Kensington Mortgages

[jansus]

You should also complain to the CML /FOS/FSA and any one else who will listen . the more people who do this, the more their actions will be seen to be contravening the guidelines that are in place.

[sydnee]

HI All

 

first post here, and late to he party as i have only just found this site while searching for something else.

 

I too am a victim of KMS heavy handed tactics, and was reposessed the day after I left hospital after a hysterectomy, I dont want to go into all the details yet, in case I can be identified and jepordise my case, but

After I had been found a new property one night I emailed/faxed and left messages with over 100 solicitors looking for any help

 

One came back to me with details of a company called loanchecker, I cant find thier details now, even on google, perhaps somebody else has them?

I sent all the paperwork etc and my £10.

 

After 9 months, they have found 3 possible points where they think i have a claim

2 of which if I win will rule the loan invalid/unenforcable sorry not sure of the correct terms used.

They then passed me onto a solictor firm that are working for me on a no win no fee basis.

 

KMS in thier usual very helpfull way have now managed to drag things out over 2 years, usualy by replying on day 27 of a 28 day notice asking for clarification, so i dont think it will be sorted any time soon, but its not for the want of trying,

I have also had many many calls from optima legal services including them ringing me Sunday morning on a mobile asking me to ring an office number, starting with niceties to the last one, warning me it would be in my interests or else, thankfully a quick letter from the solicitor firm has now put a stop to that, but it seems even when you have lost everything they will try and continue the bully boy tactics .

 

So although I have no news to report yet, I just want to say dont let them get to you, and try every avenue for help.

[woodwa5]

Please keep us posted, it sounds very interesting:)

[sydnee]

Hi

now i have found you I Will do

just been reading other threads and it seems somebody else has had the same

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/42296-mrs-f-kensington-mortgages-2.html#post2229884

 

which makes me wonder how many more have these loans that are possibly unenforcable

[Mrs E Blackadder]

After reading this thread, I feel I have had a sort of narrow escape! I took out a mortgage with Kensington with my now ex partner about 3 years ago via a mortgage broker. For reasons best known to themselves, Kensington sold us to someone else after only 2 months and although I am now being threatened with repossession by this newer lender 2 years on, they are not as ignorant or aggressive as so many of you seem to have found Kensington to be.

 

Also, as an interesting little aside to all this, I had dealings with a County Court bailiff who had come round in search of my ex. I got chatting to him and he was surprisingly helpful with hints and tips about how I could help myself through all this mess. I happened to mention that I was worried about repossession (which was only on the horizon at the time) and the first question he asked me was 'You're not with Kensington are you?'. I said that no I wasn't but had been and he said that I might have had a narrow escape because Kensington repossessed at the drop of a hat and he had no time for them. His words, not mine. So, obviously they are well known for their behaviour throughout the county court system and even the bailiffs are fed up with their behaviour!

[MAGAR50]

We are also victims of this bunch of crooks.

The sad thing is even if the baylif team at your local court are fed up it at least keeps them employed, someone has to do the job!!!

But how they can sleep at night beggars belief!!!

 

Being in a helish situation like all the postings we are going through the mill, Via Kensington and associates

EVICTION 24/11/09 nowhere to go!!!

 

Mis sold a mortgage by a broker (passed away two years ago) we struggled to pay the high interest mortgage went beyond the horrendous redemption of mortgage penalty put the house on the market two years ago and then the crash, literally I am recovering from a car accident June and my partner like it or not is now being forced to give up his business.

We have zero income but the good news is !! we are entitled to benefits and have been for some time, we are totally ignorant of the benefit system and joy!! if we come out the other side of all this stress we are in clover!!! happy ending and all that .

What I want to know is where do you physically find the reserves in you to go through this nightmare I am in bits and so is my partner.

[woodwa5]

We at least have had eachother on this forum to keep us grounded. You soon realise that there is always something to aim for

[neil jenkins lookalike]

I have only joind this forum today, and kensington are still up to their old loan shark money lending ways. I am an existing customer (have been for 4 years),

and i still owe more money on my house than when i started. I have a bad credit rating so cannot go elsewhere and this week for the third time they have taken out the wrong amount on my direct debit 70 pounds this week, a hundred pounds 2 years ago and 466 pounds 3 years ago, each time costing me 5 pounds in bank charges requesting statements to back up my claim.

