Important Announcement For Capstone Mortgage Services Victims

[enoughisenough]

Hi BGQS

 

On the question of ownership, it will depend when you took the mortgage out. For example if it as 2006 in the first half of the year it is likely to be Eurosail-2006-1.

 

In any case you are correct. SPML sold the mortgages to the SPV, who in turn marketed them as investments. The complex securitisation structures employed have been extensively debated on the other threads.

 

In the Red corner we had Superslueth arguing that the sale was a true sale involving the extinguishing of your privity of contract with SPML.

 

In the Blue Corner we had Suetonius arging that SPML retain the legal title and have merely transferred the equitable/beneficial interest.

 

No-one to my knowledge has been successfully able to argue in court that SPML have transferred the legal and beneficial interest. It seems that the 'title to sue' argument is therefor a high risk strategy for defending or bringing claim.

 

I don't think you will find anyone that will seriously suggest they are looking for a free house.

 

However you will find a great deal of support for a range of other complaints such as that conduct of Capstone SPML which constitute breaches of MCOB, FSMA 2000, UCPD 2008, CCA 1974 & CCA 2006, as well as the UTCCR's 1999 to name just a few.

 

Since you are most unlikely to have been the subject of penalty charges could you clarify which terms of your contract you regard as unfair? Would it be the actual term giving them the right to sell on and the consequent/subsequent failure to contract for the full term due to enforced early redemption. Since you have undoubtedly clean hands you would be the ideal candidate to bring a whole range of legal challenges though I fear you will make a new enemy fairly quickly and most likely find your self screwed by costs if this started to develop legs.

[bgqs]

I fear you will make a new enemy fairly quickly and most likely find your self screwed by costs if this started to develop legs.

 

I agree 100% ! However, the defence could be a "educated & legally informed" group rather than a individual

 

With regard to the unfair contract terms, I was suggesting that by the nature of the original lender's business model (use of SPV's), would it be fair to say that they never had the intention of fulfilling the contract for the full term and hence, the terms of the contract were not suitable for the type of contract that was entered into by the borrower ?

[joby73]

Well done Joby.

Well guess who i received a letter off yesterday morning? Yep Crapstone saying that they are going 2 issue repo against me again because i havent kept to the court order stating that i should pay on the 1st of every month. I paid them on the 1st of april as required under the court order. they didnt get the payment until easter sunday supposedly so I have broke the court order according to them. Long argument on the fone with them and i have got nowhere with them £115 added again plus £45 they are nowt but lying ripping off scumbags took them 8 days to start procdedings again:mad::mad:

[iconoclash]

Hi Joby: when you say you paid them on the first that seems to cover it to me - if you agree to pay on the first then you cannot be held liable for a company's internal processing or bank clearance delays - I know ive read about this somewhere - if i find it again i'll post it up but basically have had this *** myself in the past and i'm sure there was a case somewhere about payment delays and all that stuff - i do remember that the judgement found that a consumer was not liable in the case of cheque clearing times and that receipt of the cheque meant receipt of payment - there is some argument about what would happen if a cheque bounced for example but i also think there is something about a presumption that it wont on all sides hence the bank allowing drawing funds etc - hope this helps:)

 

PS the fees added seem high too

Edited April 9, 2010 by iconoclash
added post script

[Rightinit]

Well guess who i received a letter off yesterday morning? Yep Crapstone saying that they are going 2 issue repo against me again because i havent kept to the court order stating that i should pay on the 1st of every month. I paid them on the 1st of april as required under the court order. they didnt get the payment until easter sunday supposedly so I have broke the court order according to them. Long argument on the fone with them and i have got nowhere with them £115 added again plus £45 they are nowt but lying ripping off scumbags took them 8 days to start procdedings again:mad::mad:

 

We had a nasty letter from these morons today, saying we hadn't paid ours on the 1st. But we did after the third attempt as they had serious issues with there systems communication between payments and the accounts. I spoke to them today and the payment didn't show on the account until 7th April. So we are now waiting for our next statement to see if they have added any charges on which they can take off.

 

I wouldn't be suprised if you are having the same problem. This is the reason I always pay via my debit card so it shows on our bank statement as the day the money was taken out. And always the home or mobile phone as they both have itemised billing if required.

