Need some help with Redstone Mortgages

[Guest DebtWeary]

Hello I am new here, and need some advice. I have been posting on the Debt forum.

 

I have had a mortgage with Redstone since they took over from Amber Home Loans about 2004. I have had financial problems and spent 2 of the last 3 years under a suspended re-possession order, which I have just managed to clear.

 

First, I want to be sure who I am dealing with, as I want to complain about a) how many Late Payment Fees I have paid and b) why I get so many threatening letters when I have paid.

 

Through digging around, I have come to realise that the people I have been dealing with these last years appear to be an outsourcing company called Homeloan Management Ltd., based in Skipton, Yorkshire, a subsidiary of Skipton Building Society. This outfit manage mortgages for around 40 clients according to their website, including the infamous Kensington.

 

At no time have I been informed of Homeloan Management's involvement in all this, I thought I was dealing with Redstone all along. In fact, their website boasts that their administration of the loan will be "invisible" to the borrower. So, in effect these people are little more than debt collectors!

 

Now, if I complain, should I do so to Redstone, or should I take issue with Homeloan? Also, by what right do these people have to do all that they do, including all the threats etc. without my having any knowledge of them ever becoming involved?

 

Homeloan's behaviour has been appalling, they have "lost" some of my mortgage payments (they also boast of their state-of-the-art computer systems!) and one such loss resulted in a Warrant for Possession being issued in error.

 

I hope someone can help. I have really had enough of these people.

 

Thanks.

[Bona]

if you have no arreas you need to make an application to have the suspended possession order dismissed otherwise if you go into arreas again they will not go back to court and just enforce the possession then I would complain to the FSA

[Guest DebtWeary]

Hello Bona, yes I was aware that they could do what you said, thing is, I am not in arrears and they keep telling me I am, it's their crap accounting system I am fed up with. I agree, it would be an idea to see if I can get rid of the possession order.

[Bona]

have you got an uptodate copy of your statement

[Guest DebtWeary]

Yes, they send monthly statements, as their accounting is so rubbish they nearly always show me as being in arrears.

 

I am going to see how I can apply for the order for possession (suspended) to be set aside. According to the Court, I would be well advised to get legal advice as the wording of such an application has to be done properly.

 

I phoned the Redstone number today, and got them to admit that they are Homeloan Management. The woman I spoke to said that she deals with several different lenders. I still don't see why they couldn't have come clean in the first place.

 

The actual company, Redstone Mortgages plc, although registered as a company, I suspect has few, if any administrative staff and it seems that all the actual day to day business is done by Homeloan.

 

All this raises some questions in my mind. If Homeloan have to power to apply for a re-possession order, which they did with me, then why are they still entitled to remain anonymous throughout the proceedings? I re-checked all the Court material and their name is definitely not there.

 

I don't know the law relating to 3rd party mortgage administration but while they are obliged to notify the borrower if the lender changes (as happened when my original loan with Amber Homeloans was transferred to Redstone) then why is it not the case that borrowers aren't entitled to be told when the account is being administered by someone else?

 

I must see what else I can find out.

[mactheknive]

PLEASE.....the very best advice I can give..ring the consumers desk at the FSA..0845 606 1234 an investigation has already began..tellthem all you know at direct them to this site.tell them about all the other people

who cant get Redstone to listen...this company MUST comply with the FSA regulations and have a full and transpararent complaints procedure

I can assure you the FSA had their hand slapped badly over Northern Rock

and the very thought of another dodgy mortgage company has already

had alarm bells ringing.they will be very interested in all you say.

[Guest DebtWeary]

Thanks mactheknife, I have had a rocky ride with these people all the way but oddly, since the "credit crunch" of recent weeks, they have gone remarkably quiet.

 

One of my problems has been erratic payments I have made to them, I am self-employed and money fluctuates a lot so I tend to get behind with payments very easily, if I have a bad month or two. Under those circumstances, I usually get a flurry of letters and constant phone calls. Currently I am 2 months behind - there is not much I can do until I get some more payments in the coming weeks - and have been expecting a letter from their solicitors, either threatening to apply for a repossession hearing or actually telling me they have applied.

