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Stornoway

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Everything posted by Stornoway

  1. Cant understand what everyone is getting worked up about. The article is talking about an agreement in the past tense and describing what actually happened up until the test case was announced. The procedures are different now and ombudsman has put all cases on hold. Whilst this was published today its old news and irrelevant.
  2. I'm in the same position and now have trading standards involved - its slow going though as HSBC seem to think they are above the law. http://www.consumeractiongroup.co.uk/forum/hsbc-bank/107346-hsbc-no-agreement-but.html
  3. Thanks for sharing it - fingers crossed. I'm in the same boat as you - several credit card claims on the go at the moment but I'm doing most through the FOS which is painfully slow. Good luck.
  4. Very interesting. Would be surprised at the banks conceding early though - the appeals could last for years and 2 years interest on £3.5bn is a lot of cash. Also many of the Banks have some balance sheet management issues at the moment because of all the capital markets turmoil - its not a good time for them to be paying out compensation.
  5. Thanks Activ - I'm just trying to find out where I stand and try and if possible try and negotiate the rate, if the agreeement is OK then I obviously dont have anywhere to go.
  6. Hi Rory Thanks for looking in. I do have the t&cs. For monthly payments, there is a section just below the heading "APR 6.6% (variable)". This section states; "Monthly Payments: (a) Amount : such equal amount as is calculated by us and notified to you from time to time as will resullt in the then outstanding balance under this agreement together with interest at the Interest Rate being repaid during the Period of the Agreement. (b) When Payable: On the same day of each successive month commencing on the first day of the month following 28 days after the first drawdown of any amount © Change of Monthly Payments: Will be notified by us giving at least 7 days notice in writing following a drawdown, change of interest rate, reayment of principal or any other change which affects the Monthly Payment Amount." I cant see total charge for credit either but I dont know if this is because the interest rate is variable and is therefore not required ? Thanks again.
  7. Hi Josie This dates from Sep 2004 and was taken out remotely - ie. I applied over the phone, they sent me documents for signature and return. I think there was a 5 day cooling off period in which I could cancel. Thanks for your help.
  8. http://www.consumeractiongroup.co.uk/forum/general-debt/112768-help-my-personal-loan.html#post1107978 Sorry to ask but could someone possibly have a look at my loanm agreement to check enforceability. Its a "together" loan and the barstewards want to increase the interest rate from 8% to 13% simply because i have refinanced my mortgage. Many thanks in hope and anticipation ....... nrcktogetherloanpg1.jpg - Image - Photobucket - Video and Image Hosting nrcktogetherloanpg2.jpg - Image - Photobucket - Video and Image Hosting
  9. I'm remortgaging away from Northern Rock and currently have "Together" mortgage and associated personal loan. I've just discovered that once I repay the mortgage the loan interest rate increases by 5% to c.13%. In my view this is completely unfair but as a first step I wanted to check whether the loan agreement is OK and is definitely enforceable. Does anyone have any views ? Many thanks for any help. nrcktogetherloanpg1.jpg - Image - Photobucket - Video and Image Hosting nrcktogetherloanpg2.jpg - Image - Photobucket - Video and Image Hosting
  10. I've now enrolled the help of my local trading standards office. HSBC had never actually admitted in writing that they have lost the credit agreement but instead said they only had to provide a copy of original terms and conditions. TS telephoned HSBC and within a day HSBC wrote to confirm that they have indeed lost the agreement and accordingly they agree that the debt is unenforceable under the consumer credit act. They do state however that the debt still exists and they expect me to repay it. I've responded today to say the following; "Thank you for your letter of 30th August. I am pleased to note that you have acknowledged no credit agreement exists and the debt on the above card is therefore not enforceable. It is a pity however that I have had to involve Trading Standards for you to reach this conclusion. Firstly, I must confirm that I now regard the account as being in dispute and note that under FSA guidelines you are obliged to refrain from taking steps to collect the debt until we have resolved our disagreement. Accordingly, please ensure that your staff or any appointed collection agents do not contact me regarding the debt. Secondly, without a credit agreement, HSBC also do not have my consent to process data regarding the above account as required under the Data Protection Act. Please accordingly confirm that you have removed the default flag filed against the account with Credit Reference Agencies. With respect to the outstanding balance on the account, I would like to highlight that as no agreement exists, the debt is not subject to the Consumer Credit Act and HSBC therefore have no right to charge me interest on monies owed. The attached schedule details transactions on the account over the last 6 years from which you can see that I have made payments of [£10] against an opening balance of [£5] plus spending of [£7]. I therefore calculate the current outstanding balance to be [£2]. In light of the above I would like to offer a payment of [£2] in full and final settlement of the debt (on condition that the default against my account is removed). I trust that you will find this acceptable and hope that we can resolve matters without the further involvement of Trading Standards, the OFT, FSA, Financial Ombudsman or the legal courts. I look forward to hearing from you in early course." Will keep you advised on progress.....
  11. BBC NEWS | Business | Judge calls halt to bank charges Fantastic result ! Suspect that this was as a direct result of a CAG Stay objection as our standard objection wording includes a request that the court makes this type of order. Well done whoever it was !
