Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

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  1. #1
    Basic Account Holder rachelg23 Novitiate

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    Default redstone mortgages

    Hi all I have had a mortgageicon with Redstones for about 3 years never missing a payment until last month. Since then I have been bombarded with telephone callsicon letters etc. In the last letter they said they would send a Debt Counsellor to my house at a cost of One Hundred pounds to me.I told them I would be out at work, lo and behold I got home from work there on the mat was a card saying that a Debt Counsellor had called, are these people stupid or what, or is it aploy to make more profits.

    I have been reading the problems with these people on the forum looks like I am not the only one I ahve agian written to them to say i am waiting a reply from Gordon Brown to see if he will bail me out like he did Northern Rockicon .
    I will write to them again reminding them of the Telecommunications Act.

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  2. #2
    Basic Account Holder jake44 Novitiate

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    Default Re: redstone mortgages

    Hi

    We have a mortgageicon with redstone at present ( only about 6 months to go ) and we will remortgage and get rid of them. Could you not do the same ? Our original mortgageicon was with skipton and when we hit financial troubles we suddenly changed to redstone. They DO NOT LISTEN ! We ended up with a debt collectoricon round at £100 charge to us. We were under 1 month in arrears and he himself couldn't explain why he was sent.

    They charge 50.00 to your account monthly if more than one month in arrears. ( I will recliam once I have remortgaged) I can't wait to get shot of them . They are actually called Home Loans .


  3. #3
    Basic Account Holder mactheknive Novitiate

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    Default Re: redstone mortgages

    good on ya !! these people need to be stopped..there making people suicidal...what the hell ever happened to the FSA !! do they never read sites like this . Are they all in secured jobs with no mortgageicon worrys.forget all the advice on other sites..such as "talking to them" "tell your lender your having difficulties" etc etc..these people dont care less..and will happily put you out of your home for ANY amount BE WARNED....
    I am a seasoned campaigner with more than £30k back from the banks and Im even suing my Insolvency Practitioner for malpractice over an IVA that went wrong so bullys at Redstone dont frighten me.

    I intend to go straight to the top on this one.The FSA arnt doing there job..its as simple as that,and Redstone are getting away with murder,and I ask that everyone reading this,with similar problems,write directly to the FSA.
    In meanwhile I will be seeing my MP.we pay people to look after our interests..why arnt they doing so..please lets all stick together and we will
    bring Redstone to book very soon


  4. #4
    Basic Account Holder jake44 Novitiate

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    Default Re: redstone mortgages

    Hi

    My main worry now is who will be get a new mortgageicon from ?? There seems to be less and less deals around............. I certainly don't want
    to stay with redstone. They send a letter EVERY MONTH to say we are one month in arrears WE ARE NOT !! our payments are made every month. This will not look good on mortgageicon statement as they continually say we are one month behind. Hopefully mortgage market will change in a few months time and I can start looking about for a rate better than over 9% !!


  5. #5
    Legallychallenged
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    Default Re: redstone mortgages

    They certainly messed us around - tried to send us to the wrong court - we were only 2 months behind as well! Infamous debt counsellor cme to see us - was only some poor guy they employed to find out when we are going to pay and whats more he only gets paid £40.00!! They charge £100!!!!


  6. #6
    TaffR
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    Default Re: redstone mortgages

    Hi,

    It's hard to know where to start but first I must congratulate coinkingwest on the success at court and everyone here who provided support.

    It is without doubt, that where ever I go on this fourm and read the many threads concerning sub prime lenders and repossessions, that there remains a misunderstanding of what this market is really all about.

    I sincerley hope that not only what I am about to share will provide a new impetutus to those in problems today but also to start taking them on at their own game and complain not just to the fosicon or FSA but also to HM Treasury who were the UK authors of this financial instrument.

    With the danger of sounding patronising, which I promsie you I am not, I would like to present some myths and facts about this industry and some of its players.

    For example:

    Redstone Mortgages PLC is NOT a company. It is an SPV (Special Purpose Vehicle) that holds securitised mortgageicon portfilios on behalf of investors.

