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injustice

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Posts posted by injustice

  1. TOP HEDGE funds around the world have debts of more than $1 trillion (£660m) on their balance sheets, secret data from US regulators show.

    The findings were released by the US Securities Exchange Commission. The watchdog collects the confidential data under new rules as part of the Dodd-Frank Act.

    The debts are mainly made up of securities like borrowed shares used for short selling. Link

    The guy Knows what he's talking about. $1 trillion (660m)???????

  2. In the past I would usually have thrown these letters straight in the bin but having followed this site for a few years.......

    Nationwide are changing the terms and conditions on the standard Flex account. At the moment the amounts that can be drawn in cash from an ATM or over the counter are set out in the T&Cs and cannot be varied without written notice to customers. In future they can vary the cash limit that can be drawn from any ATM or over the counter WITHOUT any prior notice should "exceptional circumstances" occur. They give the example of suspected fraud. I immediately thought of the examples "bank run" and "financial meltdown". :unsure:

    I can feel it getting closer by the day. Rerun of 2008, but worse.

  3. Yup, that's the law.

    It's one of those that slipped through quietly without being made a fuss about.

    Most people think the banks still need to get CCJs etc. I imagine if they knew the truth they would get a "home-owner loan" with the lower interest rates they attract and use it to pay off all their high-interest-rate credit cards, since the benefit of unsecured debt (little or no risk of losing your house) over secured debt no longer applies.

    The paperwork needed to force a sale of the property is also greatly reduced. It used to be that the cost to the lender to get a CCJ, and then force the sale was £10-20k. Now it's down to hundreds of pounds.

    The law was passed in 2005 (when the first credit problems started and it became clear many people had too much debt) and took effect in April 2006. The whole country was living on credit, and the banks got nervous as it became clear no-one would be able to repay the money, so they threatened to turn the taps off, and Labour changed the laws so the taps could stay on.

    Why did you think they kept the credit taps turned on even when it was clear people would never be able to repay? Someone with £50k on credit cards clearly wont pay the debt off in their lifetime.

    Another point that few people realise is that unlike mortgages, homeowner loans can have repayment demanded with 30 days notice. With a mortgage, you're bank can't ask for their money back unless you break the terms of the mortgage. As long as you keep up the payments you are safe. "Home-owner loans" on the other hand are repayable on demand with 30 days notice. That's why they are called "Home-owner loans" and not "mortgages".... they are legally different.

    Please cite the legislation that you refer to.

    Edit to add.

    What is a charging order?

    If a creditor has a county court judgment against you ordering you to repay a debt, they may be able to apply to the court for a charging order to enforce the judgment if you do not pay.

    A charging order gives the creditor security for the debt; in other words, the debt would become "secured" like a mortgage on your house, or other land.

    There must be a hearing in the county court before a charging order can be made and there are several arguments you can use to try to stop an order being made.

    This factsheet explains the court procedure in the county court and what you can do. Some creditors can apply for a charging order after taking you to the High Court. If you think this may have happened, or if you are not sure what to do, phone us for advice.

    My link

  4. During my daily travels I have noticed many large car transporters carrying used cars towards the Port of Dover.The first thing that drew my attention was that it used to be new cars that were being brought in from Europe.

    The type of cars being exported was interesting the first 4 transporters I really noticed on different days were full of old used MG's ( http://en.wikipedia.org/wiki/MG_MGB ) subsequently I have noticed transporters full of 2008, 2009 reg cars.

    My thoughts are:

    Who would want a load of right hand drive cars in Europe?

    Are used cars really that cheaper in the UK at the moment?

    Perhaps this is due to the weakness of the pound?

    My Mrs and I were discussing the business model for "We Buy Any Car". We wondered how money could be made buying large quantities of cars. Why do you think they are going to Europe?

  5. I was going to do an update for my 4th year anniversary this year :)

    Im still in the bus, house prices have dropped 20% since then, and I'm not far away from buying for cash now - If I really want to.. freedom from debt, worry, stress etc is so so nice! :)

    I'll do some new pics maybe this weekend.

    Glad that your bus thread poped up.

    I always wondered where you registered the bus and drivers licence etc. Do you just have an accomodation address?

  6. Fully agree with your post. Before the ludicrous bailing out banksters (about £1.2tn and counting) I was very careful to pay off debts. As it transpired I got into difficulty just as Brown was bailing out the Banksters, so thought f*** the lot of them and applied for a DRO - so that debt is written off not "circulating in the economy" as another poster suggests. A little heads up; when you inform the unsecured lender you're not going to pay the money back they suddenly become friendly and offer to settle for a mich lower amount.

    My advice; The Banksters have got away with tens of billions (which most HPCers regard as a necessary evil haha) so if you've got the access to unsecured loans, load up big time and default - CCs, personal loans, the whole lot for as much as you can. The problem is most have a Daily Mail puritan attitude and get worried by empty threats. My views was/is - the elite are clearing the tills, why not the plebs too?

    As it happens, I'm now living in France now where CCs are pretty rare, personal loans really rare without security and cheques are very much in vogue and treated like cash; so don't bounce cheques as you'll be called in to see your old school bank manager for a dressing down. So pleased to be out of the Anglo-Saxon 'debt is wealth' psyche that pervades Britain now.

    If you didn't pay the credit cards off, the money is still out there. Where's Injin?

  7. So many black and white views on this thread.

    As usual Injin makes me want to pull my hair out.

    When the money runs out what do you expect ireland to do.

    Slavery is enforced labour. Nobody is forcing them to work. It is their choice.

    Why should people get money for nothing whilst others pay extorionate taxes to keep them doing nothing?

    Why don't you go and find a jobless person, and offer to share your job?

    Edit:

    You would pay less tax as well.

  8. Has it all been due to automation / new technology superseding human effort, or has cheaper foreign labour meant that it was easier to close factories, etc in Ireland and move them to Eastern Europe?

    Unemployment is a global problem. Sweat Shops in the Far East are only able to operate because there is a ready supply of unemployed people. Isn't that where we are heading?

  9. first right of appropriation

    Under common law you have a right of appropriation over your own money and money you pay to another.

    If a bank informs you it will be taking money from your account to pay itself, for any reason, charges, offset of another account/loan, or just to be swallowed up by an unauthorised overdraft and you can't afford for them to take the money, then you MAY be able to use the Right of Appropriation to stop them taking the money temporarily.

    Linky

    Problem is the banks don't tell you they are going to do it.

  10. *cough* ********

    60 quid? Sounds like a cowboy job. Did he check out & upgrade the rest of the heating system as per regs when doing a boiler replacement? Someone in the know posted on here a while back all the extras that are needed when replacing a boiler, checking radiator thermostat controls, making sure gas pipes are of regulation diameters etc etc

    If it sounds too good to be true, it usually is.

    It's not what you know, but who you know.

  11. "Banks only have to provide a copy of an original loan agreement in order to have it enforced through the courts, Judge Waksman has ruled in the Manchester High Court, a week earlier than expected."

    This is not true. This Judgement only dealt with requests for copies of the agreement under Section 78 of the Consumer Credit Act 1974.

    I have read it several times, it is here, you can skip to the findings at 234. http://www.bailii.org/ew/cases/EWHC/QB/2009/3417.html

    All these cases were the debtors trying to get declarations that is was unenforceable just because they couldn't get a copy of it and not the creditors enforcing.

    If the creditor wanted to enforce without an agreement and prove an agreement "was" signed they will have to use hearsay evidence and the burden of proof would lie with them. The Judge made no judgment in this respect.

    The media will say otherwise though.

    True.

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