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    • He was one of four former top executives from Sam Bankman-Fried's firms to plead guilty to charges.View the full article
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    • further polished WS using above suggestions and also included couple of more modifications highlighted in orange are those ok to include?   Background   1.1  The Defendant received the Parking Charge Notice (PCN) on the 06th of January 2020 following the vehicle being parked at Arla Old Dairy, South Ruislip on the 05th of December 2019.   Unfair PCN   2.1  On 19th December 2023 the Defendant sent the Claimant's solicitors a CPR request.  As shown in Exhibit 1 (pages 7-13) sent by the solicitors the signage displayed in their evidence clearly shows a £60.00 parking charge notice (which will be reduced to £30 if paid within 14 days of issue).  2.2  Yet the PCN sent by the Claimant is for a £100.00 parking charge notice (reduced to £60 if paid within 30 days of issue).   2.3        The Claimant relies on signage to create a contract.  It is unlawful for the Claimant to write that the charge is £60 on their signs and then send demands for £100.    2.4        The unlawful £100 charge is also the basis for the Claimant's Particulars of Claim.  No Locus Standi  3.1  I do not believe a contract with the landowner, that is provided following the defendant’s CPR request, gives MET Parking Services a right to bring claims in their own name. Definition of “Relevant contract” from the Protection of Freedoms Act 2012, Schedule 4,  2 [1] means a contract Including a contract arising only when the vehicle was parked on the relevant land between the driver and a person who is-   (a) the owner or occupier of the land; or   (b) Authorised, under or by virtue of arrangements made by the owner or occupier of the land, to enter into a contract with the driver requiring the payment of parking charges in respect of the parking of the vehicle on the land. According to https://www.legislation.gov.uk/ukpga/2006/46/section/44   For a contract to be valid, it requires a director from each company to sign and then two independent witnesses must confirm those signatures.   3.2  The Defendant requested to see such a contract in the CPR request.  The fact that no contract has been produced with the witness signatures present means the contract has not been validly executed. Therefore, there can be no contract established between MET Parking Services and the motorist. Even if “Parking in Electric Bay” could form a contract (which it cannot), it is immaterial. There is no valid contract.  Illegal Conduct – No Contract Formed   4.1 At the time of writing, the Claimant has failed to provide the following, in response to the CPR request from myself.   4.2        The legal contract between the Claimant and the landowner (which in this case is Standard Life Investments UK) to provide evidence that there is an agreement in place with landowner with the necessary authority to issue parking charge notices and to pursue payment by means of litigation.   4.3 Proof of planning permission granted for signage etc under the Town and country Planning Act 1990. Lack of planning permission is a criminal offence under this Act and no contract can be formed where criminality is involved.   4.4        I also do not believe the claimant possesses these documents.   No Keeper Liability   5.1        The defendant was not the driver at the time and date mentioned in the PCN and the claimant has not established keeper liability under schedule 4 of the PoFA 2012. In this matter, the defendant puts it to the claimant to produce strict proof as to who was driving at the time.   5.2 The claimant in their Notice To Keeper also failed to comply with PoFA 2012 Schedule 4 section 9[2][f] while mentioning “the right to recover from the keeper so much of that parking charge as remains unpaid” where they did not include statement “(if all the applicable conditions under this Schedule are met)”.     5.3         The claimant did not mention parking period, times on the photographs are separate from the PCN and in any case are that arrival and departure times not the parking period since their times include driving to and from the parking space as a minimum and can include extra time to allow pedestrians and other vehicles to pass in front.    Protection of Freedoms Act 2012   The notice must -   (a) specify the vehicle, the relevant land on which it was parked and the period of parking to which the notice relates;  22. In the persuasive judgement K4GF167G - Premier Park Ltd v Mr Mathur - Horsham County Court – 5 January 2024 it was on this very point that the judge dismissed this claim.  5.4  A the PCN does not comply with the Act the Defendant as keeper is not liable.  No Breach of Contract   6.1       No breach of contract occurred because the PCN and contract provided as part of the defendant’s CPR request shows different post code, PCN shows HA4 0EY while contract shows HA4 0FY. According to PCN defendant parked on HA4 0EY which does not appear to be subject to the postcode covered by the contract.  