Repossession hearing next week

[WendyB]

Re: Repossession hearing next week

I think you've got that just right. Judge might decide to adjourn for statements, depends how he views the conduct of all parties, just my opinion. Its obvious that your friends have been trying hard to clear the arrears, whereas the loan compnay don't seem to have been particularly helpful or accomodating - again just my opinion.

Good luck and let us know how it goes

Wendy x

[Goldlady]

Re: Repossession hearing next week

Thanks guys - I am just working out what to wear I will let you know how we do.

[Paule]

Re: Repossession hearing next week

Thanks guys - I am just working out what to wear I will let you know how we do.

How you do in court? or what you decide to wear?

[Goldlady]

Re: Repossession hearing next week

Hi am back, we survived!! The judge did do a suspended possession order as the arrears were more than two months payments but we managed to get the monthly payments put back to what they could afford (£150 a month). The girl who was representing the other side was very helpful and obviously knew what the judge would accept - the other side wanted them to pay £300 a month towards the arrears and even she knew that was ridiculous. She even told us which lenders were the worst in her opinion - GE (my own personal favourites) Citifinancial and the Halifax were among them. She agreed that my friend should look into cancelling the PPI but reckoned this was not something the judge would get involved with.

When doing lots of calculations I found something strange. The loan was taken out in March 04 when the interest rate was 9.4%; the interest rate now is 11.5%. The payment at the outset was £545.38 whereas now (before you start paying the arrears) it is £702.08 - it has gone up by 28.7%. I am going to put the information from the statements on a spreadsheet and try to make some sense of it as I think there is a whole burrow's worth of rabbits adrift here.

I wore black !!

Anyway my friend is happy with the outcome as it means they can afford to live and I have said I will try and sort the rest of the queries out. Hopefully this lender will live to regret the day they took this one to court

Thanks for all the help and advice.

[Goldlady]

Re: Repossession hearing next week

I forget to say the statements came through to my office by fax at 7.30 this morning!

[Kafka]

Re: Repossession hearing next week

Nice work Gold. Well done. :banana: :banana:

[Goldlady]

Re: Repossession hearing next week

Hi again - thanks for the bananas Kaf!

I have put the info from the statements on a spreadsheet and it seems to me that the payments have gone up to cover the excess interest which has accrued due to the arrears. Quite scarily if they had paid what they should have paid the amount owing would be 11k less than it is.

The amount of monthly interest is around £680. Does anyone know if there is a standard sort of rule where the monthly payment has to at least cover the interest - there is nothing in the small print and this seems the only logical explanation for the massive increase in the payments.

Thanks