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Mortgage Lenders Move The Goalposts
Comments
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HAMISH_MCTAVISH wrote: »Because banks should honour the terms of the contract they signed.
And not look for legal loopholes to try and weasel out.
Banks, just like any other business, must abide by the rules when it comes to contract law and fair trading legislation.
There is something fundamentally wrong about trying to squirm out of a deal, whether that is a bank trying to change mortgage terms after the fact, or a buyer gazundering, or a seller gazumping.
A deal is a deal, and the terms of the deal should be kept.
Much of this site is about exploiting loopholes. They will send you regular updates of the latest ones if you wish. Seems nobody is averse if it suits them, but get a bit shirty when it bites back.0 -
Much of this site is about exploiting loopholes.
And much of it is about fighting for consumer rights, not getting taken advantage of by big companies trying to impose unfair terms and conditions that are later proved illegal.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Because banks should honour the terms of the contract they signed.
And not look for legal loopholes to try and weasel out.
Banks, just like any other business, must abide by the rules when it comes to contract law and fair trading legislation.
There is something fundamentally wrong about trying to squirm out of a deal, whether that is a bank trying to change mortgage terms after the fact, or a buyer gazundering, or a seller gazumping.
A deal is a deal, and the terms of the deal should be kept.
So how does forbearance sit with you then? The contract hasn't be acted out as stated.
As these rate rises have been carried out, it seems it IS within the terms, and they have been adhered too. So what exactly are you stating?0 -
HAMISH_MCTAVISH wrote: »And much of it is about fighting for consumer rights, not getting taken advantage of by big companies trying to impose unfair terms and conditions that are later proved illegal.
Surely a loophole is by definition legal?
As opposed to just breaking the terms of a contract which is not.0 -
Graham_Devon wrote: »As these rate rises have been carried out, it seems it IS within the terms, and they have been adhered too.
That remains to be seen, as they've only recently been implemented.
There may yet be challenges, and look how long it took for the Bank Charges or PPI campaigns to be decided.Surely a loophole is by definition legal?
As opposed to just breaking the terms of a contract which is not.
See above.
In both those cases unfair terms legislation was up against contract law.
There is clearly precedent for overturning the clauses in a contract if it's determined they are unfair under UK law.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
You ignored my question hamish.
If you are so intent on the rules being adhered to, how do you feel about forbearance?0 -
Graham_Devon wrote: »You ignored my question hamish.
If you are so intent on the rules being adhered to, how do you feel about forbearance?
Forbearance is not unfair as it benefits both parties, and is done by mutual consent. There is no unilateral imposition of forbearance. There's nothing wrong with changing a deal if both parties agree. That's obvious.
The lender benefits by giving breathing space to borrowers in trouble and not incurring the costs and risk of repossession.
The borrower benefits by gaining time to get their life back on track financially.
Now that I've answered, are you going to respond to the point that these changes may well be unfair and hence illegal?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
So in your view, forbearance is an OK change in the terms. I'm not saying there is anything wrong with that.
What I am saying though, is you can't then turn round and suggest the rules should always be stuck to.
My response to unfair and illegal is the same response as yours the other day. It's one view. The view of someone with a deep running VI.
Even if it is unfair and illegal, which I highly doubt...I can't see anything being done, as it will simply be seen as for the greater good.0 -
Graham_Devon wrote: »You ignored my question hamish.
If you are so intent on the rules being adhered to, how do you feel about forbearance?
Forbearance is agreed by all parties in the contract, so nothing to dispute.0 -
Graham_Devon wrote: »Even if it is unfair and illegal, which I highly doubt...I can't see anything being done, as it will simply be seen as for the greater good.
That's not how things work...“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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