  12. Thanks Zubo. I havent CCA'd them yet as the copy agreement is from my own files. I do have a copy of the terms and conditions which are on a separate piece of paper. What I basically want is to understand what is wrong with the agreement so that I can use it as a bargaining tool with Egg. Having thought about it further today, I may ask them to refinance the loan and my egg card at 0% over 5 years. Both accounts are in default so if they are prepared to refinance and remove the defaults then i'd be very happy.
  13. The figures dont match because you are adding only 1 year's interest instead of 5. Cheers
  14. Thanks for your concern. I'm fairly relaxed - all personal identifying details have been hidden and in any event I will be contacting Egg to highlight the problems and to negotiate a settlement. Cheers
  15. Any chance someone could check my egg loan agreement for validity for me ? Much appreciated ! http://www.consumeractiongroup.co.uk/forum/general-debt/111686-help-egg-loan-enforceable.html#post1093239
  16. Hi, i'm hoping one of the resident legal experts can spare a few minutes to give me some advice on my egg loan. The account is in default and arrears but I'm at the stage of making an offer to repay. What I really want is to settle at a bit of a discount and get the default cleared off my credit file. In terms of the agreement, one thing that jumps out to me is that there is no details of the "charge for credit" but I dont know for definite if this makes it unenforceable and there may be other problems. Interestingly, Egg wrote to me last year offering to refinance at a lower rate which I didnt accept as I thought they would credit search me and that would have thrown up problems which may have affected my egg card limit. Many thanks in anticipation..... pg1eggloan.jpg - Image - Photobucket - Video and Image Hosting pg3loan.jpg - Image - Photobucket - Video and Image Hosting
  17. Newman and Coy Limewood House Limewood Way Leeds LS14 1AB I successfully had my Amex default charged waived but I wrote to Amex rather than Newman using the following letter; "Thank you for your letter of 16thJanuary 2007. I note that you have levied the default charge under pretence of “Page 4 Key Information Section 8.….This includes costs we may incur in using a third party such as a solicitor and any costs that they themselves incur in trying to recover a debt on our behalf“. As this default charge has been applied to my account please provide a breakdown and / or evidence of how exactly the charge has been calculated. If this information is not available then I will conclude that the charge represents a penalty charge and not a reflection of the actual costs incurred by your agents in producing a limited amount of correspondence to me. As you may be aware Penalty Charges are irrecoverable as they are unfair, unreasonable, generally disproportionate, excessive, unlawful and not a genuine pre-estimate of loss incurred in respect of any alleged breaches of contract. Any contractual provisions between us which purport to permit you to levy such a Charge to the Account is unenforceable by virtue of the Unfair Contract Terms Act 1977, the Supply of Goods and Services Act 1982 and common law. As I now regard the balance on the account as being in dispute, I note that no enforcement action can be taken against me (as per the UK Banking Code). "
  18. PS: HBOS have actually successfully defended a claim for CI in open court so I think you have little chance of victory against them (there is a thread on CAG somewhere about that claim).
  19. I'm claiming against Citicard who defend all cases and not looking forward to arguing this one in court - in fact i'm considering amending my POC to remove this part of the claim. On the other hand, HSBC, Barclaycard and MBNA have all paid me CI. In the case of HSBC and Barclaycard they basically settled for the full amount on the day before court.
  20. Looks like my First Direct current account claim is continuing at Morpeth. http://www.consumeractiongroup.co.uk/forum/first-direct/98802-first-direct-should-i.html#post1091678
  21. Looks like my First Direct current account reclaim is continuing at Morpeth. Wahey !!! http://www.consumeractiongroup.co.uk/forum/first-direct/98802-first-direct-should-i.html#post1091678
  22. To recap, HSBC submitted their (late) Allocation Questionnairre together with a request for a stay. I objected to the stay using standard CAG document. I have now received a response from the Court today; Judge Large orders that case is stayed until 1/10/07 to enable parties to attempt settlement. On or before 15 October 2007, one of the following steps must be taken; - the claimant must notify the court that the whole of the claim has been settled, or - the claimant or defendant must write to the court requesting an extension of the stay, explaining the steps being taken and identifying any mediator, expert or other person helping the process. The letter should include the agreement of all parties and extensions will generally be for no more than 1 month, or - all parties must file a completed Allocation Questionnaire at the court. Where a settlement of some of the issues has been reached a list of those issues should be attached to the completed questionnaire. I actually think this is very positive. On discussing with court manager they tell me that its unlikely that a test case stay will be granted as the case is too far down the line. I'll accordingly write a nudge letter to DG solicitors and First Direct / HSBC today offering a modest discount to settle.
  23. I have 4 credit card claims with them and they are very slow - one of the claims was started on 6th June and they havent even written to the Bank yet. When I queried this they told me that they aim to resolve complaints within 6 to 9 months. You'll also only get charges + s69 back - they wont refund interest paid on the charges.
  24. My strategy is to get the charges back then offer 80% of the balance in "full and final" settlement. In my case though many of the cards are in default and current payment record is patchy. As an alternative, I'd be prepared to pay 100% if the company agrees to remove default and I have written to a few recently with offers on this basis but as yet no response.
  25. I can recommend a good broker - Lisa Fallows at [email protected] I had a number of defaults but no CCJ however they sorted me a deal with GMAC at 1% over base rate.
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