6.2         The entrance sign does not mention anything about there being other terms inside the car park so does not offer a contract which makes it only an offer to treat,  Interest  7.1  It is unreasonable for the Claimant to delay litigation for  Double Recovery   7.2  The claim is littered with made-up charges.  7.3  As noted above, the Claimant's signs state a £60 charge yet their PCN is for £100.  7.4  As well as the £100 parking charge, the Claimant seeks recovery of an additional £70.  This is simply a poor attempt to circumvent the legal costs cap at small claims.  7.5 Since 2019, many County Courts have considered claims in excess of £100 to be an abuse of process leading to them being struck out ab initio. An example, in the Caernarfon Court in VCS v Davies, case No. FTQZ4W28 on 4th September 2019, District Judge Jones-Evans stated “Upon it being recorded that District Judge Jones- Evans has over a very significant period of time warned advocates (...) in many cases of this nature before this court that their claim for £60 is unenforceable in law and is an abuse of process and is nothing more than a poor attempt to go behind the decision of the Supreme Court v Beavis which inter alia decided that a figure of £160 as a global sum claimed in this case would be a penalty and not a genuine pre-estimate of loss and therefore unenforceable in law and if the practice continued, he would treat all cases as a claim for £160 and therefore a penalty and unenforceable in law it is hereby declared (…) the claim is struck out and declared to be wholly without merit and an abuse of process.”  7.6 In Claim Nos. F0DP806M and F0DP201T, District Judge Taylor echoed earlier General Judgment or Orders of District Judge Grand, stating ''It is ordered that the claim is struck out as an abuse of process. The claim contains a substantial charge additional to the parking charge which it is alleged the Defendant contracted to pay. This additional charge is not recoverabl15e under the Protection of Freedoms Act 2012, Schedule 4 nor with reference to the judgment in Parking Eye v Beavis. It is an abuse of process from the Claimant to issue a knowingly inflated claim for an additional sum which it is not entitled to recover. This order has been made by the court of its own initiative without a hearing pursuant to CPR Rule 3.3(4)) of the Civil Procedure Rules 1998...''  7.7 In the persuasive case of G4QZ465V - Excel Parking Services Ltd v Wilkinson – Bradford County Court -2 July 2020 (Exhibit 4) the judge had decided that Excel had won. However, due to Excel adding on the £60 the Judge dismissed the case.  7.8        The addition of costs not previously specified on signage are also in breach of the Consumer Rights Act 2015, Schedule 2, specifically paras 6, 10 and 14.   7.9        It is the Defendant’s position that the Claimant in this case has knowingly submitted inflated costs and thus the entire claim should be similarly struck out in accordance with Civil Procedure Rule 3.3(4).   In Conclusion   8.1        I invite the court to dismiss the claim.  Statement of Truth  I believe that the facts stated in this witness statement are true. I understand that proceedings for contempt of court may be brought against anyone who makes, or causes to be made, a false statement in a document verified by a statement of truth without an honest belief in its truth.   
    • Well the difference is that in all our other cases It was Kev who was trying to entrap the motorist so sticking two fingers up to him and daring him to try court was from a position of strength. In your case, sorry, you made a mistake so you're not in the position of strength.  I've looked on Google Maps and the signs are few & far between as per Kev's MO, but there is an entrance sign saying "Pay & Display" (and you've admitted in writing that you knew you had to pay) and the signs by the payment machines do say "Sea View Car Park" (and you've admitted in writing you paid the wrong car park ... and maybe outed yourself as the driver). Something I missed in my previous post is that the LoC is only for one ticket, not two. Sorry, but it's impossible to definitively advise what to so. Personally I'd probably gamble on Kev being a serial bottler of court and reply with a snotty letter ridiculing the signage (given you mentioned the signage in your appeal) - but it is a gamble.  
    • No! What has happened is that your pix were up-to-date: 5 hours' maximum stay and £100 PCN. The lazy solicitors have sent ancient pictures: 4 hours' maximum stay and £60 PCN. Don't let on!  Let them be hoisted by their own lazy petard in the court hearing (if they don't bottle before).
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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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How credit cards & bank loans REALLY work - Learn, & this will change your whole life!!


