Jump to content


  • Tweets

  • Posts

    • They have defended the claim by saying that the job was of unsatisfactory standard and they had to call another carpenter to remedy. My husband has text messages about them losing the keys a second time and also an email. What do they hope to achieve??? Most importantly,  as far as I have seen online, now I need to wait for paperwork from the court, correct?
    • The Notice to Hirer does not comply with the protection of Freedoms Act 2012 Schedule  4 . This is before I ask if Europarks have sent you a copy of the PCN they sent to Arval along with a copy of the hire agreement et. if they haven't done that either you are totally in the clear and have nothing to worry about and nothing to pay. The PCN they have sent you is supposed to be paid by you according to the Act within 21 days. The chucklebuts have stated 28 days which is the time that motorists have to pay. Such a basic and simple thing . The Act came out in 2012 and still they cannot get it right which is very good news for you. Sadly there is no point in telling them- they won't accept it because they lose their chance to make any money out of you. they are hoping that by writing to you demanding money plus sending in their  unregulated debt collectors and sixth rate solicitors that you might be so frightened as to pay them money so that you can sleep at night. Don't be surprised if some of their letters are done in coloured crayons-that's the sort of  level of people you will be dealing with. Makes great bedding for the rabbits though. Euro tend not to be that litigious but while you can safely ignore the debt collectors just keep an eye out for a possible Letter of Claim. They are pretty rare but musn't be ignored. Let us know so that you can send a suitably snotty letter to them showing that you are not afraid of them and are happy to go to Court as you like winning.  
    • They did reply to my defence stating it would fail and enclosed copies of NOA, DN Term letter and account statements. All copies of T&C's that could be reconstructions and the IP address on there resolves to the town where MBNA offices are, not my location
    • Here are 7 of our top tips to help you connect with young people who have left school or otherwise disengaged.View the full article
    • My defence was standard no paperwork:   1.The Defendant contends that the particulars of claim are generic in nature. The Defendant accordingly sets out its case below and relies on CPR r 16.5 (3) in relation to any particular allegation to which a specific response has not been made. 2. Paragraph 1 is noted. The Defendant has had a contractual relationship with MBNA Limited in the past. The Defendant does not recognise the reference number provided by the claimant within its particulars and has sought verification from the claimant who is yet to comply with requests for further information. 3. Paragraph 2 is denied. The Defendant maintains that a default notice was never received. The Claimant is put to strict proof to that a default notice was issued by MBNA Limited and received by the Defendant. 4. Paragraph 3 is denied. The Defendant is unaware of any legal assignment or Notice of Assignment allegedly served from either the Claimant or MBNA Limited. 5. On the 02/01/2023 the Defendant requested information pertaining to this claim by way of a CCA 1974 Section 78 request. The claimant is yet to respond to this request. On the 19/05/2023 a CPR 31.14 request was sent to Kearns who is yet to respond. To date, 02/06/2023, no documentation has been received. The claimant remains in default of my section 78 request. 6. It is therefore denied with regards to the Defendant owing any monies to the Claimant, the Claimant has failed to provide any evidence of proof of assignment being sent/ agreement/ balance/ breach or termination requested by CPR 31.14, therefore the Claimant is put to strict proof to: (a) show how the Defendant entered into an agreement; and (b) show and evidence the nature of breach and service of a default notice pursuant to Section 87(1) CCA1974 (c) show how the claimant has reached the amount claimed for; and (d) show how the Claimant has the legal right, either under statute or equity to issue a claim; 7. As per Civil Procedure Rule 16.5(4), it is expected that the Claimant prove the allegation that the money is owed. 8. On the alternative, as the Claimant is an assignee of a debt, it is denied that the Claimant has the right to lay a claim due to contraventions of Section 136 of the Law of Property Act and Section 82A of the consumer credit Act 1974. 9. By reasons of the facts and matters set out above, it is denied that the Claimant is entitled to the relief claimed or any relief.
  • Recommended Topics

  • Our picks

    • If you are buying a used car – you need to read this survival guide.
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
      • 161 replies
    • 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
        • Like
  • Recommended Topics

Barclays Capital - Rate swaps.


grange1971
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4195 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Just a quick note to see if anyone else is in same boat as we are.

 

This doesnt concern bank charges, our problem revolves around a 'Rate Swap' sold to us by Barclays Capital.

 

If anyone else has taken up complaints about these Derivative based products I would be intersted to hear how you are getting on.

 

Cheers

 

Pete

Link to post
Share on other sites

  • Replies 175
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Hi Pete, we also have a problem with a rate swap sold to us by Barclays Capital. I cannot believe that we are the only two with a problem relating to this product. Not sure what we are going to do about it yet. Just in the process of getting some legal advice.

 

Mark

Link to post
Share on other sites

Hi Grange and Woodman and welcome to CAG.

 

I haven't a clue about this but hope your thread generates interest from others who do !!

