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Hello, am a fellow concerned FM Customer

 

I have just nearly got my arrears down from 6000 to just over 1000 after a long battle

and was looking forward to not paying the extra 100 court order each month so now what..

 

got the letter from engage today!?

too late to speak to them..

 

. so what will my payment be,

the normal payment less the 100 CO

Has that been discharged or do I still have to pay that to Wallers?

or have my arrears vanished completely

and I can start afresh with a set monthly payment?

and sue FM for all of the ridiculous charges and harassment over the years???

 

Main issue is my monthly payment anyone been told this yet

 

thank you... new to posting never done it before

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Eddie everything remains the same,

only the company taking your payment changes.

 

FM is owned by a big company with a bit of reputation to protect so they sale on all problem mortgages to companies that are like debt collectors

with no reputation to protect like Oakwood who are our current mortgage owners.

 

Oakwood have loads of shelf companies that they then then use to get rid of these mortgages

and wait for another batch of mortgages and use another company again to get rid of them.

 

They are winners if they repossess and if they cant repossess they offer u huge discounts

so that you can pay off early or remortgage somewhere else s

o that they use their capital to buy other problem debts.

 

In SHORT THEY PURCHASE SECURED DEBTS AT HUGE DISCOUNTS AND MAKE HUGE PROFITS FROM SELLING ON REPOSSED PROPERTIES.

 

THEY DO NOT MIND EVEN IF 95% OF THEIR MORTGAGE BOOKS IS REPOSSESSED.

 

IT ALSO HELPS MAKE LENDERS LIKE FM APPEAR CLEAN FOR THEY WONT HAVE REPOSSESSIONS ON THEIR BOOKS.

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I agree largely with blackhorse,

though strictly speaking there is no actual bona-fide thing as a 'mortgage company' outside of what we the consumer normally accepts as a mortgage company.

 

Engage Credit, given they have chosen to handle mortgages, are bound by the regulations governing any organisation handling mortgages.

So for example if they charge interest rates woefully above the norm,

they'll get into big trouble with the FSA.

This includes those borrowers coming off from the higher fixed rate period.

 

However, it is likely they will employ every trick in the book to 'eat into' any equity remaining in anyone's property.

We should all be resolute in arguing our case where punitive charges are being raised by Engage Credit..

And yes, again I agree with blackhorse, Engage Credit are far more likely to instigate reposession proceedings than the better known mortgage lenders.

 

Unless of course, a borrower is already abiding by a previously made court order.

 

Engage Credit may make offers to people for them to either pay off their mortgage or move it elsewhere.

Given the nature of the mortgages they have purchased it would be remarkably naive of them to think any borrower could possibly afford to pay off the mortgage

no matter how much discount is offered.

 

As for re-mortgaging elsewhere

- this is what makes me laugh out loud at the credit industry.

 

If Engage Credit have as much to do with debt collection as they do 'challenged mortgage borrowers',

they above most should realise very few of us financially challenged borrowers,

are likely to pass the credit ratings with another lender for re-mortgaging purposes.

Talk about a huge 'own goal', it is rather laughable.

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I spoke with Engage credit today for the very 1st time

- i must say that i'm not confident at all.

 

I asked the following questions after the initial meet and greet,

i asked who sents the interest rate?

- i got no reply

- the person on the other side said something along the lines of we will send you a letter.

 

I asked

- how are u going to set the rates, again silence

- all was dealt with "we will write to you Sir"

i think we are daling with a glorified collection company that deals with mortgages that have arrears.

 

my humble view to all that have come to this thread that i started a while back challange everything from these people

and don't be afraid to do so, I

 

will give you and example the young lady i was on the phone to at one point she passed me to her manager

- once the conversation started with this chap, he on 3 occasions in a 10 min phone call referd to my Mortgage as "a problem account"

 

i asked on 3 occasions what do you mean by Problem account? he defined it by saying that FM have given them accounts that they do not consider profitable anylonger.

 

Response from my part was so you collect debt then.. again silence from the so called Manager.

 

These guys are as shady as anything,

fight your corner as hard as you can,

and needed be i agree with what was written on this thread

by others that we should if necessary unite to take collective action to cut these scandalous cowboys to size.

 

of course everyone has its own story here and priorities but i do not trust these guys,

i learned from FM how much they lie at my own expense

- Engage credit are no different, if anything they are worse.

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red11 - you did a good thing by starting this thread off in the first place. Engage Credit are extremely likely to be a greedy, self-serving outfit who will be almost certainly making spurious charges on all our accounts.

 

The new interest rates they quote us soon (for those whose fixed rate ends this Dec) will be revealing I suspect. I suggest all of us compare the new rate they quote each of us - I'd have thought it should be the same ... we shall see.

