MM V's Platform

[moneymania]

Ok, now i'm really pee'ed off.

Had our property repossessed in july, which has just sold. Received final statement today for the mortgage. Now we had a 'higher lending charge' on the account, which as far as i'm aware is an insurance for platform against any shortfall in the mortgage. Now they are chasing for a short fall. (We took out a mortgage for £135000 and bought the property for £158500, nearly 3 years ago)

 

The statement reads as follows:

 

Purchase price of sold property £150000

 

LESS

agents fees - £4559.00

Our fee's including 1 abortive matter - £800.00

VAT on our fee's - £140.00

Office copy entries - £22.00

Bankruptcy search - £4.00

VAT on the TT fee - £6.13

Allowence for restrictive covenant indemnity policy £140.00

Repayment of mortgage - £153658.88

Total deductions - £159365.01

 

LOSS - -£9365.01

 

 

Now tried to sell ourselfs at begining of last year before they repossessed but to no avail, we had 3 valuations and put up for £175000.

When they repo'ed Platform put on for £160000 in july. Then sold for £150000 at the begining of this month. What happened to the higher lending charge? how come they are allowed to sell at a low price when the house prices are increasing at a record rate?

We had a 2nd charge with welcome finance as well, which also had indemity insurance but again they are chasing us for that as the insurance only covers if WELCOME force the security.

 

So, we lost £30000 we had make on the property, platform are chasing us for £10k and welcome are chasing us for £12k.

I'm know are options are limited, and we'd rather not go down the road of IVA or bankruptcy. I'd like to take on Platform for the underselling issue, what do you think?

 

Any advice you could give would be greatly received. :)

[moneymania]

I guess the best thing to do first of all, is to issue a S.A.R - (Subject Access Request) request.

By the way, they want a payment proposal within 7 days.

 

 

Don't know if anyone has read Platforms T&C's,. they make interesting reading. Slighly unfair i would say. http://www.platform.co.uk/pdf/solicitors/eng_wales/mortgage_conditions.pdf

[moneymania]

UTCCR 1999

 

Unfair Terms:

1) A contractual term which has not been individually negotiated shall be regarded as unfair if, contrary to the requirements of good faith, it causes a significant imbalance in the parties rights and obligations arising under the contract, to the detriment of the consumer.

2) A term shall always be regarded as not having been individually negotiated where it has been drafted in advance and the consumer has therefore not been able to influence the substance of the term.

3) Notwithstanding that a specific term or certain aspects of it in a contract has been individually negotiated, these Regulations shall apply to the rest of a contract if an overall assessment of it indicates that it is a pre-formulated standard contract.

 

Now have a quick read of these and tell me they are balanced terms.

http://www.platform.co.uk/pdf/solicitors/eng_wales/mortgage_conditions.pdf

[moneymania]

Director General of Fair Trading -v- First National Bank Plc [2000] EWCA Civ 27

 

A bank had a clause in its standard terms which provided that it could continue to recover interest at the contract rate after judgment for default. The clause was an unfair term. The clause allowed a bank to impose an arrangement for repayment by instalments without the court having the opportunity to judge the level of such payments. The bank undertook to add information about the procedure and no injunction was given to prevent it relying upon the clause.

 

 

Just like platform.

[moneymania]

Hi. Please advise.

We have the CCA 1974 that covers regulated agreements.

Who / what governs Mortgages?

Where are the regulation that apply?

 

Please help us.

[kippy2]

just bumping up as i like to know too

[zootscoot]

Where are the regulation that apply?

 

There are no specific regulations to mortgages but UTCCR 1999 does apply

 

Director General of Fair Trading -v- First National Bank Plc [2000] EWCA Civ 27

 

A bank had a clause in its standard terms which provided that it could continue to recover interest at the contract rate after judgment for default. The clause was an unfair term. The clause allowed a bank to impose an arrangement for repayment by instalments without the court having the opportunity to judge the level of such payments. The bank undertook to add information about the procedure and no injunction was given to prevent it relying upon the clause.

 

 

Just like platform.

 

 

 

I think you need to read the House of Lords judgment in this case where it was held to be a fair term.

 

House of Lords - Director General of Fair Trading V First National Bank

[moneymania]

Thanks Scoot & Kim.

The reason I ask is that the

CCA 1974 S.60 -

Form and content of Agreement, is for regulated agreements below £25k. One example of improper content, acceptance fee or indemnity fee or such is added to the amount of credit on a regulated loan covered by the CCA 1974. can't remmeber case law, was it london hackney or something, anyway.

