screwedbywimoey:

Geez exbanker, with guys like you not being able to recognise that the whole system is being taken advantage of by developers screwing people by exchanging when they dont have the money just to get the 10% then I guess Im not surprised people like you brought and sold sub prime debt to get us into the problems we're in at the moment.

Look up negligent in the dictionary, as you clearly dont know what you are talking about, I was not negligent and acted in good faith, the bond company had a responsibility to its customers to check values that the developer was giving were real.

Yea, this ranting doesn't help, and I'll blame exbankers like you, for everything, all the problems, the unemployment, everything it was bankers that caused all this.

Good luck finding a new career, I hear mcdonalds has some vacancies, or you could try your luck with taylor wimpey, bankers are good at screwing people.

You just dont even listen, do you? Maybe thats the whole problem with this. A previous poster has explained how bonds work but you still seem to think its their fault.

And now you're being rude to someone else. Please tell me where you live and which school you teach in just in case my kids go there !!!

exchangebondvictim:

Yea thats a silver lining, and the fact that george wimpey will probably go into administration soon, so the crafty sales person who got you into this position will lose their job.

Screwedbywimpey, Im actually in the same position as you, and I dont know what to do, the bond company has written to me saying they are going to pay wimpey this week, and requested me to pay them they even sent me their bank account details, and said if I dont pay they will hand me over to a debt collector.

Wimpey really screwed me, I live in a council flat, have no assets no income as I lost my job recently, this was supposed to be my dream home, the lady at wimpey told me I could have it for no deposit.

What do I do now? The sales woman from wimpey even called me recently to sell me more property telling me to do the same thing with the bond. Do you think she takes a cut from the bond company or something as she just wants signed bonds and is really pushy. I told her what happened to me on this flat she told me and she had to get off the phone suddenly, cow!

I guess, with my life, its been disadvantaged from day 1, I was brought up in care, and now I will probably die in a council flat, oh well at least I tried to get my own place and better myself. I'll probably have to work the rest of my life to pay off the bond company so that wimpey can get money for nothing, and now I will never have my own place. Now I'm just feeling sorry for myself.

Please comments stating that I have been stupid and naive like screwedbywimpey dont bother, anyone who can help, please get in touch through this post.

I can see the problem with these bonds. They certainly seem to be something you need to think about carefully before signing because you can get well screwed.

I must admit you have every sympathy from me, but at the end of the day didnt you realise this might happen? Did you get advice first?

exchangebondvictim:

Justin what can you do for me?

Your letter says you will pass me on to a debt collector adding £500 to the debt.

I live in a council house, earn minimum wage and have just had my dream of getting a house shattered.

I have no savings and no assets, how can you help me?

Taylor Wimpey knew I couldnt buy that property, they just wanted me to sign the bond for their 10%.

If you were on minimum wage, how did you plan to save the money to pay the deposit that this bond covered?

Sharpie:

Hi

I'm just wondering what your outcome was with the Exchange Bond. I am in a similar boat to yourself, and I have the developer trying to make me 10% deposit on a property I can not afford.

I have done myself to try and resolve this with the developers but I am faced with a brick wall.

Really appreciate if you can give some advice.

IF YOU CANT AFFORD IT WHY DID YOU AGREE TO BUY THE PROPERTY !!!!!!

the key to challenging is this within the following - that the bond writers and property sellers have 'an agreement'

in practice this means agreement in the amount they actually settle at.

Consider the following - u think ur £200 insurance premium really allows Exchange Bond to Pay Wimpy £25000 if u default?

Think about it! They would have to take 125 premiums to pay for just one defaulter if they really were offering independent insurance!