 

We should be assuming a new rate of around the 3.62% mark - it must mirror Future Mortgages tracker rate as our T&C remain unchanged.

 

Dependent upon how 'busy' this thread becomes as Engage's behaviour progresses, we may need a better way of consolidating our information and discussing plans of action. I should be able to help there but let's see how Engage Credit react at the first test - namely the new interest rate expected to be announced around mid-December.

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engage credit are part of oakwood homes,

and believe me this company has used repossession as a first option not a last on many occasions

then sold the properties for a fraction of their true value,

 

iam at this moment advising someone whose house was repossessed by oakwood then sold at auction for just half its market value,

oakwood has come up on the cag website times for vexacious litigation in terms of repossession proceedings,

 

be careful people,

glorified debt collectors that use every trick in the book,

 

dont swallow any of this

"they have to abide by financial codes of conduct and regulation,

they dont and wont,

you see they go to court because they have nothing to loose and everything to gain,

 

even if they loose your liabel to end up with more costs on your mortgage balance time and time again on the forums others

and myself have advised people who are being manipulated conned and lied to by this outfit so be careful.

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I only mention financial codes of conduct & regulation with regard to interest rates charged. What do you suppose would happen if for example Engage Credit put all those coming to the end of their fixed rate period onto a new tracker rate of say 12% ? That would be more than 11% over libor ! Does anyone genuinely believe the FSA would do nothing ?

 

However, applying fees & charges arbitrarily to the mortgage balance is what Engage will be doing. The buildings insurance policy is likely the first.

 

Watch out for charges coming up here such as £37.50 insurance lapse fee as our existing policies expire each year and the new letter & policy arrives after Engage's deadline. Another fee for "Engage's Security Protection insurance". If you have your own insurance, another, yet to be disclosed fee for Engage to ensure the policy is adequate.

 

Future Mortgages have already claimed I didn't pay November's monthly payment, blatantly untrue but now I have to challenge them and/or Engage Credit plus the usual fee being charged. Who here would be surprised if Engage didn't also do the same things every now and then across all or most of their borrowers ?

 

At some stage we made need to start thinking about how best to fight these sharks in one or more collective responses (to my mind they are no better than thieves but of course the law won't see it that way)

 

Off the top of my head, appealing to our respective local MPs with a view to several MPs raising the matter with the FSA. With regard to mischievous court appearances and excessive legal fees forced by the lender, MPs may raise the issue with the Lord Chief Justice' office - who knows as yet the various ways collectively we can fight back. Maybe instructing our own solicitor to represent ALL our interests collectively. Don't shout me down - I'm only thinking aloud here.

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just wondering if anyone has had any payments collected yet by engage credit, im still waiting for them to get in touch to tell me how much my payments are going to be.I came out of my fixed rate some time ago thought i would be better off on the variable rate but no im not.

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I spoke to engage credit today and I am even more worried. I have 3 months to fixed rate comes in and my payments will be the amount I was paying future mortages. thought I just needed to hold on, now I am not so sure now. I have had shelter fighting for me in court to do a deal with future for them to sell before it was reached. i am now urging we all get together and fight these companys together, its the only way. please can someone on here orginise it if you can I am in.

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I think we all need to stick together and help one another, ive only had 1 letter off engage credit introducing themselves not had any letters telling me wether my payments are the same or even try to collect the money, does anybody know when they should be collecting their first payment november of december.Im really worried and dont know what to do for the best.hope someone can help us and point us in the right direction

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ok just spoke to my solicitor not realy that happy. we were told by future motgtages way back at the beginning of the year to request from irwin and mitchel the following . pay half the interest and the other half would be written off. the errears would be put back into the mortgage and the deal would either be a fixed 2 years or till we went a varable rate. now only 3 months to go, did anyone else get told to ask for this. Irwin and mitchel always said they had never heard of it. my question is did anyone else on here get told to ask for it. also my contract states I am aloud 2 modifications in 5 years. asked for them and never got them. did anyone else?

engaged credit lady said to me on several occations that I contradicted myself in conversations with her for me then to put her straight. in my eyes thats a sign of someone on the defence. its time we got together and fought. The person on here who fought and got back all his fees and arrears and solicitor costs can you tell us how you did it and which solicitor you used? maybe we could all get to gether and employ him to fight for us all and create a land mark case. we all need to stick together i am sick of banks and the money people taking the p*** out of us all. ok for cameron and his 18 millionares in his cabanet and hay labour aint any poorer, but we are and its getting harder. lets fight together. anyone on here have a friend whos a solicitor?? or is a solisitor who fancys making his name big still? we all need justice.

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Dear All.