 

I am sick to the back teeth of these crooks who are making my life a misery.

 

Its all well and good kmc stating if you cant afford the loan, dont take it out, but its impossible to know how high their interest rates will rise, so how can they justify their selecting process:-?

[User1]

In reply to the original post if I were unhappy with an Arrears Fee I'd send this:

 

Dear Sir or Madam,

 

LETTER OF COMPLAINT

 

I note WHY an Arrears Fee is payable which is to cover costs incurred by you. However, I have attempted to calculate HOW the total cost of £50 is calculated and based on my assumptions these costs total £4.23

 

Please may I have your specific responses to the following points:

 

1. Can you please peruse my cost items and amounts and calculations and advise me of the correct cost items and amounts and calculations you used the last time you quantified a total of £50. If currently you do not quantify costs can you do so now and provide me with those figures.

 

2. a) If the costs are less than the fee amount then is the remainder deemed fee income? Please confirm the formula you use to quantify fee amount - is is a percentage of costs which for the Arrears Fee is 900% of total cost? Or is it that you don't quantify costs or fees and more simply compare your fees with most other lenders and keep your fees approximately the same?

b) If you don't actually quantify costs and fee but instead 'compare the market' then is this 'treating customers fairly'?

c) Where you only state the Arrears Fee is based on 'cost' but do not state the amount may also include income/ profit is this 'treating customers fairly'?

d) Is profiteering from an Arrears Fee 'treating customers fairly'?

 

3. How is charging a 'flat' Arrears Fee amount as opposed to a sliding scale of fee amounts 'treating customers fairly?'

 

Assumed cost items and amounts and calculations:

 

It takes a member of your Customer Services 15 minutes to manually look over the account and read/ update the system notes then check, print and post a system generated 'Arrears letter':

 

STAFF COST

Average Customer Services Pay: £20,000

365 days a year 8 bank holidays per year

2*52 = 104 weekends

25 days leave a year

5 days training per year working

7 hours a day (lunch hour is unpaid)

Therefore: total days working = 365-8-104-25-5 = 223

pay per day = 20,000 / 223 = £89.69

hourly pay = 89.69 / 7 = 12.81

¼ hour pay = £3.20

 

LETTER COST

One sheet of headed paper = 2p

Ink 1p Envelope = 5p

1st class postage 36p

Total cost of letter = 2+1+5+36 = 44p

 

WORSTATION COST

System and Software licences = £400pa

per day = 400/365 = £1.10

per ¼ hour = (1.10/7)/4 = £0.04

Prime, serviced office space based in the South East per person = £500pm 500pm*12 = 6000pa

6000/365 = 16.44 per day

(16.44 / 7) / 4 = £0.59 for ¼ hour

 

TOTAL COSTS:

Staff pay = £3.20

Cost of letter = £0.44

Workstation cost = £0.59

Grand Total = £4.23

 

If you delay quantifying the amounts that make up the total of the fee until after such time that you and or I have incurred any costs, fees, expenses, etc in resolving this complaint then by doing so you accept it is fair and reasonable that you will bear all costs, fees, expenses, etc.

 

Yours faithfully,

Edited March 15, 2010 by User1

[treaclesbum]

Hi all,

Not been on CAG for a while and just catching up on any new news.

 

Regarding Kensington!

I had a mortgage with them from 2001 to 2004 and redeemed my mortgage early, not by by much but early. (have to be careful who can be reading this!!)

Anyway i sent a complaint letter regarding all excessive fees, monthly management fee arrears fee) amount roughly £1300.00 imposed on my account and the disproportionate costs regarding the ERC roughly £2000.00 when i redeemed my account slightly early.

 

Well folks i have had an offer of just under £500.00 (Full and Final settlement as usual) with the various fees, arrears fees etc. They have however refused any settlement at all on the ERC stating they feel the charge/fee is proportionate and fair with their costs lost in the mortgage being redeemed early. Just a usual fob off with the first offer and letter.

 

They have obviously had a scare from the input of my letter and the high profile fine that other sub prime lenders have had and others are due.

