***If you have a mortgage then this is for you***

[Bona]

It will be better to have everything on one thread not quiet so confusing for us minions who take time to get togrips with these things

Think Ive got one up on GMAC today will elucidate later dont like the guests that look in

[JonCris]

Cheltenham & Gloucester v Norgan

 

Thanks Taff

[JonCris]

Excellent Taf Does he/she intend to produce a progamme exposing this practice

[midge61]

Hi

 

Our mortgages have been bundled together and sold as portfolios. The profit is secure because of the equity in our properties (if I have got this right) so what happens now with property prices falling?

 

Will this mean that they will calculate what our interest rate should now be (once out of fixed term) to maintain the profit and not in accordance with Libor as they claim?

 

As prices keep falling will they keep putting rates up and try to con us that this is because of the Libor rate changing and hope that non of us have the savvy to understand what they are on about?

 

Also how many times do these portfolios get sold? Are they continually traded?

[JonCris]

Precisely midge this is a major part of the problem of securitized loans. These debts/bonds have been sold as being triple A investments the highest rating & supposedly the least risky of all other investments.

 

Therefore they must maintain their value at all costs & if property prices look like dropping below their equity level the they will repossess at the drop of a hat.

 

If they don't maintain their value the buyer of the bond can sue the seller of the bond (including the listing agency) as some are already looking to do in the States

[midge61]

So in theory then if they keep raising their interest rates (so far in my case the initial rise is from 7.9% to 9.99% and LIBOR is 5.84%) without proper justification, would we would have grounds to ask the FSA to investigate this as an unfair practice.

[JonCris]

Of course your correct midge61 bur good luck with that.

 

This is after all the same FSA that has allowed the banks to stop refunding charges whilst allowing them to continue imposing charging.

 

It's also the same FSA that tried to suggest that ordinary investors in NR only had themselves to blame as they should have known the NR was securitizing it's sub prime loans into Granite & using that to support it's own borrowing

[Guest TaffR]

So in theory then if they keep raising their interest rates (so far in my case the initial rise is from 7.9% to 9.99% and LIBOR is 5.84%) without proper justification, would we would have grounds to ask the FSA to investigate this as an unfair practice.

 

YES!

 

Your contract should state quite clearly what the current postion of your payments should be: x amount above todays LIBOR for example.

 

LIBOR though does not change monthly and these 'lenders; Grrr! work on a quartly change.

 

The FSA do not accept complaints as such. The complaints procedures by the way is another anomoly that work agaisnt you/me. Future debate.

 

However, if enough people write to the FSA, MP, FOS etc then this will stimulate them into taking action and at the minimum you ahve a record and a letter in return from them if and when you ahve to go to court (god forbid).

[Guest TaffR]

The FSA are weak. I don't say anything that I have not told them and whenever at the highest possible level.

 

Dreadful!

[Bona]

These bundles mortgages that subprime lenders sell on are the same as the mortgages the banks are bundleing up and giving to the govermant arnt they

[midge61]

well I've just ventured into the loft and got my mortggages docs out.

 

Seems my broker was a tied broker.

 

My fixed rate was infact 6.74% and once out of fixed rate will become a variable rate which is 4.25 above Libor so I should now expect a letter stating that my rate will now go to 10.99

 

I have also found a section titled "Transfer of the company's rights" just as you said Taff giving them the right to pass it on and on again!

 

Have also found some references to "packager"

[midge61]

I am well aware that the FSA are totally toothless but as I said "in theory" they are the ones that are supposed to regulated and protect us the consumer.

[Guest TaffR]

There are over 60 million people in the UK.

 

Does anyone have their email addresses?

[midge61]

You have nothing to be sorry for Taff.

 

I think that it is good that you have managed to do all this and been able to put the information on a site such as this and explain it such a way that the rest of us can understand.

 

Hopefully now we can all work together to get things changed.

[Guest TaffR]

My fixed rate was infact 6.74% and once out of fixed rate will become a variable rate which is 4.25 above Libor so I should now expect a letter stating that my rate will now go to 10.99

 

 

Not just a letter...you will get a phone call(s) too. This is to guage any sign in your voice or words that there could be a problem. It is not customer service. They are trained to look for signs. They want to and are paid to protect their portfolio investment at all costs.

 

Now me....knowing I can pay etc...(but this is just me)....knowing this....will make them sweat... but this is just me....