    Redstone Mortgages PLC as an SPV do not and cannot employ people. It is a shell company specially created to hold and manage a mortgageicon portfolio. A normal portfolio size is circa £1m/800 properties.

    The Redstone SPV is owned by: HVBEurope.com and you contact them direct here: Joanna.Paxton@HVBEurope.c om

    Redstone Mortgages plc was established in April 2004 as a special purpose company to participate in the secondary loan sales market in the U.K., purchasing pools of residential mortgage loans and funding them via securitization

    All the SPV's mortgages have been securitised and they are 'administration' type only mortgages (don't worry you were not supposed to know this) and they use HML in Skipton as their mortgage servicers.

    HML - Homeloan Management Ltd

    The SPV cannot hold arrears and do not have the financial accounting systems to do this. The mortgage has been securitised (purchased on the bonds market) and is valued by Standards & Poors or Fitche ratings. It is the portfolio value that is the mian basis of their commercial activities and it was the devaulation of subprime mortgages that has caused the credit crunch as these porfilos get devalued and not advers borrowers behind in their payments as they all want you to believe.

    The SPV do not employ and have never been set up to do this, FSA authorised mortgage advisors and without which they cannot assist you, help you, change the contract T & C's, provide holidayicon payments, capitilise the arrears, allow you to reduced payments...indeed there is nothing they can do to help you. Thye have never been set up to do this and were never going to help you.

    When you call the 'SPV' in Skipton it will be HML who answer. Thye have 75% of the subprime lenders market. They are just a 'debt collectionicon agency' who are employed to collect the monies, send out statements and chase shortfall debts.

    The same letter heads are used for all 30+ customers HML carry out mortgage adminsitration services for with the exception of the name and telephone/fax number.

    The SPV is registered with the FSA as a 'lender' but in fact they do not 'origninate' or advance any lending. The FSA are being questioned about this as we speak.

    They will portray themselves 9via clever tactics using HML systems) as a trusted, every day mortgage company. They are not. They are a shell company (financial instrument) who pass income from mortgages back thier investors in the Cayman Island and other countries.

    Repossession is the first resort and not the last - FPD = First Payment Default which is Day 31, litigation action is started.

    There is no one to talk to about any short term problems you may/do have.

    Everyone advises that is you have a problem to talk to your 'lender'. Sorry, this only benefits them as they then see a pronlem arising that will effect their portfolio value and your passed direct to litigation. There is absolutly NO benefit to you, the borrower.

    They must keep up the pretence that they can help so as to pay a lip service to CML/FSA rules.

    I have researched this market now for 3 years and I am sorry you (like me) feel duped from the start an that is exaclty what has happened.

    I am happy to help, assist and/or answer any questions anyone may have. This has got to stop.

    Redstone SPV are just one of hundreds of new entrants in this market but to come to terms with this completley you need to understand the whole process from broker to application, underwriting, sale of the mortgage to another 'entity' and then administration of a debt only mortgage.

    I am sorry, you were never going to be helped, ever.

    There are now three types of mortgage companies in the UK:

    Traditional building society/banks – retail outlets, savings & other bank accounts
    Originators – borrows funds to provide the mortgage and sells the mortgage immeditaly
    SPV’s (Special Purpose Vehicles) – Shell companies, to hold the mortgage account and pass on income/profits to the investors – cannot employ people

    All but the first are pretending to be mortgage companies in the style of the first.

    There is so much more....

    Regards,

    TaffR


  7. #7
    TaffR
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    Default Re: redstone mortgages

    A word on a visiting debt councilor...