[joby73]

Hi Joby: when you say you paid them on the first that seems to cover it to me - if you agree to pay on the first then you cannot be held liable for a company's internal processing or bank clearance delays - I know ive read about this somewhere - if i find it again i'll post it up but basically have had this *** myself in the past and i'm sure there was a case somewhere about payment delays and all that stuff - i do remember that the judgement found that a consumer was not liable in the case of cheque clearing times and that receipt of the cheque meant receipt of payment - there is some argument about what would happen if a cheque bounced for example but i also think there is something about a presumption that it wont on all sides hence the bank allowing drawing funds etc - hope this helps:)

 

PS the fees added seem high too

 

Hi

Yes basicly we have to pay them on the first of the month and on the suspended repo order the Judge agrees that we should stick to paying on the first of the month i pay it by cash straight in to there account via barclays using the giro counter foil system so i have proof of the day i paid it ive had probs with them when ive paid via debit card, and they say because they are getting the payment late through barclays holding the money its my problem and i have 2 incurr litigation charges every month of £115 and £45 arrears managment fee and that this is grounds to go for another eviction on me again i cant see the judge agreeing with them cos im fulfillling my side of the suspended repo order

[Nightmare4banks]

Hi All!

 

Joby73,in reply to your posts and in my view:

 

1.You should complain about the charges to Capstone.As it is the charges themselves that lead in a very big way for a mortgage payer to get repossessed.

 

2.Also,at the same time you should log a complaint about the same with the FOS.

 

3.This may take a few months but it does work and you will get treated much better in the long run.

 

I am talking here from personal experience(but with a different lender) as I have challenged charges both in court and with a FOS complaint.

 

4.You will also find that no judge will grant a possession order without knowing the exact amount of the arrears and the FOS complaint actually does this.So an adjournment is granted until the FOS complaint is concluded.

 

Anyway,I hope you find this information useful.

 

Keep us posted.

 

All the best!

[joby73]

Hi nightmare,

 

I have made a complaint to capstone about the charges they just tried to fob me off with there excuses under there tariff and charges guide,

 

I have also made a complaint to the FOS there are dealing with it at the moment,

 

I no the judge wont grant them a possession order just getting sick of them having to drop everthing else just to go back to court with these idiots,

 

I have also written a letter to the courts explaining what is happening sine we were last in court on the advice of my solicitor so when they apply hopefully the judge wont grant them a hearing cos it would be a waste of time,

 

Joby73:razz:

[Nightmare4banks]

Hi All!

 

Joby73,in reply to your last post:

 

That is very good.

 

If you are dragged to court again and you are making the payments properly perhaps the next best course of action would be to apply to the court for a "wasted costs order" as they want you to pay these costs so that you owe them more money.

In doing this and if you are successful they will lose the money instead.

 

Just another thought.

 

Anyway,keep us posted.

 

All the best!

 

Nightmare4banks

[cher69cher69]

Hi guys

I wonder if any of you could clarify something for me, and hopefully point me down the right road to take regarding my credit agreement with sppl.

When my problems first started with these idiots in 2007 I got a company to asses my credit agreement with sppl, they told me that my credit agreement may be unenforceable .

 

They highlighted the terms of the agreement that they thought were in breach of the consumer credit act 1974, and the consumer credit (agreements)regulations 1983.The assessment found 6 breaches of the regulations:-

 

1. regarding the amount of regular payment,

2. the amount of the last payment inc deffered payment amount

3.The APR stated in the agreement.

4. The total interest amount.

5.The total charges and fees.

6.The total charge for credit.

 

They said they were in breach of the regulations on all these 6 points.AT the time I wanted to do something but couldnt afford the report they offered me and with out that I didnt know where to turn, then I had a nervous breakdown and everything went to the wall. But I have now resurected this from a file and wondered if there was anything contained within the assessment that I could use against sppl.

 

Because I read somewhere that the court must dismiss a lenders application for an enforcement order if it regards that predjudice has been caused to any person by the breach in question, and the degree of responsibility for it. It went on to say the if the agreement was deemed unenforceable then, according to the consumer credit act 1974,you need not pay any more to the lender and you keep the goods or the amount you borrowed . You also have the right to make a claim for compensation to the degree of predjudice caused.

Any advice would be greatly appreciated thank you Cher69

[enoughisenough]

Hi

 

was it taken out before or after April 1st 2007 and was it below or above 25k?

[cher69cher69]

Hi enough is enough

in reply to your question it was taken out in september 2006 and on my agreement its states amount of credit as being £25,000.

[mikey4u100]

Sometimes it’s hard to see what’s really going on in a company like Capstone, especially when you are being harassed about mortgage payments and the mind-blowing frustrations that are heaped on by unscrupulous companies who have “Call Centre’s” that are as helpful as some social disease.

