Me V Oakwood Homeloans Limited

[ronnie11]

Hi,

 

I've had a yesterday letter about arrears on my mortgage account of £2427 and had already some time ago set up making higher monthly payments time ago to clear this but they forgot to make me aware that I also get a £50 charge every month for the pleasure of it.

 

However the letter I recived yesterday is also a Prelit letter which demanded a response within 7 days or further action would be taken.

 

The letter states either full payment of arrears of or a 'mutally acceptable arrangement' so I offered to increase my monthly payments by £200 but the response was 'NO' we need the arrears to be decreased to below £1400 and then we can look at an arrangment.

 

I stressed that wouldn't be possible and I'm happy to make payments as from next month of extra £200.

 

'No that's not acceptable, we'll have to take further action'.

 

I was getting a little irritated by the man on the other end at this point and said I'd have to call back as I didn't believe he was being 'mutally acceptable to any arrangement'.

 

I called back a little later and spoke to the person who had actually signed the letter rather than just the Credit Management Dept.

 

I said I'd send a cheque for £500 today and then proceed with payments increased by £200 per month for the next 12 months.

 

I put this all in writing and sent it off then my post arrived this afternoon (its arrives late here) with yet another letter off them saying that they're arranging for a visit from a specialist arrears advisor at a charge to me of £100 + vat.

 

I get straight back on the phone to the department that were going to arrange this and told them this wasn't required as I'd already made an arrangement for payments etc. I was told that even though that had been done they had still passed it to their solicitor to take it to court to enforce it.

 

Am I going mad can they actually do that although it's already been put in black and white and agreed with them.

Isn't something like this a bit hasty of them?

 

I wouldn't mind if I'd actually got horrendous arrears but because I'm 2 payments behind and the rest are their charges and monthly bits they're still adamant their solicitor is now dealing with it.

 

Oh and to put the cherry on the top of it,

when they took over the mortgage some 18months ago for some reason they didn't take the first payment and have now only just informed me of it and have added that to my arrears as well.

 

Well I'm happy to pay it but I don't believe it should be added to my arrears and taken as the main figure to take action with (if that makes sense).

 

It was their error and makes my arrears figure look worse than it is ...

..but it was due to their error in processing the mortgage in the first place that it went unnoticed.

 

Any help advice would be welcomed as I've apparently now got to wait for a letter of their solicitor.

 

Thanks in advance.

[sequenci]

Hello, welcome to the forums.

 

How much is the loan for?

Have you requested that they supply you with a copy of their internal complaints procedure?

Make sure EVERYTHING is done in writing, no 'phone correspondance AT ALL.

 

Take a read of this thread I've written:

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/120775-dealing-mortgage-secured-loan.html

 

Have you completed a budget sheet to see what you can realistically afford?

 

There is a good one here:

 

National Debtline England & Wales | Personal Budget Sheet

 

I will be moving your thread to the Mortgage / Secured Loan section of the forum, when I do this I'll PM you a new link to it. For the time being I'll keep it here so you can find it easily.

 

If there is anything else you need gimmie a shout

 

Best wishes and welcome to the forum.

 

PS: you should start the process to recover all of those £50 charges!

[ronnie11]

Loan (mortgage) for £100k . Didn't know there was an option concerning internal complaints regarding this............I'll chase them up about that. What's the best way to approach it then regarding the complaint ?

 

Thanks for the help.....I'll keep you posted on developments.

Concerning £50 charges it that the same way as with Unfair Contarct terms and bank charges?

 

Thanks again.

[archieL]

Hi Ronnie,

I too have a mortgage with these guys and am 2mths in arrears. I too keep getting the charges and the letters. I cancelled my DD to them in January and they agreed to suspend putting out the DD each month. However they do go for the DD twice a month at a cost to me of £50.00 a go + whatever cost they've decided a letter is this week.

 

I have submitted payment plan proposals to them (all sent recorded delivery) but nothing has come back!

 

I'll watch your thread and keep us posted.

[ronnie11]

Hi Archie,

 

How long have you been with them? Have you had a letter as well about wrongly calculating your first payment to them..........................I have!

I changed to them in Jan of 2007 and when they set up the DD they apparently didn't take the first payment and they've only just discovered this (some 15months later) and now they've added that to my arrears and charged me for the privilage of it. So now now my arrears look substantially more than they did (but not due to me) just down to their incompetance.

