Jump to content


  • Tweets

  • Posts

    • happy for mod to move it to suitable location under thread title Background: Thanks in advance for any thoughts you can share. This is a very long history, I appreciate your time. In 2011 I took out a £8500. loan from Borro private finance against art and jewellery to make ends meet. The agreements are attached below. This is a CCA. Borro regulated by the FCA. The interest rate is APR 68.8  % for 6 months.  I paid the interest and capital during the period term. On 3 May 2012  I renewed this loan at 79.4% interest for another 6 months.  Last week I requested all evidence the lender holds concerning the agreements. Missing are 03/05/2012 through 14/06 2013.( not under a SAR).  I fell into arrears on the loan and one piece of jewellery was sold, reducing the balance to £6400. Dec 2014.   The lender took a payment of interest £2044.16.  Renewed against the other items ( art etc) on this loan.  The new interest rate increased to 88.8%  . At the time the ring was sold, I requested all documents concerning the sale. Borro produced none. The ring is appraised at $17,5000.  £14,000.  The ring was sold for £3500.  I have an appraisal. I was notified prior to the sale. The ring was sold by "private treaty". I continued to ask for information about this sale until todays date. No information has been provided.  I took a huge loss . The ring is not clearly described on the inventory compared to the appraisal. Documents missing from Borro response to my request include 25/10/2014 to 10/04/2015. I was in arrears on this loan and a new agreement was made. The loan amount was increased to £10,810.00 and the interest rate decreased to  80%.  what is interesting is that the lender should have sold this ring, the value was sufficient to pay off my debts. But that is not what happened. someone got a deal on a nice ring.  II. ON 1, Jan 2012, I took out a second loan in the amount of £3000 against another piece of Jewellery. The interest was 68.8%. I paid the P&I on this loan.    Missing from the requested information is agreement from July 10/2012 until 12/12/2012.  I did pay interest during that period and on 12/12/2012 through 11/06/2013 I renewed  with an interest rate for 79.4 %.  I renewed on 04/07/2013 through 03/06/2014 interest rate 97.8%.  I renewed this loan on 03/01/2014 interest rate was 88.8. Take note there is very little description about this item. I redeemed the loan but ended up back in the pawn. 19/06/2014 to 18/12/2014 interest eat 94.5%. I renewed this loan again 19/03/2015 . Interest rate was 93.2%. Now there is a clearer description of the ring. Documents missing from Borro response to my request include 012/06/2013 to /10/2014 to 10/04/2015. Information on the  description is also scant until I took the loan out again in 2014. The last payment on either loan was March 2015. Default date was September 2015. The lender still has my property.   PROBLEM: In 2013, Borro became aware that the reason I had pawned these items was that I was a plaintiff in a substantial lawsuit in the US. I borrowed because I had lost my job. I was not able to work( I had been FCA regulated). I was facing eviction, had serious financial stability  and some mental health problems. I gave them a copy of the pleadings. They are aware that I had claimed these loans as part of my damages.  In 2015, Periodically I requested the accounting. Some was provided some was not. As a result, in  2016, the head of credit wrote to me " "Thank you for coming in to see me today. As discussed, we will freeze your accounts with us from today the 14th October 2016 until the 31st of December 2016. This will mean that no further interest will accrue until the 31st December 2016 and we will not consign to sale until on or after the 31st December 2016."  I did not hear from them again until  08 February 2017. On 30/03/2017 I responded to Borro request that I give them an update on the accounts. I wrote that I needed a settlement figure.  No response the following week I personally met with the manager I had been dealing with. She told me that " we are not going to sell your property". We understand that you have fallen on hard times, we are human. How long will it take you to sort this out. I responded about 2 months."   I did not hear from Borro again until I wrote to them on 18/03/2019 where I stated, " the last time we met you were going to give me a settlement figure". There was no response. As a result, on  18 March 2019 I sent  an email to - Subject: RE: Borro Accounts. Dear Lender. Hello. The last time we met, you were going to give me a settlement figure. Litigation is still ongoing. We have a potential investor that has asked me to get a figure from you. Depending on that number, I can let you know if I can pay the bill and collect my things in the next few weeks. Please get in touch as soon as possible". no response.   In early July 2019 I received a call from someone at Borro. It was not a good time. I asked him to call me back the following week. I did not hear from him again either. On  6 august 2019 I received an email from Borro that I should log into my account. I was unable to. The following week I wrote to them and in summary: On 13/08/2019 I wrote and included a summary of the events: I am writing to advise you that I am obtaining advice concerning the  account. You are aware that you have not pursued any further action on this account since approximately 2014(or earlier) . This is because I had an agreement with Name Deleted that Borro was not “going to sell my property,  I recited the above summary of events.   