Mortgage Express appoint LPA Recievers Walker Singleton to scare tenants off!

[persecuted]

Had anyone had any advice from FSA or solicitors on the matter of overpayments made? ie where the monies paid over by receivers are in excess of the monthly payment? we've been told this is added to capital (so doesnt help with the next months payment)...but does not actually reduce your capital....so in effect you are continuing to pay interest on monies already held by ME....cant see how this one is legal even under the act!

[chillinlong]

What they do is class is towards your next month payment, but if it still continues to pile up more than the monthly payment it goes into credit on payments and they class it as paying towards paying the mortgage.

 

I have the same situation and wonder that surely the surplus should be coming back to me but because they are recievership not classed as ours but theirs. On other words it is still in our names but nothing to do with us, they can screw us and pile loads od debts towards it and do whatever they like with it however it is us they will come after once they sell for a huge loss. totally wrong in my eyes.

[persecuted]

hi chill...the problem is that when it goes onto the mortgage it just kind of sits there (ie doesnt get reflected in the monthly payment)...i think anyway but they are not very clear on it. how are you getting on with your case (pm if you prefer), as sounds like we are kind of in same situation.

[patrickq1]

see below what price waterhouse receivers say about their actions in the sale of B&B ,very intresting fact about the intrest ,

persicuted the best option available to you is not to leave this going on for much longer you seriously need to enter a court action under section N244 this is a matter oof urgency otherwise all your monies will disapear in what seems to be ficticional chrges ,you have to do this for you and if you have famillly for their sake otherwise you will be stripped of all assets you own including your own property ,kids out in street etc. i cannot put it any planer than that

patrickq1

 

18. What is insolvency?

Insolvency is a lack of financial resources, such that a business is unable to meet its ongoing commitments. When insolvent, an administrator is appointed by the Courts to manage the company's affairs, business and property for the benefit of its creditors (the people or other businesses to whom it owes money).

The objective of an administrator is: to rescue the company so that it can continue to operate; to achieve a better price for the company's assets or otherwise realise value more favourably than if the company were wound up; or to realise the value of property to make a distribution to one or more preferential creditors.

19. If Bradford and Bingley had gone into administration, what value would that have delivered for shareholders?

Shareholders would have received value only if there was an amount left over after B&B's creditors had been paid in full.

During an administration, interest payment on debts is suspended. In the event that there was a surplus after creditors had been repaid their principal, the administrator must allocate this in proportion to cover missed interest up to a level calculated by reference to a defined interest rate.

As part of my considerations, I have determined that the surplus amount outstanding would not have been sufficient to meet the interest that would have accrued to creditors and, as a result, no residual would be available to make a distribution to shareholders

[persecuted]

interesting point!!

[patrickq1]

yes the N244 i would nt be wasting another minit on this ,you also need to instruct a Solicitor to enter a CPR 31.14 this will be a specific request as to all payments collected and received by the receiver all payments made to MX all balances that are held and also the full schedule of tennents payments who and whome , a full and complete lists including costs and invoices for all maintainance work carried out on your behalf ,this you can then check up with tennents to search for any annomilies ,i think you will find that their may have been a mistake as in deceptive practices then you can charge MX for their assistance in the Possibility of Fraud that may have been carried out by there appointed receivers

[persecuted]

thanks patrick. will do. are there ANY success stories on CAG re lpa receivers, i wonder???

[patrickq1]

no you probably wont find any successes ,simply put because this situation is ongoing most BTL think that it may blow over, after twelve months you can and shoild do as i said above CPR31.14 and issue a N244 ,let a judge decide we all know that the receiver will obviscate as well will MX but the issue to both parties the CPR will give you a sense of what is going on behind your back, if they cannot answer any details you have asked for then the N244 will come in handy for you can ask and it will be granted a judge will ask them or instruct them both to comply with this issue they refuse to answer to , i suspect strongly the maintanence and invoices will snag them and will leave a very substantial amount of more questions they can either come clean or dig a deeper hole and if they do that then its a matter for the Police to investigate any potential frauds , MX wont like it and certainly do not want to be tied down to legal matters such as an investigation into their part ,

so the issue of the CPR is important then the issue of the N244 ,you must never allow more than twelve months ,any longer is questionable and would promote a very unfair relationship this is where the spineless FSA should step in they have issued warnings concerning the BTL's and most \mortgage Co are very much aware it is being put under the Spotlight with the treasury select committee ...so start fighting there war make it personal you have absolutely nothing to loose ,if they sell way below market value then this is also very questionable

patrickq1

[persecuted]

we've got a good while before twelve months is up. gosh i hope this doesnt drag on til then but keen to help bring this nonsence to an end whether we win our case or not! either that or i'm selling my soul, becoming a receiver and earning back my livelihood!!!

[patrickq1]

yes it is a very lucrative business isnt it ,sadly at others expense ,and its also a very immoral business that should be either stopped completely or should have goverment guidelines ie in court action and not without at least this way you can fight your corner,yes you are in a good position PER and this will be more than a nail in the coffins of all receivers so expect a fight but you have a case to answer ie they will find it difficult to follow through with the cpr request in full so the solicitor or whoever draws up the CPR must emphasise the request is for every question asked to be answered in full ,i think what may happen is they will pass it back to MX or whoever but this alone is a result because it does not let them of the hook it will only expose this abuse even more

patrickq1

[patrickq1]

hello all

i put on here you need to issue a N244 mistakenly ,Caro (bright Spark) lol has pointed out it may have to be an N1 ,but you will need to seek clarification on this from a solicitor

i have also found that you have been put under a Novation of your contract ,which in effect has rendered your mortgage contract suspect for the power of Attorney is a seperate contract and you will find it is not on the mortgage documents themselves but seperate making the mortgage contract subject to a navation order ,in otherwords you should read this below and put this to your solicitor that the power of attorney does release you from the Mortgage Contract by the appointment of a third party to take over your mortgage ...

