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  1. Loans designed for borrowers who have 'experienced one-off event resulting in adverse credit record', says lender Sub-prime mortgages, widely blamed as the cause of the financial crisis, have begun to re-emerge with a new lender unveiling a range of loans for borrowers with poor credit histories. Magellan Homeloans will offer mortgages of up to £400,000 to people who have had county court judgments, individual voluntary arrangements (IVA) or even bankruptcy orders against their names. But borrowers will be charged interest rates starting at 8.55% compared to current "best buy" rates of as little as 1.5% on conventional loans. Magellan is the brainchild of Matt Gilmour, who previously ran sub-prime lender Unity Homeloans, a joint venture with South African bank Investec, which was one of the earliest casualties of the financial crisis. Unity also offered "self-certification" loans of up to £1m, but the company was dissolved in 2009. It is the first lender to return to what the mortgage industry calls "heavy adverse" lending, which was common before the credit crunch but disappeared completely by 2008. Since then many mainstream lenders have offered home loans only to borrowers with the cleanest credit records. However the past few months have seen an easing in lending conditions, boosted by the government's Funding for Lending programme and rising house prices, which have made lenders more confident about advancing loans. Land Registry figures show that house prices have accelerated in recent months, surging at an annualised rate of as much as 10% in some parts of London. The average time that houses sit on the market before finding a buyer has fallen to 8.2 weeks, the lowest for six years, according to data analysts Hometrack. The UK's biggest network of valuation surveyors, e.surv, said confidence is "pouring back into the housing market". Andrew Hagger, a financial commentator who runs the website MoneyComms voiced a note of caution: "Sub prime mortgages caused major issues for borrowers in the run up to the banking crisis and it's worrying that this form of lending is starting to raise its head again just as the mortgage market is gaining momentum. "The interest charges are bad enough as they stand, but if we see rates rise in the next couple of years this looks like a disaster waiting to happen." Last year the Financial Services Authority introduced tougher rules to restrict interest-only and self-cert mortgages, and warned banks not to rely on rising house prices, which its then chairman, Lord Turner, said "was the absolute core of the US sub-prime disaster". While none of the big high street names has formally relaunched into sub-prime, some building societies have begun to treat applications more generously. More: http://www.theguardian.com/uk/business
  2. Morning All Can anyone clariffy please. Does the Landlord or there agents have to put a deposit from October 2006, into a TPS, my ex landlord seems to think that they had no legal obligation to do so. Thanks Leakie
  3. I applied for the above scheme in June of 2012. I was aware the scheme finished in Nov 2012. When I rang British Gas I asked if I would be still be able to apply. I had a letter apologising for the time it would take to send someone to survey my home, the appointment was for Dec 2012. I rang on several occasions and was told I would probably get the work done in the Summer but I said as long as it was done for the Winter it didnt matter. My house is very cold and I am on a small pension. I rang again today and out of the blue was told as the money from the Governement had run out in Nov 2012 they didnt think I would be able to have the work carried out. I have a contract with them which was given to me by the lady who did the survey in Dec 2012. This is obviously worth nothing and makes a mockery of these deals. I am going to have another freezing Winter and there doesnt seem to be anything I can do about it!
  4. I have 2 credit cards with a combined debt of £14,000, I also have smaller debts of £150 which can be dealt with As well as the debts I have a £30,000 mortgage, with repayment s of £210 per month, with NR, which I am trying to move to my bank RBS. It seems banks are only giving 70%ltv, this only gives me a small amount to maybe clear one small debt; are there any banks that go to 90% which could allow me to clear most of my debts, and make them manageble In the last year, my health has not been that good, so I dont work as much as I used to, used to work 40 hrs pr wk, but now I only work 26 hr per week. I am hoping this year I can claim tax credits which would go some way to applying of my debts, as well as an increase in hours to meet conditions to claim tax credits Since I am starting to struggle with payments, for credit cards, elec&gas bills, council tax, I find my self falling behind, but somehow manage to make the payments; currently I pay out £240 to barclaycard, £150 to Halifax. Just had my Ele&gas bill of £320, which I just paid I am looking for information on trust deeds in scotland, and debt plans, it more I am looking for who I should speak to in the glasgow area
  5. Anyone who now has a mobility scooter through their scheme is no longer given the option to purchase it at the end of the 3 year contract. Not very happy to find this out yesterday, when I had my scooter I was told I would be able to purchase it for a nominal sum at the end of the contract. Had I known at the time, I probably would never have had one with them in the first place as you can buy them new of dealers for less than Motability charge. Those who have cars with them may need to look into this also as it is possible they could be affected.