 

I can't wait till my fixed term with them is up!!! (Feb next year).

[archieL]

Hi Ronnie,

 

Honest answer TOO B****Y LONG! Same as you really. Started off with Edeus (oakwoods mortgage creators) in Jan 2007 and then were informed that Oakwood had taken over in March 2007. Edeus and Oakwood are the same company - do they think we are all numpties???? Don't answer that.

 

I haven't had the missed payment at beginning of mortgage letter yet ............

 

I have had the 'we'll send an ''''INDEPENDENT''' counsellor round to see you (letter) at a cost of £117.50 and that was when I was only two weeks late with payment. I phoned them and went ballistic as you do - only to be told that the letter had been sent in error! Yeah Right! I'll bet I'll still get charged for their error though!

 

I also phoned and asked them for their in-house policy on dealing with people in financial difficulties. I was told no such policy existed Shock, Horror. It's just pants that the whole sub-prime market seems completely unregulated and these rob dogs can get away with whatever they want and charge us whatever they want. Where is black bess I ask myself? because lets face it it's highway robbery.

 

I'm fixed term until Feb next year too but am aware that there will be all kinds of wacky and weird get out fees - it is the nature of this market. There will be no ERC but they will probably charge interest for the entire 25yr term.

 

Keep me posted on your proogress and I'll let you know how things pan out with mine.

 

I keep thinking the world has gone mad, but then again it was me who signed on the dotted line :-??

[archieL]

Hi Ronnie,

 

You misgt want to checkout their website Oakwood Global Finance: Home Page

 

Looks like there going for world domination - Scarey though huh!

 

Oakwood Homeloans Limited (OHL) was created by Jason Miller in 2004 to acquire and trade portfolios of residential mortgage assets in the UK. It is now one of the largest purchasers of mortgage assets operating in the UK.

OHL provides liquidity to mortgage lenders by offering an efficient and tested alternative to securitisation. OHL supports some of the largest specialist lenders in the UK, providing a reliable outlet for their assets and enabling them to manage production volumes and treasury.

Between January 2005 and May 2007 OHL acquired thirteen portfolios of residential mortgages from six different buyers. The total value of OHL's acquisitions over this period was over £3 billion.

OHL also has a successful securitisation platform under the Alba brand, with four RMBS issues to date.

In June 2006 Oakwood sold a majority stake in OHL to Credit Suisse London Branch. Oakwood retains a stake in OHL and both Jason Miller and Mike Culhane retain seats on the board. Oakwood also continues to provide administrative and special servicing resources to OHL.

OHL customers who originally obtained a mortgage from Amber, Preferred, GMAC, Kensington or edeus should call 0870 197 6330 for assistance with any mortgage related query.

[ronnie11]

Hi,

 

Update on this............... Oakwood have a possession order being heard on 12th of Sept but the paperwork they have submitted to the court gives the wrong monthly payment amount (we supposed to pay £700.99 per month but they've put it down as £725.02 with monthly interest of £602.36)

It says total due is £109,867.12 (but mortgage was originally for £100,000). In this extra it inculdes £301.58 for their solictor costs.

 

I wrote to them offering to pay £780 per month and also to requested they stop charging £50 per month for the pleasure of knowing my account is in arrears...................I had a call off them this morning asking if I was going to make any further payment offers..............I advised them I had already written re: £780 offer - £80 extra a month to help reduce arrears.

 

They said they'd written to me advising this wasn't an acceptable offer and that it would take too long to pay the arrears by that arrangment...some 5 years. They advised me they request clients pay arrears off in a 12month period only. Surely this is not a reasonable time period? I actually mentioned that in my offer letter to them about Administration of Justice Act I think............about courts looking at more reasonable time scales for home owners to pay arrears............is this correct ? Can they demand payment in a 12 month period?

 

The mortgage is soley in my name but I have a partner and an 11 year old daughter who's moving to secondary school as of Sept. I also enquired with Oakwood about 8 weeks ago about porting the mortgage over to another property (which would allow me to reduce my mortgage by around £30k due to the equity I have in it and the new property also having potential to bring in further income as it has a self contained flat below).

 

I have also seen a financial advisor 3 weeks ago to see what are my best options with new property and mortgage etc........and he has suggested changing over mortgage companies. and is curently sorting out suitable package for me. This would mean clearing off all arrears with Oakwood............clean slate and new mortgage company!!