NOVATION

 

Novation is a substitution of a new for an old debt. The old debt is extinguished by the new one contracted in its stead; a novation may be made in three different ways which form three distinct kinds of novations.

The first takes place without the intervention of any new person, where a debtor contracts a new engagement with his creditor, in consideration of being liberated from the former. This kind has no appropriate name and is called a novation generally.

The second is that which takes place by the intervention of a new debtor, where another person becomes a debtor instead of a former debtor, and is accepted by the creditor, who thereupon discharges the first debtor. The person thus rendering himself debtor for another, who is in consequence discharged, is called expromissor; and this kind of novation is caned expromissio.

The third kind of novation takes place by the intervention of a new creditor where a debtor, for the purpose of being discharged from his original creditor, by order of that creditor, contracts some obligation in favor of a new creditor. There is also a particular kind of novation called a delegation.

It is a settled principle of the common law, that a mere agreement to substitute any other thing in lieu of the original obligation is void unless actually carried into execution and accepted as satisfaction. No action can be maintained upon the new agreement, nor can the agreement be pleaded as a bar to the original demand. But where an agreement is entered into by deed, that deed gives, in itself, a substantive cause of action and the giving such deed may be sufficient accord and satisfaction for a simple contract debt.

The general rule seems to be that if one indebted to another by simple contract, give his creditor a promissory note, drawn by himself for the same sum, without any new consideration, the new note shall not be deemed a satisfaction of the original debt unless so intended and accepted by the creditor. But if he transfer the note he cannot sue on the original contract as long as the note is out of his possession.

NOVATION AGREEMENT

 

A legal instrument executed by (a) the contractor (transferor), (b) the successor in interest (transferee), and © the by which, among other things, the transferor guarantees performance of the contract, the transferee assumes all obligations under the contract, and the purchaser recognizes the transfer of the contract and related assets

[persecuted]

good news. will post soon.

Edited December 16, 2010 by persecuted

[chillinlong]

Well done persecuted!

 

I am glad something turned good for a change and just before xmas so you can go into 2011 with a fresh start!

 

All the best.

[patrickq1]

well done perci let us know by pm if you can

[charlesGGG]

Hi Folk,

 

I have read on here that the "Power of Attorney" should be a separate document attached to the overall mortgage paperwork (Deed & T&C). Again, after sending SARS and using CPR rules of engagement letter, there is no document covering the specific PoA. The only reference to it is in the Terms & Conditions.

 

Is there an actual directive/statute we can rely on in court, to further say:-

"look judgy, the paperwork does not have PoA documents, so invalid according to etc etc rules"

 

We have no more money for solicitors..have already used three and one barrister (who was not very helpful)

 

Many thanks all for any clarity.

[patrickq1]

the power of atorney is a seperate contract with its own terms and conditions it cannot be entered into a mortgage deed document, if it was then this cannot make it valid as you have not signed this mortgage deed knowingly with a second contract in it , so under CPR rules of engagement CPR31.14 you need to ask for this specific document if they do not have it then they must withdraw their actions of putting your properties into receivers hands ie third party rules when their is no signed agreement ,in effect they have breached the mortgage contract and any losses can be claimed against both parties

patrickq1

[charlesGGG]

OK! Patrickq1,

 

Bloody good stuff....will be adding said info to my xmas shopping list to ram down the LPA & MX throats at my xmas hearing.

[charlesGGG]

Hi Chillinlong,

 

Tried to PM you some docs....your inbox says full.

[chillinlong]

Hi Charles,

 

Emptied my inbox now.

 

PoA, in the actual terms and conditions it says PoA cannot be removed whilst in debt so they are covered on that and we cannot ge thits removed. I believe it is irrelevant on the basis of PoA because of this term alone in the Ts and Cs. Now whether the Ts and Cs is valid because it is based for residential mortgages and not for BTL is another question altogether.

[charlesGGG]

Hi Chillinlong,

 

Not sure fully, what you mean when you say ".....I believe it is irrelevant on the basis of PoA because of this term alone in the Ts and Cs."

 

Please can you clarify..thanks.

[chillinlong]

Hi CharlessGGG

 

In the Ts and Cs it says Power of Attorney cannot be removed whilst still in debt, the question is whether does debt mean arrears or it means the mortgage is still in place? I think it is the latter.

[diddled]

I agree Chilling

 

As far as Im aware POA when given within mortgage means whilst ever mortgage is in place.

[charlesGGG]

Many Thanks to everybody on this forum and those who also additionallly helped via "Private Messages"

 

I have replied to all the PM's, please check ur inboxs.

 

D-Day is fast approaching...and phoned court today to ask why they have not sent official confirmation paperwork of court time/date.

 

They said something eerily strange...."Your N244 form simply means you want a hearing but since LPA are your agent, we deal with them on your behalf, they have the notice to appeaar"

 

We were furious and said the point is we are disputing the LPA's interference in our business and tenants well being. She then said "well just turn up also, your name is on the form."

 

I think she must have been at the xmas brandy too early. f***kin Hell.

[chillinlong]

Good job you phoned Charles!

 

I really hope something does turn out good for you on the day, I have to say well done for getting this far! Keep persisting!

 

Speak soon.

[patrickq1]

keep at it Charli boy ,good things come to those who wait , so to speak, ive finnished your 244 you need to just dress it up a bit, but keep personal feeling out of it ,other that that it looks good ...

patrickq1

hope everyone has a quiet and restfull xmas at least it is trouble free for a few days huh...also lets hope for a better new year