 

As it is, I have had only one letter in 3 weeks and today I had one phone call, again the first in 3 or more weeks. This is unprecedented!

 

The suspended re-possession order I was under for a couple of years now no longer seems to exist. When I spoke to them some time ago, they assured me that if they wanted to take me to court again, they would have to apply for re-possession all over again, rather than simply get a Warrant of Execution which is what they have done before.

 

Are you saying that the FSA are actually investigating Redstone? I do hope so! I could tell them some things!

[jake44]

We are also with redstone and are stuck with them till October !! They are constantly sending letters that we are in arrears WE ARE NOT . This will not look good on our credit file and also when we have to ask for a mortgage statement when we do remortgage, It will constantly show an arrears figure everymonth ?? This will also put other lenders off..........

 

keep me posted if you hear anything else .

[Guest TaffR]

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 FOS 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 mortgage 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 Mortgage portfolio. A normal portfolio size is circa £1m/800 properties.

 

The Redstone SPV is owned by: HVBEurope.com and you contact them direct here: [email protected] 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 holiday 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 collection 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

[jake44]

we are changing mortgage this year. At present we are with redstone.

 

We have a £6000 penalty if we finish the mortgage earlier than Octoberthis year. Can this company still hold us to the sum ??? ( hopefully not and I can change now ) We were on a fixed rate and then from last october till october 2008 their SVR of 8.45

 

The sooner we get anway from redstone the better

[rachelg23]

Hi re Redstones and my problem when I replied to aletter from their solicitor I asked for a copy of my transfer from Amber to Redstones as I was never consulted, she did send me a copy of a list which included not only my address but that of many of their other customers so much for the Data Protection Act. I WILL NOT BE POSTING IT ON THE INTERNET!

As far as FSA is concerned they are as much use to the financial industry as Acas is to any problems one has with the unions in this country.

[hollyjake]

Just to let you know I had the same problems with redstone, and I got away from them, they charged some absurb erc which was not right in 2006, the weirdest thing even 2 years after remortgaging, I keep getting cheques off them for hundreds of pounds, just out of the blue, and I am not doing anything, and because of these idiots I lost my house, another cheque arrived last week I borrowed 175000 off them, it cost me 219000 to get rid of them approx 45,000 pounds, and its gone to solicitor, even the solicitor could not believe it who remortgaged me 2 years ago, as they had forwarded cheque to him

[rainbow144]

Hello I am new here, and need some advice. I have been posting on the Debt forum.

 

I have had a mortgage with Redstone since they took over from Amber Home Loans about 2004. I have had financial problems and spent 2 of the last 3 years under a suspended re-possession order, which I have just managed to clear.

 

First, I want to be sure who I am dealing with, as I want to complain about a) how many Late Payment Fees I have paid and b) why I get so many threatening letters when I have paid.

 

Through digging around, I have come to realise that the people I have been dealing with these last years appear to be an outsourcing company called Homeloan Management Ltd., based in Skipton, Yorkshire, a subsidiary of Skipton Building Society. This outfit manage mortgages for around 40 clients according to their website, including the infamous Kensington.

 

At no time have I been informed of Homeloan Management's involvement in all this, I thought I was dealing with Redstone all along. In fact, their website boasts that their administration of the loan will be "invisible" to the borrower. So, in effect these people are little more than debt collectors!

 

Now, if I complain, should I do so to Redstone, or should I take issue with Homeloan? Also, by what right do these people have to do all that they do, including all the threats etc. without my having any knowledge of them ever becoming involved?

 

Homeloan's behaviour has been appalling, they have "lost" some of my mortgage payments (they also boast of their state-of-the-art computer systems!) and one such loss resulted in a Warrant for Possession being issued in error.

 

I hope someone can help. I have really had enough of these people.

 

Thanks.

 

I am having trouble with them alot of trouble they are threatening me with all sorts of things even though we have paid thousands it just seems like they can frighten you till you dont know where you are, are you still with them?

