Help - attempted repossession

[vickydumbell]

I am in court tomorrow and have been going through the figures and credit agreement etc so that I can make an offer to repay the loan balance/arrears within the remaining time.

Whilst going through this I have obviously come across a lot of charges which I am going to try and dispute but I have a query regarding the credit agreement.

The agreement was a fixed sum loan agreement with a variable APR inline with the Barclays Bank Base Rate. I looked at the base rate changes since taking out the loan in Feb 2007 and in the credit agreement it states that the inerest rate will be 7.75 percentage points over base rate with effect from the next payment date after the base rate change.

This was not always done with effect from the next payment date but a month later. Is this a breach on behalf of the creditor.

I am just looking to try and find arguments to help reduce the debt with the extortionate additional fees that have been added so that the loan can be repayed within the time.

[LJMcLaw]

Re: Help - attempted repossession

No this wouldnt be regarded by court as a breach of the agreement. Think of it this way if the rates had been increasing and they took 1 extra month to put upyour payments would you complain? I am guessing since you are talking about repossessions then this is a secured loan. If I were you I would list all your extrtionate chares and try that however might not work. Be prepared to have a viable offer ready to try to stave off repossession. If this is your first time in court for this then they should accept this. The judge will try to help you, they are very understanding of peoples situation. Good luck for tomorrow

[vickydumbell]

Re: Help - attempted repossession

Thank you. I will let you know how I get on. I have worked out an offer based on what I think is left on the loan minus additional fees which they have not broken down for me to see, just given a balance of what is owed and a balance of what the arrears are without how they have come to either figure.

Every time I look at it I am amazed at how they can charge what they do. I have even worked out what the payments should have been against what was paid and that figure doesnt match what they say are the arrears and I have added interest to the loan balance at the correct rate of interest where no payment was received and they are still way off.

Just hope I word it how I want tomorrow. Thanks again

[vickydumbell]

Re: Help - attempted repossession

Attended court and the suspended possesion order is still in place for the time being. It has been set for review for the first available date after 14 Apr so that I have time to submit a defence to GE Money by 24th March.

I have made a start on my statement and as I have no legal background just a bit of common sense and a head for figures, I am making this by referring to the claimants court documents so as to know how to set the document out and to get tips on how to word it properly.

I am referring to one part where a copy of the mortgage deed is attached and signed allegedly by the defendants and the broker. Forgot to say that I am not the defendant, my brother is and I am trying to help him. Anyway my brother says that he did not sign this form and it certainly can't have been witnessed by the signatory. Can you give me any tips on how to word in the defence that I want the witness to give a statement of when and where he witnessed the signature.

Any help is greatly appreciated