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unfortunately many issues like this just get talked about there is no action how can MP's expenses scandal is no more... yet when I see daily that mrs bloggs put in jail for cheating benefit system... she was not offered to pay it back...... this country is run by cheats supporting bigger cheats.... yet we as a population can do nothing about it... to say a general election will sort it is misguided.... they are all the same they are wolves in different clothing.... when are we all going to realise and unite to put an end to this

ridiculous situation

Only direct action by the masses will work....

 

Look at all successes they have never come from negotiation!!!

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This attitude of 'why should we' is the kind of attitude that creates this irresponsibilty in the first place from both sides of the spectrum

 

I'd agree wholeheartedly, it's an easy attitude to have if that situation is something that doesn't affect you. But it just takes one little break in the chain...

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ajax95 - whoa! hold one there dude.

 

I too have been on the wrong end of chronic interest and bank charges, that's why i came here on the first place.

 

The bigger point I was making was to say that whilst I wholeheartedly agree that nobody should be made to suffer at the hands of the banks and other credit providers, I cannot bring myself to accept that we should repay other's debts.

 

Should we have bailed out the banks - absolutely Yes, we couldn't not have it would have been disastrous for the whole country, every political party is agreed on this point. In fact Vince Cable wrote a wonderful piece in the Guardian about why is was essential. But, like all the opposition parties said, the constricts placed on the funding were woeful and left the bankers with the power e.g. bonuses etc.

 

Should we repay everyone''s debts - absolutely not. Cancel excess interest? yes. Cancel charges? yes, but original borrowing - no. I can't see how that's promoting responsible borrowing?

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ajax95 - whoa! hold one there dude.

 

I too have been on the wrong end of chronic interest and bank charges, that's why i came here on the first place.

 

The bigger point I was making was to say that whilst I wholeheartedly agree that nobody should be made to suffer at the hands of the banks and other credit providers, I cannot bring myself to accept that we should repay other's debts.

 

Should we have bailed out the banks - absolutely Yes, we couldn't not have it would have been disastrous for the whole country, every political party is agreed on this point. In fact Vince Cable wrote a wonderful piece in the Guardian about why is was essential. But, like all the opposition parties said, the constricts placed on the funding were woeful and left the bankers with the power e.g. bonuses etc.

 

Should we repay everyone''s debts - absolutely not. Cancel excess interest? yes. Cancel charges? yes, but original borrowing - no. I can't see how that's promoting responsible borrowing?

 

 

I think you miss my point....If you go to marriage guidance or any kind of counselling, war negotiations, legal battle, whatever, the aim of the exercise is to get a clean slate so that one moves on with the best possible result and that means reconciliation and more importantly wiping the slate clean of bitterness and drawing a line in the sand - not easy I know, but sometimes the only medicine to move things forward - forget the past, whatever the cost and move on -.

 

Now take Debt. Debt is the scourge of Society, we spend most of our lives worrying about it, our kids are brought up on credit, without being educated to live without it - I remember my mother getting loans from the 'provident Lady' as a kid - god only knows how that must have hit her pocket way back then...but as another poster said somewhere else here " we managed on a different financial system very successfully for over 700 yrs without debt" - so why is it here now? How can we get rid of it? Well it takes a brave person to take the bait when it presents itself to do so and believe me despite the numerous people who would be moaning about paying others debts off - in the end, had that been done and the bankers getting their money and surviving the crash, our society would be the best in the world for taking such a brave and industrious step. The Power bases in this world depend on our debt, but imagine life without this scourge - sure there would be one hell of a shift in the life as we know it, but just like we went metric or changing from Right Hand drive to left in countries - we'd soon adapt and I for one would be very happy seeing these leeches from the financial sectors from top to bottom being put out of business - DCA's might run respectible businesses, but they only survive because of debt, No debt - no dca's, no money lending sharks, no mental health problems due to debt, no suicides due to debt, people buying what they can afford only...I know which way I'd have preferred Brown and Darling went however the rich might have baulked, many of them probably making their fortunes out of the system anyway...

 

Someone told me years ago that killing the manufacturing and creative markets and leaving it to Financial services was a disaster in the making and it wasn't Nostradamus I can assure you or Gypsy Rose Lee...