Certainly, I had no intention to give up valuable property for almost 8 years and pay interest and principal for this long. I want to develop a resolution to the matter between us. In order to achieve this, Please can you provide me with the following information which is attached in a spreadsheet: I need a very simple accounting and please answer the below: Any renewed loans where additional credit was extended through the re-appraisal of the assets ( ie using the asset as leverage) to extend further credit where the loan proceeds were applied to the loan for reinstatement purposes. What were the source of funds for the last payment made? Because I am seeking advice with a view towards finding a resolution, I would appreciate it if you could hold action on the above account for a period of at least 30 days to give me the time  I need to obtain advice. If you are adding interest or other charges to the account, I would be grateful if you would freeze these during this period so that my debt does not continue to increase. Please can you send me the enclosed spreadsheet and the documents you loaded into my account as soon as possible. This will enable me to obtain accurate advice. I will contact you again as soon as possible with further details of a  proposal to resolve the account. ( so far this lender has not complied with my request)   SETTLEMENT OFFER From: Borro Customer Service <Contact@borro.com> Sent: 14 August 2019 13:22 To: Subject: RE: Your Loan Account   Dear borrower. Thank you for your email and for getting in touch with Borro. As you would be aware there have been many loans with Borro, with two loans that remain outstanding which we are seeking to resolve with you. Given the significant period these have been overdue, the current balance on these two loans is almost £52,000 of which the majority is interest. In order for you to move on from this debt it is proposed to sell the collateral associated with Loan DIAMOND RING 175643 in full and final settlement and return all the items under Loan 198678 to you. This would generate a loss for Borro of approximately £49,000, however given your circumstance this is something we are prepared to offer. While I would love to pay Borro £3000. I do not currently have the funds. Borro is aware because I wrote to them on august 13 advising them i am not working. I do not want to lose my property. I need to find a way for them to walk away, give me my property back. WHAT ARE MY OPTIONS? Below are the questions I have or could raise in order to "negotiate with them". Is this a high interest short term loan? What are the effects of an CCA that has an interest rate of 93.6% and is renewed every six months? It appears that one loan was "Refinanced".  What FCA terms did they violate which might apply to this situation ? After the agreement expired and terms were changed, what rights does the PB have to collect further payments or sell the ring? Did they waive their rights to further payments? How can I use refusal to produce sale information concerning the first ring, to negotiate my way out of this? What is interesting is, they sold a £14,000 ring privately, concealed the buyer and other information, then turned around and INCREASED THE INDEBTEDNESS substantially. In fact they want to do this again, but this time are offering to  write off £49,000  in other interest. What am I missing? What effect does violations of FCA 6 and 7. help me to negotiate a settlement. Is the FOS effective threat to the firm to pressure a settlement? Does a cost cap apply to these loans and if yes what is the amount of the cap? How can I use the current appraisal and FCA or any other rules to stop them from selling the ring for less than market value? I have someone looking at the accounting to see if there are errors. found several when query. anything you can find that voids the agreements? Anything else you can think of THANK YOU!!!   RING.pdf art.pdf
    • I am so sorry I see the confusion now, I was meant to say CAB not CAG. They are just sending him letters to copy and send which doesn't seem helpful at all.    I also apologise for the vague details right now. I actually thought he had got rid of the car already until he mentioned it as he dropped me off home, so I've only got a vague idea myself, i just wanted to see if there was anything he could do other than send letters. I will get more details from him and update this thread, or get him to join as you have advised.  sorry 
    • It was a late payment, no default 
    • As he bought the car last year – well over six months ago, it's not at all clear that he will be able to terminate the contract. I think you need to let us know more about the car, new/second-hand/price/mileage and also the date of purchase. Also I think we need to have a list of the faults which occurred and which have been repaired and the faults which have occurred and which are outstanding. He will probably need to get these faults appraised by an independent inspector and also an estimate for repairs. It is highly likely that the best he can expect is to have the repairs carried out free of charge – but we need to know a lot more really. It really would be much more helpful if your brother would take control of this himself and come onto the forum and start posting a story. I don't fully understand how you say that he hasn't been here before and yet we are telling him to send letters which he thinks are being ignored.
  • Our picks

Hopster

Hopster v Egg

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1691 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

2009 is the date on the crdit file

In that case I think it would be unwise to send the SB letter at this point.

