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    • woe SLOWDOWN>   your defence is weeks away. (day 33) no there are no templates as each claim is unique. however, if you use our search top right. for say claimform card you'll see numerous versions people have adapted based upon our std holding/no paperwork defence , one of which, might well be suitable.   get CCA/CPR requests running monday and get AOS done now on mcol, you've already lost 10 of your 19days to do AOS   then get reading up as i detailed above the more you read here the stronger we become   dx      
    • Thanks   Is there any good templates that can be modified for the defence?
    • is this letter entitled letter of claim? and comes with a reply pack?   please scan up your original agreement to ONE multipage PDF read our upload guide carefully 
    • pop up on the MCOL website detailed on the claimform. [if mcol is not working return after the w/end or the next day if week time] .  register as an individual on the Gov't Gateway Site  note down your details inc the long gateway number given, you might need it later.  then log in to the MCOL Website .  select respond to a claim and select the start AOS box. .  then using the details required from the claimform .  defend all  leave jurisdiction unticked  you DO NOT file a defence at this time [BUT you MUST file a defence regardless by day 33 ] click thru to the end confirm and exit MCOL. .. get a CCA Request running to the claimant https://www.consumeractiongroup.co.uk/topic/332502-cca-request-consumer-credit-act-1974-updated-january-2015/ .. Leave the £1 PO unsigned and uncrossed . get a CPR  31:14  request running to the solicitors [if one is not listed send to the claimant] ... .[use our other CPR letter if the claim is for an OD or Telecom Debt] . https://www.consumeractiongroup.co.uk/topic/332546-legal-cpr-3114-request-request-for-information-when-a-claim-has-been-issued/ . on BOTH type your name ONLY Do Not sign anything . you DO NOT await the return of ANY paperwork  you MUST file a defence regardless by day 33 from the date on the claimform [1 in the count] ..............  
    • The agreement started 11/02/2019  for 47 monthly hire payments   Threat-o-gram : We are instructed on behalf of Hyundai Capital UK Limited T/a Hyundai Finance Contract Hire.  This is inaccurate, as on my hire agreement it says - Owner Santander Consumer (UK) plc trading as Volvo Car Financial Services. Hyundai must be who this other persons agreement is with.   The only will is: Should you fail to make payment of the outstanding bablnce of £5,000, or alternatively provide realistic payment proposals within the next 30 days, we are instructed to issue County Court proceedings against you for the balance outstanding. Such proceedings will also include claim for costs.   Yes I still have my agreement. 
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    • I sent in the bailiffs to the BBC. They collected £350. It made me smile.
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    • Hi @BankFodder
      Sorry for only updating you now, but after your guidance with submitting the claim it was pretty straight forward and I didn't want to unnecessarily waste your time. Especially with this guide you wrote here, so many thanks for that
      So I issued the claim on day 15 and they requested more time to respond.
      They took until the last day to respond and denied the claim, unsurprisingly saying my contract was with Packlink and not with them.
       
      I opted for mediation, and it played out very similarly to other people's experiences.
       
      In the first call I outlined my case, and I referred to the Contracts (Rights of Third Parties) Act 1999 as the reason to why I do in fact have a contract with them. 
       
      In the second call the mediator came back with an offer of the full amount of the phone and postage £146.93, but not the court costs. I said I was not willing to accept this and the mediator came across as a bit irritated that I would not accept this and said I should be flexible. I insisted that the law was on my side and I was willing to take them to court. The mediator went back to Hermes with what I said.
       
      In the third call the mediator said that they would offer the full amount. However, he said that Hermes still thought that I should have taken the case against Packlink instead, and that they would try to recover the court costs themselves from Packlink.
       
      To be fair to them, if Packlink wasn't based in Spain I would've made the claim against them instead. But since they are overseas and the law lets me take action against Hermes directly, it's the best way of trying to recover the money.
       
      So this is a great win. Thank you so much for your help and all of the resources available on this site. It has helped me so much especially as someone who does not know anything about making money claims.
       
      Many thanks, stay safe and have a good Christmas!
       
       
        • Thanks
    • Hermes and mediation hints. https://www.consumeractiongroup.co.uk/topic/428981-hermes-and-mediation-hints/&do=findComment&comment=5080003
      • 1 reply
    • Natwest Bank Transfer Fraud Call HMRC Please help. https://www.consumeractiongroup.co.uk/topic/428951-natwest-bank-transfer-fraud-call-hmrc-please-help/&do=findComment&comment=5079786
      • 33 replies

LIBOR Manipulation and Repossession proceedings?


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Hi All,

 

As a business, we borrowed funds from Barclay's by pledging property as security. We fell behind on payments as a result of cash flow issues. I have not seen the clause, but I am sure Barclay's is within their rights to demand that we pay the entire loan off. A sum we cannot afford to pay in its entirety.

 

I had concerns that our loan may have been affected due to LIBOR manipulation. I wrote a detailed letter to the bank manager after receiving their demand letter that I need a detailed explanation of any part that LIBOR may have played in calculating interest rates, early repayment penalties, any origination fee collected up front or paid to third party in commissions as we used a commercial mortgage for this loan.

 

3 weeks later, Barclay's responded that their internal investigations have discovered that our loan was not affected by LIBOR fiasco as they don't use to LIBOR in all of their loan products. They added that this is their final letter and included information on how to get in touch with Financial Ombudsman.

 

They also added that as part of their settlement with authority they cannot add any further on the details. I assume that includes the detailed information that I requested, they also added that this is their only and final correspondence on the matter.

 

Now, I am sure they will start repossession proceedings at some time in future (I assume they will be swift). How does one really know if Barclay's is representing the right picture? Does one take their word for it? I was actually planning to use this as a defense if we were to reach the courts, a reality we have to face at some point.

 

Any suggestions on this?

 

Thanks,

Res

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Hi Res,

 

I think we will have to wait and see whether the LIBOR scandal is found to have affected personal and business customers directly and, if so, to what degree. Also, whether such customers have any form of redress on an individual level.

 

Until such matters are clarified, I think you would be lucky to have any repossession avoided or delayed on the basis of the LIBOR scandal.

 

:-)

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I have received correspondence from Barclays. I was surprised as the response was sent efficiently. In essence, they state their internal investigation suggest that we weren't affected as they don't use LIBOR to set all loan. I suppose they are suggesting that LIBOR wasn't used to calculate any of our interest rates. Furthermore, the response points out that this is their final letter and they cannot say anymore about the subject including their findings or anything of that sort as part of their agreement with authorities.

 

It gives me option of taking the matter to Ombudsman. I do plan to take this to Ombudsman, as I think it isn't enough to take Barclays word for it, especially that they accepted liability to authorities and they accept they took part in manipulating LIBOR, in the letter they sent.

 

I had asked them to provide details of mechanism as to how they calculated and quoted interest rates and if that had anything to do with ERP, commissions or any up front fee. They are quite brief in saying that our loan wasn't affected.

 

Now, there is a very high chance that Barclays is correct in its finding. However, the issue remains of credibility. In the past, they represented to their counter parties that their reporting of LIBOR was correct, which wasn't the case. Now they represent that our loan wasn't affected. Though they may be right, I am taken back a bit that they wouldn't reveal any more information.

 

Let's see if Ombudsman can get me the answers I require. I am prepared to accept that in the end Barclays is probably right, but I think they should be more transparent especially after the LIBOR affair.

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Hi Res,

 

I think contacting the FOS about this will be a total waste of your time and effort.

 

The FOS will take forever to tell you they agree with the bank and there's nothing they can 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 !:-)

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