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Everything posted by roger196

  1. Whilst you may not qualify for JSA (contribution based), why not claim JSA (income based)? The latter is both income and capital means tested. Might be worth chatting with your local CAB for a benefits check. You may be eligible for housing benefit( if renting) and council tax benefit. With 3 kids, you should be getting child tax credit and working tax credit in addition to child benefit.
  2. If the LL did not have a BTL mortgage, the LL falsely pretended to the tenant that he was able to grant a 6 month AST giving the tenant peaceful enjoyment of the property for six months. Thus the rent was obtained by false pretences. IMO obtaining money by false pretences falls within the criminal code. In Spadea v Italy 21 EHRR 482, it was held that the laws suspending a tenant eviction order were fair. However the opposite conclusion was reached in Scollo v Italy 22 EHRR 514. I would be interested to see how the H o L interpreted these two cases. So I would be grateful if you would give me
  3. "Got a letter from my LL bank on friday for my LL stating she was 3 months in arrears and they where starting repossesion proceedings within 7 days. Our AST runs out on 27/8/08..." Depending on how much aggro you want to create, consider the following. However, it may be better to go quietly, rather than risk the loss of time and money. 1 IMO argue in court that the repossession proceedings are an arbitary seizure of property contrary to the European Convention of Human Rights. 2 If the bank are saying that the mortgage was not BTL, then you should consider reporting the LL to the p
  4. My argument of using the ECHR is that the UK law is wrong on this point. Provided the tenant was genuinely unaware that the mortgage was not a btl one, they should seek the protection of the ECHR. If you can provide case law on this point which demonstrates the opposite, I would be most interested to know.
  5. Some thoughts, others may disagree. If you have the stomach for this, I would argue in court that any repossession order must be subject to your tenancy otherwise there is an arbitary seizure of your property which is illegal under the European Convention of Human Rights. Have you thought of offering to pay your rent direct to the mortgage company. I would float this idea past the judge. If the court approves this idea, you will have satisfied your obligation to pay rent under the tenancy. A claim against any firm is only of any use if they have the funds to pay.
  6. Have a look at my post "affordabilty index" in the economics section. For some reason my version of excel would not produce a graph from the data. However I think the data will provide enough ammo.
  7. What about the doctrine of estoppel? IMO in many cases, the lender was aware that the application was dodgy and is therefore a party to the fraud. Any lawyers out there with experience of estoppel.
  8. You should get jobseekers allowance (contribution based) for the first six months which is not capital means tested. The contributions must be NIC Class1. After that you go onto jobseekers allowance (income based) which is both income and capital means tested. The marginal rate of tax on the latter is 100% for those of you who like to complain about high tax rates.
  9. The main difference is that the onus of proof is on the taxpayer to prove he is innocent, whilst for the criminal the onus of proof is on the police. The police would very much like to change this. Speed/parking cameras issue automatic fines which effectively shift the burden of proof. Can you remember whether you just drove into a bus lane two weeks ago? Computer say "you are guilty". Whilst HMRC have extensive powers in the UK, they are severely limited in trying to collect tax in another jurisdiction. At one time, foreign countries used to refuse to collect another countries taxes. Not to
  10. The logic of the business model is to replace mortgage interest which is not subsidised by the benefits system ( at least for the first 39 weeks) by rent which, with the right tenants, is 100% subsidised by housing benefit. Housing benefit may be paid direct to the landlord. The real payoff is the capital gain which if the purchase was at 50% beow market value, would survive most forecast HPC drops. A ten year wait may be necessary. The firms which come unstuck are too greedy wanting an instant return. The model fails if you rely on borrowed money for funding.
  11. Your tenancy is property. If someone is trying to take it away from you in court, you are entitled to present your views under Article 6 ( in determination of his civil rights and obligations....,everyone is entitled to a fair and public hearing...) of the European Convention Of Human Rights. You could also claim that repossesion might amount to arbitary seizure of your property which is forbidden by Article 1( Every natural person...is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions
  12. Thanks for your explanation. I think it would be a great surprise if the BoE/HM Treasury was able to value the collateral any better than valuations for PFI's or privatisations. Any margin call is pie in the sky. Like most govt PFI schemes, the terms can be quietly changed if they are not favourable enough to the banks.
  13. How has the risk remained with the banks? What appears to have happened is as follows Banks have £50B of dodgy loans which have a market value of ,say, £20B ie they have fallen in value by 60%. The Bank of England (BoE) then lends them £50B of good money against £50B of dodgy loans. Thus there is no longer any need for the banks to write off the loss of £30B. What should have happened is for the banks to have put up for collateral £125B of dodgy loans whose true market value is 40% of this figure ie £50B. At the same time the banks would have been forced to write off the loss of £75B. I h
  14. I think the critical date is 6th April 2007 not 2006. Worth checking on govt website.
  15. The largest percentage falls from peak to Jan 2008 are Phoenix 26% San Diego 27% Miami 25% Las Vegas 26% Whilst at the low end is Portland at 4%. There is a wide variation in the falls depending on area. I was trying to calculate what happened in the ten years up to Jan 2000. Some areas showed an increase of 50% whilst Los Angeles showed zero %. Note these are my calcs ( based on S&P's data) which I hope I have got right.
  16. Affordability index is the ratio of house prices to disposable income expressed as a percentage. The deviation is the difference of the actual deviation from the average deviation (411%). It is a watered down version of the chi-squared test. For 1960, divide the house price of £2,301 by the annual disposable income of £808 to give 2.85 or 285%. Subtract the average of 411% to give -126%. I hope this is a bit clearer.
  17. Write to Health and Safety Executive ,who licence Corgi, and ask them for their comments on the above. Website is hse.gov.uk
  18. If the lender was aware of the fraud, failed to take reasonable steps to verify the claim or encouraged it, is there any possibility that the doctrine of estoppel would apply. Those with a legal background might like to give their views.
  19. Have a look at my affordability index in the economics section of this website. This compares house prices with median disposable income over many years. The most interesting part is the calculation of the deviation from the mean for each year. If you need further expln , mail me direct.
  20. Rather than having the taxpayer being at the head of the queue bailing out these banks, all directors and employees earning in excess of $100k should be required to loan their firm the excess. Similarly all sale proceeds from stock options over the last six years should be lent. Any govt bailout should be conditional on no further dividends, cancellation of all stock options and limits on salaries and bonuses to $100k pa.
  21. You need to add in a percentage for missed mortgage payments (look at the cml website for the number who are 12 months in arrears!) and costs of repossession. If a property has to go to auction, the market is nearly restricted to cash buyers only. In the USA, the courts have been reluctant to grant repossession orders where the lender has been unable to prove the debt. This appears to happen where the debt has been sold on in, say, 100 slices. In one case, the lender "fabricated" the documents (this is what the documents would have looked like if we had them), which went down a real wow with
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