 

 

The default date March 2009 that to be certain the SB date is March 2015, however this depends on two points.

 

 

1. There has been no payments made in that 5 year period.

2. There has been no unequivocal written acknowledgment of the debt in the six year period.

 

 

However if you can prove the date of the last ever payment, (which could be up to 6 months prior to the default date). You could claim the debt became SB 6 years from the date when a payment was due and not made after which no further payment/acknowledgment was ever made.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

With the greatest of respect Brigadier you and the Site team are not singing off the same hymn sheet re. SB. Site Team - Would you agree with this ?

Share this post


Link to post
Share on other sites
With the greatest of respect Brigadier you and the Site team are not singing off the same hymn sheet re. SB. Site Team - Would you agree with this ?
?

I do not understand your post?

Has any member of the site team challenged or disputed the advice given?

 

 

Contradictory statements made by you have " muddied the waters " here.

 

 

So unless I'm missing something I can see no reason for your "comment".


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

it would be better if we saw the letters please

 

 

scan them up.

 

 

typically, marlin normally do something within 12mts.

i'e claimform

 

 

the other thing to consider is this was an online application?

so what you might have is NOT a recon


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Hopster, can we please narrow this down a bit please?

 

You say that you did not make on offer of payment in 2011 so that clears that point up.

 

We need to establish the date of the Cause of Action so to start with, when was your last payment to the account.

 

I have asked this before....what was the language used by your solicitors? Do you have copies of the letters they sent? If so, post them up please.

 

The language they used is important since if they were acting for you as a duly authorised representative then their correspondence could be construed as an acknowledgement.

 

For example, if they used something similar to "We refer to our client's debt with yourselves" or "We write in connection with our client's indebtedness to you" then that could be seen as an acknowledgement.

 

If they used phrases such as "we refer to a debt which you allege our client owes" or "We refer to an alleged debt" then that puts a different slant on things.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Share this post


Link to post
Share on other sites
?

I do not understand your post?

Has any member of the site team challenged or disputed the advice given?

 

 

Contradictory statements made by you have " muddied the waters " here.

 

 

So unless I'm missing something I can see no reason for your "comment".

 

 

Did not intend to mddle anything - I thought that eferred to a 5 year period when the 6 year period should apply - sorry.

Share this post


Link to post
Share on other sites

Thank you - May I address this early next week - just off for weekend break ?

Share this post


Link to post
Share on other sites

I am sorry that I have been with my eye "off the ball" for too long but now I am back.

 

I cannot see anything in the letters from the solicitors acting for me that could be described as an acknowledgenment of a debt.

 

I have still not sent a staute barred letter but have printed ne out this evening.

 

Since our last communication I have now received yet another letter from Marlin,

this time from Marlin Financial Services

"this debt has been passed to us to recover etc"

 

 

the previous letters were all from Marlin Capital Europe Limited

- so it looks as if the action now starts for real.

 

I hate to think of how much interest I would have to pay if I went to court and lost

- doesn't bear thinking about

- even tho the CCA appears to be a re-constituted one

the solicitors have advised that the judge is more than likely to find for the claimant.

 

I think that the Staute bared letter cannot do too much harm in the immediate future

- at least Marlin may come back and say why they don't agree.

 

In the meantime I am fielding regular phone calls from them.

 

Have you an opinion for me to digest ?

 

Best wishes

Hopster.

 

 

 

Hopster, can we please narrow this down a bit please?

 

You say that you did not make on offer of payment in 2011 so that clears that point up.

 

We need to establish the date of the Cause of Action so to start with, when was your last payment to the account.

 

I have asked this before....what was the language used by your solicitors? Do you have copies of the letters they sent? If so, post them up please.

 

The language they used is important since if they were acting for you as a duly authorised representative then their correspondence could be construed as an acknowledgement.

 

For example, if they used something similar to "We refer to our client's debt with yourselves" or "We write in connection with our client's indebtedness to you" then that could be seen as an acknowledgement.

 

If they used phrases such as "we refer to a debt which you allege our client owes" or "We refer to an alleged debt" then that puts a different slant on things.

Share this post


Link to post
Share on other sites

I have now sent the SB letter - is anyone interested in any reply that I my get from Marlin ?

