Barclays Marine Finance cash in on repossessions seller beware

No, jrb1978 is right, what you actually said was "Well it is one of these here This One or This one and to be honest I would only Value them at £75k anyway!" - your statement was entirely unconditional and you clearly didn't mention anything about "if it is a Sunseeker Porto 375 that Inwards have ...". Forget about telling other people to lighten up - get your facts straight.

Cheers
Jimmy
 
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my guess the broker sold to a partner so it didn't look like they had bought it, some insider dealing perhaps & why wouldn't the owner try for say £80k just to walk away with something?

If you were offered a £125k boat for £75k no mater what the economy is doing you would have to think about it, especially a well known brand & a popular boat.
Can see problems if it's not such a good boat though as mentioned above.

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Fabulous conspiracy theory (maybe Lord Lucan bought it?) but where are you getting this wonderful figure of £125K from? /forums/images/graemlins/grin.gif

The only figure we have for sure directly relating to this boat is that the broker tried and failed to get £105K for it "some months ago".

Ok, so it wasn't worth £105K then (it's worth what it'll sell for and it didn't sell for £105K), now we're into the following year and potentially a worsened market so maybe it's under £100K asking? So maybe in a normal market you might hope to get £90K? Or £85K? But you might not get that perhaps, depending on the state of the boat.

Add in that it's a repo (ever known anyone happily pay full retail for a repo, whatever it is?).

Then knock off the commission costs and you're probably not that far from £70K.

So here's a thought. Maybe, just maybe, the broker sold it for about what it was worth in the current circumstances of the sale?

And the ex owner is getting bent out of shape about it and one or two are happy to lend their support to that and sod the facts?

Not very exciting that though is it..? /forums/images/graemlins/grin.gif
 
What facts, you just made a string of assumptions like everyone else? We don't even know what the boat is, so how can anyone hazzard a guess as to what it's worth. It's a bit like "what now skip", the OP said it was worth loads more, so we have to go with that, even if we have our doubts.

The banks have just f'cked up the whole country, but no-one seems to believe they would screw over a boat owner who has built up equity in his boat, then fallen on hard times, by just ordering a fire sale to get their own money back, even if the boat is worth more. We don't know if that's the case or not, but i'm surprised that everyone still has so much faith in the banks that they can't entertain the idea they would do such a thing.
 
a boat owner who has built up equity in his boat....................................


Whats that mean then. I bought a pizza last night and did not eat it. Is there a price for it on ebay??

I have faith in myself, I spend what I think I can afford to waist, maybe about 10% of my worth.

Why get others invovled. It has to be expencive.
 
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Whatever you do, don’t - you would be strongly advised not to hand over the boat, ignore the sugary assurances they are willing to help and by law they have to secure the best price for the boat, this is a blatant lie.

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Reading the OP and taking it as read; it would seem to me that Barclays deliberately misled their customer. From what others have said, they are also misleading their shareholders. Endowment mortgages fiasco yet another mess. /forums/images/graemlins/blush.gif

If they had told their customer that he would be unlikely to receive any money from the sale but his debt would likely be settled once they took possession, then that would be fine by me. It would be honest and the owner could, depending on his circumstances, make an informed choice. From the feelings expressed, this was clearly not the case! He was reeled-in.

I'm sorry, I have taken on board a lot of what has been said but to me they acted dishonestly. It would also seem from reading some of the above posts that this bank is also seeking to deceive its shareholders, yet many still jump to defend them. No wonder the country is in the mess it’s in - Emperors new clothes?
/forums/images/graemlins/mad.gif
 
What amazes me is the naivety of the people.

The Sunday Sports Owner, Famously said, that his success was due to totally under estimating the sense of the British public.