I have accepted this amount as Part Settlement to the full amount as stated in my initial letter.

 

I have however stated that all correspondence will be copied and sent to the Financial Ombudsman Service regarding their paltry offer.

 

I find it amazing that they think that the ERC can be proportionate to their costs and losses with only a very short time to go on my mortgage. They have also quoted in the content of the letter that the seek to recover their costs over the term of the mortgage, well the mortgage term was nearly finished bar roughly 3 months or so. I think the FOS will be wanting to point out that this is VERY DISPROPORTIONATE to actual costs remaining if any....

 

I will keep you all informed of any news folks, but it is looking good so far....

I do believe that all sub prime lenders are running very scared with the impact of recent FSA rulings.....

D...........

[User1]

treaclesbum,

 

If you redeemed your mortgage within the last 6 months of the ERC period then calculate the total amount of interest you would have paid if you had kept the mortgage until the end of the ERC period and compare this to the ERC.

 

Is it ERC is 100s/1000s more? Maybe complain on the basis the ERC was higher than total interest payable for the remainder of the ERC period; ask how this is treating you fairly.

 

ERCs that are percentages of the loan repaid which are set at a fixed % for 12 month periods don't reflect interest paid/ due for part years, which is particularly obvious at the end of the ERC period with just a few instalments left. Why doesn't the percentage reduce monthly instead of only every 12 months, isn't this unfair? Just because other lenders charge the same way why should this make it fair? [Perhaps it’s likely to be a legacy from the past when lenders calculated & charged interest yearly]

 

For example, if there were 2 months left of the ERC period is it fair you pay a few thousand pounds rather than the last 2 months instalments? The only difference is time; the lender would still get the interest you would have paid had you redeemed the mortgage 2 months later.

Edited March 27, 2010 by User1

[woodwa5]

fyi

 

BBC News - Kensington mortgages fined by FSA for unfair fees

[fineandandy]

i was made unemployed last year and got into arrears with kensington. i changed my mortgage to interest only and was put onto a payment plan while DWP was making payments they promised to stopp the £50 arrears because i was on a payment plan and also put the arrears onto my ballance. a few months later they contacted me and asked what my plans are to clear the ballance and also told me i was being charged £50 for the arrears. i told them about the payment plan and my previous conversation to which i got no real answer apart from i will look into it. many months went bye and every month i get the same call and the same answer until one day they told me unfortunately because DWP were paying too much i could not be accepted for the payment plan and therefore will still be charged the £50 so my mortgage patyment each month is £195 DWP payed £229 they charge me £50 for the arrears which meant each month i was falling further behind by around £15. ive now wrote to the compliance dept requesting all correspondence from the date in mid 2009 i sent a cheque for £10 which is the governments guide price for this service and im waiting for a responce. but in my oppinion they will check it out first and see how much they are in the wrong and deal with me with less contempt in future. ill keep you posted. if you want to try the same ill post my letter ive sent and you can try it yourselves but dont let them drag us down. we are the customer

 

Compliance dept

I've enclosed a cheque for £10 and would like to request a copy of all correspondence between you and myself from the date of June 2009 to present day in order to resolve a legal matter. Please include all notes from your system all recorded conversations and all letters from yourself to myself. Please comply within 14 days of this letter. Please be aware that this letter will be witnessed and sent with proof of postage. Any none compliance will be noted.

my name

11/10/2010

keep it simple with no indication of your intentions

[Bluestar_Galaxy]

had my house reposessed with these guys 8 months ago ish... not heard from them since although i have not lived in the property for three years and was in arears to some extent most of the time, they certainily didnt reposess at the drop of a hat!! I was being charged £50 a month on a £221 mortgage! now they have my contact details so presumably they could get in touch....mite jsut leave it 6 years and have it statute barred!!

[citizenB]

had my house reposessed with these guys 8 months ago ish... not heard from them since although i have not lived in the property for three years and was in arears to some extent most of the time, they certainily didnt reposess at the drop of a hat!! I was being charged £50 a month on a £221 mortgage! now they have my contact details so presumably they could get in touch....mite jsut leave it 6 years and have it statute barred!!

 

Can I suggest you start your own thread.. resurrecting a thread that is nearly 2 years old, isnt a good idea !