 

:)

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

Link to post
Share on other sites

Hi Grange - You're welcome :)

 

Please keep stuff posted on open threads so:-

 

1. We can all benefit from learning more about cases.

 

2. Any errors made by posters can hopefully be spotted and corrected (assuming we understand the subject;)).

 

Thanks

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

Link to post
Share on other sites

Thanks, I will take a look at the other forum.

 

I have a reasonable idea about the swaps, our main idea is to see if there are othe rpeople iin the same boat. Part of the problem is that these are sold to small businesses, so there is just not the publicity about them.

 

I will keep any progress public, although some stuff may have to be pm'd.

 

frakyleaky - sorry, our posts must have crossed!

 

Our main issue is regarding pre-payment of the main loan to which the swap relates. Our Confirmation says the swap will be reduced in line with pre-payments, the bank say it may be reduced.

 

The biggest thing for us isnt the argument with the bank, its the fact that they are saying there have been no other complaints, and their approach is that we're just trying to wriggle out of our obligation - but finding other people in the same boat is difficult, hence my first post.

 

Are you familiar with rate swaps (ISDA Master Agreement based)?

 

Regards

 

Pete

Edited by grange1971
Link to post
Share on other sites

Pete, just to confirm that we entered rate swap to hedge our interest on business loans. No problem with that and no problem that due to drop in interest rates that we are now paying out on this basis. However it was never explained that this created a potential liability i.e £800k? based over the life of the swap. The bank encouraged it as a move that was prudent,and reduced our interest rate on overdraft facility as a REWARD for being prudent. Bank manager and local director were made redundant on same day and now surprise, surprise we have a problem as this has created an issue with bank over "loan to value" to the business. Just for the record we have banked with Barclays for twenty years, we are solvent and still looking to expand even given the current difficult market. Surely we cannot be the only business that has experienced a problem as a result of being encouraged to be prudent by BARCLAYS CAPITAL!

 

Again i would confirm to all members that the issue is not that the interest rates have dropped, and that this requires the business to pay out. It is the clear fact that until our meeting this week with the bank no one and i mean no one ever explained the full extent of the liability that the interest rate swap created such a liability. I am certain that they did not fully understand what it was they encouraged us to commit to, the paper work on file makes no reference to the creation of any long term liability.

 

Can you confirm? (ISDA Master Agreement Based)....not familiar with this.

 

Thanks Mark

Link to post
Share on other sites

Mark,

 

Barclays Rate Swap agreements are subject to an ISDA Master Agreement, plus you should also have either a Schedule or a Confirmation.

 

These are necessary for Barclays, as without them they have no way of valuing the Rate Swap for pre-payments, or default.

 

I cannot quite see how the liability has arisen? If you wish to break the agreement then they will work out a figure that you need to pay, based on the length of time to run and what they think will happen in the interest market. Is this how your manager is applying the swap - as a debt against the business? Surely this only arises if you wish to break out of the agreement.

 

Maybe you could be a bit more specific - £800,000, jeez!

 

Our problem relates to this breakage cost - when we paid down our loan, our Rate Swap agreement stipulates the sum 'swapped' reduces in line with the actual loan. The problem is getting Barclays to follow the contract! They just refuse, quoting various sections which dont actually apply to our agreement.

 

A solicitor has checked our agreement, and agrees with our opinion, and we are now putting the paperwork together for the Ombudsman - this is where I am out of my comfort zone, and am hoping to find someone else who has got to this point.

 

I think you need a thorough review of all the paperwork you have been given - look for anything that mentions ISDA agreements, if not look for how they value the agreement in case of default etc.

 

How did you confirm the deal - on the phone, in writing, by e.mail?

 

Thats the effective date of the swap.

 

Following that a confirmation should have arrived - thats the bit of paperwork that you need.

 

Let me know what you find, and if you could explain the £800,00 it will help me understand your position.

 

Regards

 

Pete

Link to post
Share on other sites

interest rate swap Definition | Business Dictionaries from AllBusiness.com

 

I had to look it up! :-D

 

interest rate swap

contract in which two counter-parties agree to exchange interest payments of differing character based on an underlying notional principal amount that is never exchanged. There are three types of interest swaps: coupon swaps or exchange of fixed rate for floating rate instruments in the same currency; basis swaps or the exchange of floating rate for floating rate instruments in the same currency; and cross currency interest rate swaps involving the exchange of fixed rate instruments in one currency for floating rate in another.

Typically, a swap contract exchanges fixed rate obligations for a floating rate instrument in the same currency. In its simplest form, the two parties to an interest rate swap exchange their interest payment obligations (no principal changes hands) on two different kinds of debt instruments, one being a fixed interest rate, the other being a floating rate.

For example, the Student Loan Marketing Association (Sallie Mae) may want to swap rates with a mutual savings bank-a mutually beneficial transaction, as Sallie Mae, a highly rated institution because of its status as a federal agency, prefers floating rate to match short-term loans in its student loan portfolio. Sallie Mae can sell fixed rate debt at a relatively low cost, whereas the mutual savings bank prefers to match its long-term fixed rate mortgages with fixed rate funds.

Link to post
Share on other sites

HSBcrusher,

 

Even when you read it, its still a mystery!