    They charge £40 to the client
    They are normally out of work/redundanticon from quite diverse backgrounds which are not financial sectors
    They only visit so that the lender can say they sent someone (lip service/sham to passify FSA/CML)
    They cannot make any agreement with you but will report back with your income/expenditure so the 'lender' can use against you (remember they cannot modify/change or agree anything with you to repay the arrears as your mortgageicon has been securitised and they do not employ mortgageicon advisors (SPV's cannot employ people direct)
    The lender then charges you up to £100


  8. #8
    TaffR
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    Default Re: redstone mortgages

    Quote Originally Posted by mactheknive View Post
    good on ya !! these people need to be stopped..there making people suicidal...what the hell ever happened to the FSA !! do they never read sites like this . Are they all in secured jobs with no mortgageicon worrys.forget all the advice on other sites..such as "talking to them" "tell your lender your having difficulties" etc etc..these people dont care less..and will happily put you out of your home for ANY amount BE WARNED....
    I am a seasoned campaigner with more than £30k back from the banks and Im even suing my Insolvency Practitioner for malpractice over an IVA that went wrong so bullys at Redstone dont frighten me.

    I intend to go straight to the top on this one.The FSA arnt doing there job..its as simple as that,and Redstone are getting away with murder,and I ask that everyone reading this,with similar problems,write directly to the FSA.
    In meanwhile I will be seeing my MP.we pay people to look after our interests..why arnt they doing so..please lets all stick together and we will
    bring Redstone to book very soon
    During the formation of the FSA (pre Nov 2004) the subprime lenders were part of the consultation group to the H M Treasury and they agreed NOT to tell consumers about this.

    When is a lender not a lender?

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  9. #9
    Basic Account Holder mactheknive Novitiate

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    Default Re: redstone mortgages

    taffr
    thanks so much...great info...your a star..now things are getting interesting? what implications does this all have ???

    example...can we proceede with claims..do they have the right to pursue eviction in the name of of Redstone when in fact they offer no arbitration service ?
    the FSA made it very clear there MUST be an arbitration and advice service available to everyone with a mortgageicon

    may I also have a claim against my broker...I had no idea that when I took out the loan Redstone were a SPV and that in the event of any problems I would have no-one to turn to...this is scandalous...

    we are already in the process of reclaiming all fees and our advisors from CAB have told us its a cert..they must repay them.just like the banks..THEY have to justify the cost not you having to prove otherwise.

    if there is more...please tell...were all ears!!!
    cheers MTK


  10. #10
    Legallychallenged
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    Default Re: redstone mortgages

    http://www.consumeractiongroup.c o.uk/forum/mortgages-secured-loans/137769-possession-order-my-house-new-post.html

    More information on this thread - you are right we need to band together and STOP the these sharp practices!


  11. #11
    TaffR
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    Default Re: redstone mortgages

    go to the link legallychallenged advises above....I have attached a document (safe I assure you) that you will really find interesting from many respects and angles and how they actually think of you...remember all they are doing, all the set up, systems (cradel to grave) and structures are all predetermined and created to protect the portfolio not you or I...we are just a commodity! Allowed and permitted by Treasury and FSA and CML! Oh...and the fosicon to who you are advised to complain too (there is much you need to know in the complaints regard too and how this is so ineffectual and they know it) It can take up to 18 months to resolve...they lack investment and people!

    Long before this timeframe....your living under waterloo bridge and have no facilties to ever reverse their actions....actuall timeframes can be much quicker....courts rubber stamp these cases...it is like a manufacturing conveyor belt that is all.....the judges are (I promise I am not be disrespectful or sarcy...no more than trained monkeys in these situations)! The 'lenders' (which they are not) know this!

    Sorry...here is the file also...but I will only be posting in the other thread now

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  12. #12
    Basic Account Holder jake44 Novitiate

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    Default Re: redstone mortgages

    Had another letter from Redstone today !! It states that we are XXXX amount in arrears and if we do not contact them or pay the arrears by 15th then they will instruct a debt advisor at £100. This is the second time they have done this. We have NO arrears. We were with skipton and everything was fine. Then all of a sudden we have changed to redstone and 1 month in arrears. Told them I would pay normal payment on Tuesday. He said only then could they cancel debt advisor . ( they said that before and still charged us £100.... ) He mentioned that once my payments were before the 15th of the month then we would be fine. This will eventually happen as I get paid 4 weekly and the pay date changes every month. By this time thank god we will be with someone else. !!!