 

Oakwood even sent me new mortgage papers when I enquired about porting mortgage etc.....................they seem to be oblivious about which each department is doing. Again in my offer letter I draw their attention that they will see from their records that I am looking to move or port my mortgage.

 

My mortgage is fixed to Oakwood till March 2009 so I will also have to pay a early redemption fee of £6k.

 

My question is really what is the best way now to address all this information/goings on with Oakwood to the court judge and stop this possession going ahead.

 

I've offered payments and they refuse even though reasonable offers as I see it.................I will also pay extra where and when I can to reduce this further but with the economic uncertainity I can not really commit to higher payments at present.

 

On their paperwork to the court they also haven't given deatils of payments made and give the picture that no payments have been made since May this year.........when I have actually made a payment of one-off £500.00 plus £900.00 in June.

 

All advice /help welcome...............

I offered to pay in a reasonable time period - they don't accept it.

 

I am trying to sell my home and move nearer my daughters new schoool - they send me new mortgage application details and redemption figures

 

I requested them to stop adding £50 cahrge per month - They have ignored this and still persist in adding it plus daily interest.

 

I made mortgage payments - which they haven't listed on the court paperwork.

 

 

All help welcome.

[Ell-enn]

Hi there, OK - is it an N11M defence form they have sent for you to return to the court? If so you need to fill it in and return it - I can help you with that.

 

The statement they make about only allowing arrears to be paid over 12 months is rubbish - there is case law (Cheltenham & Gloucester v Norgan) whereby the court has the power to spread the arrears over the life of the mortgage if necessary (usually only where the arrears are vast).

 

Let me know when you are ready to start filling in the papers and I'll guide you through Q.27 is the most important part and I can help you with the text for that.

 

Also, can you dig out all the correspondence you sent to Oakwood and any written refusal you received from them.

 

If I were you I wouldn't move mortgages till you're out of the discount period - why pay them 6K for nothing!! it's only 6 months away, you could start looking for a new mortgage in the new year.

 

We'll be able to construct a good defence for this, so try not to worry too much.

 

Ell-enn

[ronnie11]

Hi Ell-enn

 

Thanks for that.Yeap I've got the N11M in my hands as I speak (type) ...........I haven't fillled out any of it yet as hoping to get on the case (so speak) tm am as I'm not at work till 3pm. I really do appreciate all help you can give me. I'll fill in some basic bits tonight ............are you contactable tm for help/guidance?

 

Many many thanks.

 

P.S. The mortgage advisor got back to me this am as well and said there are some deals around but would rather I didn't pursue them as they could leave me in a worse position................he's advised as you have sit tight till March next year then look at market again!!

[Ell-enn]

Hi Ronnie - It's best to make a photocopy of the N11M or download a copy from here: Her Majesty's Courts Service - Home. so you can "practice" on one to get it right.

 

I'll make a start on the text for Q27 tonight and let you know what information I need from you as we go along.

 

I am usually on line all evening and sometimes during the day when I'm at work and can spare a few minutes.

 

Kind Regards

 

Ell-enn

[ronnie11]

Additional info concerning accruing the arrears:

 

Own business went into insolvency which as I was a Director I was unable to claim any wages for being made redundant by company (my wage had been in stasis for months as I was hoping to take wages when business more solvent but didn't materialise) others ex-employees had redundancy money for full period but not me.

 

Main car of household failed MOT and subsequently had to undergo £700 of work to enable it to pass MOT and allow partner to get to work.

 

Wear/tear on house meant we had to repair bathroom due to water leak from roof (insurance wouldn't cover due to wear/tear). Water causing damage to ceiling and electrics and plaster work .To keep costs down stripped/gutted and repaired by self.

 

Own car also failed MOT and has undergone £200 worth of work.

 

Due to insolvency of old business, I had intially supported some of the business with own finances (re-mortgage hence short time with Oakwood), personal loan etc and now had come to payment agreements with those creditors via CCCS (regularly reviewed).

 

Securing more hours with job I have to enbable higher income each month if possible.

 

General spiralling household costs being adjusted as and when to ensure all payments are made.

 

Hope this helps.

[ronnie11]

One other thing............... part of the arrears that have been accrued are for reasons only known to Oakwood themselves. They set up all the new mortgage etc but for some reason they never took first payment and subsequently discovered their error some 15 months later and happily advised me of this fact and added it to arrear total even through their own error/fault. Tried to pick them up about this before and that I shouldn't be held accountable for their error/fault and be penalised because their offices/admin messed up..........................well would you believe it they're not having it.............its' still my arrears even though their fault!!!