 

I cancelled my DD on purpose [due to theft] and pay when I want too within the month as technically (LEGALLY) you're not in arrears until the end of the month...this is just me and it is wrong!!! It is their systems that is all, that serves so many of their business mangememt reports.

 

I ask them to call me on other numbers when they call so again frustrate their systems and aims

 

But this is just me and I am well known to them and by the way they will select you out as 'troublesome' and take it personally.

 

This is like no other sector you know. The arrogance is incredible. You are made to feel like cannon fodder and this where it all goes wrong.

 

I have provided them in writing permission to speak about my account to speficic people in line with data protection act etc such as my solicitor etc if I am not available. They do not.

 

I get a solicitor to call them back now if and when they call (again just me) and they have nothing to say.

 

I also let them know directly that this is totally unacceptable and the reasons why so now they leave me alone but in other cases as we see they continue to harrasse and bully and charge where they can, again based on what you know and what they can get away with.

[midge61]

I am down as a trouble maker already so nothing new there lol

 

I stopped paying by DD over a year ago due to a change in my pay date.

the agreement I have is I have to pay by the 10th of the month which i do by cash directly into their account.

 

They then send me a letter dated the 11th or 12th of the month saying I am in arrears and I then write saying please provide a statement to prove this as I can prove I have paid. So far this works and no charges added!

[Guest TaffR]

They have transferred all my posts to the other link and I am not sure now due to this whether I can post in other threads or not. Now it looks like I have been talking to mysef, ranting even LOL because they never transferred the responses.

 

Sorry, guys, I do not understand forums much but dont wish to look like a fool and now I dont know what the rules are as the reasons for doing this was that I was posting to many threadts (4 at the most).

 

Good luck and my very best wishes to everyone.

 

Kindest regards,

 

TaffR

[Guest TaffR]

http://www.bankofengland.co.uk/statistics/ms/articles/artnov04.pdf

 

There is hope....Bye.

[groovycaz]

Just subscribing,

Im wondering if anyone have heard of Prime Business loans, I redeemed my mortgage early with massive fees to the Lancashire Mortgage Corporation ( Blemain Finance ) all my DD were to The Lanc Mort Corp yet my solicitor was insrtucted to pay the redemption fee to Prime Business loans, Ive had no dealings with this company and they dont appear to be reg with companies house, Ive looked and cant link them to either Blemain or Lancashire, Who are they and why would they be paid, my solicitor can shed no light on this company and said my house was defo in mortgage to the Lanc Mort Corp, they were not the broker either??? im at a loss as to who they are..anyone....Gc

 

Bumping, got caught in the middle of a discussion!!!!

[Guest TaffR]

Hi Groovycaz,

 

Was this a biz loan or just a normal residential remortgage or equity release?

 

Prime Business Loans...is this a Ltd company or as such?

 

Have you called Blemain or Lancahsire MC and asked?

 

I would have expected your solicitor to fully query this before payment.

 

Seems very odd.

[Guest TaffR]

Lancashire Mortgage Corporation is the commercial lending division of the Blemain Group. We provide commercial mortgages, land finance, development finance and bridging finance.

[Guest TaffR]

if you are in the north west or north east.....contact this person and ask..

 

[email protected]

[Guest TaffR]

Updated:

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/144942-sub-prime-mortgages-repossessions-4.html#post1527117

[groovycaz]

H TaffR, no it was a mortgage, I bought an old building in 2000 which had been empty for a couple of years and wrecked, and as I live in a former mining village where at the time half the street was boarded up and empty no-one would fund us as it was semi commercial and uninhabital it was only £15000 so we paid half and got a small mortgage from the lancashire mort corp, through a broker for the other £7500, my solicitor made enquires (after I wrote to Blemain who fobbed me off with lies and said it was a secured loan) and he said it was defo in mortgage to the lanc mort corp, I paid 32 payments of £122.29 then wanted to redeem to a lower rate, i never missed a payment and to redeem i had to pay ££9,650.30 to Prime Business Loans, my solicitor wrote and asked if lancashire and prime were one and the same company but did not get a reply, I paid it as they would not release the deeds otherwise? I think it culd be a ficticious company cause no ones heard of them all the letters were from the lanc mort corp ive not got one letter from prime...Gc

[groovycaz]

Oh and i got a letter from Howard Laddin saying that despite their undertakings not to use the rule of 78 when calculating my redemption figure, in my case they were within their rights to use the rule of 78 and did so?