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    • If you are buying a used car – you need to read this survival guide.
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
      • 160 replies
    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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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.

Edited by iconoclash
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  • 4 weeks later...

So what happens when "LIBOR" has been "manipulated" by the likes of Barclays/NatWest/HSBC etc.

 

And we end up paying more for our mortgages than we should do? - because the LIBOR rates are

higher then they should be.

 

Who do we take action against - or make a group claim?

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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

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  • 2 weeks later...
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Scandal that could ruin banking giants: U.S. lawyers prepare to sue financial firms for hundreds of BILLIONS over global interest rate-fixing

 

Read more: http://www.dailymail.co.uk/news/article-2168473/Libor-scandal-ruin-banking-giants-US-lawyers-prepare-sue-financial-firms-hundreds-BILLIONS.html#ixzz28ER1Oqpg

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hi - i have two cases with the FOS at the moment concerning costs/charges of mortgage companies and both used libor rates - but - at no point has the FOS even looked at the issue. After years of 'investigation' they do not seem willing to uphold complaints - it seems they are over cautious and want a video of the whole process practically before finding for the consumer - I know of another case where the customer had good cause against GE under Unfair Terms but they refused to look at it - so, hmmm, yes, a class action would be a good route to take as there is little else for the consumer, unless you can afford a barrister.

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  • 2 weeks later...

Hi,

 

Maybe posting in the wrong place but I have a Mortgage with the BOI and they have just put my Mortgage up 50% which is nearly £300 a month more! I am absolutely furious and have no idea if anything can be done about this? I also know that all the other companies are following but at rates of 0.5% or a little bit more not 50%. Surely that is completely unreasonable since we have had to bail the b*****ds out in the first place!

 

I was thinking of writing to my local MP? Or maybe starting something like a petition for this as I am sure that many of you have Mortgages within the RBS group?

 

We are all in an economy meltdown as it is and then having to bail out the banks, people are struggling to keep their homes, food, work and family's together because of all of this hence why the BOE has lowered the rate to a record 0.5% and then the Mortgage companies (especially once we bailed out) have raised their SVR to whatever they want to! This is very unfair and something needs to be done before many more people end up losing their houses including myself.

 

Is there anything we can do? Is a petition a good idea? If anyone has any views, ideas of what we can do then please let me know what your thinking.

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  • 2 weeks later...
  • 2 weeks later...

hi - there must be lots of people who had mortgages based on libor and it would be nice to see a graph of how the rates were altered - I need it spelt out - lol. I think my mortgage was in place when it was only higher so wouldn't have evened out with lower rates in another period and since my contract is/was with the lender directly, they would have to answer to it, whether they in turn counter-sue the culprits is up to them.

any ideas? fraud act?

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  • 3 weeks later...
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.

 

 

I would strongly suggest that you check that the Libor rate used for the purposes of calculating your effective interest rate was the correct Libor rate. What I am saying is that there are now examples of lenders (sub-prime usually) using an inflated Libor rate rather than the actual Libor rate. For example 3 month Libor might have been, say, 1.2% on September 30 2010 (or whatever date your rate was set, you can check these rates as they are published on the internet); however you may find that your lender used a Libor rate which was higher than this! It takes some hard work but I have found this to be the case and have argued it successfully in court (as has another CAG member).

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I would strongly suggest that you check that the Libor rate used for the purposes of calculating your effective interest rate was the correct Libor rate. What I am saying is that there are now examples of lenders (sub-prime usually) using an inflated Libor rate rather than the actual Libor rate. For example 3 month Libor might have been, say, 1.2% on September 30 2010 (or whatever date your rate was set, you can check these rates as they are published on the internet); however you may find that your lender used a Libor rate which was higher than this! It takes some hard work but I have found this to be the case and have argued it successfully in court (as has another CAG member).

 

hi that's great i had a mortgage with them from 2001 to 2009 well stung by them

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hi that's great because still waiting for pay out from them on charges being loaded on debt has any on took them on in court ? ?

 

Not that I am aware of; however if they took you to court (on, say, arrears) then you have an interesting defense which will cause considerable confusion as to what the arrears actually are.

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hi that's great i had a mortgage with them from 2001 to 2009 well stung by them

 

Well, I would be very interested in learning what rates of interest you paid: if they charged you the same Libor rates or different Libor rates than they charged me or others. Do you still have your mortgage statements?

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i had intrest only for a while was paying 10 % off later in the week will try to the maths as they loaded arrears on my debt non dd and 50 pounds a month

 

has this gone to court ? about libor

 

The Libor issue has gone to court via two seperate CAG members. Kensington seems unwilling or unable to present the courts with the evidence requested by the courts.

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Hi - thank you but how will I discover if the rate they quoted as being in use at specific times in accurate please?

 

 

 

 

Three arrested by SFO in Libor probe

By Caroline Binham, Legal Correspondent

Three British men have become targets of the first arrests in the sprawling worldwide probe into manipulation of Libor, the key benchmark bank rate.

The UK’s Serious Fraud Office said in a short statement on Tuesday that it had arrested three men aged 33, 41 and 47, and that the suspects were “all British nationals currently living in the United Kingdom.”

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