It may be necessary to borrow for houses or maybe cars. But there is no necessity to borrow for boats. Unless an islander of course.
 
ari, I think that's a fair analysis. I can't see how Inwards could hide the fact that it was a repo as any interested buyer would ask about previous owners. Once that fact is known, then the value of the boat is reduced. I bought a repo boat (Princess 435) in the last recession (91/92) and 2 things concerned me. Firstly, had the boat been used as security for any other loans? In the case of the 435, it later turned out that it had but luckily I insisted that the finance co selling the boat signed an affidavit confirming that the boat was sold free of all liens. Second, if a boat is a repo, my other thought is whether the previous owner has skimped on maintenance. In the case of my 435, I did have to spend some money bringing the boat up to scratch. It is not just that a buyer is looking to drive a bargain if a repo comes on to the market but there are some serious issues which need considering and which IMHO potentially reduce the value of a repo
Another thing to look out for. My 435 was stored on the hard at Moodys, Swanwick after it was repo'd. The previous owner had tried to bribe some of the marina staff to put it back in the water so that he could spirit it away! After I learnt that, I very quickly changed the name and took it to another marina
One last point to illustrate that nothing changes in this stupid financial world. The mortgage co had loaned the previous owner 95% of the value of the boat when new and, when he wanted to fit some additional equipment such as airco, they increased the loan even further! Just goes to show that over lending is nothing new
 
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What facts, you just made a string of assumptions like everyone else?

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The facs are in the original post, go read it!!

The broker tried and failed to get £105K for the boat in a normal retail sale last year!

Now we're into 2009 not 2008, the market is worsened (and we don't know when in 08 the £105K was failed to be achieved, maybe it was even before the downturn?)

So we know for a fact that the boat wasn't worth £105K last year so it sure as hell isn't worth it this year!

We also know that the boat is a repo, so no one is going to bid anything but low, and we know the bank just needs to out it, so not a normal sale situation.

Those are not suppositions, those are the facts!!!

Meanwhile, we've people on here bleating that Barclays sold a "£125K boat for £70K".

Utter nonsense! /forums/images/graemlins/grin.gif
 
I'm not bleating. I don’t have a mortgage on my house, boat or any other loans and for that matter any interest in Barclays!

But if I am told by an informed(?) party that my boat is worth between 95 and 125k, I hope to receive nearer the higher end of the range, but expect and budget to the lower end.

I assume the OP stated his expectations to Barclays/Brokers and their reply 'don't worry sir; we legally have to get you the very best price for your boat'. He is then told he can reasonably expect 105k! A little disappointed he may have agreed thinking 'oh well it’s nearer the lower end but at least it gives me some return'. Then he only gets 70k - shafted /forums/images/graemlins/mad.gif.

IMHO which I hope some may agree with and others may not (this is healthy) Barclays/Broker seem (to me and clearly the OP) to have deliberately misled this individual to suit their own interests, good business perhaps, I don’t like it but yes that’s life! I now learn from other posts Barclays seem now to be misleading their shareholders too, not all of which have the business acumen to be able to see or understand it! Clever but morally bankrupt!

Anyway, that’s enough said on this matter on my part I think! Lots of bankers own boats (not a typo). /forums/images/graemlins/ooo.gif
 
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But if I am told by an informed(?) party that my boat is worth between 95 and 125k, I hope to receive nearer the higher end of the range, but expect and budget to the lower end.

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He wasn't told by an "informed party", those figures were in MBY who just look up a few ads and quote what people are asking. He himself said that the boat wouldn't sell for £105K last year!!


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I assume the OP stated his expectations to Barclays/Brokers and their reply 'don't worry sir; we legally have to get you the very best price for your boat'. He is then told he can reasonably expect 105k!

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He was told that last year, in the course of a normal sale, and it proved to be incorrect.

We're a year on and the boat has been repossessed. It's no good pointing to what might have been (but wasn't), in a different time and in different circumstances, it's the here and now that matters.

Basically this guy is fed up (understandably) because he couldn't keep up the payments so his boat has been repossessed and sold and he's not got back what he expected to get had he sold it himself last year.

That's unfortunate, but that's life and that's not the bank or the brokers fault.

I think it's also interesting that apart from venting his frustration he's not defended any of the points raised. Mainly becasue there's not much to defend, what's happened is entirely normal and expected.