  13. #13
    Basic Account Holder mactheknive Novitiate

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    Default Re: redstone mortgages

    jake...dont get down....I cant talk right now but stay on the forum and contact TAFFR he( she ) is well clued up bot I was you( and I have been there also,) I would def go to court this time...REdstone are A shell company...they dont exist.....how con you be summonsed to court by something that doesnt exist or that doesnt employ anyone ???? there has to be answers...it cant go on like this..and they cant stay secret fore ever..suggest you ring the FSA helpdesk...complaints already lodged about Redstone..yours will only help further.tel them they have no arbitration or customer services at all.this is illegal the guy they send out cannot act on behalf of redstone.he willtell you that.good luck


  14. #14
    TaffR
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    Default Re: redstone mortgages

    Quote Originally Posted by jake44 View Post
    Had another letter from Redstone today !! It states that we are XXXX amount in arrears and if we do not contact them or pay the arrears by 15th then they will instruct a debt advisor at £100. This is the second time they have done this. We have NO arrears. We were with skipton and everything was fine. Then all of a sudden we have changed to redstone and 1 month in arrears. Told them I would pay normal payment on Tuesday. He said only then could they cancel debt advisor . ( they said that before and still charged us £100.... ) He mentioned that once my payments were before the 15th of the month then we would be fine. This will eventually happen as I get paid 4 weekly and the pay date changes every month. By this time thank god we will be with someone else. !!!
    Honestly, I am not an expert or an advisor so getting involved with peoples personal issues as I dont know the circumstances and there are so many variables, it just would not be right.

    I can though give you my thoughts and what I would do, that is all.

    Okay, my pennyworth...for what it is worth...

    You say you are NOT in arrears....do you have an update to date statement from Redstone/HML, I am assuming you have as they will attach one to an arrears letter they send you?

    If they say you are in arrears but you say no then ask them to explain where and why? Missed payments? Charges putting you over?

    If you are paying via DDicon then they normally use the 15th of the month. If you pay manualy then their systems say the 1st of each month.

    This is why they say your in arrears as it is (may be) a systems issue. They have targets to get...remember these are not a mortage company but really a debt collectionicon agency as that is all they do. HML do this on redstone's behalf. Actually (not redstone but similar) it was this attitude that first alerted me to the type of organsiation I was dealing with.

    Tell them though that technically your not in arreas until the end of the month and to go away. Tell them you will pay before the end of the montn and do not accept any arrear charges. But make sure you do pay them before the end of the month (considering that cheques and internet payments can take between 3 to 5 days to clear and it must be cleared before the end of the month). It does sound like a systems issue coupled with thier very proactive bullying going on right now with ALL HML borrowers.

    If you have a good payment record then write to them (make sure everything is in writing) and tell them how you intend to pay and when.

    Tell them you do NOT accept any type of councilor being forced on you when this is a systems issue and to stop harrassing you. Stand up to these debt collector idiots but make sure you carry out what you promise.

    The climate has changed so they are being very proactive in thier calls. In your letter tell them you will only communicate from this point forward by letter and not by phone callsicon. In writing again. Then when they call again just put the phone down.

    Everything about them and this market is based on what you don't know and what a typical borrower is like. Do not be scared by taking them on.

    Now here is another tactic....write an email of complaint and copy your letters (not attachments) to:

    Joanna.Paxton@HVBEurope.c om
    &
    Cristiana.Console@HVBEuro pe.com

    This is the parent company of this SPV (redstone).

    The first is on the FSA site as the point of contact.

    She will pass the email to HML on their behalf who then are legaly required to answer it (via post) but you have tied them up for time and they are really short of time. It has been noticed that this client has stopped saturday working so they are in trouble an trying to save money so not paying HML for a saturday service.

    There is also a fax number so if you can, follow up with a fax too. This way others in the office will see it too.

    Hope this helps...but again....this is not advice...just my thoughts and it is really up to people to do what they wish or not too as the case may be.

