Capstone/Acenden reposession date

[wishboneash]

i was with halifax and got a subprime mortgage through gmac

i was never advised to extend the loan with halifax but went through a broker

who got me a gmac mortgage sub prime

 

any good company's to claim with

[wishboneash]

Hi slgsue I got this from the FSCS website

 

 

The firm I dealt with is no longer trading, but the FSCS says it cannot help me. Why?

 

As a fund of last resort, we can only consider claims if they cannot be paid by anyone else. If the firm is no longer trading but still has assets that could meet your claim, we are unlikely to be able to help you. This means that you will need to take your case up with the firm you dealt with.

If you are having problems finding the firm or its owners and wish to pursue your claim, we may be able to provide contact details. Please contact us.

If the firm (or its owners) will not consider your claim, you could take legal advice or contact your local Citizens Advice Bureau for help.

The Financial Ombudsman Service (FOS) may be able to help you make your claim in some circumstances.

A guide to the different roles of the FSCS, FOS and the FSA.

 

 

hope it helps

 

mine was the tml no defunct but was put through gmac

[Mandering]

You metion you were not aware of any 'broker commission', this would suggest a pre MCOB ( nov 04) mortgage. If thats the case FOS wont be much use. You sure that the commissions were not disclosed?

[ihatemybank]

Hi All,

 

Sooner the FSCS go the better. They dont even look at MCOB when assesing complaints they only look at their rules 'COMP'. Does anyone know when the FOS look at MCOB?

[maybelline]

You were not properly assessed to check that you could afford the monthly payments.

You were sold a mortgage while you were on benefits.

 

and admits to destroying agreement

 

?

 

hypothetical situation

[~Clueless~]

Hi all, i've been reading all of the above and firstly would like to say Well Done to sue!! sounds like some good news there for a change, we could all use that lol Good luck!! xx

 

Ok my position is....

 

We bought our house through Regency Mortgage Corporation as a right to buy in Oct 2006,

 

 

now when we took out the mortgage we were told that we could only get an interest only mortgage as we "probably" wouldn't be accepted for anything else, this was before we had even looked at credit history, and to be honest our history was very good.

 

 

My partner was working full time but I was actually only in college when they allowed us to have the mortgage so i wasn't in work at all i just got a bursary and the childcare element of tax credits to help with childcare costs, (it's a joint mortgage)

 

 

so would i have grounds to claim as a mis sold mortgage???

 

 

He also said that in 3 years when the fixed rate ended we could "just re-mortgage" just like that!

 

 

To be fair we were compeletely clueless when it came to mortgages, we saw it as an investment for our future, could regency have exploited this??

 

Also, when we got the mortgage we agreed it with Preffered Mortgages,

then once day about a year later if that we got a letter stating everything about our mortgage but only it was from a company Called Capstone Mortgage Services?

where did preferred go??

 

 

We still get a yearly statement from preferred but whats happened?

When i contacted them about it they were very unclear as to what had happened just that "they were Preferred".

 

The situation as it stands now is....

 

We could no longer afford to keep up with the growing payments so we have moved into a rented house and are volutarily giving up our house (voluntary reposession) but i have since read up a little on mis sold mortgages and i think we might have been mis sold it, am i right??

 

Any help would be truly appreciated

 

Thanks in advance

 

Still Clueless xx

 

Also, As Regency Mortgage Corporation are no longer trading (think they went bankrupt) Who would we contact? Would we go straight to the fos??

 

Thanks again

Clueless

[Clutching At Straws]

I could do with some assistance with taking up a mis sold mortgage with spml,

 

we were previously with Kensington and were facing a re possesion hearing,

i managed to get a remmortgage with spml !!!.

 

What we wern't told was that the repossesion would have been suspended as long as we kept up payments and cleared the arrears at a nominal sum,

we remortgaged and got hammered nearly 7k in exit fees,

 

what i know now i wouldnt have remortgaged for another 6 months, the 2 year tie in ended then so no big exit fee.

 

Also we were advised to self cert as our income wasn't enough to borrow the amount needed.

 

The other point is that it was never explained that the interest rate follows libor and not the b.o.e base rate.

 

we are now 12k in arrears with spml which mostly consits of fees and litigation management charges, we have stayed of 2 repossesion hearings with spml and now have a on going case with the fos,

 

i now want to go after the financial adviser who sold me this croc of crap mortgage.

