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    • Thank you for this. The first thing to be say is that this means that you are winning. It is pretty well unheard of in my experience for the bank to give way and finally return the money. The fact that they have done this under the threat of a judgement for breach of statutory duty indicates even more that they are worried about their position. Nowhere have they indicated that they have complied with the requirements of the Proceeds of Crime Act and inform the National crime agency. I don't believe they have and this is a very serious breach of statutory duty. Not only that it is a very serious breach of the FCA BCOBS regulations in that they are required to treat you fairly. Treating you fairly in this case means that they must comply with the rest of their statutory duties. It appears that they really haven't done this at all and that they have acted in an arbitrary way in disregard of the law and that they are hoping to get away with it. I find myself wondering how many other hundreds of people have been treated in exactly the same way – and you are probably the first ever to have stood up to them and to get them worried. I think I've already indicated that a press contact of mine in the Sunday Times would be very interested in this story. He has already run stories about the very poor standards applied by banks when deciding that their customers are involved in some fraudulent behaviour. The first thing to say about the letter which you have received is that they are trying to apply conditions to releasing your own money. It's your money and there should be no conditions and my suggestion is that you object to this. Secondly, not only are they threatening to continue to withhold your own money – but also they are saying that if they release it to you you will simply have the net figure without any kind of interest or compensation. It's clear that while they have had your money, they have invested it and earn money on it. They have probably been lending it out at between 16% and 20% and although the usual rate of interest is 8%, it seems to me that justice can only be served by repaying you your money plus the commercial rate of interest – at a compound rate. Normally the 8% is calculated at simple. Thirdly, they are not offering to pay you any compensation and clearly they are hoping to get away with it without any kind of sanction or not even a slap on the wrist.   Fourthly, they had the nerve to impose a seven day deadline. Don't worry about their deadline. It's a load of huff and puff. This is all part of their bluff game designed to intimidate you. At the end of seven days – what? Are they then going to insist on going to court? You can be certain that these people do not want to go to court. In fact they probably wish they had never started. Finally, they want the matter to be kept confidential – and I can't say I blame them. I would be ashamed if people knew that I had treated somebody else in this way and I'm sure they are worried about reputational damage. I'm also sure that there are extremely worried about what will happen if you get a judgement against them for breach of statutory duty. It will have to be reported to the FCA. It will have to be reported to the NCA. And of course it should be reported to the newspapers because people need to know what is going on. If you want, you can simply accept their proposal – get your money back, given confidentiality – and that's the end of the matter. However, you have no idea how this will impact on your record in the future. I imagine that they will bar you from ever opening an account with them again. – But at least you will have your money and you can get on with your life. However, if you want you can stand your ground and make it clear to them that you are going to be mucked around and treated like this and that you are prepared to go to court if they won't make a proper offer. I understand that you need to pay a court fee of about £350 in the next seven days. I expect that the bank is making this offer now hoping to dissuade you from spending any more money and hoping that you will back down. If you have the money to proceed then I would suggest very strongly that it will be a very serious sign of strength that you tell the bank that you're not interested in that you are paying the fee for the next stage of the court process. If the bank knows that you've called their bluff on this and that you have been prepared to invest further money in moving this legal action forward, then they will start to reflect and I can perfectly well imagine that they will make you another more interesting offer – once again on conditions of confidentiality. Without seeing the offer, I'm suggesting already that you will probably be best off turning it down. In any event, I would remind you going back several months that I already predicted that the bank would make you confidential offer – and that has happened. I'm not saying that I'm always going to be right here – but I think that now basically the bank have pretty well admitted that they need to pay you your money, there is no chance of you losing it. You will get your money and it really is just a question of how much else you will get in addition. If you'd like to continue then let me know and I will suggest a draft response to them.
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The Money Shop & Capquest Defaults = NO mortgage = please help!


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good afternoon - I'm unsure what sub forum to use put this in so thought id put it in here..

 

my Name is Dan - nice to meet you - I'm a 25 year old lad from Newcastle

 

I recently got declined for a mortgage and they said its because I have defaults

and some "problematic open accounts" on my report?

can you please check for me and shed some light on something I've missed?

 

I had 3 defaults

- I managed to get 1 totally removed by Vodafone by just asking really nicely

however the money shop and cap quest aren't budging

 

when I look at my report all of the "bad accounts" show a balance above being zero

but in the grids below a lot of them don't end with a 0 - is this normal?

