Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
For now please let me know if you were registered with CIFAS?
Yes. As mentioned in the letter - I already resolved 5 / 6 outstanding cases. I.e., disputing five alleged debts with five different lenders. Registering with CIFAS was part of the process.
Have you made any application to the Court regarding any unresolved defaults on your credit file?
Are you there?
Sorry. I am at work.
There is only one unresolved default. I managed to solve all others by communicating directly with the lenders - so, I never needed to apply for court before.
At the moment, I am thinking of sending the letter directly to Arrow Global, hoping that they will:
1) resolve the debt
2) pay / suggest to settle
Then, to think of next steps.
well, I tried -
I break it down to:
1) time spent dealing with the case
2) as a consequence to their negligence - I lost an opportunity to buy a property. So, taking into account the time spent on that, as well as the potential loss in term of mortgage rate / property value / paid rent
3) compensation for harassment - which i define as: they reported an alleged debt which compromised my ability to pursue various financial goals (even as simple as getting a contract with a mobile). They were negligent in investigating / resolving this. So, say, from the point of contact (12 months ago) it should not have taken more than a month. This implies that they are responsible for 11 months.
I claim to have spent about 10 days - communicating with Arrow Global / Vanquis, writing the letters, communicating with you / other advisors regarding the matter.
additional 10 days - reviewing properties online, scoping areas. This time was wasted because Arrow Global did not resolve my case and hence the mortgage application was rejected.
So, 20 days * base current salary * 300% (take it to be a 'consultancy' rate) is ~ 30K
If I could bought the property I would not have needed to pay rent (so, about 6K)
I am not sure whether or not the value of properties has gone up -- if so, and if I cannot get similar conditions for my mortgage , I would like to have this as well. I estimated this by £10K - but I am not sure.
Finally, but quite importantly, is compensation for the stress, dealing with the matter, the humiliation (being refused a mortgage), as well as the consequences - my inability to get basic services and lead normal life. It is difficult to put a price on this, I suggested £50K
Regarding time - it is difficult to assess exactly how much I spent, during the last year, about this. So, it is an estimation. Regarding rate - I take it to be my full time pro rata salary * 300% because I spent my free time working on this, for which, if I were to provide a service I would have asked more. Not sure whether or not it makes sense.
Regarding rent vs. mortgage repayments -- the principle difference is that rent is "wasted money" while mortgage is used to get a property. My view is that I am 5 months behind in my plan and hence rather than investing in a property, I am wasting on rent.
To be honest, I do not have an exact metric for the £50K for stress -- that is something that accompany now for over a year and definitely affected my quality of life. I feel that it should be higher than the overall other figure - but I do not know how one typically estimates / justifies this.