I find many times that things are not what they initially seem to be. The following information might be food for thought!

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One source says, “Allegedly thousands of Capstone Mortgages have been liquidated, 28000 in less than 3 years about 25% of the entire loan book.

Me thinks that this stinks of rotting fish!

Why would any company wish to disseminate their mortgage book if there wasn’t some underlying reason? Have you heard of “Forclosuregate” in America, Google it and read all about the fraud therein. Karl Denninger, author of “Market Ticker” has some really mind-blowing information to read.

What started me thinking was this statement by Martin Frazer in some of Capstone’s PR spiel: “and in contrast to properties being repossessed it’s good for our clients, good for the people who own the loans and good for borrowers as it helps them to stay in their homes.”

Notice “people who own the loans”. You mean that Capstone don’t own the loans? Can Capstone reposses properties that they don’t own? Do they have the “Title” to the property? Seek advice from your solisitor if you are in this position! Forclosuregate isnt about people not paying their mortgages its about fraudulant applications to courts to evict people! The paperwork has to be correct to reposses!

Call me suspicious, but remember , These “Ascending Stars”, especially Capstone's current chief executive, Amany Attia, was a driving force in setting up the original UK Lehman-backed mortgage businesses which went under the names Southern Pacific Home Loans, Preferred Mortgages and others.

 

The now collapsed USA Lehman Brothers failed to a great degree because of their “Off Balance Sheet” investments, not worth what they said they were. Similarly, Goldman Sachs, another Bankster Company, allegedly sold worthless, sub-prime mortgages, (for sub-prime read “Capstone Mortgages”) as triple “A” investments (AAA=without risk) to investment companies. This wasn’t a problem until the housing market collapsed and repossessions were the order of the day. Guess what? The mortgages were a pile of used dog food!

 

Why is the above relevant? Well, Goldman Sachs won both ways! They got paid massive amounts of money for supposedly “top dollar triple A investments” but when it all went wrong they also made massive profits because they “bet against these self same investments to FAIL!!” (I believe the process is called “shorting”). Why did they bet against the same product that they were selling?

 

BECAUSE THEY NEW WHAT WAS IN THE “MBS’s (mortgage backed securities) and they new they would explode!

 

Now, to the crux of my point, Amany Attia has some 20 years’ experience in the securitisation industry. She spent six and a half years at Citi and then moved to Lehmans where she worked in its mortgage and ABS groups until 2001. Then in 2001 she came to London to head Lehmans’ mortgage and securitisation business in Europe.

 

I am not saying that Amany is involved here but likely she new about this [problem], by association, and I don’t know if there is anythin funny going on here, but back to the 1st parragraph, why would Capstone want to illiminate 25% of their mortgage book? Have Capstone Mortgages been securitised on block? Is there some massive financial benefit to be had should their mortgage book be reduced to “0”?

 

Perhaps the whole concept is to load on the charges, keep the [problem] going for months and then reposses, reaping large profits where there is some equity available on the property. If this is the case the Office of Fair Trading needs to know!

 

Who knows? Perhaps some investicative journalisim might not go amiss.

 

Ok, who am I? I am a Capstone Mortgage holder and yes we haven’t paid them or our 1st Mortgage, with Santander, for in excess of 12 months. The reasons, although traumatic to my family and me, are irrelevant. What hacks me off is this. Both mortgages have not been paid for the same period of time, however Santander (original loan £138,000) is in arrears by £8,000 but Capstone Mortgages (original loan £35,000) is in arrears by £ 10,750. Wow doesn’t that suck?

I write this piece simply because of a phone call Wednesday, from some “Rude Bully” who thought he could threaten me with repossession. My second mortgage with Capstone is 100% “under water” (will not be paid) because of the valuation of my property should it go to repossession and auction (because of its current condition). Capstone and this rude adviser are aware of my property circumstances because we had a personal visit from an independent adviser working for them.

I told him outright to reposses us, and then when he tries to take us to court, for their outstanding sum, including exorbitant charges, I/we would declare bankruptcy and they would forfeiture the full amount!

I suggested that he attempted, with his head, something anatomically impossible!

Guess what? A beneficial, to us, arrangement was made. LOL.

[peterjm]

mikey,this thread is no longer used suggest you post this comment here as this is the current thread.Interesting stuff.

http://www.consumeractiongroup.co.uk/forum/showthread.php?170607-Spml-london-Mortgage-Company/page345

[Mihail]

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