We shouldn’t turn a blind eye to the tyranny and oppression, as by being contempt to what’s going on is acknowledging their actions as they continue to oppress borrowers.

 

Check out the panorama's Britains Hiddien Housing Crisis http://www.bbc.co.uk/programmes/b01pc1qbas this is just the tip of the iceberg.

 

 

 

Breach of MCOB is a secondary matter which i think are useless provisions as they only regulate mortgages from 31 Oct 2004 onwards and not prior to the date even when it was identified prior to the date the misconduct of lenders. So unregulated mortgages are left out with the wolves which were the very foundation for the MCOB to be implemented.

 

Breach of duties/responsibilities do not necessary require MCOB provisionsas a breach in contract is a primary matter which can be easily identified by assessing the terms and intent before and after the contract and the performance of either party. Contracts go back a long time and remain the principal for any agreement to be in effect. The general provisions of a contract dictate the fairness and equality of the parties involved. A disclosure is a pinnacle factor for a contract to be in force with many other factors and without proper disclosure, important matters are left in the dark which could be critical effecting how either party performs under the contract.This non disclosure creates unfairness and an imbalance leaving either party vulnerablet o the elements. Im not a professional in the field of contracts/law but alotis common sense as that is how law originally developed.

 

Its not difficult to understand or prove the lack of ownership/duties/responsibilitiesfrom the originating lender to the borrower in the case of KML. KML is restricted within the group and bound to the other agreements which took effecton securitisation. Duties/responsibilities are therefore sent through the various channels at the discretion of those whom remain owners or in charge of the loans/Notes.

 

I hope you see why im asking for the information to help me with my journey. Ive managed to get my securities document where my mortgage is located part of the pool. Its quite an interesting read, now I need to find the mortgage sales agreement and some pointers in the right direction.

 

By the way where are all the experts on securitisation what happened to them? I know im late in this game as some of the securitisation threads go way back, have they signed non disclosure agreements, to not let others know what they managed to find out?

I do not disagree with your thoughts. However, I can't see a logical argument that will persuade a district Judge.

Good luck!

Ha..What a joke, it appears that firstly it is hardly worth a DCA spending time and money sending a demand for £8 and secondly Im not sure if the Ebay T&C's allow extra admin fees to be added on anyway.

 

As mentioned ignore, it would appear from what you have said that your ebay account is now all paid up and operational so Transcom can go take a flying leap, they arnt stupid enhough to start court acdtion for £8 and they have prob spent mjore than thyat on staff/paper/postage contacting you !

 

Just write back, point this out and wish them a Merry Xmas

 

Andy

@ Andy:I agree with your sentiment entirely.

For me the issue was that eBay will release customer details to ****-of-the-earth DCA's for trivial amounts on the basis of eBay terms & conditions which are almost certainly unenforceable in a Court.

eBay is now just another "chancer" organisation that will sell its soul and its customer's private details for a few pennies.

eBay is the company that it keeps: ****!

well i paid ebay the £16.40 i owed them and now received another letter off transcom worldwide stating there client has instructed i paid the outstanding balance with them but now transcom want there £8.00 and mention they will instruct solicitors against it

I had used eBay for years, I had a ~750 rating and yet in order to stop the letters and phone calls from a revolting & vile DCA I had to close my eBay account.This wasentirely due to a DCA trying to collect ~£8 because of my having made alate payment to eBay.

I understand eBay wanting to be paid. I do not understand eBay employing bottomfeeding DCA's after the eBay feeshave been paid with the sole purpose of chasing the DCA's own collection fees.

eBay has gone down the pan.

@ Nav110:

I accept that your argument is logical and has a chilling and disheartening conclusion, however:

• I think that your argument is as much with the mortgage broker as it is with KMC per se (though they are in your case one in the same)
  
• Part of me says: "and so what"; it is a cruel and unfair world populated by many unattractive individuals and organisations. That said I believe that if it could be proven that KMC will strenously avoid any variation to the mortgage terms & conditions irrespective of its obligations under statute as a result of its contractual position with the investors then one might be able to argue that KMC is in breach of its requirements under MCOB.
  

