#repossessions : repossession hearing I Group?GE Money Home Lending

[maybelline]

who or what regulates the old subprime mortgage products pushed on to the hapless council tenant in the rush for right to buy - some folk got some really disgusting products missold to them, if not CCA or MCOB then who, someone surely must regulate, in some way, or can these lot just write bits of paper making folk pay until they die on front loaded dodgy products???

 

does anyone know? is this the best kept secret or what?

[Killerschick]

Hi Maybelline,

 

Prior to 31 October 2004 (known as M Day) when the FSA started regulating them, most first charge residential mortgages were completely unregulated.

 

There are some very exceptional cases which fell under Consumer Credit Act regulation but they are VERY rare due to the limits on the size of loans which the CCA covered. If you mortgage was CCA regulated it would say so on the agreement.

 

Other than that if any of the terms of the mortgage were particularly unfair you might be able to challenge them under the Unfair Terms in Consumer Contracts Regulations which were originally introducted in 1994 with later versions in 1999 and 2001, you can find them on the government's legislation website, just search 'legislation' (I would post a link but they never work for some reason). Or perhaps you might have a challege on the grounds of a broker having made misleading statements to induce you to enter the contract which could affect enforceability.

 

This is precisely why mortgages were brought into regulation in 2004, before that it was a free for all.

 

KC

[maybelline]

Hi and thanks for your reply. well a mortgage that fits all of what you describe re Unfair Terms, misleading, pressure selling tactics and a very very high interest rate, you would hope has a chance of being thought Unfair, so why do legal bods shy away from these?

[wishboneash]

mine was g mac told today because it was took out in 2001 cant claim

[maybelline]

Hi wishbone, what about MCOL, I have done a lot of digging around what was the regs, pretty slim but some do exist, somewhere in the body of the regs they do say something about these kind of contracts. How about misrepresentation or fraud act, may have to use one of these to get the dodgy blighters! of course, funding it is the key!

[wishboneash]

will check out a few companies who might help thanks Paul

[wishboneash]

hi thanks looking around for a company that does this

[Killerschick]

Hi Maybelline,

 

Do you mean the Mortgage Code rather than MCOL? If so you can find more on the CML website here including the a link to the code which was supseded by FSA regulation:-

 

http://www.cml.org.uk/cml/policy/issues/111

 

The first thing you might notice about this is that it was voluntary so while your big high street boys, Nationwide, Halifax etc might have complied you are less likely to find compliance with the 'alternative' lenders. As most 'alternative' lenders dealt only with brokers they did not have the reputation concerns of the high street lenders so had very little reason to comply but you might get somewhere by quoting the code.

 

As to why claims managers shy away from unregulated mortgages rather than bringing claims under the UTCCR's? Just look at the major cases the Office of Fair Trading has taken to the House of Lords on UTCCR's - OFT v First National and OFT v Abbey National & others, they lost them both at tremendous cost and following very complex litigation which perhaps explains why claims managers are wary of these sorts of cases - the outcome is uncertain, the precedents are against them and the costs can be huge.

[wishboneash]

the Mortgage lender 2001 TML GMAC rfc was based in

Hampshire

 

i had originally had a mortgage with Halifax 55,000

but got into arrears it was a pep mortgage at first ( bad advice )

1997 then i took it to interest and the Halifax took it a repayment

also had unsecured loans ,

 

i was never given advice to talk to

creditors going in to debt management or Halifax for extending

the loan by the broker

mortgages was for £71000 with g mac i

got extra to pay creditors but one was for a Halifax loan who

took £8,000 pounds right from my bank so was in arrears straight

away

 

i also had a charging order on the house too that has now

been paid off

 

fell into arrears with gmac in 2003 they took me

to court as they were loading non dd payments and arrears

charges every month onto the loan Paul

[maybelline]

Hi, computer issues - need to change my email somewhere on here for the replies ?? -

REPOSSESSION STARTED, so need to respond appropriately, and not so much on the forum.

 

thanks for any advice maybe the pre action protocols?