 

 

I am sorry that I have been with my eye "off the ball" for too long but now I am back.

 

I cannot see anything in the letters from the solicitors acting for me that could be described as an acknowledgenment of a debt.

 

I have still not sent a staute barred letter but have printed ne out this evening.

 

Since our last communication I have now received yet another letter from Marlin,

this time from Marlin Financial Services

"this debt has been passed to us to recover etc"

 

 

the previous letters were all from Marlin Capital Europe Limited

- so it looks as if the action now starts for real.

 

I hate to think of how much interest I would have to pay if I went to court and lost

- doesn't bear thinking about

- even tho the CCA appears to be a re-constituted one

the solicitors have advised that the judge is more than likely to find for the claimant.

 

I think that the Staute bared letter cannot do too much harm in the immediate future

- at least Marlin may come back and say why they don't agree.

 

In the meantime I am fielding regular phone calls from them.

 

Have you an opinion for me to digest ?

 

Best wishes

Hopster.

Share this post


Link to post
Share on other sites
I have now sent the SB letter - is anyone interested in any reply that I my get from Marlin ?

 

 

No-one interested ?

Oh dear.

Share this post


Link to post
Share on other sites

simply post it up


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Thank you for responding.

I will advise if and when I get a reply - in the meantime I havereceived yet another letter frm Marlin hreatening further steps. I will try and post any reply to the SB letter - (not sure how to do that !)

Share this post


Link to post
Share on other sites

HOW TO UPLOAD DOCUMENTS / IMAGES ON CAG IMMEDIATELY YOU DO NOT NEED 10 POSTS

.

IMPORTANT To protect your IDENTITY and ensure you remain ANONYMOUS on CAG

YOU MUST ensure that you REMOVE all Personal Information including Barcodes, Names, Addresses etc

.

ENSURE: To leave all Monetary Figures and Dates.

.

DO NOT USE A BIRO, PEN, SEE THRU TAPE OR LABELS TO EDIT THE INFORMATION

.

1. SCAN YOUR DOCUMENT

.

- Set your default scan page size to A4 less than 300 DPI (150 will do)

- Scan the required letters/agreements/sheets - as a picture (jpg) file

.

- Don't forget you can use a mobile phone or a digital camera too!!

.

- If you have multiple scans/pictures please put these into a WORD DOC first ensuring you have removed all Personal Information before converting to PDF.

.

- IPHONE ONLY: Take a picture and Convert to PDF via an APP

.

2. HOW TO EDIT (Remove Personal Information)

.

- Do this using MSPAINT.EXE or any Photo Editing program and ensure to save the document.

PLEASE TRY AND REFRAIN FROM POSTING FILES OF +1Mb in size

a single sheet of a4 should be about 50kb.

.

.

3. HOW TO CONVERT YOUR DOCUMENT TO PDF

.

- If you have OFFICE installed this has an installable PRINT to PDF option so use this and save as PDF.

- If you have PDF as an installed driver use this program and save as PDF.

.

OR Go to one of the many free online pdf converter websites:

.

- http://freejpgtopdf.com/

- http://www.convert-jpg-to-pdf.net/

- http://www.freepdfconvert.com/

- http://www.pdfmerge.com/

- http://www.primopdf.com/

.

PLEASE REMEMBER: It would be better to upload a Multi-page PDF rather than multiple Single PDFs.

.

4. BEFORE UPLOADING YOUR DOCUMENT ON CAG

.

- Logically Name your PDF File so Users know what it is. DO NOT NAME YOUR FILE USING BANK NAMES OR CAG IN THE TITLE

.

- For Example: Default Notice DDicon-MM-YYYY.

.

IMPORTANT To protect your IDENTITY and ensure you remain ANONYMOUS on CAG please ensure that you do a final check that all Personal Information including Barcodes, Names, Addresses etc. are REMOVED before carrying out the NEXT STEP

.

5. HOW TO UPLOAD YOUR DOCUMENT ON CAG

.

- In your Thread/Post open a new msg box here.

- Click 'Go Advanced' below the msg box.

- Click 'Manage Attachments' below that box.

- Click the 'Add Files' button on the top right.

- Click 'Select Files', navigate to your file(s) on your PC.

- Click 'Upload Files'.

.

- You DON’T have to put a link to the attachment in the msg box just upload it ……… JOB DONE

- You can click on your links to check them too!!

.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...