Acenden

[nigrob]

Hi ,we got into difficulty with our mortgage last year , Capstone agreed to re-mortgage to lower the monthly payment but with an extended term.

 

After about one month i received a letter saying that i still had arrears on the original mortgage which were not included in the re-mortgage and was required to pay this off.

This i could not do as it ammounted to around £3000 , this then went to court and the outcome was to pay the normal monthly payment + £50.00 off of the arrears.

This i am managing OK with no missed payments since then.

 

On my last quarterly statement i noticed that i now owe more on my mortgage than originally borowed even though i have made a full years payments , this is a capital & interest mortgage.

 

I think this is due to the litigation + other charges that Capstone have put on the account and also a letter i recieved said they had miscalculated the interest on something which added another £700 or more to the account.

 

Is this fair and should the mortgage be going up ???

 

Please help

 

Rgds

 

Nicurro

[PGH7447]

I would suggest getting an accountant to look at the figures

[nigrob]

OK,theyare also adding £50 / month as a management charge .Is it posible to claim charges back from Capstone??

[PGH7447]

I would say Yes, but not 100% sure, sorry

[midge61]

Hi

 

Write to them and ask for a full statement of arrears. They are well known for making "mistakes".

 

They chased me for arrears they claimed I had from 2 years ago although my statements showed all paid up. When questioned as to exactly where these arrears came from they could not answer!

 

I made a complaint to the FOS, who also couldn't make head nor tale of their statements and the FOS made them refund the charges and compo.

 

Good luck

[enoughisenough]

LET THE **** KNOW THAT WE ARE NOT TAKING THIS ANYMORE

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/205401-sub-prime-mortgages-call.html

[Crapstone]

Get ya bum into gear and make a complaint to the FOS.

 

I can't quiet understand what you mean about the re-mortgage. It should have taken into account all the arrears and if not then how could they take you to court as surely these would now be unsecured if excluded from the re-mortgage?

 

The interest you refer to is Interest on Arrears Reversal which they have fluffed up on and refer to as a 'complex error' and something they don't want you to question or that they think you'll understand. They also make it look like an isolated incident when it was in fact their system error from day one and affects everyone who has arrears.

[Crapstone]

The £50 charges are unfair and Capstone should have taken this into consideration before accepting payment off the arrears of £50. They agreed to the court order knowing that your position could not be improved merely sticking to it as the charges + interest would leave you owing more than what you started with.

[enoughisenough]

The OFT have informed me of their usual we can't investigate individual complaints etc but in a highly personalised response they said they ARE interested in any evidence I can provide of collective consumer detriment in respect of the consumer credit acts 1974 and 2006. I will start a thread for this very purpose. Please post here in the meantime!

[Crapstone]

Can you post a bit more info. please Nicurro.

 

You had mortgage A with arrears.

You then took out mortgage B on new terms.

Mortgage A would then have been settled and no longer exists.

You then find out you still have £3000 owing.

The arrears are not included in mortgage B.

They then take you to court for what I suspect is a suspended repossession order, for those previous arrears which are not included in mortgage B.

 

Have I got that right so far?

[Mephistopheles]

Ditto the response from Crapstone please Nicurro.

 

1. If they remortgaged your old account to a lower payment over a longer term there are 2 implications. 1, you will pay more interest in the long term, 2, they should have remortgaged the whole debt when you signed the new mortgage contract.

 

If they didn't when they applied the funds to redeem the old mortgage, they have to be applied to the arrears balance first, then cost/interest then capital, so at worst you would have a capital balance left.

 

If they didn't do this and subsequently took you to court then they did so without legal justification, I'd need to see the docs and understand the circumstances.

 

Can you add more info please.

ta

 

Meph

[nigrob]

HI Memphistopheles & Crapstone , when i spoke to them after i received the court letters they pointed out that in one paragraph on the remortgage doc it did say that this didnt take into account the arrears ,

 

when i asked for the mortgage i was led to believe that due to my arrears on the mortgage they would agree to extend its term etc with the arrears included , i thought that it was to get the arrears sorted at the same time but this was not so.

 

What info do you require from me?

