thanks spudzulu - means the world mate

Eviction letter is getting put up in my garage to remind me that the fight was nearly lost - but we got there in the end

and now I'm in a much better paid job - all payments will be made

priority priority - kennys wont have the last laugh - I will and that's a promise

now to try and get my credit file sorted - so I can move away from these in the next 2- 3 years

 

Again thx

Mark

It's simple to avoid being in this situation again, never miss a payment, never talk yourself into "oh it will be OK this month..." because it won't. Mate I've been there and it got to the point where it was damaging my health that we just handed the keys back.

Just look after yourself, don't go off on any crusade for a while about charges. Just flipping chill out and get into a good space. You need a period of normality, trust me normal is good and often under rated.

Spud

very true ,

I will be making sure that we wont miss a payment , and wait until the new year and then go after the charges #

all the best everyone ..

regards

markez

oh my days

Kenny have sent a new letter today stating new cmi next month will be rising again from £592 to £612

so the cmi was £540 in may

£544 in june after the fca re address it shot up to £589 end of june

then £592 july ,august September

Now October payment will be £612

extra £52 a month within 5 months

I told you Markez about this Business model and I attach here a chart I drew up about the Swift Advances rates which are based upon the Libor rate or so they said when it was convenient, but changed it in court to suit themselves and introduced ' financing costs' too when asked why they raised rates rather than reduce them when the Libor and Bank of England rates went down. Punters never saw a rate decrease throughout their loan term and as Kenny's business model is the same, yours won't either.

You can see the initial Swift rate for a loan was 13.44 in the yellow column on the right against a Libor rate on the left of 4.75 back in Feb 2006. I have nothing against the mark-up, that's what business is all about and they make their profits on the mark-up, but follow the headings down and watch as the Libor rates and the Bank of England rates tumble, yet the Swift margin increases as they fail to reduce rates to customers.

Their margin (Profit) goes from an initial 8.62% to a whopping 15.5% + when everyone in the country is struggling at that time from the banking crashes.

That's why you won't see these kinds of companies giving you a penny unless forced to do so.

Hope that helps? (It probably won't, but it helps understand what makes them tick!)

Swift Advances rates Libor & Bof E comparison.pdf

Disgusting !! - they should be jailed - the whole lot of the sub prime lenders - all in one jail where we can keep an eye on them !! I've been helping to fight them for years on this forum and they're nothing but a blight on the country. How does lending people money then engineering them to fail so they can repossess be a fair practice, it's just peddling misery !

(rant over - for the time being)

Disgusting !! - they should be jailed - the whole lot of the sub prime lenders - all in one jail where we can keep an eye on them !! I've been helping to fight them for years on this forum and they're nothing but a blight on the country. How does lending people money then engineering them to fail so they can repossess be a fair practice, it's just peddling misery !

 

 

(rant over - for the time being)

Very true, however my family and I will be forever in debt to you. I will never be able to thank you for what you did. Sorry to hijack your thread Mark.

Swift went on the rampage using this business model repossessing thousands and thousands of people's homes right across the Country. Northern Ireland was particularly badly hit. The minute a customer got into arrears the profit machine kicked-in charging for letters, default notices late payment fees and anything else they could add to the capital balance.

One particular gripe I have, and this applies not just to Swift but to most lenders including the High Street lenders and that is the procedures, or lack of them, in place to stop the debt spiraling out of control.

Rarely, when charges are being applied at the time of what they'd like to term as the 'offence' did the debtor get informed they might like to pay the 'fine or charge' off so as not to attract further interest over the term of the loan.

With 1st mortgages (1st Charge that is, not your first mortgage ever), a mortgage statement is issued generally once a year in January meaning that any charges which had been applied say the January before, the cost of the penalty for want of a word, had been applied to the capital balance for almost a year before the customer was informed or aware of the charge and that charge had attracted interest for that year. Many had that with Second charge loans too and this makes a hefty profit for these companies. It is my belief that any charge being applied to a loan of any kind should be preceded by a letter stating the charge will attract interest and should the customer wish to pay it, the interest would not make their debt situation worse.

To me that's common courtesy, to them it's profit so keep stum!

I agree with you Elle-nn the sub-prime market should be exterminated, regulators are no use, we had the OFT overseeing the likes of Swift and they were as much use as a chocolate kettle and the unregulated loans (over 25k back then) were like giving them a blank cheque.

Try get them out of your life Markez, you'll be a happier man for it!

Thank you for providing these insigts and putting them across in an easy to understand way. I have learnt a great deal.

This guidance note from the FCA may be of interest: https://www.fca.org.uk/publication/finalised-guidance/fg17-04.pdf

Although published in April 2017, I suspect that some within the industry are ignoring the FCA guidance and including arrears in their CMI calculations.

too right they are!!

The FCA 'Guidelines' are often stated as just being guidelines by these companies, not the law, happened with the OFT back then too. I have had many dealings with the FCA, but as with most regulators, they won't entertain any dialogue with the customer so you never know whether your particular complaint or concern is thrown in the bin when it arrives or is being treated seriously and acted upon.

Regulators do not get involved in individual account disputes, they just 'listen' to people's concerns and if they do act on them, you never get to know how or what was done.

To the concerned punter, that's not much help when he or she is fighting for their life against an alleged injustice by an unscrupulous lender or practice. In fact, it just frustrates the punter even more.

One just hopes someone hears what's going on and does something for the rest of mankind to stop the organisation from doing it again - but you never know!

