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Everything posted by nomorecrooks

  1. @ Andy:I agree with your sentiment entirely. For me the issue was that eBay will release customer details to ****-of-the-earth DCA's for trivial amounts on the basis of eBay terms & conditions which are almost certainly unenforceable in a Court. eBay is now just another "chancer" organisation that will sell its soul and its customer's private details for a few pennies. eBay is the company that it keeps: ****!
  2. I had used eBay for years, I had a ~750 rating and yet in order to stop the letters and phone calls from a revolting & vile DCA I had to close my eBay account.This wasentirely due to a DCA trying to collect ~£8 because of my having made alate payment to eBay. I understand eBay wanting to be paid. I do not understand eBay employing bottomfeeding DCA's after the eBay feeshave been paid with the sole purpose of chasing the DCA's own collection fees. eBay has gone down the pan.
  3. @ Nav110: I accept that your argument is logical and has a chilling and disheartening conclusion, however: I think that your argument is as much with the mortgage broker as it is with KMC per se (though they are in your case one in the same) Part of me says: "and so what"; it is a cruel and unfair world populated by many unattractive individuals and organisations. That said I believe that if it could be proven that KMC will strenously avoid any variation to the mortgage terms & conditions irrespective of its obligations under statute as a result of its contractual position with the investors then one might be able to argue that KMC is in breach of its requirements under MCOB. Have you or has anyone here attempted to test if a mortgage company is in breach of MCOB due to its contractual requirements with investors via a securitisation?
  4. @ Nav110: what is your trhinking on this point? If Kensington has the right to dispose of your mortgage and it has done so then what advantage are you trying to obtain by addressing this? I too have a mortgage and am more than unhappy with Kensington. I have asked Kensington if my mortgage has been sold, transferred or hypothecated in whole or in part and Kensington simply refuses to respond. Much as I'd like to find a valid argument with Kensington on this point I cannot see any valid angle at all. So, if you have a thought please do share it!
  5. Kensington and many others bundle together loans as a portfolio and resell them to other investors / lenders. In addition the portfolio can be sold in different layers of risk with interest rates related to the level of perceived risk. This system is widely employed around the world not just for instruments such as mortgages but also credit card debt and many other consumer finance instruments. Kensington loans money on mortgages of £X in total with an average interest rate of, say, Libor + 3%. Kensington then sells off the portfolio of mortgages at, say Libor + 2% thereby keeping 1% for its trouble.
  6. I am sure you are correct on many of your points above, however I have indeed used (as have other CAG's) the monthly arrears charges as a point of argument at the stage of requesting a stay of eviction. The argument is as follows: A - the monthly arrears charges have been found by the FSA to be excessive (in my case £50) as they exceed the costs of managing the arrears (FSA's findings in the case of DB Bank (UK) and GMAC); B - because the arrears are in part interest on the capitalised monthly arrears charges the amount of arrears as stated is incorrect. I am not suggesting that this is a "killer argument" but rather an argument which if combined with other arguments can be compeling for a Court.
  7. Andydd is correct: pay eBay and ignore the idiot DCA.
  8. I cannot advise you on the pre-action protocols: iam am unfamiliar with this argument. I would ask them for the monthly arrears charge, if any and the total amount paid in monthly arrears charges since the mortgage started (probably you will need to SAR them but they might tell you.) I am always very cautious with what these companies / solicitors say on the phone. I'm afraid you simply cannot rely on telephone statements unless they are recorded.
  9. Clearly I do not know the full circumstances of your situation. That said I cannot help but think that a Court would look anything but very favourably on your situation if it comes to that. I say this with the condition that you have a full and complete defense package for the Court (via the N244). This will include the form itself, the financial statements and a full witness statement which details all of the points we have been discussing. Regarding the arrears: if I were you I would look very carefully at any monthly arrears charges which may have been levied on your mortgage account. Although the charges have probably been added to the capital amount rather than the arrears there is a line of defense using monthly arrears charges that has been very persuasive in Courts throughout the UK. So, check what the monthly arrears fee has been and how much in total has been charged. If you receive an eviction notice (which may or may not happen) then I will explain the arrears charges argument to you. Interest rate: is your monthly interest rate based on Libor? I'd be interested to know exactly how (as according to your mortgage terms) your interest is calculated, word for word.
  10. Look, if your mortgage term has 17 years left and you have been retiring the arrears at £50 per month then this should / ought to be acceptable to the Court (as the arrears will be retired within the term of the mortgage). You absolutely should ask for a complete breakdown of the arrears figure. Solicitors letter: it may be that your letters crossed in the post. Have you spoken to the solicitors to confirm their receipt of your letter? Reading between the lines of your posts: * since the possession order was granted have you consistently paid your mortgage? If you misssed a few payments (in June 2010?) have you been consistently paying them lately? * if you have been paying consistently as of late (including an additional £50 per month to retire the arrears) then I am at a loss as to why the mortgage company would attempt this action as it is quite illogical. It may well be that the letter from the solicitor was a scare tactic. In any case, stay calm. Ell-enn is the expert and I am sure she will offer you very good advice!
  11. OK, good. Now please wait half a day for one of the site experts to respond to you. Don't worry, they will! In the mean time I suggest you download an N244 form and put together a budget sheet (available on this site as an MS excel document).
  12. Slow down one moment! I can assure you that if you fight you will not be out of your house before Christmas! If there is a suspended possession order on your property then the mortgage company must seek an eviction order. This will take some time and will not take force for some time. Once you receive the eviction order then you must file a N244, peopl on this site will help you prepare the form. The N244 requests that you return to the Court to argue your case. Given Christmas and the New Year break this is unlikely to be much before the middle of January. I must stress that you MUST complete the N244 with all of the relevant attachments and submit it to the Court once you receive the eviction date. You will receive plenty of help on this site I am sure; in particular read the advice you receive from Ell-enn from the Site Team. Who is your mortgage with? How many months left on your mortgage term? What is the amount of arrears? Stay calm!
  13. 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.
  14. 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?
  15. 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.
  16. First: obtain the rates and dates (for the the rates settings) from your lender. Second: check that the rates are correct for the dates via the internet or CAG users.
  17. 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).
  18. This post may be in the wrong thread; apologies if it is. In the New Law Journal (see link below) I read as follows: In Nash and Staunton v Paragon Finance the Court of Appeal ruled that subsequent changes in interest rates after the loan agreement is entered into are not relevant to the issue of whether a credit bargain is extortionate, but the new test of an unfair relationship introduced by the Consumer Credit Act 2006 includes anything done or not done by the lender after the making of the agreement, which would include changes in interest rates, and this may offer some scope for fresh attempts to re-open credit agreements if lenders fail to follow the general trend when it is downwards. I wondered if anyone is aware of this argument being successfully applied. In particular I am thinking of mortgage lenders such as Kensington. http://www.newlawjournal.co.uk/nlj/content/after-party
  19. I note that Denmark apears NOT to be a signatory; I also understand that UK money judgements cannot be chased in Denmark (unlike most EU nations); is my understanding correct?
  20. tomterm8: my understanding is that this is not possible for UK debts chasing residents of Denmark, is that correct?
  21. I have had a very similar experience with DG; they certainly lie given the opportunity. In my case the incorrect HSBC entity claimed against me; as part of my defense I pointed out that I did not hold an account with the Claimant but rather a different entity. DG wrote to me denying that then entity I named in my defense exists now or has ever existed. The funny part: the same day I received DG's letter the HSBC entity that held my account was charged with fraudulent activities. Too funny!
  22. As you are seeing a solicitor tomorrow he/she will be able to better advise you than I possible could; good luck!
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