[Mephistopheles]

Hmm, I think you've definitely got an argument here against them, specifically with regards to allocation of payments. I would suggest a faxed letter to them explaining where in your documentation it points out that capital will be cleared in favour of arrears, then I suggest logging an appeal with the court to have the order set aside on the grounds that when the remortgage happened, the company didn't clear the full balance o/s and should have allocated the monies in a different way.

 

When they did the remortgage, whay documents did you sign, I assume a new mortgage offer letter, but did you sign a new mortgage deed?

 

If so then technically your old mortgage may actually be unsecured if they replaced the first legal charge with a fresh one and I'm certainly sure they didn't have the right to chase for the arrears as you cleared them with the remortgage.

 

Can you post a copy of the new mortgage offer doc please and the legal charge if there was one and the T&C's.

 

Ta

Meph

[Crapstone]

You need to get a breakdown of the arrears. There may be charges but even so these should have been added to the mortgage and any cross-over ones wouldn't be £3000.

 

It seems your whole point in re-mortgaging was to capitalise the arrears, not just extend the term, otherwise what's the point as the interest will swallow anything you could be putting towards it.

 

I'd start from scratch and send them an SAR. Look through all your records and get them in order pronto.

 

When and how did you re-mortgage? And do you have a suspended repossession order?

[nigrob]

Hi Crapstone, yes i have a suspended order in place . I remortgaged when we started to struggle as they were unwilling to accept my monthly offer for repayment of arrears.

When we went to court the remortgage had just taken place and even their solicitor was unaware that a remortgage had taken place and all payments had changed.

I will post the remortgage papers and any others i can find but it will take a bit of time to do this.

 

Nicurro

[Crapstone]

It sounds like you have good grounds to contest this. Are you sure it was a remortgage or were the arrears supposed to be capitalised?

 

Don't worry too much as a few of us know just what a cowboy company Capstone is. I'd certainly suggest the FOS for getting the charges refunded even if you aren't sure what the total is.

 

All the things you need to look at can seem overwhelming and there may be things you don't understand. Don't be afraid to ask here if you aren't sure.

[nigrob]

HI Mephistopheles , i have attached the original letter i sent to them for help , also the new mortgage agreement & the statement of account since 2007.

The mortgage offer stated that the arrears was £2700+ but now the arrears balance is £3800 ish , i see now that it is still the same motgage account number which i thought the breakdown would be seperate as i have changed the T & C of the mortgage.

 

Please advise what to do , also what is the legal charge doc you asked for ??

 

thanks in advance.

 

Nicurro

Mortgage letters006.pdf

Mortgage letters007.pdf

Consumer forum mortgage.doc

[midge61]

Hi nicurro

 

Were you aware that you are paying them for building insurance? If you have always had your own you should challenge this as what they charge is extortionate.

 

Can't help with the rest but sure someone else will soon.

[nigrob]

Hi , yes i was aware of the buildings insurance..

[Mephistopheles]

HI Mephistopheles , i have attached the original letter i sent to them for help , also the new mortgage agreement & the statement of account since 2007.

The mortgage offer stated that the arrears was £2700+ but now the arrears balance is £3800 ish , i see now that it is still the same motgage account number which i thought the breakdown would be seperate as i have changed the T & C of the mortgage.

 

Please advise what to do , also what is the legal charge doc you asked for ??

 

thanks in advance.

 

Nicurro

 

 

Hi Nicurro,

 

sorry for not been able to reply sooner.

 

Ignore my request for the legal charge the info you have given makes it irrelevant. So you are aware, the legal charge is the document you sign that binds the mortgage to the property, also called the mortgage deed. Its likely though not certain you will have signed with your solicitor.

 

Looking at the docs i've got 2 comments.

 

1) Whoever told you you where remortgaging told you complete crap

 

2) I'm not 100% sure that what they've done is in accordance with FSA guidelines.

 

 

Here's why.

 

One of the items you have posted is the KFI (Key Facts illustration) this is the document required by regulation that has to be sent when they are selling you a new mortgage.

 

Interestingly enough though, that isn't what they've done, look at the section where it says 'What you have requested'?

 

You will see from this you have requested the loan term be extended from its current position to over 30 years.