 

 

also at the end of my experian report it lists all my payday loans in a huge list

and all of them have a (closed) after them

but these 2 defaulted accounts look there still open

- is this correct?

 

I owe nothing to these companies now

- I have tried threatening the moneyshop with putting in a compensation claim

(they totally took advantage and gave me around 20 loans almost back to back)

so I said to them to save you all this money you'll pay me just remove the default and we'll call it quits

 

 

- I got the standard reply of: expect to hear from us for up to 8 weeks but we have a backlog so it may be it a bit longer.

With capquest they just keep saying speak to very - which I do. then they tell me to speak back to capquest :(

 

let me know if you can help me

- in the meantime I've had to go through a sub prime mortgage lender as a last grip to getting our dream house which came up mega cheap due to a family illness but if possible I want to try and get NatWest to accept me in the meantime saving a substantial amount of money.

 

any point in the right direction will be highly appreciated

 

let me know if you want a pdf of my report and ill send it over for you

 

thanks again

 

Dan

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not a lot you can do sadly.

the defaults are correct anyway

and even if you get them removed

 

 

the large amount of PDL's will be the remaining problem.

even if you've paid them off

the fact they are there shows you cannot or could not manage you finances

 

 

as a high street lender

NatWest wont touch you with a barge pole

because of that sadly

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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ok guys thanks for the heads up - the last one I had was in 2013

 

can you tell me if this looks right tho?

 

see attached from my credit report

 

should the moneyshop one INSTANT CASH LOANS LTD T/A THE MONEY SHOP 40 Months show as closed? because it is all paid off and has been for years - screenshots can be shown if confusing

 

should the capquest one CAPQUEST (FORMERLY FTC) 48 Months show as closed? because it is all paid off and has been for years - screenshots can be shown if confusing

 

 

 

many thanks for all your help

 

Dan

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As long as it showing as a zero balance it should be ok. It will also show the date it was last updated so it would be clear if it was still being used. As mentioned before the defaults will be a problem though.

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closed means its been paid off.

so is moved to the closed section

 

 

doesn't mean they don't show.

 

 

its the defaults

and the sheer number of PDLS that will cause you issues with high street lenders

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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closed means its been paid off.

so is moved to the closed section

 

 

doesn't mean they don't show.

 

 

its the defaults

and the sheer number of PDLS that will cause you issues with high street lenders

 

yes i understand that but should those 2 not as closed aswel because there all paid off and the balance is zero on them?

 

thanks a lot

 

Dan

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can you write that again please

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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can you write that again please

 

Sorry about that - this what that page I was talking about in my credit report looks like:

 

 

 

Instalments Age

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 3 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 1 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 0 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 1 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 3 Months [Closed]

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 40 Months

INSTANT CASH LOANS LTD T/A THE MONEY SHOP 1 Months [Closed]

INSTANT CASH LOANS LTD T/A PAYDAY UK 0 Months [Closed]

INSTANT CASH LOANS LTD T/A PAYDAY UK 0 Months [Closed]

WONGA COM 1 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 1 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 1 Months [Closed]

WONGA COM 0 Months [Closed]

WONGA COM 1 Months [Closed]

WONGA COM 0 Months [Closed]

 

 

 

 

Instalments

Mail Order Age

SHOP DIRECT FINANCE COMPANY LTD 8 Months [Closed]

CAPQUEST (FORMERLY FTC) 48 Months

 

 

 

 

 

for the lines in bold - should they not be marked as closed also because the full balance was paid?

 

I totally totally understand the defaults are there to stay

 

 

thanks a lot

 

Dan

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dunno but I cant see it making a monkies diff

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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dunno but I cant see it making a monkies diff

 

young and stupid my friend

 

time to start asking them nicely if they'll remove them as there adverts said it will boost my credit rating

 

thanks for your input

 

 

Dan

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no harm in trying.

 

 

have you tried the irresponsible lending route with any of the PDL companies?

many are coughing quite nicely.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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no harm in trying.

 

 

have you tried the irresponsible lending route with any of the PDL companies?

many are coughing quite nicely.

 

 

dx

 

yes mate at the moment im trying to get statements from them all - most obliged except the money shop haha! ill post my results in this thread

 

Dan

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If theyve said it WILL increase your rating, then you need to complain as that is blatant irresponsible lending.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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