diligence and the affordability of the original loan applicant and furthermore the proof of affordability from me. I provided no proof of affordability although my credit file is perfect so I would expect ay loan application to be approved on my signature. However what concerns me is the following - My son who has now defaulted the loan every month, and also ignored me completely. I raised a complaint and challenged the proof of affordability. It has been confirmed in writing and by an authorised telephone recording the following.. My son has a poor credit file with defaults going back 4 and 5 years ago, poor credit rating full stop. It was confirmed Amigo loans did not look at Bank statements, but only looked at wage slips.. only took on-board the income and only discussed the expenditure but never had to prove this expenditure. I have borrowed monies from many various private and commercials over the years and the loops that I have to jump through are many providing bank statements both commercial and private etc to demonstrate affordability. yet Amigo loans admitted today that they never got physical proof of affordability and a month after pay out they received bank statements at my request and the statements demonstrate affordability and the statement were shocking. My question and getting to the point is were is my protection as a guarantor? How can any finance house lend monies based on income and no physical proof of expenditure especially with so many defaults on his credit file. This demonstrates that responsible lending is Clearly very distant from Amigo loans mind-set and they are just out to nail the Guarantor. Charging a 49.9 APR claiming it is because of risk, I have asked what risk? they take no action against the defaulted loan applicant unless the Guarantor stops paying. then they take action against both... I know I have myself and my unconditional love to blame but surely proof of affordability is key to how these people lend money in the first place. I have now had a final response and now submitted to the ombudsman too. Thoughts please. Thank you
  2. Years back I'm sure I paid capital/ interest then a few days later a 26.00 fee would leave my account. I questioned last year about PPI but they said it never applied to my account. Perhaps I serve a DSAR on them to understand the smaller amount. I am willing to pay the 4k but only as a full and final settlement. I can't allow them to place partial settled as this will effect my future business opportunities as I'm personally checked for sine if my commercial lending. Thanks Leeby
  3. I need some advice please. In 2006 I transferred an £104k asset loan from Barclays to Lombard, I've continued to pay this debt every month, even through the harsh times. However about a year ago I maintained payments but reduced from 1300 per month to 750 per month, Lombard without notice bar a letter sent my account to Shoosmiths to force the final part of the debt circa 18k... I now have 6500 left. I have made an offer of 3.5k in full and final ( a family member would settle) they wrote back saying they would accept 4k as partial settlement and no further monies will be chased. However my credit file which means a great deal to me, I have struggled since 2098 but maintained a tight communication and avoided negative impact on my credit file. I have debated the partial settlement on my credit file as this can be deemed gesture and impact me for a further six years. How can I make an offer in full and final settlement, shoosmiths accept this settlement but screw me over by marking the credit file as partia settled. I realise that Lombard/shoosmiths are posting fact, but full and final indicates just that... It makes no sense for me to pay 4k full and final, when I should perhaps drag this out longer and settle in full. Any thoughts? Thank you
  4. In 2008 I purchased a BMw car from a Main BMW dealership, 2nd user car but only had 800 miles on clock. I paid 36k for this car which apparently cost 60k to build as this car had every specification available. It was stunning. I paid 4k deposit and financed the remainder through BMW financial services. 3 yrs warranty, 3 yrs free servicing. 1st payment was 816.00 and remaining payments were 617.00 per month. I was happy, then 10 months later my circumstances changed and I needed a 4 wheel drive instead, so I took the car back to the main dealer to see if they would offer me a good deal against an BMW X5. I was staggered when he offered me 17k, this car only had 8000 miles on the clock, Looking round the 2nd user showroom I could see cars of higher / similar mileage less specification in the 30k region. I argued the case and they simply blamed recession! I pointed out that it effected everyone, including the cars they were trying to sell. I stormed off in a huff, I took my car to Land rover, they offered 19k against a Discovery, I then went to Toyota, they offered 20k against a land cruiser. I WAS FLABBERGASTED AT THE PRICE. When I questioned the price point It was pointed out that the car was an Import.... I stated that I had purchased this from a main dealer.. I left the garage and called the dealer immediately and they totally denied that they had sold me an imported car. I contacted BMW direct and offered