sorry what does that mean?
i take it that this could be a very useful tool in negotiating a settlement with them? i presume i would need to issue first to indicate i am serious about taking this forward?
thanks for that,
so in effect i would be making the same sort of claims that i have done to the banks customer services department, where i was fobbed off with their excuses, as opposed to the court who would actually look at the evidence and rule accordingly.
finally, and in your experience, what sort of response do banks come up with when issued with a part 8 claim?
at least that would bring everything out into the open. can they counter claim against my part 8 for the alleged sum due?
on that bombshell is there any other way i can put pressure on them?
i am not very familiar with mitigating ones loss, but say for example it came to the banks knowledge that their own surveyor had been grossly negligent in their last valuation for the bank and provided me with a large loan. if the bank knew the valuation was negligent but they did not pursue the valuer is that a failure to mitigate?
how would that impact on the loan i had with the bank?
if the negligent valuation was more than the loan how does that apply to my outstanding balance?
hi sorry i don't quite get that... say in 2008 i took a loan of 100k against a valuation of a security of 800k. the correct valuation should have been 650k. i informed the bank that the valuation was incorrect, they told me they were not taking action against the valuer, why, i do not know. what would happen in that scenario?
hi where did the 250k figure come from?
i have just checked my old emails and it seems like the bank investigated for a claim against the surveyor but they decided against it, WHY? it is my opinion that the bank did not check the valuation on receipt as there were potential issues with the title etc. if that is why they didn't pursue the claim would that have to come out in their letter of response.
if it was there error in checking the valuation or satisfying their securities office surely they would not be able to justify their mistakes??
is it as cut and dry as that? maybe that is why they are taking no action against me? a declaration is seeming the best route forward.
i do appreciate your direct answers....
further checking shows the bank instructed solicitors to commence proceedings against the valuer but it was decided that no action would be taken. would communications between the 2 parties have to be disclosed or would that be privileged?
so if it comes back that they would not pursue the valuer because the bank had made an error(despite the valuation being negligent) then what happens with the banks failure to mitigate their 'whole loss'?
i don't quite understand your answer!
and if the court finds that it was the banks fault for the valuation of the security and they were negligent how does that effect my debt to the bank?
hi alex is there any way i can find out if the bank did issue against the surveyor?