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Posts posted by Robertxc

  1. ok here is the brief outline how sell and rent back works.

    As a general rule an angel can pay approx 80% of the market value of the property. We use the equity that somebody has in their property as our buy to let deposit.


    so lets use the example below (a real deal I completed on in December).

    Homeowners owed £73,000 on property valued at £100,000.

    Debt repayment on mortgage + secured loan was costing them £930 per month as they had a poor credit history.

    I purchased their property For £80,000 and mortgaged to 85% of the value = £85,000 (the £5000 difference between my mortgage and the purchase price covered the cost of purchase, 2 sets of solicitors costs broker fee etc).

    These people are now my tennants paying rental of £475 per month.

    My mortgage payment + buildings ins are approx £400 per month so I make £75 per month profit.


    The vendors had decided that they would foresake some of the equity to stay in property and are now £455 per month better off which makes a huge difference to them.


    The reason that we cannot offer lifetime tennancy agreements are that mortgage lenders do not permit it. The maximum we can use is a 12 month ast but I always put in writing that as long as the rent is paid they can stay there indefinitely.

    Anybody who is in this business for the long term should understand the importance of win:win deals. If dojng the deal does not put the vendor in a better financial position each month then we should not do it.

    We also have experienced brokers and debt management specialists who we often refer vendors to if they have not already explored these options.


    My experience so far !15 months into running the company and purchasiing properties that I rent back to the former owner) is that my customers are extremely grateful that we can save them from the alternative which is often getting repossessed).


    I am not saying that everybody in this market operates the way we do but we are one of the companies pushing for regulation and legislation in order to remove the unexperienced and unethical investors from the market.


    I hope this helps you all understand that yes there are unscrupulous operators in this market so if anybody is thinking about selling and renting back they do so with an understanding of how it works.

    I can well appreciate how a service such as yours would be welcome for people who are especially attached to their home. Do you give them the opportunity to buy their house back at a future date? I would have thought that the option to buy back at full market value after a certain number of years would be very attractive.
  2. Hmmm, I don't think i've explained myself very well....


    98% of the files I'm storing are read only - which means they don't change. For example, I ripped my CD collection to MP3, and so I have just over 50,000 songs in my collection. Obviously I could just rip them again if (when) my array fails, but that would be rather time consuming. I don't need to go to the hassle of setting up further raid arrays because I don't require 100% up time. I currently have about 1.5TB in raid 0, with the rest spread over a number of 750GB NAS devices. So....I will buy a bunch of 500GB drives, which I will plug in one by one to the SATA port on the back of my server. I will fill each drive and then unplug it again. When all my files are backed up, they will go into my fire safe. :)

  3. Thanks for all the feedback folks. In the short term it looks like I'll be buying 8 500GB hard drives for about £50 each. I'll be plugging them in long enough to fill them up and then putting them safely into storage. In the slightly longer term I think I'll switch to dual layer Blu-ray discs, which can hold up to 50GB each. At the moment the cheapest is about £17, but I read a news article which suggested that the cost is about to plummet to about £3 as Blu-ray looks to be winning the format war with HD-DVD.

  4. The Webmaster will update the website with the correct Data Protection No: as we gave them the old one.




    Had a lot to do recently.

    Just to confirm, I called the Information Commissioner and they stated that the number given above (Z7893075) is NOT a current registration number. Data Protection registrations have to be paid for yearly. She also stated that their records are up to date as of yesterday and that there is no other registration for Momentum Network Ltd.
  5. I know Dunfermline Sheriff Court very well - just about all of my cases were done there. First off, don't even attempt to withdraw your existing claim. if you do that you will no longer be protected from having to pay the other side's costs - and there is a reasonable chance that they would ask for an award of costs on the grounds that you're messing everyone around. In relation to the money you still have to claim, it is never a good idea to try to run two cases concurrently. If you do, the bank will almost certainly apply to have them rolled into one, which will take you out of small claims. I think the best thing for you to do is to sit tight and wait for the OFT case to pass and then complete your existing claim and then go on for the rest. I realise there may be an issue with limitation depending on how far your charges go back but I really don't think either withdrawing your existing claim or starting a parallel one are good ideas.

  6. If the default was put there by London Scottish then it is them you should deal with. If it were me I would have nothing to do with Robinson Way or Next, I woulldn't even acknowledge their letters. Bottom line, London Scottish need to corroborate the Default or remove it.

    Have moved my Littlewoods Shop Direct thread now:




    From now on will just use this thread here to deal with my Next Directory/ London Scottish Bank/ Robinson Way problem.


    Quick refresher on this thread;

    I have default on my file from London Scottish Bank for £650.

    I sent them a SAR in September 2007.

    They failed to acknowledge this & after a few more letters from myself in December 2007 I reported a complaint to the Information Commissioners office for non compliance with SAR.

    The Info Commissioner has not yet acknowledged my complaint however I received this letter from Robinson Way...


    Further to our letter dated 3rd December 2007 & your request for information under the Data Protection Act, we write to advise you that we are now in possession of your original letter.

    We apologise for the delay, however your letter was addressed to our parent company London Scottish Bank plc, and contained no reference numbers. As a goodwill gesture we are returning the £10 fee and now enclose a full copy of the data we hold on our files. Please note we are only able to supply information from the 10th October 2005 and any information required prior to that date should be requested from Next directly.

    We trust this is satisfactory & if I can be of further assistance please do not hesitate to contact me.

    Yours Sincerely

    Hayley Felton

    Complaints & Compliance Manager


    Enclosed with the letter is data from October 2005.

    This is where I need some help as I want to be sure that I am dealing with this correctly...

    My credit reports list London Scottish Bank as putting a default on my file therefore I was correct in SAR them, not Robinson Way or Next Directory.

    Therefore my communications should be with London scottish Bank not Robinson Way and my complaint to the Information Commissioner still stands as London Scottish are the data controllers.

    Was thinking perhaps I should reply to Robinson Way & tell them the same & chase up the Info. Commissioner to let them know my complaint has still not been resolved by LSB.

    Any thoughts on this?

  7. I have Ubuntu installed on an old Dell P3 600Mhz banger I had lying around. I stuck 512mb of RAM in it and now it chugs along quite happily as a kids internet PC. The only thing it doesn't really like is Flash games, but apart from that it's absolutely ideal.


    For me, the best buit of Linux I have is my Smoothwall firewall, which also runs on an old banger. It has two network cards, one for external traffic and one for internal, and runs firewall, IDS, traffic shaping, anti-virus, content filtering and ad filtering. It is awsome, and best of all, it's free!

  8. I just can't stand it - I gave it 6 months at home, and then opted for Ubuntu - every single peripheral I have now works - and fast.


    I just don't see why people would use it when there is a much better alternative, that is free; that works.

    I'm surprised you're having that much trouble Dave. I run it on my main PC and the only compatibility issue I've had is with an old HP scanner. In my house I run Vista, XP, XP Media Center, Mac Osx, Ubuntu and Suse, and I can honestly say that the most grief comes from the Mac. I do like Ubuntu however - especially for the kids' machines. The one thing I would say about Vista is that aesthetics aside, I'm not really sure what the point is. I haven't been able to point to one particular thing which I think it does better than XP. It does look good though.
  9. Sounds like bliss, just pleasing yourselves and no-one else to worry about.
    It's great. Usually there's a set menu with about three choices of courses, so everyone can choose what they like, and in our experience by the time you add up everything you might spend for Xmas lunch at home the cost works out about the same. We also found that it gave the day two or three natural breaks where if people wished they could leave without feeling like they were being impolite.
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