the chassis number. They confirmed that the car had been registered in germany in 2007 and used as a BMW press car all over Europe and eventually I end up with it. But in legal terms its classed as an import. My insurance was invalid as I had not told them that this was an import... how did I know? I could not advise them if I did not know myself. I then set about challenging the BMW dealer and they continued to tell me that this car was a UK car. Eventually after weeks of debating they offered to buy the car back, with some negotiating they eventually offered 28k for my car and said it was a gesture of goodwill (11k more than originally offered) however the settlement of the car with the finance company meant I had to cough up a further 1500. No one else would take the car off me and I felt I had no choice but to let them buy it back. Foolishly I then offered a further 3k deposit and refinanced a BMW X5. I have since been advised that BMW financial services do not finance imported cars, obviously had I defaulted they would have got peanuts for the car. Within 10 months I had paid just over 10k towards that imported car and also lost out in the end, BMW Finance have admitted they don't finance imported cars, the Finance agreement and the log book don't match and I have now asked the finance company to refund me my losses. They claim my argument is with the dealership, but I said that BMW financial services have taken the money from my bank account, My claim is with the party that received my monies. I have no leverage with the dealer, although I suggested that BMW financials services deals with them every day and have a better chance of leveraging monies to compensate my losses. I was never made aware of this car's history, I NEVER EXPECTED TO DO AN HPI CHECK AT THE MAIN BMW DEALER especially as the car was financed through BMW finance. I have asked for my monies back as I have lost out. To add insult to injury the dealership did not settle the car for 60 days which resulted in a small negative on my credit file as they say a further payment was due, which took me months to get removed. I am told that if anything is incorrect on the finance agreement and the goods are not as detailed etc etc, then the agreement is not valid. whilst I accept that I used the car for 7200 miles, I lost out in the end. I have spoken with BMW finance, I have written letters and they don't care. There letters have shot themselves in the foot, THEY CLEARLY SAY THEY DO NOT FINANCE IMPORTED CARS. and the dealer offered me in excess of 11k above the cars value. Why would a car financed at 36k be only worth 18k some 10months 7200 miles later. especially with this spec. and whom in the right mind offers 11k more as a gesture of goodwill. BMW financial services say the dealer has purchased the car back and that is the end. WHAT ABOUT MY 10K that you took and I end up with nothing? and you get a further agreement on a new X5. Only one winner... Any advise on this would be appreciated, I am sorry if this is in the wrong group, but I spent a while searching for the correct catagory. Regards Leeby
  5. Hi Everyone, I today received a reply from Barclays, in reply to my complaint as that is the first port of call. As expected they cover themselves all the way and clearly point out that it was my fault for agreeing to the deal. They also claim that the FSMA Article 21 which states restruictions on financial promotions - They do not apply to Barclays as apparantly they are authorised and therefore they have NOT breached article 19 of the FSMA. They then went on to explain who telephoned me and what was said, I was actually teleophoned three times and emaisl the presentation three times all from different people. The letter confirms it was all "Oral" agreements. They also claim the following: "Moreover, in the conformation dated 14th Feb 2008, you represent that "[you are] capable of assesing the merits of and understanding (on [your] own behalf or through independant professional advice, and understand and accept, the terms, conditions and risks of the transaction." For the record -I am a sole trader / independant. They go on by adding "Barclays are now surprised that I nowe assert that I did not understand." Maybe Barclays should take a look at this forum and see how meny others simply did not understand. If anyone has any updates please get in touch! Best regards Lee
  6. Evening, I agree as far as not recording the meeting, although I will have a 3rd party present as witness. So I can verify what has been said. Il update you after the meeting. Many thanks for the advice. Oh BTW I have had no reply to my request for copies of docs. Time yet!
  7. Hi Slick, Thank you for the message, I have considered recording the meeting, but I beleive the law states that I would need to make them aware of this before I could use the recorded data as evidence. alhough it would be good to use the comments in my complaints. As I have been going trough my paperwork and emails, I now have evidence of the commericla manager saying that he would have the building valuation done by a mate of his to get the right value for the building, although that relates to more the commercial loan, it is all a mess if I am honest. maybe this goes on all the time.
