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    • happy for mod to move it to suitable location under thread title Background: Thanks in advance for any thoughts you can share. This is a very long history, I appreciate your time. In 2011 I took out a £8500. loan from Borro private finance against art and jewellery to make ends meet. The agreements are attached below. This is a CCA. Borro regulated by the FCA. The interest rate is APR 68.8  % for 6 months.  I paid the interest and capital during the period term. On 3 May 2012  I renewed this loan at 79.4% interest for another 6 months.  Last week I requested all evidence the lender holds concerning the agreements. Missing are 03/05/2012 through 14/06 2013.( not under a SAR).  I fell into arrears on the loan and one piece of jewellery was sold, reducing the balance to £6400. Dec 2014.   The lender took a payment of interest £2044.16.  Renewed against the other items ( art etc) on this loan.  The new interest rate increased to 88.8%  . At the time the ring was sold, I requested all documents concerning the sale. Borro produced none. The ring is appraised at $17,5000.  £14,000.  The ring was sold for £3500.  I have an appraisal. I was notified prior to the sale. The ring was sold by "private treaty". I continued to ask for information about this sale until todays date. No information has been provided.  I took a huge loss . The ring is not clearly described on the inventory compared to the appraisal. Documents missing from Borro response to my request include 25/10/2014 to 10/04/2015. I was in arrears on this loan and a new agreement was made. The loan amount was increased to £10,810.00 and the interest rate decreased to  80%.  what is interesting is that the lender should have sold this ring, the value was sufficient to pay off my debts. But that is not what happened. someone got a deal on a nice ring.  II. ON 1, Jan 2012, I took out a second loan in the amount of £3000 against another piece of Jewellery. The interest was 68.8%. I paid the P&I on this loan.    Missing from the requested information is agreement from July 10/2012 until 12/12/2012.  I did pay interest during that period and on 12/12/2012 through 11/06/2013 I renewed  with an interest rate for 79.4 %.  I renewed on 04/07/2013 through 03/06/2014 interest rate 97.8%.  I renewed this loan on 03/01/2014 interest rate was 88.8. Take note there is very little description about this item. I redeemed the loan but ended up back in the pawn. 19/06/2014 to 18/12/2014 interest eat 94.5%. I renewed this loan again 19/03/2015 . Interest rate was 93.2%. Now there is a clearer description of the ring. Documents missing from Borro response to my request include 012/06/2013 to /10/2014 to 10/04/2015. Information on the  description is also scant until I took the loan out again in 2014. The last payment on either loan was March 2015. Default date was September 2015. The lender still has my property.   PROBLEM: In 2013, Borro became aware that the reason I had pawned these items was that I was a plaintiff in a substantial lawsuit in the US. I borrowed because I had lost my job. I was not able to work( I had been FCA regulated). I was facing eviction, had serious financial stability  and some mental health problems. I gave them a copy of the pleadings. They are aware that I had claimed these loans as part of my damages.  In 2015, Periodically I requested the accounting. Some was provided some was not. As a result, in  2016, the head of credit wrote to me " "Thank you for coming in to see me today. As discussed, we will freeze your accounts with us from today the 14th October 2016 until the 31st of December 2016. This will mean that no further interest will accrue until the 31st December 2016 and we will not consign to sale until on or after the 31st December 2016."  I did not hear from them again until  08 February 2017. On 30/03/2017 I responded to Borro request that I give them an update on the accounts. I wrote that I needed a settlement figure.  No response the following week I personally met with the manager I had been dealing with. She told me that " we are not going to sell your property". We understand that you have fallen on hard times, we are human. How long will it take you to sort this out. I responded about 2 months."   I did not hear from Borro again until I wrote to them on 18/03/2019 where I stated, " the last time we met you were going to give me a settlement figure". There was no response. As a result, on  18 March 2019 I sent  an email to - Subject: RE: Borro Accounts. Dear Lender. Hello. The last time we met, you were going to give me a settlement figure. Litigation is still ongoing. We have a potential investor that has asked me to get a figure from you. Depending on that number, I can let you know if I can pay the bill and collect my things in the next few weeks. Please get in touch as soon as possible". no response.   In early July 2019 I received a call from someone at Borro. It was not a good time. I asked him to call me back the following week. I did not hear from him again either. On  6 august 2019 I received an email from Borro that I should log into my account. I was unable to. The following week I wrote to them and in summary: On 13/08/2019 I wrote and included a summary of the events: I am writing to advise you that I am obtaining advice concerning the  account. You are aware that you have not pursued any further action on this account since approximately 2014(or earlier) . This is because I had an agreement with Name Deleted that Borro was not “going to sell my property,  I recited the above summary of events.   