Illusion of fact?

by Readers Question

10:00 AM, 20th November 2020
About 2 weeks ago

Illusion of fact?

Make Text Bigger
Illusion of fact?

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.

Peter


Share this article

Twitter Facebook LinkedIn

Comments

reader

19:38 PM, 20th November 2020
About 2 weeks ago

You are making some very relevant points but the article needs to be rewritten so inexperienced lay people can understand the legal points you are trying to convey. Well done, not many of us want or would be capable of going to go to the Supreme Court, evan if they prevented you from relitigating your points.

"Payment Holiday" becomes a legal nightmare etc etc.

peter cookson

20:14 PM, 20th November 2020
About 2 weeks ago

Not bad Chris✅

The problem arises when the Loan is interest only as I mentioned previously you never pay it off , if it were Capital & Repayment you would be correct in that outstanding balances after revision would be paid off at the end of the term
But what happens when arrears are added on an interest Only loan what is it called ?

The judge thinks ha ha ! those arrears are still outstanding if they are not paid off , what he does not realise an interest only Loan arrears sum is added increasing the capital amount for which interest is calculated , thus those arrears at that point do not exist because the Lender as reconstructed the loan to absorb them and you pay extra per month for that increase.

As with Interest Only payment holidays when they expire you receive a letter that states here’s your new revised amount to pay each month .

So the correct answer is arrears or agreed missed payments added to interest only loans are called REVISED.

Arrears added to Capital & Repayment loans are CAPITALISED

You cannot re- use a revised or capitalised balance once it is absorbed and recalculated into the new monthly payment , but this is exactly what did occur , at my hearing the Lenders Barrister stated to Judge Soole “ my Lord this as been occurring since Mortgages began.

Example £500.00

£500.00 is added at the point of revision or capitalisation then they use the same £500.00 (6)months later to gain the balance of power by contract to instruct LPA receivers which lead to repossession.

It’s an anomaly of deception that is clear and needs an ear of a judge to agree.
One did in a case Lord Justice Munby unfortunately after he made this judgment he was moved to the family courts I wonder why.

If the Judge understood the word “ REVISED” has seen on my particulars of claim , he would have known “ perjury” was taking place.

peter cookson

20:23 PM, 20th November 2020
About 2 weeks ago

I would like to hold a sort of seminar to help people who have been repossessed in 2008-2009 alone around 95,000 repossessions took place , interestingly banks make more money from repossessions but that’s for another time.

peter cookson

10:23 AM, 21st November 2020
About 2 weeks ago

The only way to keep property investment “ alive” is to bring back taper relief ( period).

TR should have never been allowed to be abolished because the Buy To Let industry was formed because of this benefit or at the very least created a housing strategy privately because councils could not run efficiently.

They dangled the carrot to bring us in then removed it if TR was brought back as a gesture then Tax rises would not be harmful to the long term Investors .

PRR / Private Residence Relief will be next when will it end a communist state is not to far away.

1 2

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

DIY Housing Association?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More