[suzby83]

Hi, sorry to bring this tread up again.

 

Me and my partner are in the process of buying a house and had to use Beacon Homeloans Limited (Redstone Mortgages Plc), and after reading this thread i am a little worried.

 

If we keep to our payments every month as per our agreement for the 2 year fixed deal we have with them, should we be ok???

[soulbumblebee]

Hi, You have my total sympathy, these people have caused me so much stress. As in my recent post, I can only advise anyone to keep well away! If you have the chance to change to a 'real' mortgage provider do it whilst you have the chance. I am in the process of doing so right now.

[Angel_Gabriel38]

hi im with redstone and there being really mean to me, they to are taking me to court for eviction, as i got into arrears due to illness in and out of hospital, they wont listen, they dont communicate with each other , they took me to court for repossion while i was in hospital going under the knife, and i nearly had a fit when i was told, please help as im so worried, do the fsa, know how unfairly there treating people and what can be done about them

[Guest DebtWeary]

Hi Angel, I am so sorry to hear what has happened to you. It sounds exactly the sort of thing these despicable people do.

 

First, what was the outcome of the court hearing? If the hearing went ahead without you there, the judge would have made a ruling anyway. If they have granted Redstone a Warrant for Possession, you MUST apply to the Court immediately for another hearing, so that you can explain your situation. Judges are sympathetic to people's hardships by and large and will usually grant a Suspended Repossession Order if you can offer a repayment plan that is within your means.

 

If you are not able to do all this on your own, then get in touch with Citizen's Advice who are used to helping people out in these situations. But please do not leave it. Get some help straightaway.

 

Let me know if you need any more advice.

[soulbumblebee]

Hi Angel, I'm sorry for what you're going through, I know exactly how you feel. These people are inhuman! I went to court in June 2007 for £900 pounds arrears due to unemployment, two days before the hearing my mother paid £500 off the arrears but the hearing still went ahead. I was ordered to pay my monthly mortage & £52 a month off the arrears & have a repossession order in place in case I default on this agreement.

Redstone are far too quick to take court action as after researching I found many people owe up to £20,000 arrears but have managed to make an arrangement to keep their home.

I hope you can make a similar arrangement Angel because no matter what they threaten you with you will find help out there. As debt weary says above, talk to CAB or a solicitor, you can get advice by phone or most solicitors give you 1 hour free consultation.

Please keep in touch via this thread. I hope you are on the road to recovery healthwise.

The only other thing I can say is don't let these monsters at Redstone grind you down. You must fight them.

They have been reported to the FSA but I have heard nothing yet

Very Best Wishes to you. x

[Angel_Gabriel38]

hi guys, it hasnt gone to court yet for the possession warrant, and thank you i will do what you guys say, id like to tell you guys i feel so much better having some nice folks out there, they started this business with taking me to court, last year, when i was going under the knife to have neuro surgery in my neck, i had 7 bones removed, and am still out of action now, i had the 2nd operation done in my middle back, this year and am now slowly getting back on my feet, they threatnd me if i didnt pay 3,500 they were taking me for possession, so i paid it, and noticed it didnt go on my mortgage account, their liars, cheats and fraudsters, i sent in proof of the operations as they called me a liar and did say i was putting it all on, i have 2 scars 1, in my neck, and 1, in my middle back, they said if i send in proof theyll cancel the possession order, but didnt, i am really fed up with their threats, but am now paying what i can afford, as im unable to work due to surgery, but you guys have made a big difference and at least i can smile now and i dont feel all alone, please stay in touch with me, as ill keep you guys up dated, and thanks. gabriel.x

[soulbumblebee]

Hi Gabriel, You are going through it right now huh? It seems that is all Redstone do, threaten people! It's time the FSA got off their backsides and put a stop to them. It's not the first post I have read where they say people owe them money even though they don't, and have had to go to great lengths to show proof that they don't owe them!

I was 2 days late with my payment last month and had a letter threatening legal action, these people can't be for real. I for one want to see them brought down sooner rather than later.

