Important News Soon To Break

[righty]

I hope the site doesn't mind but in order to inform as many as possible I have posted this on other sites

This involves what the banks call 'Capital & Interest Accounts' & if any reader thinks they have one please get in touch ASAP

All will be revealed in the next couple of weeks (or less) & when it is a matter of public record it will be posted for all to see -

What I can say is that the alleged practises that have been uncovered don't just apply to one bank - others may also be involved - & its mind blowing - in fact had I not seen some of the evidence with my own eyes, even with what I know about the banks now, I wouldn't have believed it possible.

We knew something wasn't right - for example why would they need to set up internal capital & interest accounts if their intention was only to collect a defaulted debt? - Why would it be necessary to include the banks T's & C's. Don't their employees already know their T's C's?

Their common excuse when confronted is that's it's a big mistake & the wrong documents have been sent out - We thought it a possible device to minimise tax - but the allegations are a lot worse than that as you will all see very soon

In addition it's alleged that when they have used those, by now much inflated, capital & interest accounts when suing debtors their excuse is again it's all a mistake & the wrong papers where attached to the claim the debtor should ignore them etc etc

It's worth noting that in one such case the wrong documents excuse was only 'claimed' when the educated debtor disputed the amounts & the documents being used to support the already issued claim.

In other words everything, but only when questioned repeatedly, is a mistake - I'm sure everyone will agree that for a financial institution, such as a bank to make so many 'mistake's really is worrying - this makes us wonder how many undetected allegedly 'mistaken' incorrect & inflated claims may have gone before

[Amethyst]

Re: Important News Soon To Break

Is this following on from Paul's case ?

(anyone hasn't read that some of its here - How trustworthy is your bank? | Money | The Guardian)(think theres more details on CCS)

In 2006, he asked for details of how much was still outstanding, and says he was shocked when he was told the amount owed on the loan was around £20,000. He made an official request for all the paperwork relating to his loan account. The documentation he eventually received seemed to indicate that his personal loan and overdraft had been turned into "capital and interest variable rate loans" (whatever they are).
This seemingly happened in 1998 without Walton's consent. He knew at once that the credit agreement relating to these loans was not the original. "But how could I prove it? [At this point] I'm thinking the house is going to be repossessed."

"The statements show interest still being applied to the accounts, which is done for our own internal accounting and is normal practice ... but this is not owed by Mr Walton."

ppppfffffttttttttt


glad to hear your are getting somewhere on this one

[righty]

Re: Important News Soon To Break

Pauls case is involved but more cannot be said at this moment.

I'm sorry to be so mysterious but there are reasons

In the meantime listen to 'You and Yours' on Radio 4 today

[Amethyst]

Re: Important News Soon To Break

good to hear

[righty]

Re: Important News Soon To Break

At lunchtime today please listen to 'You and Yours' on Radio 4

Although I should warn that this programme may be delayed as new 'evidence' has only just come to light which paints an even worse picture for the banks

[righty]

Re: Important News Soon To Break

At lunchtime today please listen to 'You and Yours' on Radio 4

Although I should warn that this programme may be delayed as new 'evidence' has only just come to light which paints an even worse picture for the banks

In order to publicise this programme to a wider audience could a Mod make this news a forum header

[Amethyst]

Re: Important News Soon To Break

What time's you and yours on - I have 12 in my head for some reason ? - and yes I'll do a wee announcment for it to publicise

[Amethyst]

Re: Important News Soon To Break

12.04 lol - announcement up

[righty]

Re: Important News Soon To Break

Hers the link It's 57 minutes long.

The Paul Walton story is after the the island of Mulls swimming pool

http://www.bbc.co.uk/radio4/youandyours/

[Amethyst]

Re: Important News Soon To Break

Was a nice piece - the presenter tried to over simplify matters a bit. And RBS's statement was complete codswallop. How can they say the CCA was an error when they sent that memo out congratulating the team that recreated another 64 agreements in a similar manner.

One bit I'm not understanding is RBS's reasoning for having those capital interest accounts accruing interest although they have no right ever to reclaim it.

Would it be allowable if Paul defaulted on CCJ, or is it simply for accounting/loss purposes ? or even in the hope that they could make paul pay £38 forever without realising the original 9k had ended ? or that they had 'amended' the terms on the original agreement. It also said the capital interest loan accs were set up 2 months prior to the ccj. So was this a planned thing to try and get that interest back at a later date off less suspicious debtors ?, knowing it was heading for CCJ and knowing they wouldnt be earning any further interest ?

I'm sure you have an fair idea and its more complex than any of those.

[righty]

Re: Important News Soon To Break

Was a nice piece - the presenter tried to over simplify matters a bit. And RBS's statement was complete codswallop. How can they say the CCA was an error when they sent that memo out congratulating the team that recreated another 64 agreements in a similar manner.

One bit I'm not understanding is RBS's reasoning for having those capital interest accounts accruing interest although they have no right ever to reclaim it.

Would it be allowable if Paul defaulted on CCJ, or is it simply for accounting/loss purposes ? or even in the hope that they could make paul pay £38 forever without realising the original 9k had ended ? or that they had 'amended' the terms on the original agreement. It also said the capital interest loan accs were set up 2 months prior to the ccj. So was this a planned thing to try and get that interest back at a later date off less suspicious debtors ?, knowing it was heading for CCJ and knowing they wouldnt be earning any further interest ?

I'm sure you have an fair idea and its more complex than any of those.

Lets make it clear the banks ARE allowed to charge contractual interest AFTER Judgment but it must be in the T's & C's of the agreement you sign.

In the case of Paul they were not & were only added subsequently to the reconstructed agreement but long after the accounts had been setup. - Clearly these 'reconstructed' agreements were produced later to justify their adding of contractual interest - had Paul not been able to find his original agreement he would not have been able to prove the truth of his argument

Furthermore the reasons for these accounts will become clear very soon & they are mind boggling believe me - talk about greed

You mentioned "getting contractual interest back at a later date?" - not according to the banks. "it's all a mistake" - but we know different don't we as do a number of the other debtors involved who have come forward since the recent article in the Guardian

[Amethyst]

Re: Important News Soon To Break

Cheers righty. look forward to updates

[Happyolddog]

Re: Important News Soon To Break

This is very interesting, I have a capital repayment mortgage with the Coventry Building society. I have suspicions that they are charging me too much interest as I have been paying off a heck of a lot of the mortgage and in my last statement it seemed that I hadn't paid as much off as I thought I had, or they were adding interest to the account for the money I have already paid them. How would I go about tackling them on this?

Thanks,
Hod..Liam..

[righty]

Re: Important News Soon To Break

This is very interesting, I have a capital repayment mortgage with the Coventry Building society. I have suspicions that they are charging me too much interest as I have been paying off a heck of a lot of the mortgage and in my last statement it seemed that I hadn't paid as much off as I thought I had, or they were adding interest to the account for the money I have already paid them. How would I go about tackling them on this?

Thanks,
Hod..Liam..

SAR them. That's how Paul found out

[Ihaterbs]

Re: Important News Soon To Break

The Paul Walton case has developed into something more significant.

Make sure you order a copy of the Sunday Times.

Regards