 

What does this mean? Well it will drop your payments, definitely as you are paying the same amount back over a longer period, but it also means they will earn more interest from you as it takes longer to repay, but the killer point from what you have said earlier, is 'YOU HAVE NOT REMORTGAGED'.

 

They have simply changed the terms of your existing mortgage over a longer period.

 

That's why you have then been taken to court as you are still in breach of the original agreement, all this agreement did was vary the terms of the previous.

 

That makes my previous posts moot, you still have the same mortgage, just over a longer period and what they have done is legally correct, though you may have a misselling case to take to the ombudsman if they have propostioned it as a remortgage, it definitely isn't.

 

What can you do, ok brass tacks time.

 

Can you afford the payment in the figures in these documents?

 

Can you afford the payments plus an amount towards the arrears?

 

You have said they have taken you to court over the arrears and agreed a suspended order on them, what where the grounds?

 

This is what you must pay to ensure they take no further action.

 

As to whether what they have done is correct or not, well here's the bit you may not like.

 

They have told you via 'KFI' what they where doing with your mortgage, it is understood that you understand this document or have taken advice on it if not, before you sign any other documentation.

As such, they have told you in writing what they intended to do, it may have been represented differently and you may find some traction if you approach them on this, but ultimately it comes down to the documentation.

 

You have agreed to extend the term, they have told you thats what they where doing and then have done it, while you could claim misselling, in my opinion I don't think the ombudsman would listen, though you could try.

 

So you are in a position of this is your new mortgage and payment. Maintain this payment and the extra agree under the suspended order and they can do no more.

 

Don't maintain it and I guarantee they will take further action, read bailiffs and eviction.

You need to be very honest with yourself, can you maintain those payments and i'm not talking from time to time, I'm talking every month?

 

Mail me back or post with your thoughts.

 

Meph

[nigrob]

Hi , last year Capstone aquired a suspended possession order on my property. Since the order i have been making the payments regularly and this is has bee the case for around a year now.

 

Everything was fine until June this year when my income dropped significantly due to long term illness and made me unable to make the payments.

I have now been off work for 22 weeks and am hoping to go back to work in the next month.

 

I sent Capstone a letter explaining my circumstances by recorded delivery and asking if they could allow me a payment holiday or accept a token payment of £50 / month which is just enough to pay the agreed ammount on the possession order.

 

Capstone contacted me by phone when they received the letter and asked me to send them an Income & Expenditure statement which they could then use to see what they could do to help. This i sent the day after and again used recorded delivery.

 

I hadn't heard from them until Saturday 11th September when i received a letter stating that i will sonn be getting a letter about the eviction date.(This came from their solicitors)

 

Can someone please advise of the best way to deal with this.

 

Thanks

[nigrob]

Hi , last year Capstone acquired a suspended possession order on my property. Since the order i have been making the payments regularly and this is has bee the case for around a year now.

 

Everything was fine until June this year when my income dropped significantly due to long term illness and made me unable to make the payments.

 

I have now been off work for 22 weeks and am hoping to go back to work in the next month.

 

i sent Capstone a letter explaining my circumstances by recorded delivery and asking if they could allow me a payment holiday or accept a token payment of £50 / month which is just enough to pay the agreed ammount on the possession order.

 

Capstone contacted me by phone when they received the letter and asked me to send them an Income & Expenditure statement which they could then use to see what they could do to help. This i sent the day after and again used recorded delivery.

 

I hadn't heard from them until Saturday 11th September when i received a letter stating that i will soon be getting a letter about the eviction date.(This came from their solicitors)

 

Can someone please advise of the best way to deal with this.

 

I phoned Capstone on Tuesday and they said that they hadn't received my Income & Expenditure sheet, when i explained i sent it recorded delivery they decided to go & find out why it wasn't on the system.

 

When they rang me back they had found the I & E sheet and didn't know why it hadn't been put onto the system as it had been two weeks since they received it.

 

i was told that they can do nothing to help and were still seeking the eviction warrant.

 

can anyone help me with this, eviction date set for 12th October ..........

 

Please help with this someone/.....