Certainly, I had no intention to give up valuable property for almost 8 years and pay interest and principal for this long. I want to develop a resolution to the matter between us. In order to achieve this, Please can you provide me with the following information which is attached in a spreadsheet: I need a very simple accounting and please answer the below: Any renewed loans where additional credit was extended through the re-appraisal of the assets ( ie using the asset as leverage) to extend further credit where the loan proceeds were applied to the loan for reinstatement purposes. What were the source of funds for the last payment made? Because I am seeking advice with a view towards finding a resolution, I would appreciate it if you could hold action on the above account for a period of at least 30 days to give me the time  I need to obtain advice. If you are adding interest or other charges to the account, I would be grateful if you would freeze these during this period so that my debt does not continue to increase. Please can you send me the enclosed spreadsheet and the documents you loaded into my account as soon as possible. This will enable me to obtain accurate advice. I will contact you again as soon as possible with further details of a  proposal to resolve the account. ( so far this lender has not complied with my request)   SETTLEMENT OFFER From: Borro Customer Service <Contact@borro.com> Sent: 14 August 2019 13:22 To: Subject: RE: Your Loan Account   Dear borrower. Thank you for your email and for getting in touch with Borro. As you would be aware there have been many loans with Borro, with two loans that remain outstanding which we are seeking to resolve with you. Given the significant period these have been overdue, the current balance on these two loans is almost £52,000 of which the majority is interest. In order for you to move on from this debt it is proposed to sell the collateral associated with Loan DIAMOND RING 175643 in full and final settlement and return all the items under Loan 198678 to you. This would generate a loss for Borro of approximately £49,000, however given your circumstance this is something we are prepared to offer. While I would love to pay Borro £3000. I do not currently have the funds. Borro is aware because I wrote to them on august 13 advising them i am not working. I do not want to lose my property. I need to find a way for them to walk away, give me my property back. WHAT ARE MY OPTIONS? Below are the questions I have or could raise in order to "negotiate with them". Is this a high interest short term loan? What are the effects of an CCA that has an interest rate of 93.6% and is renewed every six months? It appears that one loan was "Refinanced".  What FCA terms did they violate which might apply to this situation ? After the agreement expired and terms were changed, what rights does the PB have to collect further payments or sell the ring? Did they waive their rights to further payments? How can I use refusal to produce sale information concerning the first ring, to negotiate my way out of this? What is interesting is, they sold a £14,000 ring privately, concealed the buyer and other information, then turned around and INCREASED THE INDEBTEDNESS substantially. In fact they want to do this again, but this time are offering to  write off £49,000  in other interest. What am I missing? What effect does violations of FCA 6 and 7. help me to negotiate a settlement. Is the FOS effective threat to the firm to pressure a settlement? Does a cost cap apply to these loans and if yes what is the amount of the cap? How can I use the current appraisal and FCA or any other rules to stop them from selling the ring for less than market value? I have someone looking at the accounting to see if there are errors. found several when query. anything you can find that voids the agreements? Anything else you can think of THANK YOU!!!   RING.pdf art.pdf
    • I am so sorry I see the confusion now, I was meant to say CAB not CAG. They are just sending him letters to copy and send which doesn't seem helpful at all.    I also apologise for the vague details right now. I actually thought he had got rid of the car already until he mentioned it as he dropped me off home, so I've only got a vague idea myself, i just wanted to see if there was anything he could do other than send letters. I will get more details from him and update this thread, or get him to join as you have advised.  sorry 
    • It was a late payment, no default 
    • As he bought the car last year – well over six months ago, it's not at all clear that he will be able to terminate the contract. I think you need to let us know more about the car, new/second-hand/price/mileage and also the date of purchase. Also I think we need to have a list of the faults which occurred and which have been repaired and the faults which have occurred and which are outstanding. He will probably need to get these faults appraised by an independent inspector and also an estimate for repairs. It is highly likely that the best he can expect is to have the repairs carried out free of charge – but we need to know a lot more really. It really would be much more helpful if your brother would take control of this himself and come onto the forum and start posting a story. I don't fully understand how you say that he hasn't been here before and yet we are telling him to send letters which he thinks are being ignored.
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WA1306