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I think you miss my point....If you go to marriage guidance or any kind of counselling, war negotiations, legal battle, whatever, the aim of the exercise is to get a clean slate so that one moves on with the best possible result and that means reconciliation and more importantly wiping the slate clean of bitterness and drawing a line in the sand - not easy I know, but sometimes the only medicine to move things forward - forget the past, whatever the cost and move on -.

 

Now take Debt. Debt is the scourge of Society, we spend most of our lives worrying about it, our kids are brought up on credit, without being educated to live without it - I remember my mother getting loans from the 'provident Lady' as a kid - god only knows how that must have hit her pocket way back then...but as another poster said somewhere else here " we managed on a different financial system very successfully for over 700 yrs without debt" - so why is it here now? How can we get rid of it? Well it takes a brave person to take the bait when it presents itself to do so and believe me despite the numerous people who would be moaning about paying others debts off - in the end, had that been done and the bankers getting their money and surviving the crash, our society would be the best in the world for taking such a brave and industrious step. The Power bases in this world depend on our debt, but imagine life without this scourge - sure there would be one hell of a shift in the life as we know it, but just like we went metric or changing from Right Hand drive to left in countries - we'd soon adapt and I for one would be very happy seeing these leeches from the financial sectors from top to bottom being put out of business - DCA's might run respectible businesses, but they only survive because of debt, No debt - no dca's, no money lending sharks, no mental health problems due to debt, no suicides due to debt, people buying what they can afford only...I know which way I'd have preferred Brown and Darling went however the rich might have baulked, many of them probably making their fortunes out of the system anyway...

 

Someone told me years ago that killing the manufacturing and creative markets and leaving it to Financial services was a disaster in the making and it wasn't Nostradamus I can assure you or Gypsy Rose Lee...

 

That is more or less my view.

 

For the past decade people have been bombarded with shows on TV, articles in papers, peer pressure etc urging us to take on a mountain of debt to improve the value of our houses by a few grand, or acquiring a more affluent lifestyle just for the sake of it, just because you’re given the impression that “everyone else is doing it why aren’t you?”

 

Of course you need to accept some responsibility for your own actions and mistakes. But when you’re able to keep up the repayments, it’s easy enough to convince yourself that it’s not a problem, (and easy to ignore that little voice in the back of your head saying you should never have done it)

 

I've said it already, but it only needs for one tiny little thing to go wrong, and in my case it was when I lost my job 2 years ago. Once I got back into work two months later, the damage had already been done.

 

On the bright side, personally, I’m finally in a situation where I’ve got a better grasp on what I spend and I know now that it’s not compulsory to keep up with everybody else.

 

 

Ironically, I think the last time I had any sense with money was when I was in my late teens/early twenties and trying to see how far I could stretch a giro until the next one dropped through the letterbox or I got myself a job

 

(I find it hard not to kick myself for unlearning it all a few years down the line, I could have saved myself a lot of grief over the past decade :-()

 

I think it’s already been said on this thread and elsewhere, but when it’s made too easy to get credit, you’re just storing up trouble for some point in the future. This situation has happened before, and nothing it seems has been learned, maybe some of us consumers might get a bit smarter, but I don’t see much evidence that any lessons are going to be learned elsewhere. Andrew's suggestion might seem unfair to those people who don't have a debt problem, but perhaps it's time for a serious culture change...

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Education, education, education!!! teach our children from a very early age that credit is like the plague. Get it out of their blood - ban it even until they're 30 or something daft like that just so there's a fire break for a few years in attitude towards living in debt, then and only then will things change. They stopped smoking in pubs thank god, now we can all go for a pint and people said the big baccy companies wouldn't let it happen - well? it did.

 

Of course you can't build cross rails and Channel tunnels or a million other things in business on such a scale without borrowing otherwise nothing would get done, but personal debt is in crisis especially in the UK and it's time it was stopped, the banks and finance companies are coming under pressure, but by how much? It's only when the likes of Paul Walton and Sparkie make a video and plaster it all over Europe that someone tends to take notice, that's why they get away with it - it needs a revolution ...:p

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Teach our children from a very early age that credit is like the plague. Get it out of their blood - ban it even until they're 30 or something daft like that just so there's a fire break for a few years in attitude towards living in debt, then and only then will things change.

