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Query - Preferred Mortgages Limited and Capstone Mortgage Services Limited


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To cut a long story short;

 

My wife and myself took out a joint mortgage with Preferred in May 2006. Adverse credit prior dictated this route with less than attractive terms, two years fixed rate (Horrific!). Initially OK, but laterly, some payments were erratic due to redundancy and not being able to replace employment on the same level of earnings. Capstone were appointed to 'service' the mortgage shortly after the purchase was completed. We had the 'normal' harrassment and threats and continual unlawful charges applied. In Autumn 2007, arrears mounted up and we were addressing by taking a second charge, all was agreed with the third party finance company, but at the last minute PML/CMSL refused to allow this secured charge (Incidently, they cannot refuse if the amount is less than £15,000!). We sorted ourselves separately.

 

CMSL sent us a general letter by regular post saying how serious everything was and we need to sort in 7 days etc. Shortly thereafter we both had letters from TLT Solicitors threatening repossession etc. We now had our monies through and we were able to clear all arrears (We advised Solicitors who therefore did not have to do anything at all other than to advise their instructing clients) in total and for the next year paid the mortgage regularly until we sold in September 2008. We gave both PML in London and CMSL in High Wycombe some 5 months notice of the redemption so as not to incur their one month ERF (They apply this even after the fixed rate period has expired!!!) Come redemption, they still tried to apply the penalty, I had sent both by Guaranteed Next Day Delivery - signed for. They denied receipt of both letters, until my Solicitor pointed out the error of their ways! My Solicitor wasted two weeks in trying to get redemption statements from them - all documented. Even then they ended up sending me a series of refund cheques for some two months after redemption. Even my Solicitor said PML and CMSL were imcompetant!

 

I have now discovered that my credit file shows a DEFAULT from PML in Autumn 2007, but my wife has nothing? I have mananged to do a SAR and have their full file (So they tell me!) This was received very late and the original information was in code. I complained to CMSL and have now received corrected information. The SAR shows nothing of any Default Notice having been issued, nor any notes on the state of the account? Nothing to suggest any default at all?

 

My next step is to claim the penalty charges, some £700.00 excluding interest and I would also obviously like the default removed. Any suggestions?

 

I am aware of other posts questioning the solvency of these Companies.

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To cut a long story short;

 

My wife and myself took out a joint mortgage with Preferred in May 2006. .................I have now discovered that my credit file shows a DEFAULT from PML in Autumn 2007, but my wife has nothing? I have mananged to do a SAR and have their full file (So they tell me!) This was received very late and the original information was in code. I complained to CMSL and have now received corrected information. The SAR shows nothing of any Default Notice having been issued, nor any notes on the state of the account? Nothing to suggest any default at all?

My next step is to claim the penalty charges, some £700.00 excluding interest and I would also obviously like the default removed. Any suggestions?

I am aware of other posts questioning the solvency of these Companies.

 

Helford

 

As you probably know Preferred Mortgages was a Lehman subsidiary, the mortgage was securitised, ownership is unknown. Management of the loans is by Capstone, again a Lehman company, and I see you are aware of the questions regarding the status of these companies.

 

First the default, there is a process for challenging the default and there are threads detailing this elsewhere on the forum. The authority in this is the Information Commissioner's Office Public information - Privacy rights, Freedom of Information Act - ICO

 

Charges: You have the response to your SAR, did apply jointly for this, or just in a single name? Have you had a full response that includes Preferred, Capstone and third parties such as TLT? have you received a 'full statement of account' from Capstone and a full redemption statement?

You also want copies of all third party invoices including those from TLT.

With all this you can reconstruct the account and then challenge the charges.

Look out for paid sums put to suspense, rather than immediately applied to reduce interest.

The legal fees charged should be exact.

Calculate exactly what any exit fees should be, and exit fees should not be calculated to include the arrears and charges (a favourite Capstone trick).

 

The first point of complaint is to Capstone, then to the FOS.

 

It is the general belief that Capstone are 'assisting' the FSA. The recent GMAC FSA investigation resulted in a fine of £2.2M and and an order to repay customers £7.7M.

 

Recovery through the court is also a possibility, but this route at the moment is limited to items that are clearly provable and in total under the small claims limit.

Regards

 

on*the*case

 

Never Give Up! Never Surrender!

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Thanks for the response on*the*case!

 

With regard to your queries, CMSL refuse to release any correspondence/communication between TLT and themselves, citing legal privilidge etc. The SAR request was in our joint names.

 

We will persevere!

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Ah yes! Legal privilege .... I believe they are obliged to tell you what communications occurred between Capstone & TLT, email dated, phone call dated, letter dated etc, if not the content. And they are obliged to send you copies of the invoices.

Have fun, these people are hard nuts, kid gloves are not appropriate, but then you know that already.

Regards

 

on*the*case

 

Never Give Up! Never Surrender!

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  • 1 month later...

Hi there

 

how is this going?

 

i had a default on my file from Preferred, and believe it is incorrect.

 

i sent an SAR to them to the Haywards Heath address, as it was there registered address (in July). they cashed the cheque at that time.

 

i left it 6 months as i was in no hurry to chase, and thought i'd let them hang themselves a little more.

 

i sent last week an LBA, and it has been returned today stating adressee gone away.

 

should i forward it to capstone?

 

thanks

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  • 1 year later...

ive had a similar problem with preferred mortgages - capestone mortgage services. i took out a mortgage with them in dec 2005, in 2006 i missed a couple of payments, after a couple of letters i caught up with all the payments, due to a relationship breakdown i sold the house in 2007 and the completion date was 30th Nov so as far as im aware the solicitor paid off the mortgage off on that date.

i checked my credit file the other week and found that preferred had placed i default on my file. the date of the default was 29.12.2006. i dont understand that at all. as i never defaulted on the account and even if i had they would have prepossessed the house.

 

can anyone help

 

thanks

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