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    • The issue with phone claims, is that UC is not designed for this. Given that it probably won't be redesigned away from being a digital platform,  it will remain the case that phone claims are a rare exception.   Problem with phone claims, is that the claimant is being expected to answer questions, which they might not be sure about. If the claimant does not have answers and needs to check information, they have to phone back. Then they get to the next section about something else they don't have information on etc etc.   DWP, Councils, CAB and organisations that help benefit claimants are going to be very busy during the managed migration process. I know that Parliamentary select committees have done several reports on this, which I think it one reason for the 10,000 pilot trial.  When the focus is on migrating existing benefit claimants, it may then be more difficult for new claimants to obtain the help they may require. Government are going to have to think about the resources they need to put in to make Universal Credit work, for both new claimants and those migrating from other benefits.        
    • Did you ever have the car on a street while it was untaxed ?   The answer will be yes.   In your situation, I think you had to buy the car tax, the same day as you bought the car. Either online or at a post office.   You did not do that and the letter suggests evidence of the car being on a street on a day it was not taxed. Ask for evidence if you want, but I would suggest you pay the penalty first to avoid further actions and then query evidence afterwards.     
    • Thank you for your responses. Can I ask them to send proof that I was on that street? And would it make no difference anyway, since even if I wasn't on that street I evidently hadn't taxed it on the day in question? 
    • PLEASE NOTE - template letters from our library should not be reproduced on the open forums. If you would like to let people know the wording of your letters simply link to the Letter in question.
    • you MUST SIGN an SAR if it is going to the original Creditor...- PLEASE READ POST 2 ALSO... 
  • Our picks

    • Future Comms issues. Read more at https://www.consumeractiongroup.co.uk/topic/416504-future-comms-issues/
      • 3 replies
    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
      I told future comms my deal, £110 per month with a phone and a virtual landline, they confirmed that they could beat that, £90 per month with a phone , virtual landline  they also confirmed they would pay Vodafone (previous provider) the termination fee. As I am in business, naturally I was open to making a deal. So we proceeded. 
      Future comms then revealed that the contract would be with PLAN.COM and the airtime would be provided by 02, I instantly told them that this would break the deal as I have poor 02 signal in the house where I live as my partner is on 02 and constantly complaining about bad signal
      the salesman assured me he would send a signal booster box out with the phone so I would have perfect signal.
      so far so good.....
      i then explained this is the only mobile phone I use for business and pleasure, so therefore I didn’t want any disconnection time in the slightest between the switchover from Vodafone to 02
      the salesman then confirmed that the existing phone would only be disconnected once the new phone was switched on.
      so far so good....
      • 14 replies
    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
      Furthemore, irresponsible lending practices are also unfair and unlawful.
      Additionally there are other unfair practices including unarranged counsellor visits - even if they have been attempted.
      You are entitled to refuse counsellor visits and not incur any charges.
      Any charges for counsellor visits must not seek to make profits. The cost of the visits must be passed on to you at cost price.
      We are hearing stories of people being charged for counsellor visits for which there is no evidence that they were even attempted.
      It is clear that some mortgage lenders are trying to cheat you out of your money.
      You should ascertain how much has been taken from you and claim it back. The chances of winning are better than 90%. It is highly likely that the lender will attempt to avoid court action and offer you back your money.
      However, you should ensure that you receive a proper rate of interest and this means that you should be seeking at least restitutionary damages - which would be much higher than the statutory 8%.
      Furthermore, you should assess whether the paying of demands for unlawful excessive charges has also out you further into arrears and if this has caused you further penalties in terms of extra interest or any other prejudice. This should be claimed as well.
      If excessive unlawful charges have resulted in your credit file being affected, then you should take this into account also when working out exactly what you want by way of remedy from the lender.
      You should consult others on these forums when considering any offer.
      You must not make any complaint through the Ombudsman. your time will be wasted, you will wait up to 2 yrs and there will be a minimal 8% award of interest and no account will be taken of any other damage you have suffered.
      You must make your complaint through the County Court for a rapid and effective remedy.

      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
      http://www.fsa.gov.uk/pubs/final/redstone.pdf
      http://www.fsa.gov.uk/pubs/final/db_uk.pdf
       
      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
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Hi - I have been checking the info that GMAC gave me for an interest only mortgage, on reading through their tariff booklet and Mortgage Guide 2000, for Interest Rates it says the following:

"The interest rate charged will be based on "LIBOR" plus an additional amount (a "margin") e.g.3% over the Libor rate. This means that if LIBOR were at 7%, the interest rate would be 10%. The margin applied will depend on the type of scheme you are taking and your personal and financial circumstances and this will be set out in your Mortgage Offer."

