Capstone secured loan

[DOTCOM]

Hi, can anybody tell me whether they have been successful claiming arrears charges from Capstone?

We have a secured loan which was taken out with London Mortgage Company in 2003, I am already fighting them for PPI.

Due to my husband becoming unemployed we have fell into arrears with the loan. I have an arrangement in place to pay an extra £40 per month. In July I paid £240 (£200 the contractual payment £40 arrears) I confirmed with the person who took the payment that the arrears were now £382.08

Today I have received a letter stating arrears are now standing at £750!! I queried this and was told it's fees and charges which are added when an account is in arrears,Apparently even though I pay the amount due each month because I do not pay on the correct date they charge. Can anybody help?

[dx100uk]

you can reclaim all those unlawful charges the same way as PPI

 

you need to findout if they are adding interest TOO on them

if so hit them with compounded interest at THEIR rate as well as 8% stat int

 

dx

[DOTCOM]

Thanks for the reply, do you know if anybody has had any success with Capstone?

[dx100uk]

yes

lots

 

dx

[DOTCOM]

I am really worried about this loan now. Capstone will not change the payment date until I send three wage slips showing date I get paid 3 bank statements and a letter from my employer. I am sick of telling them I and my husband are sefl employed.

To top this they are adding £85 per month arrears management fee, I was only £314 in arrears now I am £750! I feel they are purposely pushing up arrears. Any advice please?

[dx100uk]

dont worry about the unlawful fees

you can claim them all back plus interest!

 

as for sending them ANY financial stuff

NONE OF THEIR BUSINESS!!

 

don't!

 

please stop talking on the phone to these idiots

you are under NO legal obligation to do so

 

written comms only.

 

dx

[Ell-enn]

The first thing you need to do is send a letter of complaint about the charges (I've affixed a draft for you). You will need to check your mortgage statements and add up all the charges they have levied on the acount. Send the letter by recorded delivery, keep a copy for yourselves and then check on the royalmail website a few days after posting to print off the signed for receipt - staple the receipt to your copy of the letter and keep safe as you may need to send a copy to the FOS.

 

If they refuse to refund the charges you can take your case to the FOS who will intervene on your behalf. If you have an arrangement to pay the arrears then they should not be adding charges.

Refunding Mortgages Charges letter.doc

[DOTCOM]

Thank you so much for your reply. This account was with London Mortgage Co. before Capstone took over. When LMC had account arrears charges were £30 they jumped to £85 when Capstone bought account. Can I claim any charges added by LMC as well as those added by Capstone.

[Ell-enn]

You need to send the same letter to LMC - do you still have statements from them?

[DOTCOM]

Yes I have them, so I need to send lette to them even though Capstone now own account?

[Ell-enn]

Are you sure Capstone actually owns the mortgage? have you had statements with their name on them ?

[DOTCOM]

I received a letter on 17th May 2010 from Capstone stating that they have now taken over my account and they gave me a new account number. They informed me that they are now the new loan server and all correspondence must go to them.

[Ell-enn]

Did you receive any letters from LMC advising that they had sold the mortgage?

 

Have you had any statements since the letter from Capstone?

[DOTCOM]

I n March I received a letter from LMC advising that on or after 10th April 2010 the servicing of my loan will transfer to Capstone.

I then received letter from Capstone saying they had taken over account on 17th My 2010.

I have received 1 statement from Capstone dated 13th Sept showing £255 added to account, for arrears management fees.

[DOTCOM]

Any advice please?

[DOTCOM]

Hi again'

this company is driving me mad. I am still fighting to get them to change payment date but in the meantime they are adding £85 arrears fee every month even thogh we have an arrangement to pay £40 per month off our arrears + the normal month payment, consequently our arrears figure has risen from £188 to £759.00 even though we have not missed a payment since setting up the arrangement. We will never pay the arrears at this rate.

Are they allowed to add fees to the arrears amount?