  6. I wonder if any of you can help me, I have substantial council tax arrears, they were incurred when I had periods of unemployment. I now have a permanent contract albeit part time and low income. I applied for council tax reduction and have had an email saying that I don't qualify, does nyone know how to appeal, its all very new. I have one dependent child and a son who is an apprentice, it clearly says on the local authority website that apprentices qualify for council tax reduction of 25%. Is there a template and does anyone know how to apply for a discretionary payment? as I am now expected to pay the full amount I have no hope of catching up on this years payments, let alone pay the regular monthly payments. Are there any template letters? I would appreciate any advice, I have had bailiffs at the door due to the arrears, they have been placed on hold for the moment.
  7. Hi CAG I am writing on behalf of my sister. She is in her late 50's, lives alone, has worked hard all of her life and now finds - after a couple of years of being bullied at her place of work (seriously !) - that her hours have been cut drastically and she can no longer afford her cost of living expenses. Also the hotel where she works is closing down in July. For the first time in her life she has gone sick with stress and I am worried about her too. She also looks after my elderly Mum & stepdad. We have just applied successfully for DLA for Mum as she is now housebound. My mum has been helping my sister with money towards her rent. None of them claim Carers Allowance despite my telling them that either my sister or my Mum's elderly partner would certainly be eligible. My sister has a car on finance. I have talked to her today about the possibility of getting a car through the Motability Scheme so that she can take Mum out in her wheelchair (she has a wheelchair but hasn't actually left her flat since she came and spent Christmas with us - we live 180 miles apart). If my Sis did this what would she do about her current car ? She is worried that questions will be asked about the money that Mum gives her to help her with rent & food. I'm sorry to have so many questions but can anyone help at all or suggest some next steps that I can pass on to her ? Thank you
  8. Although this doesnt affect me, I am taking an interest - I didnt realise that it only affected those living in 4 council areas until September. I wonder why those 4 areas have been chosen for the Pilot scheme ? Hopefully by then, it will be proved to be another disaster and it will be stopped. Read more : http://uk.finance.yahoo.com/news/why-you-ll-be-more-broke-next-month--151600586.html
  9. A bankrupt stockbroker who defrauded £316m from people has been ordered to pay a nominal £1 fee. Nicholas Levene, 48, was jailed for 13 years after he admitted a Ponzi scheme which brought millions into his bank accounts between April 2005 and September 2009. Levene, from Barnet, north London, took investors' money to buy shares on their behalf but spent it on luxury cars and yachts. His assets are being investigated. He filed for bankruptcy in October 2009. 'Nominal sum' Levene admitted 12 counts of fraud, one count of false accounting and one of obtaining a money transfer by deception. The amount attributed to his false accounting was £32,352,027. But with his customers' lost profits, the amount reached a total of £101,685,406. At Southwark Crown Court Judge Martin Beddoe said: "It seems to me entirely pragmatic that his assets are seized by the trustee in bankruptcy. "As there is nothing available, I direct that he should pay the nominal sum of £1 within seven days." Levene, who was not in court, has admitted defrauding a series of business people including Sir Brian Souter and his sister Ann Gloag, the founders of the Stagecoach bus and rail group, and Richard Caring, owner of The Ivy and Le Caprice restaurants in London's West End. Investigators found evidence of round-the-world trips, yacht hire and top hotel stays in Australia, South Africa and Israel. More: http://www.bbc.co.uk/news/uk-england-london-21927450
  10. Hi everyone, I'm looking for a little advice on the PVG scheme in Scotland. After a good few months out of work I have just been offered a job working as a home carer. Not everyone's dream job, but it is something I have been wanting to do for a long time and I am over the moon to get back into work as well. I have a conditional offer on the basis that my PVG clearance comes back ok. I was asked during the interview process if I had any criminal convictions which I honestly declared as not having any, as I haven't. My only worry is that upon reading what is checked during the PVG clearance process I noticed they also gather information from police records that may not have led to a charge or conviction, I believe this is called local information. I am 25 years old now, and when I was 18 (around 7 years) ago I tried to break-up a fairly violent fight between two people in a pub on night. The police turned up at the same time and thought I was involved, I explained what happened but they were having none of it and I subsequently got charged with "A breach of the peace". The case was referred to the procurator fiscal, who eventually decided I was an innocent party in the whole situation and dropped the charge against me. My real worry is although the charge was dropped, would this information show on my PVG and if so would it affect me getting the job? This was the only time in my life where I have ever had any dealings with the police and I'm worrying beyond belief its now going to affect the career I want to pursue. Any help would be greatly appreciated.