Have you or has anyone here attempted to test if a mortgage company is in breach of MCOB due to its contractual requirements with investors via a securitisation?

@ Nav110: what is your trhinking on this point? If Kensington has the right to dispose of your mortgage and it has done so then what advantage are you trying to obtain by addressing this?

I too have a mortgage and am more than unhappy with Kensington. I have asked Kensington if my mortgage has been sold, transferred or hypothecated in whole or in part and Kensington simply refuses to respond. Much as I'd like to find a valid argument with Kensington on this point I cannot see any valid angle at all.

So, if you have a thought please do share it!

Because it's to do with the interest they pay some other bank or finance house.

 

What is securitisation ??

Kensington and many others bundle together loans as a portfolio and resell them to other investors / lenders. In addition the portfolio can be sold in different layers of risk with interest rates related to the level of perceived risk.

This system is widely employed around the world not just for instruments such as mortgages but also credit card debt and many other consumer finance instruments.

Kensington loans money on mortgages of £X in total with an average interest rate of, say, Libor + 3%. Kensington then sells off the portfolio of mortgages at, say Libor + 2% thereby keeping 1% for its trouble.

There is some incorrect information in this thread.

 

1. A warrant of execution is a paper exercise, it takes, at best, 5 minutes to complete, and the only delay in the notice of eviction arriving is to do with whether or not the bailiffs have appointments available. From issue of warrant to the notice of eviction can take as little as 7 days, but is more likely to be at the very least a couple of weeks. It depends entirely on how busy the local bailiffs are. Bailiffs in my jurisdiction do not evict over the Christmas period, so unless a date is available before 18th December, it is not likely to occur before the first week of January - and far more likely to be towards the end of January. Not all bailiffs work in the same way.

 

2. The pre-action protocol is no longer relevant - the action started a long time ago and ended in a suspended possession order, the mortgagee has no obligation to go back down the pre-action route since they have already taken action and have secured an order.

 

3. Charges are not a 'line of defense' (sic). Charges cannot be stated in court as 'arrears', only actual missed payments of current monthly instalment (CMI) can be stated in court as arrears. It is very unusual these days for mortgagees to be silly enough to come into court with figures that include charges. Even if they do, so long as they can determine what are arrears and what are charges, the overall effect will be the same.

 

4. The fact that a solicitor's letter was received before the notice of eviction was advanced warning - the mortgagee doesn't even need to do that at this stage. With an SPO they can go straight to executing the warrant.

 

Now the good(ish) news.

 

If the arrears can be paid back within the term of the loan, and the OP can afford the CMI plus that arrears payment, then a judge is likely to stay any eviction. However, this will also be tempered with whether it is reasonable to allow the mortgagee to gain possession given the circumstances of the arrears. If there has been a flagrant disregard of the order made previously, and payments have not been kept to for any consistent period of time, then a stay is less likely than if there was consistency followed by a minor, brief blip in payments that can be explained by an event (e.g. losing a job).

 

How many payments have you missed since the SPO was granted? How much were the arrears when the SPO were granted? Are they lower now? By how much?

 

You will need to show good evidence of the reasons for your difficulties in meeting your obligation to the mortgagee, but if you can, there is a strong likelihood of the warrant being stayed.

I am sure you are correct on many of your points above, however I have indeed used (as have other CAG's) the monthly arrears charges as a point of argument at the stage of requesting a stay of eviction. The argument is as follows:

A - the monthly arrears charges have been found by the FSA to be excessive (in my case £50) as they exceed the costs of managing the arrears (FSA's findings in the case of DB Bank (UK) and GMAC);

B - because the arrears are in part interest on the capitalised monthly arrears charges the amount of arrears as stated is incorrect.

I am not suggesting that this is a "killer argument" but rather an argument which if combined with other arguments can be compeling for a Court.