[dx100uk]

no

 

unlawful charges

 

reclaim them all

 

dx

[dx100uk]

ps

did you not do this when asked as in post 7!

 

dx

[DOTCOM]

So far I have sent a SAR which they have only partly complied with. I am waiting for statements from 2003 - 2005 so I can calculate all charges. I am just worried that the arrears are escalating at an alarming rate and they may start possession proceedings before this is sorted.

[newstarter]

and your right to worry!!!!!!!!!!!!, dx is spot on unlawful charges 85 per month arrears fee !!!!!!!!!!!!!!!!!!!!!!,the forums are full of Capstone horror stories,council of mortgage lenders will tell you they cannot do it,the f.s.a will tell you they cannot do it,the legal proffession will tell you they cannot do it,but what they are doing is purposly driving people into arrears by adding monthly charges to borrowers acounts then taking them to court to repossess their homes on the grounds that their mortgages are in default.You see the mortgages were never meant to mature over say 20-25 yrs thats why they were offering 8% off for the early redemption of peoples mortgages,if you cannot do that,then the idea is to repossess at the ealiest opertunity by mamafacturing a default,as they are doing with you now.If you dont get full sars disclosure i would be on the phone to the f.s.a like a shot.

However,for a start fire off a letter stating that further charges to your account will result in court action as will the lack of information so far recieved under sars disclosure.Any charges added to your account should be fair and proportionate to the work carried out,this is an f.s.a ruling and you can get a full refund even if you have to n244 them over this [problem]

[DOTCOM]

Thanks so much for your reply, I will get onto this immediately

[newstarter]

If you can give me a brief history of your account and problems with these sharks i may be able to give you some further advice.

[dx100uk]

and dont fall for the 6yrs rule they might pull that they use about the statute of limitations act and giving you the statements you require

 

its 12yrs on a mortgage if i remember correctly.

 

dx

[newstarter]

Yes i had not thought of that thanks dx,read many of your posts you know your stuff and i for one have taken alot of what you have posted onboard,many thanks.

[DOTCOM]

Thank you so much this is a long story.In October 2003 we took out a secured loan for £15000 with london mortgage company.

First 12 months all went well, Ist statement was showing all payments made and balance was reduced.

Second year no missed payments but statements showed balance had increased by £3450!

Obvious enquiries were made and we were told it was PPI, said I didn't want PPI but was told I had signed for it and as we hadn't cancelled within 30 days there was nothing we could do. On checking agreement PPI box was already ticked and by signing agreement we had literally agreed to PPI. Stupid I know!!!

I have tried to fight this for 3 years because we are both self-employed the PPI was useless, in fact it only covered 5 years of a 15 year loan. I have a recording of the sale and all the signs of mis-selling are there.

Because loan was taken out before regulations I have been hitting a brick wall. LMC/Capstone passed it on to Central Trust (BROKER WHO SOLD LOAN) Central Trust would not Budge FOS said they couldn't help because Regulations did not start until 2005. Anyway Fos has now advised me to go after underwriter and once they refuse to help FOS will look at case again, so hopefully that is PPI part sorted for now.

Regarding arrears - as I have said we are both self employed and money is very tight, in fact at the present time my husband is not working. The small amount of arrears (about £120) in the beginning is escalateing out of control. I have kept in contact with Company but things have gone worse since Capstone took over. They will not change payment date even thogh I have written 3 times explaining that I seem to manage better paying all bills at the end of every month.

Even though I pay an extra £40 per month they insist on charging £85 arrears fee.

I have paid this loan for 7 years and the balance outstanding is still £16385.92

I am sure the agreement is all wrong, I have had one of those no win no fee firms looking at it for over 2 years but they have come back saying there is nothing they can do.

I feel Capstone can do as they please!

I am know going to work out arrears charges plus interest -can anyone direct me to an interest calculator please and advise the interest rate I should use.

Thank you all so much - hope this all makes sense and I am not rambling too much.