  11. Hi I'm doing some research on this topic and was wondering if there was definitive list of retailers who had signed up to this scheme? Additionally does anyone have any examples of the types of letters that are sent that they could scan up? Any help would be much appreciated Thank you
  12. I have been on jsa for 9 months, before that I have either worked or been in full time education. I have been sent for 2 interviews to enquire about optional courses at entry level 3, I have a degree and a postgraduate qualification so felt these courses would not help. After seeing my advisor at the job centre I am told I am due to go onto the work program in April so I must gain some work experience to fill a gap on my cv, by going on the MWA scheme, if I don't I beleive I get sanctioned. This would be my first "offence". I was told by the advisor she has to get me a job before the 12 month deadline, because of her targets. I have already received a letter from the placement provider so am expecting a call to go and see them. They are going to send me on an unpaid work placement for 30 hours a week. The 30 hours is just work no time to do jobsearch, so I'd be doing that in the evenings (if the placement is not working nights) I feel like I have been sentenced for a criminal offence and am very depressed about the whole thing. I am attending inverviews so will they let me go to the job interviews whilst I'm working for free? Anyone else been in sentenced to do MWA? If they sanction you for not going can they keep sanctioning until you do go? I beleive I would be eligible to apply for hardship payments? Is there any point in appealing? I'm hoping that the employment agancies will find me work but I have just applied for a new crb so that could take some time.
  13. Hi all, From my previous job I had subscribed to my employer Life and Assurance Pension Scheme (normally I can withdraw the money only at 60 years old). I started being sick when still working with this employer. However, until today (6 years later) due to my remaining sickness I cannot work and I would like to know if I can cancel this scheme in goal to use it money for my present need (health and social). I may have around £5000 in this scheme. Thanks in advance for your help,
  14. I have been a customer of Littlewoods for about 18 years and had accrued commission through purchases made over this time which totalled about £371. I had been saving for a flat and finally logged in to my account to spend this money on goods for my flat and noticed my total had gone to £00.00. I contacted them and they told me that since I hadn't ordered from their last season, I lose any rewards earned. As stated, I have been with them for 18 years and this had never been the case before and I never received any notification from them to say that this was changing. I have emailed them and all I get in reply is that I should read their terms and conditions, however I don't know when these terms and conditions changed. Can they do this without informing you?
  15. hi guys having a bit difficulty interpreting the date when my deposit should have been paid into a TDS i paid my deposit in dec 2010. also what should a scottish landlord do with my deposit prior to the scheme being enforced. thanks in advance
  16. Hi all, i have an issue with my deposit on the property i am currently renting, ill start at the beginning. We rented the property on the 25th of may, we payed the deposit and first months rent to a letting agent, we were then informed that the LL would be managing the property. A few months passed and in the December we were notified that the house was being repossessed and would be auctioned. The house was sold and we got a new tenancy with a new LL. I am currently chasing the original LL for the deposit of £625, we received no proof of the deposit being payed into a scheme and we have been told by the original letting agent that they passed the deposit over to the original LL but again we have no proof of this. I am urgently seeking some advice as to what steps to take in claiming the deposit back from the original LL and where i would stand legally as he is proofing to be extremely uncooperative. any advice would be greatly appreciated.
  17. Consumers face a greater risk of identity theft and burglary under a Coalition scheme that would allow them to see all their personal spending data, the Government has admitted. Officials have raised a number of potential problems with the “Midata” initiative, which will give customers the right to request information from companies on their household utility use, banking transactions, mobile phone calls and high street loyalty cards. Business ministers hope that allowing people access to data about their spending patterns will help them save money and make better shopping choices. But the Government’s official impact assessment of Midata has raised concerns that making personal spending details more widely available could mean it is “misappropriated”. It said the Government received several warnings about privacy and data security during a consultation on the scheme, particularly over the potential for banking details to be stolen. One major fear is that consumers will hold more sensitive information about themselves on insecure home computers. Another risk is that they will give details of their bank transactions, mobile phone calls and energy usage for price comparisons or analysis to companies which may not have strict web security. Link: http://www.telegraph.co.uk/finance/financial-crime/9770444/Monitor-your-spending-scheme-raises-risk-of-ID-fraud-identity-theft.html
  18. Hopefully somebody will be able to help with my query about tenancy deposit schemes. To cut to the short of the story - having checked the three tenancy deposit schemes available I couldn't find a record of the deposit paid for tenancy back in April. I have since been in dispute with my landlord who hasn't provided me with any details of where my deposit was secured (I understand now that this should have been done within 14 days of receiving my money in writing). I last checked the databases for the deposit last week and couldn't find it. Last night I received a text message saying that my deposit was secured with one of the three databases and sure enough I found it. It says the money was deposited in April - but I cannot understand why I have never been able to find it. I am wondering is it possible for deposits to be made to these schemes and backdated. I am really suspicious that the money has only just recently been deposited and somehow backdated - or even if there is something more untoward going on. My landlord works in the letting/estate agency business. I have still not been provided with an original letter stating my deposit is secure but have received a rather poor image of the letter by text. Has anybody been in a similar situation as this - or give me any advice please.