 

Shame on you OAKWOOD !!! and your ridiculous £50 per month arrear fee every month and now also your daily interest !!! I was happily paying an extra £100 per month but subsequently found out it actually only took £50 off my arrears ...........aren't they fantastic.............NOT!!

 

GIVE YOURSELVES A MEDAL OAKWOOD!!!

[ronnie11]

Nailing down with the N11M. Printed out 2 copies from website to practice on (thanks for the link). I'll be able to get to grips with it all again tm and hopefully submit it to court Tuesday of next week (with your help on Q27 of course)

Thanks so far.............it great to know there's support out there.

[Ell-enn]

Hi Ronnie, I was wondering where you were I've made a start on the text for Q27 but obviously will need some more info from you to complete it.

 

I'm at work today so it's a bit hit and miss when I can log on - when's the best time for you?

 

Ell

[ronnie11]

Hi Ell,

 

Sadly I've got a hospital appointment today (210 mile round trip) so I'll be cracking on again with it all tm as working 2 shifts and should be able to access things at same time. Is that any good for you? I can send you my private email if you need any details direct..................any good?

 

Thanks again Ell .....you're a star

[Ell-enn]

No problem Ronnie - I will be online tomorrow and sunday (but not mon & tues) so we'll get it sorted.

 

Ell

[ronnie11]

Many thanks Ell ...........................I appreciate it deeply.

[Ell-enn]

Ronnie, I've moved your thread to the repossessions forum.

 

Ell

[ronnie11]

Well I've got to grips pretty well with N11M form and just have to clarify some final figures for my monthly outgoings (alongwith Q27). Thanks for the tip to do a practice form as I did make an error (not reading it correctly initially) and filled in details on Q24 about regular expense ................. including what partner pays and not just me..OOOPPSS!!

I had a thought as well concerning the £6k penalty for early redemption should I have been able to sell.If they want to get rid of me as one of their customers and don't really want to accept an arrears payments by means of monthly installments then what about if I suggested that they forfeit the £6k penalty (let me off it) which would leave me in better position to sell before March of next year and would also mean I would change over to a different organistion and they would no longer have to endure installment payments as the whole mortgage would be cleared.

 

I know it the current economic uncertainty some organsiations are trying to get rid of their customers even if it means paying them to move to another organistion etc. Would this be something to consider and put to them or the court?

[Ell-enn]

Hi there, I'm afraid the court will only be concerned with the facts in Oakwood's particulars of claim - i.e. the fact that the account is in arrears. You need to get the possession hearing over with first then you can approach Oakwood with your proposal.

 

Ell-enn

[Ell-enn]

Hi Ronnie, are you anywhere near completing your form yet? I am away until tomorrow afternoon, but I think most courts are closed until wednesday after the bank holiday.

 

I will be online tomorrow night if you're ready to do Q.27.

 

Ell-enn

[ronnie11]

Right I've got figures in place and ready to crack the Q27...................what's the best way to tackle it now............Opening line etc. It's the only piece that's giving me the jitters................I know I've got to clearly show I have made payments and also that I've contacted them with a proposed payment plan which they didn't acknowledge etc.

 

I'm going to submit copies of paperwork from both sides as well as Claimaint seems to have ignored the fact of payments made and also put wrong monthly figure on the paperwork to Court.

 

Big deep breath now............ on with the N11M (whilst trying to work 2 shifts as well!!...........don't finish till 9.30pm).

[Ell-enn]

Hi Ronnie, I have made a start on the text for Q.27. (affixed) Have a look and see what you think. You will need to write the claim number and corresponding Appendix number on the top of both the appendices.

 

Also insert info where I have put XXX's. Where I have put payments of XXX have been made - insert the payments in a list underneath that paragraph (make sure you keep it all in line).

 

In the space at Q.27 write "please see affixed sheet and appendices". then print out the text onto a separate sheet and affix your appendices.

 

 

I'll be online tonight for any other questions.

 

Ell-enn

ronnie11 Q.27 N11M.doc

[ronnie11]

Many thanks for that............I'll start straight away as it's a bit quiet here at moment (strike while iron hot so to speak).

Thanks again Ell.