 

Any advice would be gratefully received.

i have requested my mortgage file from my broker and he has agreed,

i told him i needed copies for the fos investigation.

[maybelline]

Hi, does anyone have the templates link for compound interest?

[maybelline]

missold mortgage product, will FOS deal with this complaint? also -

if not, which body deals with bad brokerage advice? and misselling.

 

also - which letter/body re DPA and disclosure of underwriting sheets as are being refused on spurious grounds.

 

thanks

 

hello clutching at straws, that sounds terirble, but sadly so true for so many of us whose only hope is CAG and challenging the vultures!! very good luck.

I too am challenging misselling, bad advice, bad charges and legal costs and under threat of repossession. I intend to fight every inch of the way.

[slgsue]

Just wanted to give a bit of an update since our court appearance and SUCCESSFULL Suspension against Capstone ooops should I say Ascenden

(whats that for to say they are ascending to the depths of hell!!! Sorry cant stand them)

 

 

Looking back,

in June my arrears were £3719 including charges which are not with FOS,

they have so far offered me £500 to drop the case,

I dont think so!

 

 

My arrears now including charges are £2800 all but £100 are charges!

 

We are working very hard to keep the arrangement and always round our payment up to the nearest pound not much but keeps us in credit which has now grown to the sum of £5

 

 

We have had one hiccup which I have now lodged another complaint against, due to their "system" not crediting my account with my October debit card payment they added £115 charges.

 

 

I was livid, but they are still investigating to get it credited back to my account,

how can they argue they even admitted over the phone it was their error????

 

It astounds me,

I am so pleased with our personal progress and thank CAG and the fantastic Ell-en for all the help and support, but will never trust that company and will one day be able to move to a prime lender with a decent rate and say good bye to the likes of these hideous cretins!

[Ell-enn]

Good to hear you're keeping things on an even keel, and also glad you are still fighting their injustices. Well done - I hope things continue to go well for you

[onestressedwoman]

Hello

 

just jumping on the end of this thread - need advise got a meeting at 12 today

 

Repossession proceedings were started against me in September, the mortgage company were fully aware arrears were subject of government appeal and I was awaiting court hearing - So managed to talk them into a last chance agreement

 

I have complied with agreement since but am not going to be able to make December's payment but have got hearing date finally for 31st January !

 

 

Going to my council today to discuss how they can help however in our intial conversation out of the three options she was only talking about buying the house and then renting it back to me (NO WAY) - However I am going to go down and see her today

 

The way I see it is I should qualify for Mortgage support scheme whereby they pay shortfall as only a temporart drop income as my husband can return to work if we get money owed in pending court hearing (this payment will cover one ans a half years mortgage payments )

 

Any advise re this meeting ? also if this fails do you think the mortgage will allow this break of 50% shortfall untill hearing - if i produce notice of hearing date ?

 

Hoping that someone can give me a little advice before I go ?

 

fingerscrossed

 

OSW

[slgsue]

Could someone please advise,

I have made a claim with the financial Ombudsman Services against SPML/Capstone/Ascenden whatever they want to call themselves.

 

 

Over the term of my mortgage they have charged me nearly 3000 for late payments etc.

They took me to court and we have a suspended repossession order the arrears

(including charges stand at just over 2500)

 

 

Capstone as they were called in October charged me 115 for late payment

but as I could prove their agents had said this would not happen,

they ever so kindly took the charge off!

I informed FOS of their dodgy dealings and today told them that they had removed the charge.

 

My claim has at this point been passed to an adjudicator whom I have informed of all issues with the aforementioned!

 

 

The adjudicator has today come back and advised me that due to them refunding this single charge, the whold case is going to be looked at again in the next few days in order for him to make his final deecision.

 

Should I be worried?

The reason for the charges mainly stemmed from late payments as before my court appearance they refused to change the date of payment.

 

 

Yes they did refund one charge but I strongly believe they need to refund all the charges.

Is this a lost cause, I am quite concerned now

[tifo]

hope you have a good outcome, but i'm very unhappy with the FOS. They told me they can't investigate any late payment (arrears) charges! You might get a better answer.

[42man]

slgsue....let me know what happens, it may be that you may have to contest the charges in court...

[slgsue]

Well I am not going to give up on this one. So if needs be I will take the matter to the courts

[HomerJSimpson]

It is almost certain that an adjudicator will not give you the decision you want - ie side with the mortgage company.