If a mortgage company does the same thing, why is this deemed acceptable when we are talking much larger amounts of money. Example, late payment fes, acceptance fee, indemnity fee, added insurance fee (?),

arrears, all added to the capital where you end up paying over the odds for the service .

exactly the same senario under the CCA could see the agreement unenforceable.

 

Unfair terms, the entire mortgage T&C's for all mortgage companies are unfair, arn't they?

[moneymania]

Bump

[moneymania]

Bump ;)

[moneymania]

Thanks Scoot & Kim.

The reason I ask is that the

CCA 1974 S.60 -

Form and content of Agreement, is for regulated agreements below £25k. One example of improper content, acceptance fee or indemnity fee or such is added to the amount of credit on a regulated loan covered by the CCA 1974. can't remmeber case law, was it london hackney or something, anyway.

If a mortgage company does the same thing, why is this deemed acceptable when we are talking much larger amounts of money. Example, late payment fes, acceptance fee, indemnity fee, added insurance fee (?),

arrears, all added to the capital where you end up paying over the odds for the service .

exactly the same senario under the CCA could see the agreement unenforceable.

 

Unfair terms, the entire mortgage T&C's for all mortgage companies are unfair, arn't they?

 

I do feel that our property was undersold. They are now chasing us for a £10k shortfall. I have a feeling they will want to start court proceedings on this issue asap.

Is there anything I could send them to a) give us time to sort out our finances b) to stop any interest being added to the amount owed.

 

Please help.

[moneymania]

bump

[zootscoot]

Have a look through the templates here:

 

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html

[moneymania]

update.

received platforms disclosure info today.....mmmm

they still ignoring the judge's request for disclosure.

the claim is for unpaid d/d charges etc and is for £500, they have issued a counterclaim for £3000

 

They are relying on their indemnity clause for counterclaim, which i hit back with unfair terms etc.

platform issued draft directions for fast track, the judge replied, nay way lad..........so small claims it is. the judges directions after allocation did not mention anything about the counterclaim, just my claim for charges.

judge wanted full schedule from me,, duly served, and full disclosure from platform, with a note stating that ' if the defendants fail to adhere to this direction, the defence will be struck out without warning.

 

Now I can't rely on the judge to strike out the defence, so I need to issue a N224 form pursuant to CPR 3.4 (i think)

 

Any help on this would be magic, as the DJ already has the case notes with him.:)

[moneymania]

update.

received platforms disclosure info today.....mmmm

they still ignoring the judge's request for disclosure.

the claim is for unpaid d/d charges etc and is for £500, they have issued a counterclaim for £3000

 

They are relying on their indemnity clause for counterclaim, which i hit back with unfair terms etc.

platform issued draft directions for fast track, the judge replied, nay way lad..........so small claims it is. the judges directions after allocation did not mention anything about the counterclaim, just my claim for charges.

judge wanted full schedule from me,, duly served, and full disclosure from platform, with a note stating that ' if the defendants fail to adhere to this direction, the defence will be struck out without warning.

 

Now I can't rely on the judge to strike out the defence, so I need to issue a N224 form pursuant to CPR 3.4 (i think)

 

Any help on this would be magic, as the DJ already has the case notes with him.:)

 

Hi all, just wondered if anyone had any guidance on this :?:D

[moneymania]

N244 details

 

 

1 C) Tick without hearing

5) District Judge

6) Platform Homeloans (defendant)

Moneymania intend to apply for an order, that the defence be struck out pursuant to CPR Rule 3.4(2)(a & c) and without prejudice to the previous, CPR 3.8 (3)(b) be issued. The claimant respectfully requests the above orders are issued without relief from the sanctions.

 

tick evidence in part c box.

 

Part c:

 

1)The claimants have noted that the defendants response to the claimants claim and the defendants defence seem to be nothing more than a styled generic template response to claims of this nature. Claims of this nature should be dealt with on an individual basis and on their own merits. Therefore the claimant contends that the defence submitted has no reasonable grounds for success pursuant to CPR Part 3.4(2)(a) and is an abuse of the court process.

 

 

2)The claimant would also like to mention the court order of 28th June 2007, whereby District Judge xxxxxx requested further clarification and disclosure of cost's to the defendant and ordered that it be complied with or the defence will be struck out WITHOUT FURTHER ORDER. The information submitted by the defendant was, again, nothing more than a generic template for these types of claims, with no clarification or proof of cost's involved, what-so-ever. The claimant respectfully requests the defence be struck out pursuant to CPR Part 3.4(2)©

 

3)Without prejudice to the above, the claimant requests the sanctions imposed within the order of 28th June 2007 be actioned, without any relief of sanctions pursuant to CPR Part 3.8(3)(b). The reason for the request of no relief of sanctions are outlined in (1) above.

 

 

 

wot you reckon?????