Jump to content


  • Tweets

  • Posts

    • Yes is definitely an option – but I am rather concerned about the way that the other one went when they brought in Evershed's. It's still going on but I think it made it more worrying for the claimant. The finance company will have the wherewithal to be able to make strategic delays
    • Well at £7300, I think that any car should be able to run without any serious defect manifesting itself at least a couple of years. This car clearly is not in satisfactory condition when it was bought. Also, can we clarify that the finance was made by way of a loan and not hire purchase. It doesn't make a huge amount of difference but it is something that we should know. You have two targets. You can either sue the garage or you can sue the finance company. Somebody else on this forum in the past 2 or 3 months decided to sue the finance company. I rather thought it was an error because it was taking on the more powerful of the two – and it turned out that the finance company then when instructed a proper firm of solicitors who have simply been obstructive. It doesn't mean that the claimant was more likely to lose – but it became a little bit more nerve wracking and difficult. I would suggest that the best thing to do is to sue the garage who are going to be the weaker party and secure a judgement against them. Then if there is any difficulty enforcing the judgement, you can turn against the finance company but with a judgement already in your hand, any resistance should fall away quite quickly. At that point you can also threaten the finance company with an action under FCA regulations for unfair treatment – because what they are doing is clearly unfair. It seems to me that you need to get a move on. On the basis of what you say, your rights are completely clear and I would suggest that you begin by sending a letter of claim to the garage and writing separately to the finance company and telling them that you are going to be seeing the garage and that once you get a judgement you will be coming after them not only under their obligations under the consumer credit act but also under the FCA Handbook rules – COBS - which requires them as a matter of statutory duty to treat you fairly. The finance company will be quite anxious to avoid a judgement for breach of statutory duty. It may be that the finance company will then feel motivated to put pressure on the garage – but nothing is sure. If this seems to be a satisfactory way forward then it will be a matter of sending a letter of claim – probably in tomorrow's post – recorded delivery and an email as well if you want. You have to be sure that you want to do this and you need to search this forum for information on bringing a small claim in the County Court. It's fairly straightforward and because you are suing for less than the small claims limit of £10,000 it is pretty well risk-free. However it is worth knowing your way around because you will feel more confident about it. Please let us know if this is the way you want to go forward. I have to say that if you rather not do this then your only other alternative would be to go to the ombudsman which will be a very slow process and could last easily up to 12 months or more with an uncertain outcome. I would not recommend it   To add, if as a result of the breach of contract on the part of the garage you have incurred additional expenses, then we may probably be able to think about claiming for those as well.
    • launch a section 75 claim to advantage ASAP IMHO cut out the garage.   as usual advantage are utterly useless .....just like moneybarn         
    • Hi Bank Fodder,   With regard to court etc, no that wont be a problem, at the moment they are borrowing another car to get to and from work.   JJ
    • Ok thanks for the heads up should I send  them as well as confirming my adress  the template letter explaining the debt is statu barred Or something else maybe not recognising there company as I have no contract with them ! They are a third party interloper etc ! Many thanks !!
  • Our picks

Barclays secured business loan.


Please note that this topic has not had any new posts for the last 3366 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

Hello . I have had some great advice in the past from members at CAG , and wonder if anyone can help with my latest problem.

 

I took out a £30,000 secured business loan from Barclays when I set up my company in 2005.

 

Long story short , the company was wound up and Barclays took me to court for the outstanding balance on the loan , which after all the interest had been added was £25,000 odd.

 

Barclays did all they could to get possesion of my house , but the Judge ruled that I should be allowed to repay the debt at £400 per month.

 

I have met all the payments since , and after selling at last a machine from my ex company , I am in a position to make Barclays an offer of settlement.

 

After contacting Barclays , it seems that interest has still been accruing after the court ruling and all the payments I have made since have only been servicing the interest and not paying anything towards the principal.

 

In a previous court visit for a seperate business loan with Yorkshire bank , the Judge also ruled that I could pay £ 400 per month to cover the debt . In this instance though , the interest was frozen and I have just been paying down the debt from a figure frozen at the date of the Court case.

 

My question is , should the figure quoted in my court case with Barclays have been frozen , or are Barclays able to keep the interest meter ticking ?

 

Thanks in advance,

 

Paul.

Link to post
Share on other sites

Hi

 

Would it not be in the details of the Judgement of which you should have received a copy?

 

If you don't have a copy I would suggest contact with the court to get a copy of the Judgement and have a look at it in detail.

 

Others may have other options too.

 

Regards

 

ims

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

 

Link to post
Share on other sites

Hi Gubbins,

 

Post-Judgement interest can make a huge difference to a debt. I believe the amount of the debt can influence the way in which interest is treated.

 

As Ims says above, you must check on the court's Judgement to see if anything was said about interest, and come back to us.

 

A Search of Post Judgement Interest brings up several sources:-

 

http://www.google.co.uk/url?sa=t&source=web&cd=1&sqi=2&ved=0CCAQrAIoAjAA&url=http%3A%2F%2Fwww.consumeractiongroup.co.uk%2Fforum%2Fshowthread.php%3F5140-interest-after-cc-judgement&ei=XZJmTtiHHcaX8QOV3JyFCg&usg=AFQjCNFO5a5L3Scr-dsjSmKHH5B4uEZTmA

http://www.google.co.uk/url?sa=t&source=web&cd=1&sqi=2&ved=0CCEQrAIoAzAA&url=http%3A%2F%2Fwww.consumeractiongroup.co.uk%2Fforum%2Fshowthread.php%3F178335-Interest-Post-Judgment&ei=XZJmTtiHHcaX8QOV3JyFCg&usg=AFQjCNHZP5KezJnMbcV6wM6zzD9X-8Gkzw

 

It would also be useful to know exactly on what basis the bank got their judgement against you personally. Eg, were you a personal guarantor; was the property put up as collateral; etc.

 

:-)

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 for the replies slick and ims.

 

The business loan was secured with me as principal debtor.

 

After contacting the court , it seems that there was no judgement as such , just a suspension of possesion order .It looks like I don't have much of a chance to get Barclays to set a decent sum for settlement.

 

I'll have to wait to see what figure they come up with .

 

Thanks again.

Link to post
Share on other sites

Hi Gubbins,

 

If the bank sought a Possession Order, was there not already a CCJ against you for the debt............

 

........... and, if so, did this address the question of interest in any way.

 

:-)

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 Slick,

 

no CCJ against me , they just went straight to repossesion. Seems they were determined to get my house . Their solicitor even said as much outside the courtroom before we went in.

He said that there would be no terms for repayments , just full repossesion. Luckily , the judge thought different.

Link to post
Share on other sites

Hmm,

 

I'll see if we can get some help with this one...........

 

:???:

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...