 

You can appeal to an actual Ombudsman but again this is somewhat dodgy ground. The FOS are at best hopeless, and at worst completely useless, but they do mean very well.

Thankfully the Courts are more reliable.

 

 

As long as you prepare your case properly

the issuing of a Court claim should give a good kick.

They aren't bothered about you going to the FOS,

they know they're hopeless too.

But they aren't so keen to go to Court, least not as Defendants.

 

Best of luck and keep the faith. You are in the right unless they can prove otherwise.

 

HJS

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?296108-Hot-news-for-anyone-who-has-suffered-mortgage-arrears-charges-irresponsible-lending-or-other-unfair-lender-conduct

 

Recent information posted to the forums

[BankFodder]

I suggest that you print out the two final notices which have been published by the FSA in respect of Deutschebank and in respect of Redstone and send them urgently to the adjudicator. CitizenB has linked you to an article in the CagMag which in turn contains links directly to the FSA website and the relevant decisions.

 

These decisions impact directly upon the question of unfair charges and it is clear that the FSA considers that any charges which are levied above the cost of actual administrative expenses incurred are contrary to the mortgage rules and therefore unlawful.

 

Print these out and send them by special delivery to the adjudicator. If you have a telephone number of the adjudicator phone the adjudicator and let him or her know that these final notices on their way and also give him the reference. If you can let him have the information by e-mail as well then so much the better.

 

We would be very interested to know what the FOS has to say in response to these new FSA final notices

[tifo]

We would be very interested to know what the FOS has to say in response to these new FSA final notices

 

With my complaint, against a high street bank, the FOS say that the Final Notices may only affect customers of those banks and have no relevance on any other bank's customers.

 

They also say that they don't investigate arrears charges and consider them fair as there has been no court ruling judging them unfair. They say the FSA has not said that they're unfair, only that they must reflect costs and they believe the arrears do reflect a bank's costs. And since they don't investigate them, they won't ask the bank for a breakdown. Also that you, the consumer, agreed to the charges in the Ts and Cs and the bank only applies them because of your mistake. And that the test case last year said it's judgement may apply to other (any) type of charges so ALL charges have been deemed to be fair.

 

The adjudicator seemed to be very sure of what he was saying.

[slgsue]

I have received a copy of the FOS decision letter regarding my complaint against excessive & unfair charges, with lots of advice on this forum and some great quotes from Suetonius have had my complaint partially upheld (I can post up the letter if anyone would like a look).

 

the adjudicator has found some of the charges to be unfair,

but the biggies namely the legal fees and some of the litigation management charges were ok.

 

 

He has concluded that they should refund me £925, this does not include the interest I have asked for either!

 

Acenden have yet to respond and he has now given both sides 3 weeks to give any further evidence/statements before being put into the queue for an Ombudsman's review.

 

 

This I am aware could take several months ok possibly over a year to sort out and by the time that has happened this refund would clear any remaining arrears and possibly even leave me some.

 

Again the FOS has not ruled about the excessiveness of the fees, just whether they were fair or not.

 

My question is really

should I be patient and accept what they have decided or go the court route appeal all charges again and get the excessiveness looked at and exposed.

 

 

If I choose this route, what do I need to do, I am totally clueless.

 

Thanks in advance for any help.

[Suetonius]

I have received a copy of the FOS decision letter regarding my complaint against excessive & unfair charges, with lots of advice on this forum and some great quotes from Suetonius have had my complaint partially upheld (I can post up the letter if anyone would like a look).

 

Basically the adjudicator has found some of the charges to be unfair, but the biggies namely the legal fees and some of the litigation management charges were ok. He has concluded that they should refund me £925, this does not include the interest I have asked for either!

 

Acenden have yet to respond and he has now given both sides 3 weeks to give any further evidence/statements before being put into the queue for an Ombudsman's review. This I am aware could take several months ok possibly over a year to sort out and by the time that has happened this refund would clear any remaining arrears and possibly even leave me some.

 

Again the FOS has not ruled about the excessiveness of the fees, just whether they were fair or not.

 

My question is really should I be patient and accept what they have decided or go the court route appeal all charges again and get the excessiveness looked at and exposed. If I choose this route, what do I need to do, I am totally clueless.

 

Thanks in advance for any help.

