10:00 AM, 20th November 2020, About 3 years ago 14
Can anybody define the precise meaning of these two words: Revised Payment & Capitalisation?
I know the answer, but judges don’t and interestingly the Banks know it?
I fought a case of wrongful repossession and lost. It was based on “we’re my arrears capitalised” the judge said your payments were Revised.
I note now through Covid this word “revised” is used once a payment holiday has come to end this issue would make the West Brom case minuscule if people could understand how the kidologies are used.
I wasn’t allowed a trial and no wonder banks use “strike out” to prevent you making headline news.
So when payments can be missed by agreement (payment holiday) the new amount is called revised by Lenders, so my question is simply what is the difference in meaning between Revised Payment & Capitalisation, because a judge told me my arrears were Revised not Capitalised.
However, the arrears were added 6 months before the repossession took place, so in brief, arrears were added, but those same figures were utilised again six months later when they did not exist.
The reason this was used was to bring liquidity back to failing banks and building societies circa 2008, but they had a problem the majority of the thousands of repossession had already had a capitalisation event so they would set up “strike out” to stop it becoming common knowledge. Andrew Bailey was well are of this and so was Lord Justice Munby.