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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hi, Bank appointed receivers without court order. They want

Customer Question

Hi, Bank appointed receivers without court order. They want to take my rental income, and sell my properties etc. I have my own buyer with mortgage offer. They are threatening me with injunction. I wish to apply for injunction tomorrow, asking for time, such as 6 months, during which time I will keep paying the mortgage as best as I can.


 


This was a five yr renewable mortgage, but bank refused renewing in Dec 2012. Forced me to sign temporary contract, which hiked rate from 2.25% to a default rate of 7.5%, which is unaffordable.


 


I know there is a class action case with Bank of Ireland going now.


 


Bank was negotiating with me until late august. Then September, made sudden demand of full payment, which is not practical. I have buyer for property, with mortgage offer in principle, but they are ignoring it.


 


3 properties involved, with 1 account no. I have not received a notice of demand or anything.


 

Submitted: 4 years ago.
Category: Law
Expert:  Ash replied 4 years ago.

Alex Watts :

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. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Are you in arrears please?

JACUSTOMER-njwdi2x3- :

Yes. They changed my rate from 2.25% to 7.5% default rate and were negotiating with me, so I kept paying the old rate, hence they calculated arrears.

JACUSTOMER-njwdi2x3- :

I'm arguing that it is extortionate.

Alex Watts :

Was your rate variable or fixed please?

JACUSTOMER-njwdi2x3- :

variable libor

Alex Watts : Can you now clear any arrears and show you can afford future payments?
JACUSTOMER-njwdi2x3- :

They put me on a 'default Rate', jumping from 2.25% to 7.5% so I am arguing that this is unfair, and unlawful. There is a similar class action going on at the moment with Bank of Ireland, who did exactly the same thing.

JACUSTOMER-njwdi2x3- :

By the way, I managed to get an injunction on them yesterday. Seems no one is able to help you with such things.

Alex Watts :

You did get an injunction?

JACUSTOMER-njwdi2x3- :

Yes

Alex Watts :

Great.

Alex Watts :

Now that you have an injunction you will be required to issue proceedings and indeed plead a claim against them.

Alex Watts :

It is at this stage you will need to set out your stall in terms of unfair rates and you would be able to cite the Bank of Ireland case.

Alex Watts :

If that is being heard in England and Wales then you can apply to have this case stayed pending the outcome or indeed joined to that case if it is on the same issue.

Alex Watts :

That way it would all be held together.

Alex Watts :

So for the time being your home is safe but you are arguing unfair rates or extortion.

Alex Watts :

But it sounds like now though you are going to need to see a Solicitor to draft pleadings and present the argument in Court for you.

Alex Watts :

Do you have any remaining questions I can help you with today at all?

JACUSTOMER-njwdi2x3- :

Thanks. What I really needed assistance with was the injunction, since I never had my day in court with them, to plead my case. I do not believe they gave me a key features document for the increased rate either, so could be a breach of FCA regulations ?

Alex Watts :

Yes if they did not give you key documents this could well be a breach. But this is why you need a Solicitor to draft proceedings and plead your case properly.

JACUSTOMER-njwdi2x3- :

I've had many cases in my life. Never won one with a solicitor. Only ones I've wone is when I represented myself.

Alex Watts :

I see, litigation always sadly has a winner and a loser.

JACUSTOMER-njwdi2x3- :

Well, all the lawyers always win!

JACUSTOMER-njwdi2x3- :

It's a win win situation

Alex Watts :

That is a little harsh being a lawyer myself, I always try and do my best in Court!

Alex Watts :

But do you have any other questions of me you need help with today?

JACUSTOMER-njwdi2x3- :

No offence meant. The world would be a much worse place without good lawyers. The whole justice system sucks though. Thanks for your discourse, much appreciated.

Alex Watts :

No offence taken, I am only trying to help you.

Alex Watts :

If this answers your question could I invite you to rate my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

Alex Watts :

Please keep me updated and if I can help in future let me know.