 

OK - I notice that little bit about your circumstances, which sounds like "we will hit you with an enhanced rate if you have any adverse credit" - lol, then says:

 

"To help you understand how a change in the interest rate might affect your monthly payments, a typical example is given below assuming a 3 month LIBOR rate of 7.56% on a mortgage loan attracting interest of 3%, giving a total charging rate of 10.56%.

 

EXAMPLE: Based on a residential, interest only mortgage loan of £50,295 (Initial mortgage loan of £50,000 with a £295 arrangement fee added on a property valued at £75,000 repayable at the end of a 25 year term. Included in the calculation of the total amount payable and APR are: Arrangement fee £295, T.T. fee£30, Non block Insurance fee of £40.00, Valuation fee £220, Legal fees £350, Redemption Admin fee £155 payable at the end of the 25 year mortgage loan term. 300 gross monthly payments of £442.60. Total amount payable £183,905.00. The APR is 11.3% assuming that the 3 month LIBOR remains at 7.56% throughout the 25 year term.

For each 1% change in the charging rate, the gross monthly payment would change by £41.91p."

 

Hope this is helpful.

Edited by iconoclash
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So what happens when "LIBOR" has been "manipulated" by the likes of Barclays/NatWest/HSBC etc.

 

And we end up paying more for our mortgages than we should do? - because the LIBOR rates are

higher then they should be.

 

Who do we take action against - or make a group claim?

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Count me in on a group claim - that really would be the way to go - hit this shabby lot from the top with their own terms and conditions!

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hi- i don't know much about it but even i can see that £40 on a 50k mortgage for a one point move is a lot more for many of us on higher mortgages and some organisations are saying that it would have evened itself out, but I'm thinking any manipulated rate must surely put the whole contract in doubt. I havent see any statements from the likes of the OFT, FSA about it either - has anyone any more info?

 

thanks

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I too would be interested in a goup complaint, this must have affected what we are paying

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hi i took mine out in 2001 and left in 2008 because of arrears and hight interest rate i think is was at 9.8 with fees and arrears added to the loan keep me posted

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I too have LIBOR rates and have wondered since all this kicked off if I was being ripped off. I don't really understand how this works but in my mind, if the Bank of England rate is not moving why does LIBOR move

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it might be possible if admin hears anything about class action for the legal side of things

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Scandal that could ruin banking giants: U.S. lawyers prepare to sue financial firms for hundreds of BILLIONS over global interest rate-fixing

 

Read more: http://www.dailymail.co.uk/news/article-2168473/Libor-scandal-ruin-banking-giants-US-lawyers-prepare-sue-financial-firms-hundreds-BILLIONS.html#ixzz28ER1Oqpg

Follow us: @MailOnline on Twitter | DailyMail on Facebook

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hi - i have two cases with the FOS at the moment concerning costs/charges of mortgage companies and both used libor rates - but - at no point has the FOS even looked at the issue. After years of 'investigation' they do not seem willing to uphold complaints - it seems they are over cautious and want a video of the whole process practically before finding for the consumer - I know of another case where the customer had good cause against GE under Unfair Terms but they refused to look at it - so, hmmm, yes, a class action would be a good route to take as there is little else for the consumer, unless you can afford a barrister.

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Hi,

 

Maybe posting in the wrong place but I have a Mortgage with the BOI and they have just put my Mortgageup 50% which is nearly £300 a month more! I am absolutely furious and have no idea if anything can be done about this? I also know that all the other companies are following but at rates of 0.5% or a little bit more not 50%. Surely that is completely unreasonable since we have had to bail the b*****ds out in the first place!

 

I was thinking of writing to my local MP? Or maybe starting something like a petition for this as I am sure that many of you have Mortgages within the RBS group?

 

We are all in an economy meltdown as it is and then having to bail out the banks, people are struggling to keep their homes, food, work and family's together because of all of this hence why the BOE has lowered the rate to a record 0.5% and then the Mortgage companies (especially once we bailed out) have raised their SVR to whatever they want to! This is very unfair and something needs to be done before many more people end up losing their houses including myself.

 

Is there anything we can do? Is a petition a good idea? If anyone has any views, ideas of what we can do then please let me know what your thinking.

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I am happy to join in a joint claim, I think this has legs for every lender to be taken to court, they all fixed the rates for their benefit and its about time they paid instead of us!!!!

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hi - there must be lots of people who had mortgages based on libor and it would be nice to see a graph of how the rates were altered - I need it spelt out - lol. I think my mortgage was in place when it was only higher so wouldn't have evened out with lower rates in another period and since my contract is/was with the lender directly, they would have to answer to it, whether they in turn counter-sue the culprits is up to them.

any ideas? fraud act?