 

Some years back, Barclays realised there was an extra sales opportunity to be had with Rate Swaps.

 

If a business wished to borrow money on a fixed rate loan, Barclays Commercial would involve Barclays Capital, and sell the customer a Rate Swap packaged as a fixed rate loan.

 

The rate swap term can be anything from 1year to 25years.

 

They fix a rate, and then gamble that base rate stays below that figure, thus making a profit. If the base rate goes above the fixed rate, then they have to pay the difference - this is the clever bit though, they dont pay you, they pay Barclays...........so they dont actually lose!

 

This is fine if you keep your loan for the period agreed, but if you pay it off the Rate Swap is a completely free-standing arrangement, so you are stuck with it. In our case we have a clause in our contract stating that if we pay off any of our loan, the Rate Swap value (what they call the 'nominal amount') will drop accordingly, and at that point we would have to pay them a 'breakage fee' based on the difference in fixed & base rates and length of time to run.

 

In principle there is nothing wrong with a rate swap if the full term is to be stuck to - but they are not suitable for situations where the loan is to be repaid, as in our case. I think Barclays are aware of this (I told them we would be paying off the loan) but have gone ahead and sold them anyway.

 

As Woodman has found, they also create a debt - in a 'normal' fixed rate deal you pay to end early, but the payment does not fluctuate with base rates, whereas with a Rate Swap Barclays assess the fee based on how much you have to pay them over the term of the agreement & charge you that!

 

There is a culture in small businesses of financial secrecy, because of this I think there will be hundreds of small businesses mis-sold or mis-advised on these products, but unlike 'normal' bank-charge complaints there is little info. on what to do, there certainly isnt a consumer website championing our cause - hence my post here.

 

I have for a long time felt like a very small voice in a very large empty room, I think if just a few of us get together it will be of immense benefit, just the support alone is worth more than money.

 

Thanks to everyone who's posted support - and also to everyone who's read this and thought 'poor sod, dont fancy being in his shoes'.

 

Regards

 

Pete.

Edited by grange1971
Link to post
Share on other sites

  • 2 weeks later...

Pete, thanks for the update, fully agree with your posting with particular reference to Barclays paperwork. What paperwork? We cannot find any!

 

Also very interested in your comment that "interest rate swaps" are only suitable to sell to investment professionals. I would agree, we have been seeking verbal confirmation of our position and each request is met with the i'm not sure i'll have to get back to you routine. Hardly the what you would expect given the complicated nature of this product.

 

What is apparent is that we were sold this product by individuals employed by a bank that we trusted who obviously did not fully understand the product that they were selling and the full implications of the product and how it would alter their security.

 

Can you please advise where i can find more information regarding the Financial Service Marketing Act with specific reference to the sale of this product?

 

I am absolutely convinced that we will hear from other individuals/companies that have also been sold this product, it having not been fully explained to them.

 

Mark

Link to post
Share on other sites

Mark,

 

Interest rate swaps are regulated by the Financial Services and Markets Act 2000 (Financial Promotion Order) 2001.

 

Their are very strict guidelines on who these products can be sold to, basically Investment Professionals. You will find this at:

 

The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001

 

The important bit is Article 19, Section 4 (b) - it reads that the advice given by Barclays should be accompanied by a rider that you should not rely on it - in practice this is normally in the Disclaimer, saying something like you should consult your own adviser etc.

 

The response I have had from posting about this topic has been quite interesting, the main issue seems to be that small businesses dont like to admit that they are out of their depth - Barclays really hold the upper hand as they are well versed in sales techniques and have their own lawyers ready for problems.

 

There is also the feeling that the banks cant be wrong, everythings tied up tightly in their favour - yet I've been able to pick out 2 flaws in my agreement and I'm no legal boffin.

 

Regards

 

Pete

Edited by grange1971
Link to post
Share on other sites

  • 2 weeks later...

Hi Grange,

 

I hope you can move this forward with the info you are able to share.

 

It would be useful if you can keep this post updated to assist others who have similar problems.

 

Few will benefit if it's all done off-thread. ;)

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

Link to post
Share on other sites

Hi,

 

Fully intend to keep the thread updated, some of the stuff just cant be posted but general progress will be reported back - once we've got a handle on which direction we're going I will let you know.

 

In the meantime, anyone is welcome to make contact.

 

Cheers

 

Pete.

Link to post
Share on other sites

grange1971 / woodman etc

i've got problems with barclays capital and the hedging they put in place - which they managed to do without telling anything useful -hiding it all in jargon and now that i understand what i've let myself in for, i'm furious

they didn't tell me i couldn't cancel

they didn't tell me it has nothing to do with current borrowings from the bank so even if i pay off the bank in full - they still want their money !!!

 

i'm waiting for them to get back to me with a final stance, afterwhich i am seeking legal advice

anyone taken legal advice so far ?

rgds

steve

Link to post
Share on other sites

  • 4 weeks later...

Hi Grange,

 

You should write to B's and ask them to confirm that their letter of xxdate is their Final Response in the matter, for the purpose of referral to the FOS.

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...