 

I think that's going to be the only way to get the message across...

 

Education, education, education!!!

 

Where have I heard that before? :rolleyes:

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here's something worth thinking about. Looking at RBS share price today, the taxpayer's money is now making a real return on the original investment of 50.5 per share. As they are now sitting at 56.35p per share, we're now ahead of the game. Although still some way off the chancellors target for selling, at least we're above what we all we paid in the first place.

 

I've no idea how many shares "we" all own, but 4p adds up to a pretty sum when multiplied by the likely volume involved. I wouldn't be in the least suprised ti see the price rise even further following the announcement about charges either. The rest of the banks will have to follow suit eventually, but the first one always takes the limelight.

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ah ha! you've spotted the only flaw in this logic. Still it'll give the MPs more pocket money so they don't "need to be living off rations" for much longer, the poor dears....

 

I can't recall eactly but I think the sell target was 75p/share (anyone know for certain?) which is roughly the sahre price required for Mr Hester to get his bonus.

 

Still a long way short of the £3.49 I paid for mine when I sold my Halifax shares. Serves me right for thinking I'd been smart seeing their troubles coming ;-)

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  • 2 weeks later...
unfortunately many issues like this just get talked about there is no action how can MP's expenses scandal is no more... yet when I see daily that mrs bloggs put in jail for cheating benefit system... she was not offered to pay it back...... this country is run by cheats supporting bigger cheats.... yet we as a population can do nothing about it... to say a general election will sort it is misguided.... they are all the same they are wolves in different clothing.... when are we all going to realise and unite to put an end to this

ridiculous situation

 

I think the MP's expense scandal was the long game, set up to be exposed recently so we will all hate our "money grabbing MP's" and when the time comes for full EU Rule (dictatorship) we wont mind if the EU points out that we dont need our MP's anymore to make our rules & statutes !

 

my view, keep our MPs and treble their wages , keep our parliament then at least if we dont like them , we can vote them out......

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

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Excellent thread, certainly opened my eyes to a few things... also very entertaining at times seeing Nuke and Co. go at it.

 

just trying to EXPOSE the matrix

Edited by nuke em

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LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS

 

Remember earlier i told you about Ellen Hodgson Brown

well she is reporting a landmark case for reposessions/foreclosures in the USA

 

 

Web of Debt - LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS

 

the thing is that at least 2 big British banks are upto their neck with MERS as well , all to do with Slicing up mortgage for MBS ( Mortgage Backed Securities)

 

The funny money is starting to burn!

 

...

“When its a question of money, everybody is of the same religion.”

 

Paper money eventually returns to its intrinsic value -- zero

 

- VOLTAIRE

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

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But will it help the uk?

Good Point ,yes i think so... within the next 6-12 months timeframe, in the same way as the USA sub-prime mess affected us here , so this will as well ( only this time in a good way though)

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

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I don't think so in the UK. Whilst its certainly true that mortgage backed securities would be subject to much closed scrutiny (and rightly so) primary security takers and holders of mortgaged properties will still be directly able to foreclose (God I hate Americanisms creeping into our language) reposess properties in default cases.

 

Its now the case that the government has issued strong instructions about delaying proceedings to enable stricken borrowers more leeway, backed up by court powers, but the line of responsibility still exists.

 

Unlike the USA, when a company sells its borrowing book on to another finance company, the security goes with it, on a first party basis, so that a mortgage loan based on a security in favour of say RBS, which is sold to Abbey, becomes a security in favour of Abbey. Its rarely the case that a third party has access to the debt, as in the case of MERS.

 

The big problems started when our fine institutions became involved in things they didn't really understand, or had any experience of - eg Northern Rock, and the fact that a security held in one jurisdiction is legally unenforceable in another, especially in another country. This is why the big banks have foreign subsidiaries for their overseas mortgage business.

 

I am certain there are still more revelations to come about securitised lending, but I for one won't be holding my breath about UK written and secured mortgage lending being being unenforceable. And whilst the banks have to be more understanding about hardship cases, repossessions will continue.