  19. http://www.startups.co.uk/startup-loans-scheme-receives-2-000-applications-from-young-entrepreneurs.html
  20. Just a quick question about the debt arrangement scheme with regards to credit history. Does the 6 year clock for it to drop off your credit file start from the default date or last reduced payment ? Thanks for any help
  21. My mother is a council tennant (Scotland) and reprted a damp problem 12 weeks ago. No one from the council knew where the damp was coming from and was guess work as to where the damp was coming from. I called out a builder (friend) who lifted the floor and was able to tell us exactly what the problem was, so we spoke to the council and weeks later they sent out a worker to break up a screed and install a damp proof membrane and re-screed. .........But the council worker basically broke up the screed and put a new one down without a membrane. An inspector came out to the house and agreed that the repair was not done properly and that it would be re-done. They were supposed to start on friday but never turned up, no-one on monday either and no one today so we got the builder to rip it all up again and do it properly this afternoon. We took pictures of the whole process and plan to claim to the council as this is now on the 12th week since reporting it plus the fire had to be removed as well so been without a fire also ( although she does also have central heating) With a quick search on the web it states that a repair can be done using a contractor on the councils list, but the worker they sent in the first place was a sub contractor. Our builder has stated that he would price the job at £260. Main thing is that its fixed but I know the council will not budge. Does anyone know how else to handle this. I also plan to complain to the ombudsman (for local authority councils) Thanks
  22. Dear All I am in need of your advice/suggestion. I rented a property last year during April (2011) through a letting agent. It was a just an introductory type of letting i.e. all the initial paper work was done by the letting agents and than I was told that all the dealings are going to be direct with the landlord. Everything was fine until this year when he asked me to vacate the property as he wanted to sell the house. I was given 2 months notice. We found a house and left the property in a good condition. There were some marks on the kitchen wall which I said was my mistake and I am willing to pay for it and also there was a snag on a carpet due to carpet cleaning machine which I am sure can be fixed but I said I wont mind paying. I waited for more than one month to hear any thing back from him, during which I did txt him several time to let me know. And than after a month I send him a letter that if he is not going to reply, I am taking the matter to court. it worked and he replied the very next day. He said my money was not paid into the deposit protection scheme by the letting agent due to some administration error and the money is locked in the deposit scheme now (i.e. more than a month after I left the property). It was landlords responsibility to deposit the money into DPS scheme, but he never got the money from the letting agents. He also thinks that I owe him 750 pounds ( I paid 600 pounds deposit). He found some dust on the floor, there are few stains on the carpet ( I got proof that those stains were before I started my tenancy). Also, there was an old mattress in the house which was never used (it is more like 5 year old mattress) and he found a stain on it and wants to charge 260 pounds for it! I have replied him back saying what I agree with and what I dont agree with. He is not replying to me any more. Could any one please tell me where I stand in this case? Initially I dint wanted to take the matter to court, but now I am going to fight for my money and not going to let him any extra penny. Sorry for a wordy email, but I really need your valuable advice. Thank you
  23. The Coalition’s flagship “credit easing” initiative could be usurped by a new £80bn emergency scheme aimed at kick-starting bank lending to homes and businesses, a Treasury source disclosed last night. Mark Prisk, the business minister, is expected to outline details of a new “funding-for-lending” scheme today in an attempt to help drag Britain out of its double-dip recession. The move comes amid suggestions last night that the Government’s initial lending initiative, the National Loan Guarantee Scheme, was being effectively sidelined to make way for the new loans scheme, which will make discounted loans available to businesses and households over the next 18 months. A Treasury source last night admitted that the new “funding-for-lending” scheme would be likely to prove more popular with banks as, unlike with the National Loan Guarantee Scheme, they are under no obligation to pass on the discount they receive on loans to businesses. The government’s initial loan guarantee plan began in March, with the aim of making £20bn of discounted loans available to small companies. To date, 16,000 companies are understood to have applied for loans worth £2.5bn under the plan, which is designed to compensate for the bank’s reluctance to lend, raising concerns among industry experts over low take-up. The flagship scheme’s rules, including forcing banks to pass on all of the discount they receive onto to small and medium sized businesses, are thought to have acted as a deterrent to lenders. More: http://www.telegraph.co.uk/finance/yourbusiness/9442553/New-80bn-bank-lending-scheme-could-usurp-initial-credit-easing-plan.html