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Hi - I have been checking the info that GMAC gave me for an interest only mortgage, on reading through their tariff booklet and Mortgage Guide 2000, for Interest Rates it says the following:

"The interest rate charged will be based on "LIBOR" plus an additional amount (a "margin") e.g.3% over the Libor rate. This means that if LIBOR were at 7%, the interest rate would be 10%. The margin applied will depend on the type of scheme you are taking and your personal and financial circumstances and this will be set out in your Mortgage Offer."

 

OK - I notice that little bit about your circumstances, which sounds like "we will hit you with an enhanced rate if you have any adverse credit" - lol, then says:

 

"To help you understand how a change in the interest rate might affect your monthly payments, a typical example is given below assuming a 3 month LIBOR rate of 7.56% on a mortgage loan attracting interest of 3%, giving a total charging rate of 10.56%.

 

EXAMPLE: Based on a residential, interest only mortgage loan of £50,295 (Initial mortgage loan of £50,000 with a £295 arrangement fee added on a property valued at £75,000 repayable at the end of a 25 year term. Included in the calculation of the total amount payable and APR are: Arrangement fee £295, T.T. fee£30, Non block Insurance fee of £40.00, Valuation fee £220, Legal fees £350, Redemption Admin fee £155 payable at the end of the 25 year mortgage loan term. 300 gross monthly payments of £442.60. Total amount payable £183,905.00. The APR is 11.3% assuming that the 3 month LIBOR remains at 7.56% throughout the 25 year term.

For each 1% change in the charging rate, the gross monthly payment would change by £41.91p."

 

Hope this is helpful.

 

 

I would strongly suggest that you check that the Libor rate used for the purposes of calculating your effective interest rate was the correct Libor rate. What I am saying is that there are now examples of lenders (sub-prime usually) using an inflated Libor rate rather than the actual Libor rate. For example 3 month Libor might have been, say, 1.2% on September 30 2010 (or whatever date your rate was set, you can check these rates as they are published on the internet); however you may find that your lender used a Libor rate which was higher than this! It takes some hard work but I have found this to be the case and have argued it successfully in court (as has another CAG member).

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Hi - thank you but how will I discover if the rate they quoted as being in use at specific times in accurate please?

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Hi - thank you but how will I discover if the rate they quoted as being in use at specific times in accurate please?

 

First: obtain the rates and dates (for the the rates settings) from your lender.

 

Second: check that the rates are correct for the dates via the internet or CAG users.

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hi that's great because still waiting for pay out from them on charges being loaded on debt has any on took them on in court ? ?

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I would strongly suggest that you check that the Libor rate used for the purposes of calculating your effective interest rate was the correct Libor rate. What I am saying is that there are now examples of lenders (sub-prime usually) using an inflated Libor rate rather than the actual Libor rate. For example 3 month Libor might have been, say, 1.2% on September 30 2010 (or whatever date your rate was set, you can check these rates as they are published on the internet); however you may find that your lender used a Libor rate which was higher than this! It takes some hard work but I have found this to be the case and have argued it successfully in court (as has another CAG member).

 

hi that's great i had a mortgage with them from 2001 to 2009 well stung by them

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hi that's great because still waiting for pay out from them on charges being loaded on debt has any on took them on in court ? ?

 

Not that I am aware of; however if they took you to court (on, say, arrears) then you have an interesting defense which will cause considerable confusion as to what the arrears actually are.

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hi that's great i had a mortgage with them from 2001 to 2009 well stung by them

 

Well, I would be very interested in learning what rates of interest you paid: if they charged you the same Libor rates or different Libor rates than they charged me or others. Do you still have your mortgage statements?

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i had intrest only for a while was paying 10 % off later in the week will try to the maths as they loaded arrears on my debt non dd and 50 pounds a month

 

has this gone to court ? about libor

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i had intrest only for a while was paying 10 % off later in the week will try to the maths as they loaded arrears on my debt non dd and 50 pounds a month

 

has this gone to court ? about libor

 

The Libor issue has gone to court via two seperate CAG members. Kensington seems unwilling or unable to present the courts with the evidence requested by the courts.

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not with GMAC now as the interest rates were 10.5 % plus the arrears i caught up with after being taken to court but the still loaded 15 non dd and 50 pounds on total debt

 

i calculated the charge were in excess of £3500 pounds

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Hi - thank you but how will I discover if the rate they quoted as being in use at specific times in accurate please?

 

 

 

 

Three arrested by SFO in Libor probe

By Caroline Binham, Legal Correspondent

Three British men have become targets of the first arrests in the sprawling worldwide probe into manipulation of Libor, the key benchmark bank rate.

The UK’s Serious Fraud Office said in a short statement on Tuesday that it had arrested three men aged 33, 41 and 47, and that the suspects were “all British nationals currently living in the United Kingdom.”

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hi is any pursuing the sub prime libor interest rates ?

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