 

bump

bump:sad::sad:

Edited April 17, 2011 by maybelline

[maybelline]

the Mortgage lender 2001 TML GMAC rfc was based in

Hampshire

 

i had originally had a mortgage with Halifax 55,000

but got into arrears it was a pep mortgage at first ( bad advice )

1997 then i took it to interest and the Halifax took it a repayment

also had unsecured loans ,

 

i was never given advice to talk to

creditors going in to debt management or Halifax for extending

the loan by the broker

mortgages was for £71000 with g mac i

got extra to pay creditors but one was for a Halifax loan who

took £8,000 pounds right from my bank so was in arrears straight

away

 

i also had a charging order on the house too that has now

been paid off

 

fell into arrears with gmac in 2003 they took me

to court as they were loading non dd payments and arrears

charges every month onto the loan Paul

 

thanks for this, I ddint think they could go into court with an outstanding claim re unlawful charges, I had some success with charges in the past, they are still sky high and outrageous with masses of interest, thats besides the misselling aspect of these type of products?

[maybelline]

Hi Maybelline,

 

Do you mean the Mortgage Code rather than MCOL? If so you can find more on the CML website here including the a link to the code which was supseded by FSA regulation:-

 

http://www.cml.org.uk/cml/policy/issues/111

 

The first thing you might notice about this is that it was voluntary so while your big high street boys, Nationwide, Halifax etc might have complied you are less likely to find compliance with the 'alternative' lenders. As most 'alternative' lenders dealt only with brokers they did not have the reputation concerns of the high street lenders so had very little reason to comply but you might get somewhere by quoting the code.

 

As to why claims managers shy away from unregulated mortgages rather than bringing claims under the UTCCR's? Just look at the major cases the Office of Fair Trading has taken to the House of Lords on UTCCR's - OFT v First National and OFT v Abbey National & others, they lost them both at tremendous cost and following very complex litigation which perhaps explains why claims managers are wary of these sorts of cases - the outcome is uncertain, the precedents are against them and the costs can be huge.

 

thanks killerchick, maybe thats what I mean, been up to my ears in it - is it worth contacting cml about the misselling aspect of this product, the way it is set up i will be dead before i pay it off!!??

[maybelline]

brokers? - how can dodgy brokerage firms close down and then go on to use a slightly different name and carry on as before?

 

what are the rules on this, or where can it be found for benefit of all, thanks.

Edited April 17, 2011 by maybelline
urgent

[maybelline]

repossession case - still with FOS

missold product unfair charges breach of MCOB see unregulated product thread also (or merge?):-(

Edited April 20, 2011 by maybelline
typo

[iconoclash]

subbing

[maybelline]

Hi Campari2, thanks for subbing, I am reading round the other GE threads, very interesting stuff, seems they get up to all sorts of nonsense!

[Desperate Daniella]

Hi Maybelline,

 

I've just seen your post about losing your home - this week?

 

Have you asked Ell-enn for help? She's saved masses of homes, often with only days to spare.

 

If you haven't been in touch with her, hit the emergency triangle and ask one of the site team to alert her.

 

She'll do anything she can to stop your home being repossessed.

 

Best wishes,

 

DD

[caro]

Can you put a bit more detail Maybelline. Don't worry about whose watching threads. You're quite entitled to defend yourself and your home.

[maybelline]

I am challenging this product as missold, I would like to ask for an adjournment so that I can get my legal help on board (pro bono interested) but I dont imagine they want me to get that legal help and will do all they can to frustrate me in this.

 

I have done homework on this and have my MP support, I am thinking of going very public with this anyway, so guess you are right, why worry about the watchers.

[maybelline]

caro i pm you but did not go through. inbox full.

[caro]

Made some space now.

[caro]

Is this a possession or eviction hearing coming up?

 

Are you in a position to pay any arrears?

 

If you haven't done one already I suggest you do a budget sheet.Budget Sheet.xls

[Ell-enn]

Have you submitted a defence to the court for this hearing ?

[caro]

Previous thread merged.

[maybelline]

not received any documents from them, no agreement, it was possessionsonline i believe, no ref or anything to respond online, nothing but some incorrect statements full of charges.