Let me finish with an analogy. A flat gets repossessed and sold for £70K and the owner says "I tried to sell that last year for £105K and failed. I couldn't keep up the payments and after being repossessed it's been sold for £70K". Would you say there's been wrongdoing as it was a £125K property (cos one a bit like it was advertised for that once last year) that's been sold too cheap?
 
The £105k was 3 months ago (read the OP), and we don't know why the buyer pulled out, you assumed it's cos he decided it wasn't worth £105k, but it might have been a good deal at that, but he couldn't get the finance, or any one of a myriad of other reasons why people pull out of boat purchases.

The 3 months between then and now have been the prime sales months of Nov, Dec and Jan, so no great surprise there hasn't been much other interest, and we don't know at what stage in that 3 months he turned it over to the bank, it could have been last week?

I fully understand the argument that he signed up to the loans and he knew the conditions, and i'm all for promoting personal responsibility, but there is also such a thing as corporate responsibility, and i've seen many real examples where the banks have failed abysmally in that respect.

That may or may not be the case here, i've no idea 'cos there isn't enough info. What we can all agree on I think, is that you don't ever give the asset back to the lender unless the Bailiffs are at the door, regardless of the candyfloss they give you about protecting your interests.
 
Ari - I do understand your argument, but where does it say he could not keep up the payments and that the boat was repossessed?

It reads to me that he was pursuaded to hand it over with a promise of a good deal - this is what I object to, he was IMHO mislead.
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....ignore the sugary assurances they are willing to help and by law they have to secure the best price for the boat, this is a blatant lie....

....Suddenly the broker who was boisterously confident that £105k was a fair price having nearly sold it just 3 months earlier.....

.....that their sales staff took pride in getting the top price for customers......

.....now mysteriously your boat is only worth almost exactly the same amount to pay off Barclays, your brokers commission all over inflated costs pretty much to the penny......

....get talked into giving the boat back or handing over the sale to your mortgage provider.....


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We clearly see this from different perspectives. I think Barclays have screwed him and may even be doing the same to their shareholders - I do agree we would benefit from a response from the OP!
 
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Ari - I do understand your argument, but where does it say he could not keep up the payments and that the boat was repossessed?

It reads to me that he was pursuaded to hand it over with a promise of a good deal - this is what I object to, he was IMHO mislead.


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Is this a service that finance companies offer now? /forums/images/graemlins/confused.gif

What possible gain could there be from turning your boat over to a finance company to sell?

Surely no one would do this unless there was absolutely no choice in the matter. Same with a house or a car, if you can't keep up the repayments you try and sell and recoup what you can. You don't pass the keys back to the lender unless forced to because there is NO WAY they're going to sell it for market value, it simply becomes an asset to dispose of as fast as possible.
 
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The £105k was 3 months ago (read the OP), and we don't know why the buyer pulled out, you assumed it's cos he decided it wasn't worth £105k, but it might have been a good deal at that, but he couldn't get the finance, or any one of a myriad of other reasons why people pull out of boat purchases.


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The simple fact is that three months ago he was prepared to take £105K but could find no one who would pay him that.

A boat is worth what someone will pay, no more.

And for all we know he could have had it on for a year prior to that trying to get that figure.

No matter, the facts remain that now we've moved into another year, and it's a repo.

So a calendar year on and totally different circs. So if it wouldn't raise £105K last year for the owner, what do you think the finance company is likely to take?

Simple answer, the first vaguelly sensible (ie not £10K or something silly) bid they get. And who can blame them.
 
With no feedback from the OP I do agree - time to let go I think, interesting debate though.

I also agree with Ari (at last) that it does seem unusual and quite mad to me to voluntarily hand over the boat to Barclays/Broker without some (not that you can ever rely on them) assurances in place! /forums/images/graemlins/shocked.gif

I would however like to take this occasion to wish the OP the very best and hope at some stage in the not too distant future he gets back on his feet and of course the water and that others may learn something from this discussion!
 
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