    On another note...I had a case with Redstone SPV Grrr!! that in April/May 2006 they took extra monies from a borrowers account and when challenged they spluttered their way out of it and promised compensation. But...as they are not high street entities and hiding in their bunker in Skipton they could have stolen money from everyones account in a potfolio and managed the situation by exception i.e refunding those who notice...I calculated they would have made over £3m on one portfolio alone.

    CHECK YOUR REDSTONE STATMENTS AND POST HERE IF YOU HAVE SEEN THESE ERRORS AS WE DO NOT BELIEVE IT WAS A ONE OFF. The SFO were notified. ALWAYS CHECK YOUR STATEMENTS. HML did this and I would assume also they could do it with other clients (30+) they have operating from Skipton.

    The rules are clear...to operate in the UK they must prove that they have a specific standard of financial accounting systems to do this. This is where HML comes in....with their extensive experience these sort of errors are total unacceptable and should be reported. These errors should never happen.

    By the way...one area where repossessions will be stopped in its tracks and if planned well is that thier accounts are wrong (even by £1)...check...and bring it up in court that you dispute the arrears.

    There used to be a menu on thier phone line and one was additional lending...if this is till there click it...if you get through to someone ask them about their lending services (general enquiry) and request a loan leaflet etc....I will be intrigued to see what they say....the reason for this is to find out if an existing borrower may be having problems and entice them to tell them the problems. Remember only redstone customers can get through.

    (P.s) they do not (can't) provide advances or loans of any kind!

    Have fun!!

    Best regards,

    TaffR

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  15. #15
    TaffR
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    Default Re: redstone mortgages

    TaffR = He


  16. #16
    TaffR
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    Default Re: redstone mortgages

    Redstone:

    http://forums.moneysavingexpert.com/....html?t=872345

    What is so annoying (sad really) to me personally and it is def no fault of anyone other than this sector is that people continue to be oblivious to the reality of this market and I cannot get this information out fast enough or wide enough. Here they talk of Redstone as a company...same issues above...

    I will try my best though to keep this information live and if it just helps one person then I will be happy.

    My true aim is to stop this market in its present format and unless it changes, stop as many new borrowers getting involved with these 'lenders' Grrr!. When they get back up and running again.

    Ask Redstone what thier financial status is today and now that you know they are a portfolio management SPV only and not a mortgageicon company with savers etc....that you are worried.

    By the way...if they do not survive this in the UK (they are german with cayman island accounts) then again your mortgageicon could be transferred sold to the hell knows what type of company next. That is the worry!


  17. #17
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    Default Re: redstone mortgages

    Jake

    as you can see from the above dealing with these eople is very difficult I suggest You put everything in writing Dont speak to them on the telephone make them put things in writing to you remeber when you talk to some one they have NO authority they are sitting infront of a screen with a script you say things they fill in boxes with what the take yur asnswers to be then the person reading the boxes interprets the whole thing in a different light Write recorded delivery setting out the way you see it and see what happens also write and tell them you wont see a debt counsellor and if one rings to make an appoint ment say no if they charge you refuse to pay


  18. #18
    Basic Account Holder manchester1 Novitiate manchester1 Novitiate

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    Default Re: redstone mortgages

    Hi everyone, Whilst I am new to the mortgageicon forum i am fairly well versed in the mortage market and have been involved in it for the last 20yrs, so will post suggestions too help people on forum. All of what Taffr has posted is correct and what Bono is advising should be followed.

    The subprime issue has affected a lot of people and honestly i can not see it getting any better ,and people will be left at the mercy of these predators , and my heart bleeds for all you out there who are stuck with these mortgageicon Administrators ,SPV, etc. However you still need to plan a exit strategy (if you are fortunate enough too) and this will depend on your circumstances , your account conduct , your credit history and find a way of getting back to a high st lender ( who do not start chasing you straight away and in my experiance will talk to customers and try to help)

    Manchester1


  19. #19
    TaffR
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  20. #20
    TaffR
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