 

 

 

Hello Slgsue

 

Congratulations on getting this far...

 

Good to see that the Adjudicator considers the arrears charges applied by Acenden (in these circumstances) to be unfair and that he/she considers that they should be refunded.

 

In deciding your next move, do you know how much approximately all of the charges including interest and legal fees add up too ?

 

Sorry if you have said this before but is this for a first charge or a second charge loan?

 

If it is a first charge did you apply for it after 31 October 2004 ?

[slgsue]

Hi, thanks for the reply. In answer to your questions:-

 

1. Approx £2800 excluding interest (I have no clue how to work that out:oops:) This includes legal fees for repo hearings 4 times, although I have only been in court twice.

 

2. Yes, first charge on the property.

 

3. Taken around October 2005, but within a few months we were in trouble with it.

 

For some additional info, the arrears now stand at £2274 and I am paying this back at £100 per month by 19th of the month as per court order. This arrangement is actually in credit, though due to their ineptness I have had to get them to remove £115 charges on 2 occassions. The second charge still hasnt been sorted but I am on to this! So technically the arrears are £2160.

[Suetonius]

In case you wish to proceed with the FOS, I have started writing a final submission to the Ombudsman that you could use.... I don't have much free time at the moment, so I will post bits and pieces as and when I can.

 

(Date)

 

(Adjudicators Name)

The Financial Ombudsman Service

South Quay Plaza

183 Marsh Wall

London

E14 9SR

 

Re: (Your Complaint Reference Number)

 

Dear (Adjudicators Name)

 

Thank you for your letter of (date of letter). Whilst I welcome the conclusion of your investigation, I was disappointed to learn that Southern Pacific Mortgages Limited (SPML) did not respond to your correspondence.

 

As I understand it, as SPML did not respond to your correspondence, an Ombudsman will now independently assess the merits of my complaint and following this assessment issue a ‘final decision’ – being the final word of the Financial Ombudsman Service about my complaint. It is my understanding that once a ‘final decision’ has been issued, I have the opportunity to accept it or reject it.

 

Therefore, given the importance of the ‘final decision’, I would like to take this opportunity to reiterate the details of my complaint. I would also like to explain why whilst I am grateful for your investigation of my complaint, I consider that the final financial award by the Financial Ombudsman Service should not be limited to arrears charges applied to my account.

 

Complaint

 

I have a regulated mortgage with SPML. I consider that the amounts including but not limited to arrears charges, legal fees and additional interest have been unfairly applied to my account.

 

To resolve my complaint, I would like SPML to refund all of the additional amounts applied to my account.

 

Conclusion

 

It is my understanding that a complaint is to be determined by reference to what is, in the opinion of the ombudsman, fair and reasonable in all the circumstances of the case.

 

Furthermore, as I understand it, in considering what is fair and reasonable in all the circumstances of the case, the Ombudsman will take into account relevant law and regulations; regulators' rules, guidance and standards; codes of practice; and (where appropriate) what he considers to have been good industry practice at the relevant time.

[Suetonius]

Application of Arrears Charges and Legal Fees

 

As clearly evidenced by the frequency of the charges applied to my account, SPML was unambiguously aware that I was experiencing financial difficulties. I consider that there are a number of steps SPML could have taken to avoid continued charges being applied to my account. However, SPML failed to enter into meaning full dialogue to comply with its obligations under MCOB 13.3.2A.

 

“2A firm must, when dealing with any customer in payment difficulties:

 

make reasonable efforts to reach an agreement with a customer over the method of repaying any payment shortfall or sale shortfall, in the case of the former having regard to the desirability of agreeing with the customer an alternative to taking possession of the property;

 

liaise, if the customer makes arrangements for this, with a third party source of advice regarding the payment shortfall or sale shortfall;

 

allow a reasonable time over which the payment shortfall or sale shortfall should be repaid, having particular regard to the need to establish, where feasible, a payment plan which is practical in terms of the circumstances of the customer;

 

grant, unless it has good reason not to do so, a customer's request for a change to:

the date on which the payment is due (providing it is within the same payment period); or

the method by which payment is made;”

 

Regretfully, despite the above steps SPML could have taken to assist me, no assistance was provided. By failing to suggest or discuss the above steps, whilst being fully aware of my continued financial difficulties, I consider that SPML failed in its duty to treat me fairly.