I am currently arranging a new mortgage after christmas, I can't wait for the day when I will have to have nothing more to do with them

I hope you continue to make a good recovery Gabriel, my thoughts are with you.

All the very Best x

[Angel_Gabriel38]

Hi Soul, I Was At The Hospital Yesterday And Had My Stitches Out, And It Hurt, But Im Doin Good, My NeuroSurgeon Says I Have To Have 1 More Operation In My Lower Lumbar, In March, And I Thought To My Self Crap Happens, But Paid Redstone Today, What I Can So Lets Hope Theyll Accept What Im Paying, I Havent Heard Nothing Yet So Will Let You Know, Im Remortgaging In New Year, Cant Wait, I Just Wanna Say Have A Good Xmas Buddie, Speak Again Soon Gabriel..x

[Stylish1]

Oh my gosh! Was completing some basic research on the internet to find out who owned Redstone Mortgages as I wanted to make a complaint.

 

I thought I would check on here first and I cannot believe what disgusting leeches Redstone are!! Angel my thoughts and prayers are with you as i am in the same position but I suffer with cancer and it came back and I am now recovering from a life saving transplant and Redstone have done the exact same treatment with me !

 

While i was in hospital under going my transplant they were calling me every day and then demanded doctors letters and certificates to prove where I was. I never missed a payment until I fell ill.

 

Redstone are the devil incarnate! Could anyone please let me know what is the best thing to do, should I go straight to the FSA or write to Redstone (who at present either never seem to receive my letters or they arrive "late") so I get another charge plus all the other charges that I get at present?

 

I really need to know as I now keep getting threatened with court action and even though I have been paying my mortgage the arrears seems to be growing even bigger with all the added charges for late everything and I'm too stressed to let this go as those despicable thugs (Redstone Mortgages) don't believe (even with proof) about my illness and transplant.

[Angel_Gabriel38]

hi stylish, sorry for not replying sooner, i had my eviction date set for the 3rd of feb and found a few truths out, redstone will keep you away from court so you dont let the cat out of the bag, they wouldnt give me any court dates so i could attend, i didnt even get a eviction hearing they rushed my eviction warrant through in 5 days behind my back and told me to wait for a court hearing, well im now slowly recovering, and had to go to the courts to day and file a stay on eviction, im still paying so called redstone, what i can afford, but i have now looked into the probelms with them they dont give a dam if your ill they lie to you, call you liars like they have me,they threaten me and black mail me but i have now contacted a lawyer and i have grounds to sue on mental cruelty. get a lawyer hun, and sue them as they try everything to stop you appearing in court and blowing their scams,im sueing now, as im now disabled with a damaged spinal cord, but the law has now protected disabled people. go for it and let me know hope you get well soon. as im soon thinking of going back to law school so redstone will need all the help they can get. do it asap kind regards Gabriel x

[Angel_Gabriel38]

hi guys today being the 29th i took redstone to court and won my case of eviction they had there lawyer there and she tryed her hardest to take my house but No the judge suspended the eviction warrant indefinatly so i won im not scared of redstone and stood up to them. so im pleased overall. there lawyer stormed out of court without saying anything. but i won my case. and still cant believe it. but dont show them your scared go for it. my heart goes out to you all. Gabriel....

[winnie1999]

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 FOS 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 mortgage 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 Mortgage portfolio. A normal portfolio size is circa £1m/800 properties.

 

The Redstone SPV is owned by: HVBEurope.com and you contact them direct here: [email protected] 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 holiday 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 collection 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

 

Hi Taff

 

I have just read you letter about redstone well where do i begin? We have a mortgage with them, and now we have both been made redundant, redstone dont give a damm the are adding charges on left right and centre and are not listening when we explain we are now on benefits, they asked us for proof which we sent to them and funnily enough they received one letter but did not receive the other two which were in the same envelope. They are now issuung us with a solicitors letter, when i have asked at various times to speak to their so called customer service dept i have been told they dont talk to people and the same as managers who do not talk to the public:-? well we will wait and see what happens but hey, the cant take my sense of humour but i expect they will try!!!!