[Hemmi]

I think Hemmi should retake his driving test - he's clearly a driver who's easily distracted.

Actually, scrub that, he should be taken off the road. I'll buy your i30 Hemmi - how does 300000 isk sound?

hmmmm, the car loan stands at 3.411.588 isk (£18.000) if you can take over the loan I'll give you my car

If you wait a few days, the loan could go down by 40-50%

Why?...The banks here in Iceland are stupid lawbreakers (not surprising)

Last year someone found out that most of the financing banks that help you to buy some stuff are legally not allowed to loan people money in foreign currencies and bind the loan with the icelandic Krona, so when the krona fell, the loans got higher, just like my loan who is in 50% japan yen and 50% swiss franks.

few months ago Reykjavik District Court judged this kind of loan illegal (same kind of loan contract as I have, and same company)
the bank appealed to Iceland Supreme Court, and the final verdict is later this month.

So, if this is true, thousands of people here, including me, have been paying to much every month since the krona fell, I calculated that I've overpaid roughly 300.000 isk , thats about 6 months of payments. I haven't been paying for now 4 months, a bit risky yes, but when the District Court gives a verdict I can go by it until Supreme Court makes it final verdict.

The banks of course keeps treating people here like sh*t, they've ripped my contract and threatened to take my car, I always replied that they cant, another law here says you can not take other peoples property or things without a court order, and they don't have that, but still they take peoples cars in the middle of the night.

If the Supreme Court also judges the contracts illegal the banks will most likely be bankrupt, there are 4 banks here that are likely to fall, those banks specialized in loaning money for car purchasing.

The sad part is, the government doesn't want to say anything about this, this is a very delicate subject for them to be involved in, and the police doesn't want to do anything if the bank steals your car.

Another sad part is that the banks are still charging people every month, they think they are above the law

You might think why on earth I'm not paying, if Supreme Court judges it illegal, I would just get what I overpaid? Wrong!
The bank will be bankrupt and everything they owe to you is gone, but the loan will be fixed to a regular IcelandicKrona loan and transferred to a new sister bank.

I don't know what to do if the verdict goes the other way, probably move to Cuba

[Shambles]

sheesh Hemmi - I'm sorry for making that jokey post now  

[Hemmi]

sheesh Hemmi - I'm sorry for making that jokey post now  

Hey I didn't take it that way

I think Icelanders are used to all kinds of jokes now.

I also wanted to remind people how horrible the banks here are, although most of them are no longer controlled by criminals.
Even the biggest criminal, former c.e.o. of Kaupthing bank is wanted by Interpol, he's hiding in UK where most of the guys who damaged Iceland lives. Authorities in UK don't want to do anything, I find that strange. http://www.interpol.int/public/data/wanted/notices/data/2010/68/2010_21468.asp

Other ceo's have been arrested and interrogated, but let go until a verdict is in.

[Shambles]

Just make sure you fit a wheel-clamp to your i30

[Hemmi]

Just make sure you fit a wheel-clamp to your i30

Not sure I can buy something like that here.

But I have email from the Lawyer of the bank that they will let me alone until the verdict is in, So I'm not worried.

I was a little surprised, but then not, they couldn't answer my complex questions, so they probably thought it's much easier to attack people who cant defend themselves

[Dazzler]

Hi Hemmi,

I've got everything crossed for a favourable result (could be really good for you!)

[eye30]

Although the scenery is beautiful and I would love to spend sometime visiting, I'm glad I don't live in Iceland given the way the Banks treat its customers.

[Hemmi]

The verdict is in from Supreme court, the loans are illegal

Goodbye greedy banks!

[Shambles]

The verdict is in from Supreme court, the loans are illegal

Goodbye greedy banks!

WOOHOO!! So your loan might come down quite a bit

I don't know what to do if the verdict goes the other way, probably move to Cuba

Iceland, here we stay

[Hemmi]

The verdict is in from Supreme court, the loans are illegal

Goodbye greedy banks!

WOOHOO!! So your loan might come down quite a bit

I don't know what to do if the verdict goes the other way, probably move to Cuba

Iceland, here we stay

What a great day

The people vs. the banks, and the people won

One of the peoples lawyers said that this is definitively the best financial gift Icelanders received since the banks collapses.

And the verdict says all loans like that, bound to ISK, are illegal, so not only are all the foreign car loans illegal but also many housing loans and loans town communities took, all of a sudden the banks owe us hundreds of billions of ISK

I hope my car financial bank will go bankrupt, they deserve it, I don't know who will take over my loan, probably Deutche Bank since they loaned my bank the money for my purchase. I assume they are not happy.

16th of June 2010 will be remembered for a long time, and tomorrow is Iceland's independence day, double celebration!

[bumpkin]

Jeebers Hemmi, that is some situation

Hope that your loan gets sorted out and is cheaper for you mate

[Dazzler]

Sensational news Hemmi... If you get a big refund I bags you visit me here in Tassie first (I'll put the electric blanket on in the spare room...)

[Surferdude]

Good news Hemmi.
We don't like our banks much here either but, I don't think they're quite that bad.
All the best.

[Mike SX]

I was a little surprised, but then not, they couldn't answer my complex questions, so they probably thought it's much easier to attack people who cant defend themselves

A truly terrible and stressful situation.
Have you watched the video "Money As Debt", posted by babis-xo on February 2010, although it lasts 47 minutes, stick with it, the ending will be worth it, as it explains what the Banks are actually about, i.e. not as we would think.
The video is frightening to any honest, powerless, individual.

[Hemmi]

I was a little surprised, but then not, they couldn't answer my complex questions, so they probably thought it's much easier to attack people who cant defend themselves

A truly terrible and stressful situation.
Have you watched the video "Money As Debt", posted by babis-xo on February 2010, although it lasts 47 minutes, stick with it, the ending will be worth it, as it explains what the Banks are actually about, i.e. not as we would think.
The video is frightening to any honest, powerless, individual.

Thanks, I'll watch that

[Hemmi]

Sensational news Hemmi... If you get a big refund I bags you visit me here in Tassie first (I'll put the electric blanket on in the spare room...)

This also means I suddenly own a big part of my car and could easily sell it and go to learn graphic design

[eye30]

Watch out.

They will have dreamed up something to prevent you getting it all.

[Hemmi]

Watch out.

They will have dreamed up something to prevent you getting it all.

That's gonna be hard for them, Supreme Court is the final court and you have to go by them, I am more worried if the government does anything to save the banks, if they do, that's gonna be their resignation, everything will be crazy!

There are 44.000 people here with illegal car contracts.

My sister and her husband own a Toyota Rav4, they've been paying around 100.000 ISK every month for a long time, they calculated last night how much they've overpaid and it turns out they only have to pay 15.000 ISK to own the car 100%, but without the verdict there are 20 payments left, you can imagine how important this verdict was.

15.000 kr vs. 2.000.000 kr (20 months)

[Dazzler]

Any idea how long before things are finalised.. so you know exactly where you stand Hemmi..?

[Hemmi]

Any idea how long before things are finalised.. so you know exactly where you stand Hemmi..?

Today is independence day so nothing happening today, we'll see what happens tomorrow, but this could take weeks.