  24. Hi can anyone help? I recently left a property approximately a month ago which I had rented along with some fellow students through a private landlord. Following leaving the property, I learnt from one of my former housemates that the landlord planned to withhold £40 of my deposit (originally £150) due to a stain on the underside of my mattress and that he was going to pass on the remaining £110 cash to my former housemate to return at a later date to myself. I am adamant that this stain was none of my doing. During the tenancy I did not flip the mattress at any point. So further to this I checked with the 3 government back deposit schemes to see if the landlord had registered with a scheme – it turns out he has not. So I then emailed the landlord expressing my concerns with the action he had taken in regards to not providing any invoice, and his method of return of the deposit, as well as that the stain on the mattress was none of my doing and that I felt it was unreasonable that I would have checked the underside of the mattress at the beginning of the tenancy. Adding to this I expressed that he had not protected my deposit as required by law and I therefore requested he paid returned my £150 within 2 weeks. He has replied to this with the following message: Dear XXXX, My response to your letter is as follows:- I will be sending your bond cheque for the full amount of £150.00. You now have a choice; I will buy a new mattress which will cost around £100.00. I have a signed inventory check letter which is dated 30th June 2011.This document will be produced, along with photographic evidence to show there was NO stain or damage to the bed in your room, prior to your tenancy. It is signed by the person who occupied the room. You can re-imburse me £100.00 and I will not go on to seek recourse for a whole bed. I will be sending the evidence to your parents, who are probably not aware of your current position. I dont think you or your parents would like the slur of a county court judgement on your record which will adverse effect on your future prospects. In the tenancy agreement that you were asked to read before signing it states that you are ALL jointly and severally responsible for any damage in the property, how would it look if I took all of you to court to pay for an item that just you have spoilt. I'm sure the other tenants parents won’t be happy about that. As you stated in your letter you would prefer to settle this amicably. I leave you to decide which way to go. Yours Sincerely I am now unsure of the action I should take. I reiterate I am adamant that the stain is none of my doing, and the signed inventory that he is referring to; had no mention of a mattress with any stains. He is now also threatening to seek recourse for the whole bed if this goes to a small claims court – there were a couple of broken slates underneath the bed which I declared with him before leaving and he agreed to there being no problem with this. I have not seen any of the other evidence he claims to possess as of yet. If he pays back my deposit does this not mean that he is accepting that there is no chargeable damage? Would any court judgement have an effect on any future prospects? Originally I just wanted to use the threat of no deposit protection as leverage to get my deposit back and would like to avoid the ‘slur’ of court. If he returns my deposit can I still take him to a small claims court for not originally protecting it? Ultimately I would just like to take no action against the landlord for not protecting my deposit and just receive my full deposit without any charges. Is there any way of going about this? Any other further advice would be much appreciated Please note that I am student, and I have notified my parents contrary to his belief – not that this should make any difference. Regards
  25. I have been trying to get my deposit back from a letting agents since vacating the property on 19th October 2012. I was a sole tenant and had an Assured Shorthold Tenancy Agreement. The contract states that the deposit would be protected by "the Deposit Protection Service" depositprotection.com, however I was never issued with a certificate or any reference number. I received a letter from the letting agency stating I would be deduced £30 for holes in the walls due to pictures etc. - to which I agreed. I have been trying to get the reminder of my deposit back ever since - the excuse given has been that they are waiting for the landlord to sign the cheque. Is my understanding correct that if it was in a proper scheme that it is all done on-line and therefore no need to issue a cheque? This leads me to believe that it is / was not ever in a proper scheme? If so could I make a claim at the County Court? Could I claim for a breach of the regulations (which I believe they can award between 1 and 3 times the original amount plus the deposit). The amount is £450 - £30 charge (also I was never given an inventory so could I now dispute the £30 charge and claim the full amount back) Any advice would be gratefully recieved as its now been 8 months!
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