Birmingham Midshires application for permission to renew a warrant of possession after 6 years

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Do you have any letters received from their arrears department?


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Hi Ell-enn,

yes they sent arrears statements but unfortunately I can't find them.

 

What I remember from last statement around last month arrears were around £3k.

When I asked them last week why £17k and whether they added charges.

They said no charges added to this figure , all charges are added to the balance including court fee.

Edited by dx100uk
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I asked if you had any letters from the arrears dept as it would have an address on. if you have the telephone number for the arrears department ring them in the morning and ask for a dedicated email address and also their direct postal address - don't get into any discussion about the account, just say you are taking advice and need to send them some information urgently.


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I will get the email address and postage address tomorrow morning.

 

I am slightly concerned that I offered them to pay £2000 every month over the phone on Friday and also paid 1500 on the phone.

 

From income and expenditure they did with me over the phone there is surplus of 3292. I won't feel comfortable committing to pay 2000 towards arrears every month just for arrears and 1175 for contractual monthly instalment.

 

I can easily pay 500 towards arrears comfortably. Specially my next monthly payment is due on 27th. Having already paid 1500 few days ago I won't be able to pay 1175 plus 2000 on 27th.

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I tried to contact the court few times today to find out if I need to attend the hearing on Wednesday or is it just paper hearing but couldn't get through the automted service. Will try again tomorrow.

 

I have got the eviction team email address and postal address.

 

Ell-enn, Please help with the offer letter so I can email offer to them. Does this need to be before the hearing on Wednesday?

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It doesn't need to be before Wednesday - there is no hearing as we have already explained srveral times

 

In order for me to help you with the letter I will need some information - please answer the following in order:

 

1. is the mortgage in joint names ?

2. how long has the mortgage left to run?

3. how much can you comfortably afford to pay each month towards the arrears?

remember you will have to prove your income and expenditure in court if the lender does go ahead with an eviction warrant and we have to put in a defence.


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1. is the mortgage in joint names ? Yes, with my sister who is married. She no longer has financial interest in this and only keeping her name because getting it removed was not a simple change. I only make mortgage payments.

2. how long has the mortgage left to run? 10 years

3. how much can you comfortably afford to pay each month towards the arrears? £500. Although last week after income and expenditure I offered 2000 but I think that won't be affordable if anything happens.

Edited by dx100uk
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OK, I'll draft a letter for you in the morning as I'm working on something else tonight. Are you able to work with Word documents ?


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Thank you. I appreciate your time and help. I can work with word document.

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Hi, affixed is a draft letter - you need to put your address at the top and the correct lender department and address where indicated.

 

Sign the letter and make sure you take a copy and keep it safe as we may need it to put with a court defence.

 

Send by Special Delivery (costs around £6 but they get it next day and have to sign for it) make sure you keep the postal receipt safe as it will have a tracking number on it - you then check on the royal mail website a few days after posting the print off the signature receipt - keep that safe with the copy letter.

WA 1306 letter.doc


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Many thanks Ell-enn. I will post this to them as you advised.

 

Will update you as soon as they reply back.

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I have posted the letrer as instructed. They should receive it by 1pm tomorrow.

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Just checked online, letter was delivered this morning.

 

Shall I just wait for their response to whether offer accepted or not or call them to find out?

 

I don't know what decision court gave yesterday. Will there be a letter from court to inform us the decision?

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Don't ring them! wait for their reply. I expect the court will advise you of the decision, but they can take quite a while to get the letters out so don't be surprised if it doesn't appear for a week or so.


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I expect BM mortgage will reply in either case. Can they completely ignore my request without any reply and go ahead with eviction?

 

After the court decision on Wednesday, next step for them is to send me eviction letrer telling me the date I need to leave the property? Or is there any further stage?

 

I am very worried as it sounds I am very close to eviction.

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remember now the GOLDENN RULE...NEVER EVER TALK ON THE PHONE AGAIN.. unless we tell you too.

 

there is no eviction...


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Talking to them over the phone has always been stressful. Had I avoided that in the past I wouldn't have been in so much arrears.

 

What do you mean there is no eviction?

 

Also, next mortgage payment is due on 27th January. Shall I pay additional 500 towards the arrears even if they don't reply by then or refuse my offer?

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there is no eviction..stop latching onto that word

they've got to apply for it etc etc

 

they probably only did this because you stopped payment and found they couldn't evict you as nothing was in force to allow them do it IF they want too.

 

now there is , but you've re opened comms so even if they did try any judge will not allow it.

 

you made a mistake, that's the only reason this all started.

 

yes pay what you have promised.

and STAY off the phone..


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

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Reclaim Bank Account, Loan & Credit Card Charges Read Here

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The reason I am using this word is that I still don't understand the stage my mortgage account is at.

 

It is still not clear to me whether 9 years old spo is still valid or whether they asked for it to be enforceable.

 

I agree I made mistake by not paying.

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well they wouldn't of gone to court asking for permission to possibly apply for a warrant IN THE FUTURE if they could have just gone for an eviction.

 

you need to read post 15 CAREFULLY..and understand it.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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You should most definitely pay what you have offered in your letter. If they do apply for an eviction warrant then we will be able to show that you have kept to the arrangement you offered.

 

The 9 year old SPO will always be valid, however if they haven't actioned it in the last 6 years they have to ask the court for permission to do so. As you have got into quite a bit of arrears they are probably covering themselves in case your arrears get worse and they have to try for eviction.


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While I was panicking last week, I contacted ombudsmen for outcome of my complaint.

 

Today I received email asking me to sign the form and explain what has actually happened since my complaint.

 

Will this complaint have negative effects on my offer to Birmingham midshire? Or shall I continue with complaint?

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The complaint will make no difference to your offer - it's a separate issue.


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Hi,

 

Just got home from work and found letter from court. Please see attached.

 

It looks like claimants solicitor attended the hearing but I didn't.

 

The permission is granted valid for 1 year while claimant requested for 6 years.

 

Where do I stand now? Next step for me please .

 

Appreciate your help.

20190125_190524.jpg

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