Wrongful default prevents house purchase? £8000 to £100000+ damages now available

silvercar

What court costs have you incurred so far? and how much payout have you received?

(Very Quick summary: rico6.9 sued people that put suspect credit rating on his file. He sued for the difference in value between the property he would have bought if his credit rating had been good and the value when he did buy years later.)

Rico6.9

silvercar wrote: »

He sued for the difference in value between the property he would have bought if his credit rating had been good and the value when he did buy years later.)

I sued for the difference in purchase price. I haven't bought yet. I haven't been able to buy until this is resolved. House prices doubled. Salary stayed the same. Actually salary has reduced by 60% now.

I'm probably looking at around £500K in court costs. £200K is mine. (I'm currently going to be liable for the Bank's considerable expenses). £0 payout since 1998. I hope to hell this is resolved in the Supreme Court. Shocker. Just goes to show how powerful the banks are. I need the best lawyer for this.

chuckup

Wrongful default prevents house purchase? £8000 to £100000+ damages now NOT available

Sorry OP, I think you've lost this one. As a matter of interest, if you've rung up £200,000 in Legal fees, who's going to sub the rest?

Rico6.9

It's still available if you get the right judge. The bank admitted that certainly the £8K would be payable if I was entitled to rescind (Which I was - but the Edinburgh judges saw it differently).

We'll see what the Supreme Court has to say.

Good news is that now the rest of the UK can use this case to remove defaults.

If the supreme court rule against me too, it'll be a lifetime bill for me!

silvercar

Have property prices now dropped in Spain? You may find that you haven't lost out as much as you originally thought.

Thrugelmir

Rico6.9 wrote: »

Update. Appeal judges in Scotland's highest court have decided that I was never entitled to rescind the credit agreement. I get nothing! I assume the Supreme Court will sort this but I'll need help from a lawyer that's interested in taking this on as a "pet project". The law really does need looking at. This is a travesty of justice. Again.

http://www.scotcourts.gov.uk/opinions/2010CSIH49.html

Interesting that the appeal court noted your level of personal expenditure and that you hadn't the personal funds to raise the deposit to purchase the property in Spain.

Rico6.9

silvercar wrote: »

Have property prices now dropped in Spain? You may find that you haven't lost out as much as you originally thought.

The places we were looking to buy are still around 2006 prices. It's unlikely the prices will drop to 2003 prices (half) as we begin to come out of the recession.

They may go up and be even higher by the time the Supreme Court has had it's say.

I've lost out because I've been existing in Aberdeen rather than living in Spain these past 7 years!

Rico6.9

Thrugelmir wrote: »

Interesting that the appeal court noted your level of personal expenditure and that you hadn't the personal funds to raise the deposit to purchase the property in Spain.

A great shame they were unable to link the "wrongful" default to the lack of personal funds as the Aberdeen Sheriff managed to do.

A key point.

It is seemingly very difficult for practitioners of law to get a grasp of simple maths. Perhaps explains why their fees are so high.

hieveryone

Sorry if I'm being really thick here - but why didn't you just purchase a laptop that *definitely* had an inbuilt modem, instead of taking the word of two very unsure salesmen, even with the promise of a hassle free return? :-/

silvercar

hieveryone wrote: »

Sorry if I'm being really thick here - but why didn't you just purchase a laptop that *definitely* had an inbuilt modem, instead of taking the word of two very unsure salesmen, even with the promise of a hassle free return? :-/

I guess hindsight is a wonderful thing. At one point Northern Rock refused to allow him to consolidate debt onto his mortgage in Aberdeen because of the defaults. Some might say that consolidating debt into secured loans is not a good idea. Had you been able to do so, you may have ended up in negative equity and been unable to remortgage even with a clean credit record.

At any point you could have sold the Aberdeen property and rented in Spain? Would have enabled you to get on with your life. People do live in rented accommodation and get on with their lives, there is no necessity to own.

I guess you are caught now, can't give up as the legal costs are too high.