  8. Hi All, Today I have received a letter via courier from the President of the legal team in Barclays Capital. He basically states he has received my letter, and as my complaint is one aimed at a regulated product I am to make all correspondnace directly to him. I also have a meeting at my home this week, two representitives from Barclays. I will discuss the findings above using some of your highlighted points. I have every peice of documentation on file, the only way anything could differ, well I will leave that to the imagination. I went through my statements yeaterday and in 19 months, they have taken 92k payments and interest. I only receive 54k per annum overall into the account. add this to other running cost of the buildings, insurances, repairs, etc this simply makes no commercial sense, No wonder I had to keep ploughing monies into the account. I will update you later in the week. Any pointers other than what I have would be brilliant. Many thanks
  9. Hi Slick, I agree, what I should have said in my post was " I have asked for the correct poeple of whom I can asddress my complaint" I have a paper trail from previous request, I was actually told "there was actually no one I can speak to as such" was the reply. The telephone conversation was merely a point of stating I have a complaint and I want to be emails a person or department for whom I address. You post is noted and fully appreciated. Many thanks. I will explain myself better in futute to casue less confusion sorry! Enjoy your day. Leeby
  10. Sorry Pete I missed this off. I have copied and pasted some of the text, It claims that the ISDA agreemenet was attached, but it simply never was. unless I am reading this wrong and it is all one document? This Confirmation, together with all other documents referring to an ISDA Master Agreement (each a “Confirmation”) confirming transactions (each a “Transaction”) entered into between us, shall supplemen , form part of, and be subject to, an agreement in the form of the 1992 ISDA Master Agreement (Multicurrency – Cross Border) (the “1992 ISDA”) as if on the Trade Date of the first Transaction between us we had executed an agreement in that form but with the elections and modifications under the Special Provisions and without any Schedule except for the election of English law as the governing law and of GBP as the Termination Currency. All provisions contained or incorporated by reference in that agreement upon its execution will govern this Confirmation except as expressly modified below. As used herein, “Agreement” at any time shall mean the 1992 ISDA this Confirmation supplements, forms a part of and is subject to (or is deemed to supplement, form a part of and be subject to, as provided above). In the event of any inconsistency between the provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purposes of this Transaction The 2006 ISDA Definitions are also incorporated into this Confirmation. Copies of the ISDA 1992 Master Agreement and the 2006 ISDA Definitions are attached to this Confirmation. Thanks
  11. Evening Pete, I have made a complaint via telephone, the response I received from the person on the telephone " I have no idea about rate swaps and there fore can not comment" I have sent my subject access request via recorded delivery with a cheque payable for 10.00. I await a response. I do not have a master agreement, I have received two different emails from two different members of the Barcap team, both show identical attachments, nine pages, five of which are confirmation and the remaining four are excel sheets. luckily I feel the pages are stated 1/9 2/9 etc and a reference number appears on the footer of each page. which would indicate no other links to other documents. If I had a master agreement it would be in my filing system. I keep everything. Once I have more data I will pm you. for the record, I think we had a conversation at weekend on anaother consumer website. Thank you for your support, Appreciated.
  12. Peter, We are very tidy when it comes to email and paperwork, I have a file on Barclays. I have no such item as an Section 19 FSMA warning, plus was never told to seek have left me with no copy! The only item I have that relates to the Barclays Capital is a "Rate Swap Confirmations" It consist of 5 pages with Blue, red and green fonts and a further 4 pages showing the payment plan (excel sheet). It does clearly state that "venue where trade was executed - OTC (Over the counter)" This is untrue as this was emailed to my office and printed. Probabaly not relevent. Thanks
  13. Hi Pete, The only item I signed was an email that I was asked to print and sign, No other documents have been signed, This is also as a sole trader not a director. And I have read all the documenst in hand and none of them advise me to take independant financial advise. The emails received are addressed to Dear Sir/Madam, with the schedule. I have sent my "subject access request" today, I have also got every email copy and letter on file. Thanks for your advise, really appreciated.
  14. Evening everyone, I am a victim of being mis sold a barcap agreement. I was never sat down with anyone, just two phone calls from London, some emails of an excel spreadsheet. I want to pay off 500k and Barclays want to charge me 60k to break. this was never mentioned to me at time of changing from Abbey to Barclays. My old business manager was boasting i made him 30k per year with other parts of my business included. nw i undrstand why! I have been reading many pages and links and obviously we can't all be daft, sp mis selling must be taking place, lack of shared information. I want to settle a deal after just two years, but 60 k above and beyond is too expensive. Leeby
  15. Thank you for all your feedback. I have sent a rejection of offer letter. I will keep you all posted. Many thanks.
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