Defective Loan Facility Agreement

sanjtheman

read wikipedia has a great definition of racism

how could anyone want to be like this ? would make you feel ashamed.......

_Andy_

Where's the racism?

nw_man

sanjtheman wrote: »

read wikipedia has a great definition of racism

how could anyone want to be like this ? would make you feel ashamed.......

huh ?

luckyfool

sanjtheman wrote: »

read wikipedia has a great definition of racism

how could anyone want to be like this ? would make you feel ashamed.......

Please help me out . . . I don't know if I'm being thick or if there is some substance I need to abuse to get on your wavelength so I can understand what you are talking about. Who is being racist . . . and where? Please spell it out for me.

opinions4u

Many moons ago, in my bank manager days, a member of staff came in to my office to ask me if I would authorise a charge refund for a customer.

I checked the account details and made the decision to decline the request (customer always over his limit etc etc).

The staff memeber passed on the good news to the customer and the next I knew, a few seconds later, was the customer pushing his way in to my office accusing me of racism.

I had never seen the gentleman before that moment.

This feels very similar.

silvercar

I wrote something and then thought better of it.

Some people only hear what they want to hear.

jamesd

sanjtheman,

The expression seems perfectly clear:

Base + 1/50%

This is a rate specified as a percentage. The rate includes base as part of the percentage rate so the natural English parsing is (Base + 1/50) with % as the unit of measure.

I agree with your view that the rate specified is base + 0.02 and is a percentage.

Now had it said instead "base rate + 1/50%" you'd have had a different argument because base rate is a percentage, not part of a combined calculation that produces a percentage. In that case the crux would be whether % is a unit or part of a calculation. Since base rate is a percentage it's natural that the "1/50%" would also be specifying a percentage, so the % in that part would also be a unit and not part of the calculation. Again, that ends up with a rate of (base + 0.02)%.

However, you have one problem. You have a loan agreement from a year earlier and you are going to have to explain why you believed the incorrect document rather than the rate you'd been paying on the previous loan for a year before you took this one.

No reading seems possible that arrives at the base + 1.5% that you've been asked to pay.

Since you wrote that you took this loan at a time when it was normal for rates to be around base and had no other documentation or quotation of rate but accepted on the basis of the provided documentation then you appear to have a strong case.

It's be really nice if lenders provided clear, accurate and lawful contracts. Would solve so many problems like this one. I have one myself where the early settlement figure increases over time instead of decreasing as capital is repaid... but I didn't believe that particular bit of rubbish.

For anyone considering that sanjtheman is posting in bad faith, do consider the lack of previous rate mention and this being the only documentation of the rate. It's very significant in telling the difference between someone trying it on and someone who actually believed the rate.

But, sanjtheman, what rate did you honestly believe you'd been offered?

sanjtheman

• James thanks very much, you sum up it well
• Rate on other document was quoted at same level and am not sure what I thought it was - such a long time ago and I have quite a few mortgages. Overall what I reckon is, as per FSO guidelines, terms should be clear and not confusing. So if its reasonable to assume it as base + 0.02% thats what I should pay
• As Lorraine says, banks and financial institutions spend a lot of time and money trying to get loan documentation right - its pretty obvious even if you don't work in the institution that there is reason for this.
• As regards racism - read the definition on wikipedia and you will see a lot of it is treating someone differently for no other reason than race, skin colour, religion etc
• Anyone who believes there is no racism or bullying on this thread - check out the previous posts of some of the posters on similar subjects and then compare to the comments levelled here.
• It's very clear to me - without wanting to repeat myself babygoatabductions (kidnapping) didn't happen there. So why the difference ? On second thoughts have had enough of the rubbish, I started off this post asking for specifc help and specifically as I said if you can't say anything constructive please feel free to ignore the thread and contrbute somewhere else.
• Lorraine will get a loan documentation lawyer friend to do a precis and also get the maths professor to confirm what he thinks and then will pursue.
• Always good to get good advice pity I had to get abuse today as well but hey what can you do except ignore ignorance
• Hopefully some other ME borrowers will check their documents too.

jamesd

Hmm, you write that you have quite a few mortgages. Was this a BTL loan by any chance?

If so you may have more of a problem because those are business loans, not consumer loans. That could make a huge difference in how the FOS handles the matter because many of the consumer protections that apply to owner-occupier loans don't apply to BTL.

luckyfool

sanjtheman wrote: »

***
• As regards racism - read the definition on wikipedia and you will see a lot of it is treating someone differently for no other reason than race, skin colour, religion etc
• Anyone who believes there is no racism or bullying on this thread - check out the previous posts of some of the posters on similar subjects and then compare to the comments levelled here.
  ***

I think you will find the fact that the tone of this thread has degenerated so badly (into mockery) has more to do with your own abusive posts as anything else. I can only say that as far as I'm concerned that it never even occurred to me to question your race/sex/religion/hair colour until you "cried" racism.

Having said that, I don't really want to get involved in an extended and pointless argument over this so I will not make any further posts on this thread and will leave you to your persecution complex.