Hi guys

 

Ive had a letter this morning from Transcom Worldwide (UK) saying my debt is £23.03

 

this is for eBay fees which i was unaware about as my grandad passed away recently and forgot to pay the fee's

 

was reminded this morning from this threatening letter saying i must pay £23.03 by 12th December

otherwise it will be passed to to door to door debt collection or to their solicitors for further correspondence,

 

i will pay the eBay fee's on Wednesday but i won't be putting a little extra into Transcom Worldwide i will pay it direct on my eBay account

then tell them the debt has been settled with eBay so back off.

 

Im looking for you good peoples advice on this

 

Thanks

Andydd is correct: pay eBay and ignore the idiot DCA.

Thank you for all this. I will have a look and let you know tomorrow about the interest rate. Our house is worth £190k and the mortgage is £124k outstanding. They have given me no options whatsoever and have been reading about Pre-action protocols. Should they have asked us if we wanted to capitalise our arrears? We have proved affordability of arrears so cannot understand why they are going down this route. Thank you so much for all your wonderful advice - I cannot wait to speak with them later and see what answers I get. Is there anything else I should ask them? Thanks

I cannot advise you on the pre-action protocols: iam am unfamiliar with this argument.

I would ask them for the monthly arrears charge, if any and the total amount paid in monthly arrears charges since the mortgage started (probably you will need to SAR them but they might tell you.)

I am always very cautious with what these companies / solicitors say on the phone. I'm afraid you simply cannot rely on telephone statements unless they are recorded.

We received the solicitors letter Friday and I called the mortgage company who told me that unless I could clear the arrears then they will seek a warrant so then I sent a letter to them Monday first class. They told me that the reason for going down this route is because there is no arrangement in place. Even though we have tried many times to come to some sort of agreement with them. We asked for interest only whilst my husband was out of work, this was refused so we still paid something every month as they said then at looks like we are making an effort. I used to speak with a lovely man called Sam, the last call I had was from a lady who said she was sending out a Income/Expenditure form which she did in October then no letters received until this solicitors letter Friday. Yes since my husband has been back at work we have paid every month plus extra.

 

I am going to call them tonight after work and ask if they have made a decision as the deadline was now (4pm) and if they are continuing with the warrant then I will ask for a breakdown of arrears etc plus ask for their procedures because i think this is completley unfair and out of the blue - no warning nothing.

 

Thank you so much for your help - my mind feels a little clearer now and your right i'm keeping calm.

Clearly I do not know the full circumstances of your situation. That said I cannot help but think that a Court would look anything but very favourably on your situation if it comes to that. I say this with the condition that you have a full and complete defense package for the Court (via the N244). This will include the form itself, the financial statements and a full witness statement which details all of the points we have been discussing.

Regarding the arrears: if I were you I would look very carefully at any monthly arrears charges which may have been levied on your mortgage account. Although the charges have probably been added to the capital amount rather than the arrears there is a line of defense using monthly arrears charges that has been very persuasive in Courts throughout the UK. So, check what the monthly arrears fee has been and how much in total has been charged.

If you receive an eviction notice (which may or may not happen) then I will explain the arrears charges argument to you.

Interest rate: is your monthly interest rate based on Libor? I'd be interested to know exactly how (as according to your mortgage terms) your interest is calculated, word for word.

Look, if your mortgage term has 17 years left and you have been retiring the arrears at £50 per month then this should / ought to be acceptable to the Court (as the arrears will be retired within the term of the mortgage).

You absolutely should ask for a complete breakdown of the arrears figure.

Solicitors letter: it may be that your letters crossed in the post. Have you spoken to the solicitors to confirm their receipt of your letter?

Reading between the lines of your posts:

* since the possession order was granted have you consistently paid your mortgage? If you misssed a few payments (in June 2010?) have you been consistently paying them lately?