That takes people to the legal option and I have not seen many people come away unscathed from taking these companies on as the T & C's in their contracts mean that the punter pays for their defence and costs no matter what the result is and that's hardly a fair term in a consumer contract is it? There is no level playing field from the very start.

It's a very hard battle to win against these people without cost so best not get into bed with them in the first place if at all possible - credit can be useful, but it's dangerous to one's health.

Andrew

How's the plan going Markez? Still on top of it?

Hi guys . Update

I've paid on time for the past 3 months and exactly in line with court order .

Today my statement came and it showed applied 3rd party charges £249 applied 16th of November

I had no option but to call them to find out what these were for

The call handler stated it's the costs involved canceling the warrant back in August ..

I will take that a's at leat it was cancled

Now yet again the best bit

She asked if the account was still been investigated by Fos

I replied yes

She then proceeded to advise me that depending on the outcome of the complaint kennys may still enforce the eviction warrant !!! I replied you what even tho I've made 3 month's of payments !

Her response was the only way the warrant would of been canceled was upon full recipt of all the arrears

I replied but you have canceled it and I've made 3 payments .

She said doesn't matter as we ant the full arrears to stop any further action ..

And depending on the outcome of Fos complaint depends on what action they will take next .

Godsake /polite word

I've recorded the whole call and passed the info on to Fos

Kennys are going to be the death of me

Regards

Markez

wonder why they put those charges on there..maybe cause they know you'd phone up...god how many more times are you going to fall for their tactics.

they've got you on a string.

good you recorded it good you've added it to the complaint.

Cheers dx..

I know I know about calling I just wanted to know what the charges were for . And I'm glad I managed to get it added to my complaint .. before its concluded .

Can they reissue the warrant after the fos decision tho ??

Cheers

The minute you get into arrears they have a right to repo. That's when the clock begins to tick with regard to if and when the lender will go for it. With the likes of Kenny's it's not 'if, it's always when. They know they have a legal right and will just remind you to keep the control freak attitude over you as DX suggests.

Just keep doing what you are doing and paying on time and gradually the balance of control will reduce and once you are out of arrears the game changes. Kenny's know they can do and say what they have said to you and no doubt the charges applied can be charged too under their Mortgage Conditions. If you can pay those charges to save yourself added interest then so much the better, but they'll take whatever you paid and just reduce it from your arrears.

Try and ignore their emotional attitude because it will wind you up - but then that's exactly what they do as it's their business model, so try keep off the phone and put anything you want to ask them in writing - just keep up the payments until the arrears are paid and 6 months of payments will make a significant difference to any outcome if they haul you in front of a Judge again.

Wipe out of your mind what they say, like you would something you scrape off your shoe that's been left on the pavement by a dog walker - there's not a lot of difference! Look forward to the day you are rid of them and having a happy Christmas with your family. Search out for the 'feel-good' factors around you, not these dross.

Cheers Andrew .

It just natural that it gets to me every time ..I'm now awaiting the decision of the fos then let's see what happens m this will be my 4th payment so I'm getting a bit of history going .

Regards

Markez

Dig deep buddy, and remember don't ever EVER be late with one single payment.

I don't think there would be another chance for you.

Just remember how well you are doing.

Hi all just an update ..the fos have replied and basically said they can't see anything wrong and because I'm on variable interest Kenny's are in the right to keep upping the cmi .and because they refunded £8000 towards the arrears they have followed what most banks would do .. now I have to await the dreaded letter from Kenny's for an eviction as they stated they may still go for eviction as the warrant was only suspended because the fos asked them too ..and the deal was they would only cancl it if I paid off the £20000 arrears in full of which I can't do

So I b et they reissue it ..my head and heart have sank to the lowest point ...I've been paying on time since the warrant was suspended in August ..regards markez

That's not what the judge said

Stop worrying about it

I know DX but I was late with a payment back in August and couldn't afford the full amount . That's why they issued the original eviction warrant ..

I have paid ever since it was canceled tho ..so hopefully that will be in my favour

Regards

Markez

I have the option to appeal,can I check something the Fos has said IÂ’m on a variable interest rate and kennys are entilted to put my cmi up .which is fair enough but the interest rate has only changed twice last year and kennys have changed my payment over 7 times in the last year .

Fos have stated only 1 change on the reply letter from £589 to £592 kennys have since changed it from £592 to £604 then £612 and this month changed it to £615 do u guys feel that’s enough for me to appeal against there decision and try and point out the Fos are missing the point that they keep changing the cmi even when there is no change in the interest rate ....variable also means it can go down of which it never has

Regards

Markez

Hi Mark.

Is this letter from the ombudsman or a helper please? Often if you disagree with the verdict of a more junior person you can appeal higher up.

HB

Try to stay calm, DX is right that it is not what the court order said. Please do not start the cycle of feeling down, this terrible company can say what they want but the only way they can seek possesion is if you miss a single FULL payment. So relax.

We had this problem when attacking Swift who operate the same business model. They put their rates up in a similar manner when the Libor and B of E rates plummeted and somehow, when they took people into court and the point was argued, they said the increases reflected their own 'borrowing' and financing costs which the Judges seem to accept as okay as this was to fund the business and did not reflect Libor or B of E like most other high street banks.

It's another ruse by companies who operate this kind of sub-prime business which seems to be above the intelligence of the Judiciary to see through. It just makes it harder for people like you markez to argue when faced with court hearings and is another reason why you should get the hell out of their grips at the first opportunity.

Just listen to what the guys here say though, they know what they're saying.

Keep calm and just keep to the payment plan.

good luck.