Money... V Mortgage Agency/Kensington

[money...money...money...]

Hi All...

 

Thought I'd start a new thread in my quest to get MY £15K ERC back...

 

1. I originally took out a mortgage with kensington nearly 2 years ago after about 1 year I received a letter informing me that my mortgage is now with "Mortgage Agency Services" not sure why? Has anyone else ramdomly been moved to these?

 

2. I have been in this mortgage for nearly 2 years now (22months) I'm tied in for 3 years, we have just sold the house and was told we had to pay about £15k ERC (6%), with great help from other members and threads I have a great letter to start my claim...

• Good luck everyone, lets get back what's lawfully ours !

Bank Charges

HSBC 3 accounts = £4623.00

[paddym]

MAS buy mortgages from companies who take on adverse credit clients once they have a good payments history with that company MAS buy the business !

[money...money...money...]

Zoot,

 

In the other thread you wrote

 

"15K could push you into the multi-track which could mean going to the High Court in Lodon where barristers will be used. You can state your preference to remain in fast track in your allocation questionairre"

Sorry if these are stupid questions but want to understand exactly what to do?

1. What is Mutli-track?

2. Does going through "high court" cost much and is it riskier?

3. Whats the "allocation questionaire" ?

 

Thanks in advance

 

 

[money...money...money...]

aahh that would explain it, thanks paddym, its just good to understand whats going on as they never tell you?

[paddym]

I think they should have sent you a letter regarding them taking over your acoount ! if you request you SAR from them it should all be included !

[zootscoot]

Hi Money,

 

Once you have filed your claim in court and the mortgage provider files their defence this will raise the track allocation processs.

 

There are three tracks:

 

Small claims - cliams under 5K- heard in small claims court

Fast Track - claims 5-15K- Heard in the county court

Multi -Track - Claim over 15k or claims of lower value but greater complexity. Can be heard in either the County or the High Court.

 

The limits are discretionary and in each case it is up to the district judge to decide which track a particular case will go on.

 

There are different rules and procedures which operate in each court. So with small claims, the parties can not claim their legal costs from the losing party and rules on disclosure are limited the use of lawyers is discouraged and the court is specifically designed for consumers who are not fully conversant with the legal process. In the fast track fixed costs can be claimed by the winning party. Generally lawyers will be used because there are greater complexity in procedures and disclosure of evidence. With the High court all legal costs can be claimed by the winning party. There are no fixed costs. Only barristers or solicitors with extended rights of audience can represent in the High court which generally means employing two lawyers. Costs can therefore escalate considerably.

 

However, if it is a consumer dispute and on the boundary between fast and multi, there is a good chance that it will remain in the county court.

 

Hope this helps

 

Zoot

[money...money...money...]

Thanks Zoot, that does make it alot clearer, hopefully it wont go that far but I think because of the amount I am claiming for they will fight me all the way !

 

Bring it on.......

[catherinebear]

Hi there Money Money Money

Glad to see you have your own thread now, Powrer to the people!! As I said earlier we are against Kensington for abour £7,500 and GMAC for just under £4,000. But I have just received statements from SPML who we had a Second Charge with and they charged us £1200 ERC which we are trying to get back but when I got the statements they sent saying they did not think they should have to repay there were charges amounting to £2,000 in none payments fees and arrears management fees!! I think this is why it is so important for us to get all the info we can. We will go for a separate claim against them now for the unnecessary charges. I cannot wait to see what Kensington and GMACs statements say it should be very interesting to say the least. Godd luck will keep in touch.

Catherine and Dave

[lawfordgirl]

HI

Just to let anyone now who is confused about kensington and MAS _they are both the same company who are actually the sub primepart of Brittannia building society. They transferred my mortgage after just one months payment and after lots of legalities and research etc it turns out that they have a process which is called securitisation which is what happens when they transfer. It is done in order to free up more lending funds or something but at the end of the day they are the same people with the same address and all themortgage agency services from 1 - 8 or how ever many it is now all answer to Brittannia in Leek ,Staffordshire

Hope this is useful

[Joons2]

Thats not quite right. Loans are occasionally sold as part of a portfolio from one lender to another but that is an entirely different matter to securitisation. Securistisation is where the process by which the owner of receivables, ie a stream of income such as mortgage payments they receive from loans they have created, raises capital through the issuance of bonds against the income stream. This happens in many industries with all kinds of incomes from music royalties to credit cards and mortgages.

 

The key difference is that there will be no change of legal owner of the mortgage compared to a whole loan sale where the legal ownership will change.

 

Kensington is nothig to do with Brittania.

[lawfordgirl]

Hi Joons

thanks for your reply. Whether its called securitisation or not they are indeed the same firm and they are both part of Brittannia. I have been to court 3 times with them in great detail and have had it confirmed by the judge and also by Michael Gill of brittannia himself.

I assume you have a mortgage with them and if so then if you have ever had cause to complain then you should have been issued with their internal complaints procedure which gives the Leek address of Brittannia for the complaint if not dealt with satisfactorily at local office level.

 

Regards

[paddym]

100% right lawford girl MAS 1to 8 are the sub-prime subsiduary of brittania building society !

[lawfordgirl]

thanks Paddy

[money...money...money...]

ok, its nearly been 14 days since I sent my 1st letter to Mortgage Agency No. 6/Kensington for my £15k ERC (This Thursday), surprisingly enough I havent had a reply yet, I'll be getting the 2nd letter ready now.......

