Ged May wrote:
Who could have factored in the huge downturn in the trade after Sept.11th and more recently the war in Iraq. Caveat emptor applies in all walks of life so why should anybody that borrows in excess of £40,000 without due diligence be protected by the OFT?
Ged
Well I don't think that anyone will be protected if de-limitation occurs Ged, whoever holds the plate at the time will be left with a worthless asset, and perhaps a loan to service.
However, I think de-limitation will be less fair on those who have had a plate for only a short period and will thus be less able to service any loan.
The point is that I feel that if everyone was as aware of what's going on as we on here are then they would be less likely to buy a plate or buy it at a lower price.
Therefore if de-limitation happens in three years time (say) then the fairest outcome will have been achievable.
So basically, the more information people have about the possibility of de-limitation the better. Once the OFT report I feel that a lot more people will become aware of the uncertainty, so the any de-limitation will be fairer to the extent that both sellers and buyers are fully aware of the facts.
I don't know if OFT could in some way make it compulsory for everyone to know what's going, but I'm quite sure that they could recommend to councils that they ensure any purchaser between the report and any de-limitation knows what might happen.
The kind of thing that would strike me as being unfair is someone who has held a plate for 10 years, has seen it double in value, has made handsome profits over the ten years, and dumps the plate one someone at full market value who hasn't a clue about OFT and clause 1.147c or even that plates could be rendered worthless just by a council changine policies.
Yes, caveat emptor, but I just think that a lot of people buying plates just don't know what they are getting into, and I have a feeling that the market in plates evident in some places is indicative of this - which one of use would buy a plate now at a value higher than a couple of years ago??
Despite caveot emptor, the OFT and similar bodies recognise that consumers need protection in certain markets, and perhaps they will recognise some of the difficulties in the plate market.
But we shall see.
Dusty