 

Thanks

 

 

 

 

[Guest purplemushroomfairy2]

Hello, I believe that the Judge has a lot of jurisdiction with residential posessions. Have you been able to get any legal advice? I know it's hard to get, in a rather perilous situation too!

The mortgage rescue scheme is brilliant if your house does not go above their ceiling (like mine did). They can buy the house then you rent it from the local authority. I don't know if that will help you but it might be worth speaking to your local housing officer. Also Shelter can be good if the debt is due to unemployment or illness.

Loads of good wishes, hope you sort it.

[nigrob]

Hi , this week i received a phone call from Acenden saying that my arrears are now £7200 and they need this paying to stop them starting eviction process.

 

They seem unwilling to assist me in anyway to come to an arangement to pay this off which is now worrying me.

I offered them a payment of £1500 and to then start paying the £420 mortgage with £30 on top towards the arrears but they would not agree to this.

 

I am currently receiving ESA & DLA only and have applied for Support for Mortgage interest but have not been told how much SMI i will receive.

 

I explained last year that i was off work through illness and in September i started the Mortgage Rescue Scheme which just managed to stop the eviction in time last year as they agreed to stop proceedings until the mortgage rescue had been done.

 

Then in March this year we were told that the Mortgage Rescue was not successful due to repairs required to the property.

 

I am still off work through illness and recovering from a Spine operation which is a slow recovery process and wish for them to get off my back. They have even put on the Arrears Management fees from the period that i was waiting for Mortgage Rescue which i am also unhappy with .

 

I wish to put in a Complaint about how little they have tried to help me since i took the original Mortgage out as in 2008 i asked them to either Capitalise the arrears i had at that time or allow me a payment holiday , none of these they would do but they agreed to extend the Term of the Mortgage which i was led to believe that this would clear the arrears but it did not , i missed it in the Illustration and was contacted by them to make an arrangemtent to pay it off seperately.

 

I am hoping to return to work in about two months when things can get back to as near normal as possible but i don't know how to get Capstone to accept the offer , or do i wait until i get the Eviction notice then go and ask for a suspension of this at Court.

I also do not want to make a complaint until i get some advice just incase they push the Eviction through quicker than it would usually take.

 

I also intent to Claim back the charges on my account that they have added but again i do not wish to anger them.

 

Anyone help please.......

 

Nicurro

[Lea_HTH]

Don't just make the offer, actually carry it out. So, as long as you can afford what you have offered, start making those payments. If they refuse to accept them (unlikely) tell them to put the refusal in writing. Do an income and expenditure sheet first to see whether what you are offering them is a realistic and affordable proposal.

 

The likelihood is that they are intent on taking you to court - it's their usual tactic - though if you start paying they may hold off on that. But even so you should start to prepare yourself for that.

 

One of the first things the court will look at is whether Acenden has followed the protocols and whether they have done their best to assist you in this period of difficulty. Their refusal of your offer won't bode well for them, but you paying it will definitely sway the judge in your favour.

 

Your arrears are quite high, but if you have a fairly long period of the loan period left, then under case law (Norgan) you can spread the repayment of the arrears over the remaining term of the loan. Acenden do not like to do this and often tell their representatives in court to offer a two year period as though that is all that is legally allowed (it's not). So do that calculation - divide the amount you owe by the number of months left in the term of the loan, and that is the figure you can offer as payment towards the arrears. Of course, once you're back on your feet and in work, you can pay more if you can afford it.

 

Try not to worry too much. It would be a very hard hearted judge who granted an outright possession on your home when you have been unwell. That said, the judge might grant a suspended order. If you stick to your payment agreement with an SPO in force, nothing else will happen, but if you miss payments (probably just one) Acenden will probably apply for a warrant of eviction.

 

The best outcome that you could hope for in court proceedings is to gain an adjournment on terms, which means you agree to pay the mortgage instalment plus an amount towards the arrears and Acenden are at liberty to restore the action if you do not. If it is your first court hearing in relation to the loan, then you stand a better chance of an adjournment - but it always depends on the judge.

 

You should get all your statements out, calculate what all the charges are that have been added to your account - if Acenden have added these charges to the arrears, then you are entitled to deduct them and tell the court that the arrears figure is wrong. (There is information on the site relating to how to go about reclaiming charges.)