* if you have been paying consistently as of late (including an additional £50 per month to retire the arrears) then I am at a loss as to why the mortgage company would attempt this action as it is quite illogical. It may well be that the letter from the solicitor was a scare tactic.

In any case, stay calm. Ell-enn is the expert and I am sure she will offer you very good advice!

Thank you so much - i'm breathing and staying calm.

 

Yes we have a suspended possession order already on the house. Our Mortgage is with Engage Credit and we have around 17 years left on our mortgage - the arrears are £4808 however they were higher five months ago as we have been paying £50 off a month.

 

Yes i've been reading about the N244 form. I have sent a letter to them (posted 1st Class Monday) and their solicitor offering an extra £30 on top of the £50 we are already paying.

 

Thank you so much for your advice.

OK, good.

Now please wait half a day for one of the site experts to respond to you. Don't worry, they will!

In the mean time I suggest you download an N244 form and put together a budget sheet (available on this site as an MS excel document).

Help!!!!!

 

In June 2009 I lost my job and after 2.5 months of non payment to mortgage the mortgage company took us to court. When we got to court I got back into work (even though my child was just 8 weeks old) and the court gave us a suspended possession order. Since then we made payments every month and on time. June 2010 my husband lost his job. I asked if they could change our mortgage type to interest only - this was refused. We paid something every month to them and they seemed happy with that. My husband got back into work in June 2012 and we offered to repay arrears £50.00 on top of our normal monthly amount. This was refused on the basis that they did not think we could stick to it. We sent bank statements to them and they said that because during this time various things changed my son was now entitled to free nursery places so that cost was reduced and we cancelled lots of our direct debits he would look at it again in a few months. We continued to pay £50.00 extra every month. They sent a letter end of October asking for Income/Expenditure form which i forgot to send back. They called my mobile during working hours and never called my house phone after 5 (which they had done before). Friday last week we received a solicitors letter out of the blue to say we have until today (Wednesday) to repay the arrears of £4880 otherwise they will seek a warrant of possession. We ofcourse don't have this money. They have given us no warning nothing. We are worried sick we will be made homeless for christmas - can anyone help us,, please.

 

Slow down one moment! I can assure you that if you fight you will not be out of your house before Christmas!

If there is a suspended possession order on your property then the mortgage company must seek an eviction order. This will take some time and will not take force for some time.

Once you receive the eviction order then you must file a N244, peopl on this site will help you prepare the form. The N244 requests that you return to the Court to argue your case. Given Christmas and the New Year break this is unlikely to be much before the middle of January.

I must stress that you MUST complete the N244 with all of the relevant attachments and submit it to the Court once you receive the eviction date.

You will receive plenty of help on this site I am sure; in particular read the advice you receive from Ell-enn from the Site Team.

Who is your mortgage with?

How many months left on your mortgage term?

What is the amount of arrears?

Stay calm!

i had intrest only for a while was paying 10 % off later in the week will try to the maths as they loaded arrears on my debt non dd and 50 pounds a month

 

has this gone to court ? about libor

The Libor issue has gone to court via two seperate CAG members. Kensington seems unwilling or unable to present the courts with the evidence requested by the courts.

hi that's great i had a mortgage with them from 2001 to 2009 well stung by them

Well, I would be very interested in learning what rates of interest you paid: if they charged you the same Libor rates or different Libor rates than they charged me or others. Do you still have your mortgage statements?

hi that's great because still waiting for pay out from them on charges being loaded on debt has any on took them on in court ? ?

Not that I am aware of; however if they took you to court (on, say, arrears) then you have an interesting defense which will cause considerable confusion as to what the arrears actually are.

Hi, I had a loan from these diots, £100 but was paid £80, went up to £930, complained to them repeatedley, then the FOS involved, after a number of weeks, the FOS called, and i didnt have to pay a penny, if you need any help let me know i

Please do tell more!

Hi - thank you but how will I discover if the rate they quoted as being in use at specific times in accurate please?

First: obtain the rates and dates (for the the rates settings) from your lender.