 

I have made a complaint to Future Mortgages and I understand the Complaint was forwarded to Engaged Credit. My Complaint is with Future Mortgage.

Wht have they sent my letter on to Engaged Credit. under the data protection act they can not do this. I am complaining about my charges and I want to get thet back.

I have had my 2 modifications which you are allowed in 5 Years.

Would the person that took Future Mortgage to court advise us what solicitor he used and give some advise please.

 

Engaged Credit have been very helpful but I do not trust them. They have asked me to complete an Income & Expenditure form which they sent me, but am I giving them information about me that they could use in Court ??.

 

What do I do. I come out of my fixed rate next March 2011 and my payments will come down from £2206 to about £1,030.00 which I can afford.

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  • 2 weeks later...

Hi i have also had a letter from engage they have taken over my mortgage from future, i need some information i have at present got a suspended possesion order on my property for arrears of 3367.00 i have been paying the correct monthly payment for the last 6 months and fm said they would caplitlize my arrears i receivced the letter signed and sent it back, i have now been informed by engage that they will not do this because they now own my mortgage, i phoned up to say that this month i could not pay the full monthly payment of 687.00 and wouldpay 150.00 until my benefit is sorted out, i was advised by te lady i spoke to that if i did this they would repossess my home because i hadnt made full payment, can they do this?????????? Please help im worried sick x

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I dont know wht they can and cant do, I was on a capital and interest mortage with fm and now im only on a interest only mortgage which is down to engage its not wht ive requested my payments have halved which is the only good thing out of all of this. Ive not been informed when they will take payment though

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I spoke to engage credit today regarding my mortgage account, they sound worse than future mortgages, they didnt know wht i was talking about and when i asked them about payments they said they were staying the same yet i had a letter saying that i was on a interest only mortgage yet they dont know anything about tht i can see this situation ending me back into court, bad times ahead :(

hope someone can advise me in the right direction

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  • 2 weeks later...

have made a complaint to Future Mortgages and I understand the Complaint was forwarded to Engaged Credit. My Complaint is with Future Mortgage.

Wht have they sent my letter on to Engaged Credit. under the data protection act they can not do this. I am complaining about my charges and I want to get thet back.

I have had my 2 modifications which you are allowed in 5 Years.

Would the person that took Future Mortgage to court advise us what solicitor he used and give some advise please.

 

Engaged Credit have been very helpful but I do not trust them. They have asked me to complete an Income & Expenditure form which they sent me, but am I giving them information about me that they could use in Court ??.

 

What do I do. I come out of my fixed rate next March 2011 and my payments will come down from £2206 to about £1,030.00 which I can afford.

 

I have had my 2 modifications which you are allowed in 5 Years.

 

just a question when you got your two modifications were you paying full payments for 6 months, also did you have a lot of errears. we never once got future mortages to agree to one. engaged credit are hopless my solicitor dida deal with future which should of been passed to engaged the know nothing of it. dont look good. like above person I go flex rate in march £633 to £302 big difference fo me but will we get it or is this goverment going to drive them up again?

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  • 3 weeks later...

has anyone had any problems in getting in contact with engage credit, I've tried numerous times and have only got an answermachine so I've left a message a few times and no-one has phoned me back.

also when we first received a letter from them I contacted them to set up bank transfer as this is the arrangement I had with waller solicitors, they couldn't give me my reference number as they didn't know it but they advised me to contact future mortgages - so I did and they refused to give me a reference number as my account had now been passed to engage !!!!!!!!!!!!

so have now finally got a statement from then with a reference no on the top and have used that to set up a bank transfer and make a payment

also in reply my new rate after coming off fixed is 2.86% how's everyone else's

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hi loonylam they just want your equity. I must be down to about £4000.00 now and deminishing fast. they just wanted to talk about my errears last time, I know I have them but they are not helpfull in stopping them. even if I go to my new rate due the end of next month they still want another 6 months of full payments before they will put the erears back into the mortgage which means another £300 to £400 onto the errears in admin charges. they are all just crooks. They could be fair and help but its worth too much to not help people. I have nothing but contempt for these people and banks. I run a small buisness and they wont lend for that either. we struggle to build it to were it is now and we have a long way to go. We could however be employing people and be more efficiant if banks gave us the overdrafts and loans we need , but the wont guess they need it for their bonus. all the best tactical

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we got to the point of it being sugested by future mortages and it went to head office but never got it offered that was a year ago. they never helped us at all. all about getting your equaty. can I ask why the question?

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we got to the point of it being sugested by future mortages and it went to head office but never got it offered that was a year ago. they never helped us at all. all about getting your equaty. can I ask why the question?

 

will let you know in due course

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