 

Also made a few phone calls to see if I had any ERC's on my previous 2 mortgages and 1 of them 4 1/2 years ago (GMAC) I paid £3500 ERC, is that ok to claim that back?

 

Thanks

Dean

[paddym]

yes as far as im aware its 6 years for ERCs and 12 years for charges on mortgage accounts so claim away !

[GraemeC]

Cant remember which thread, but I beleive lickthewallfatboy is going after an ERC from more than 6 years ago and he had posted some details of the relevent info which allowed him to do this (think it was on his 'bank of Ireland' thread)

[money...money...money...]

Ok, so surprisingly enough I havent heard anything from MAS, I only have the first letter we send off to get the ball rolling, is there a different letter I send off if so could someone paste it on this thread please?

 

Thanks...

[zootscoot]

The letter before action:

LETTER BEFORE ACTION

 

Dear XXXXX,

 

ACCOUNT NUMBER: XXXXXX

 

 

 

We are very disappointed that you have failed to respond to our letter of the XXXXX relating to the repayment of the redemption fee of XXXX. Since paying the fee we now understand that such fees are unlawful and unenforceable as outlined in our previous letter. We would draw your attention to the terms of the contract which you agreed to at the time that we opened our account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

We are frankly shocked that you have operated our account in this way as we had always reposed confidence in your integrity and expertise as our fiduciary. We require repayment in full of this money. If you do not comply fully within 14 days then we shall initiate court proceedings against you for the full amount, plus interest, plus costs and without further notice.

 

 

 

Yours faithfully,

 

XXXX

[money...money...money...]

Hi Zoot,

 

I finally got a response today to the 1st letter I sent from MAS.

 

 

Dear XXXXXX

 

Thank you for giving me the opportunity to investigate your concerns.

 

There is no suggestion that the implementation of the early redemption charge, which was quite clearly detailed within the the terms and conditions of your mortgage, was intended as a penatly.

 

The use of the word penatly suggests that you have breached you r agreement in some way and this is most definitely not the case, nor have we ever suggested otherwise. You were quite entitled to re-mortgage with another lender and therefore the early resemption charge is not a charge to penalise a defaulting borrower. It was charged because the precise details of the mortgage product offered to you were, as you will know based on repayments over a period of 22 years. As such, the profit that the company factored into the proposed arrangement was based on the receipt of monthly payments long after the time term financial agreement, not a short-term loan.

 

Mrs XXXX has already advised you of some of the itemstaken into consideration to determine the level of early repayment charge. I can add little to this other than to say that for the lender not to safeguard themselves against early settlement would be commercially unsound.

 

It is your prerogative to pursue your complaint as you see fit and if your intention remains to raise County Court Action in an attempt to recover the amount in question, please let me know and I will advise you to whom the summons should be served.

 

However should you choose to do so, you should be aware that will defend any such action and you eill run the risk of incurring additional solicitors costs and you may wish to reflect upon the implications of such action.

 

My response concludes out internal complaints procedure and I trust that your comaplaint is now resolved to your satisfaction.

 

If however, you are still not satisfied with my response, you may approach the financail Ombudsman service within six months of the date of this letter.

Details of this service are explained in the enclosed leaflet.

 

 

Zoot do I still use the letter you pasted into tis thread and do I need to add anything now I have a response?

 

finally, do I just reply to the sender of the letter or the financail ombudsman?

 

Thanks

[catherinebear]

Hi there Money

 

We are going for Kensington and GMAC with ERC claims and charges. Personally we went to the Ombudsman first with Kensington and we tried just about every avenue it took nearly 12 months and quite honestly was a complete waste of time they were sympathetic but said they can only rule on the things that they cover which is not very much in our eyes, but you must do what you feel is right for you. If we can be of any further help please let us know. Good luck matey.

Catherine Bear

xx:)

[money...money...money...]

Hi Catherine Bear,

 

Wow a year ! I know its never nice and easy but I thought with letter 1 they get 14 days to resond then letter 2 another 14 days and then the court procedings??? How come they have managed to drag it on for so long?

 

Thanks

 

We will ALL get there in the end !!!

[Longleigh10]

Hi money...

re. your question on elliloue's thread, I agree with Zootscoot, it's your case you've set the deadlines (with forum guidance of course...) I missed many deadlines with my previous claims against the banks, but it didn't deter me, and I won. So carry on at your pace, sometimes financial restraints dictate when things happen..as I'm sure we all know too well!!

[money...money...money...]

Hi Everyone...

 

This is the latest from my claim, i received this letter a couple of days ago from MAS...

 

Thank you for your letter received 7th of January 2007.

 

Your previous letters have been through our complaints procedure, which has now been exhausted, and we cannot add anything further to that already said.

 

Should you wish to take us to court, we will instruct our solicitors who will vigorously defend any proceedings that are issued.

 

Please ensure that any proceedings are served on: Mortgage Agency Services Number Six at address: Po Box 138, Plymouth, PL1 1XY quoting Ref:##########

 

 

I know this is there standard letter they send, so I take it I start the court proceedings now? If so do I do it in the same way as the bank charges - MCOL?

 

Thanks and good luck everyone...

 

Money...

[zootscoot]

Read this before you do anything

 

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/59270-attention-all-fast-trackers.html