Second: check that the rates are correct for the dates via the internet or CAG users.

bump

Hi - I have been checking the info that GMAC gave me for an interest only mortgage, on reading through their tariff booklet and Mortgage Guide 2000, for Interest Rates it says the following:

"The interest rate charged will be based on "LIBOR" plus an additional amount (a "margin") e.g.3% over the Libor rate. This means that if LIBOR were at 7%, the interest rate would be 10%. The margin applied will depend on the type of scheme you are taking and your personal and financial circumstances and this will be set out in your Mortgage Offer."

 

OK - I notice that little bit about your circumstances, which sounds like "we will hit you with an enhanced rate if you have any adverse credit" - lol, then says:

 

"To help you understand how a change in the interest rate might affect your monthly payments, a typical example is given below assuming a 3 month LIBOR rate of 7.56% on a mortgage loan attracting interest of 3%, giving a total charging rate of 10.56%.

 

EXAMPLE: Based on a residential, interest only mortgage loan of £50,295 (Initial mortgage loan of £50,000 with a £295 arrangement fee added on a property valued at £75,000 repayable at the end of a 25 year term. Included in the calculation of the total amount payable and APR are: Arrangement fee £295, T.T. fee£30, Non block Insurance fee of £40.00, Valuation fee £220, Legal fees £350, Redemption Admin fee £155 payable at the end of the 25 year mortgage loan term. 300 gross monthly payments of £442.60. Total amount payable £183,905.00. The APR is 11.3% assuming that the 3 month LIBOR remains at 7.56% throughout the 25 year term.

For each 1% change in the charging rate, the gross monthly payment would change by £41.91p."

 

Hope this is helpful.

I would strongly suggest that you check that the Libor rate used for the purposes of calculating your effective interest rate was the correct Libor rate. What I am saying is that there are now examples of lenders (sub-prime usually) using an inflated Libor rate rather than the actual Libor rate. For example 3 month Libor might have been, say, 1.2% on September 30 2010 (or whatever date your rate was set, you can check these rates as they are published on the internet); however you may find that your lender used a Libor rate which was higher than this! It takes some hard work but I have found this to be the case and have argued it successfully in court (as has another CAG member).

This post may be in the wrong thread; apologies if it is.

In the New Law Journal (see link below) I read as follows:

I wondered if anyone is aware of this argument being successfully applied. In particular I am thinking of mortgage lenders such as Kensington.

http://www.newlawjournal.co.uk/nlj/content/after-party

finally heard back from kensington they are going to withdrew the eviction notice, so relief"d.. if it wasnt for this site i dont know how we would of got threw tha past two weeks, people on here reading what they are going threw, & the help & advice from who gave it much appreciated, hope everyone who is fighting to stay in their homes do so., kensington sending letter to confirm what they agreed, new year soon & hopefully new mortgage company, going to change companies.

Well done! Please keep posting about Kensington!

There are reciprocal agreements between the EU Countries. The following page deals with insolvency EUR-Lex - 32000R1346 - EN

I note that Denmark apears NOT to be a signatory; I also understand that UK money judgements cannot be chased in Denmark (unlike most EU nations); is my understanding correct?

If they obtain a CCJ in britain, then they will almost certainly be able to enforce it in another european country.

 

What type of debt is this?

tomterm8: my understanding is that this is not possible for UK debts chasing residents of Denmark, is that correct?

Exactly the same thing happened to me HSBC said they gave me the £200 offer settlement which they never did and made one up for DG when I issued proceedings, however I have letter saying to them "as previously stated I will persue this further if I dont get a reply". They make crap up!!!

I have had a very similar experience with DG; they certainly lie given the opportunity. In my case the incorrect HSBC entity claimed against me; as part of my defense I pointed out that I did not hold an account with the Claimant but rather a different entity. DG wrote to me denying that then entity I named in my defense exists now or has ever existed. The funny part: the same day I received DG's letter the HSBC entity that held my account was charged with fraudulent activities. Too funny!