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I don't think so in the UK. Whilst its certainly true that mortgage backed securities would be subject to much closed scrutiny (and rightly so) primary security takers and holders of mortgaged properties will still be directly able to foreclose (God I hate Americanisms creeping into our language) reposess properties in default cases. Of course when it get's to be generally known amongst the sheeple that the Mortgage was a fraud in the first instance ie they provided you with nothing of value , just monitized a document you signed..... that should stop the repos.....

 

Its now the case that the government has issued strong instructions (i bet the banks are quaking in their boots!) about delaying proceedings to enable stricken borrowers more leeway, backed up by court powers, but the line of responsibility still exists.

 

Unlike the USA, when a company sells its borrowing book on to another finance company, the security goes with it, on a first party basis, so that a mortgage loan based on a security in favour of say RBS, which is sold to Abbey, becomes a security in favour of Abbey. Its rarely the case that a third party has access to the debt, as in the case of MERS.

 

The big problems started when our fine institutions became involved in things they didn't really understand, & still dont , like derivatives for example or had any experience of - eg Northern Rock, and the fact that a security held in one jurisdiction is legally unenforceable in another, especially in another country. This is why the big banks have foreign subsidiaries for their overseas mortgage business.

 

I am certain there are still more revelations to come about securitised lending, There are, loads watch this space! but I for one won't be holding my breath about UK written and secured mortgage lending being being unenforceable. And whilst the banks have to be more understanding about hardship cases, repossessions will continue.

Bank : Understanding ? = oxymoron Surely!

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good point!

 

It's a euphemism that I think means "lay off the poor bastards for six months at least" kind of understanding.

 

I don't know how many are following the "guidance" of the Bank of England/FSA but the rules certainly exist.

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good point!

 

It's a euphemism that I think means "lay off the poor b*****ds for six months at least" kind of understanding. or untill the publicity dies down which ever is the sooner

 

I don't know how many are following the "guidance" of the Bank of England/FSA but the rules certainly exist.

 

They "exist" in plain view and are out there for the sheeple , but the lenders & banks know that in reality they dont "apply" to them!

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

I DO NOT offer legal advice

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"I just say what I say because everyone is entitled to my opinion!"

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  • 3 weeks later...

Great thread, Im with nuke. I have spent many hours researching how money is made and nuke is spot on!

 

Money is created by our signature, and the gov admits it! someone done a freedome of info request & asked how money is made. I will try find the link.

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  • 1 month later...
Great thread, Im with nuke. I have spent many hours researching how money is made and nuke is spot on!

 

Money is created by our signature, and the gov admits it! someone done a freedome of info request & asked how money is made. I will try find the link.

 

 

Good, the more people that "get it" the better we all are !!!!!!!

 

97% of ALL money is borrowed into existance !

 

ie it never existed before a human's Autograph!

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

I DO NOT offer legal advice

-

"I just say what I say because everyone is entitled to my opinion!"

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I love the idea of this but its now getting way too philosophical for me.

 

I think the word "money" is being confused here with "wealth" which most will readily agree are two entirely different things.

Even supposing all of this is actually true - so what? Where is this going?

 

The fabric and structure of the country is based on a culture of borrowing, going back to the Marshall plan. All that has happened is that some have become increasingly inventive with the vehicles created to create wealth. As with all of these type of things, greed ultimately corrupts their logic and disaster of some form or other normally follows.

 

Sadly we never seem to learn from this as greed is a universal sin and most people succumb in one way or another, sooner or later.

 

I would start by pointing the finger at "interest free" sales deals where for example, customers buy a car for a small deposit and thereafter become further out of pocket every month as they own an ever increasing share of a depreciating asset. From day one the car owes them money and they can never realise their debt from sales proceeds as they are in "negative equity" from the outset.

 

It ultimately leads the unwary into somehow believing they own something of value but in reality they hold a liability stretching into the future.

 

This is really intellectual fluff however, the real problems came into existence from the government of our great grandfathers' day requiring the banks of the day to hold only ridiculously low levels of Tier One Capital, which was promoted primarily as a desperate attempt to stimulate the economy at all costs.

 

Successive Governments did nothing to change this until the present mob were backed into a corner and even then they struggled to understand the problem. When they realised the size of the hole that existed they demanded that the main banks increase their ratios at a time when it was nigh impossible to do so. The rest is history....

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