SPML/LMC anyone claimed for mis selling and unfair charges?

[littledotty27]

Anybody an answer to my post on #925 please?

[enoughisenough]

Hi dotty

 

he's most likely gone to ground. However the mortgage company are fully liable for intermediary behaviour. I think it's the fsma 2000. But can't be sure. I'll dig it out later. I've got a good bit of stuff on brokers.

[littledotty27]

thank you for that EIE the broker worked for a company called Genesis home loans, as a partner then a director.Have you heard of them?

[enoughisenough]

No. I've not come across them before. Notwithstanding this the lender is liable for broker conduct. No getting around this. Will pm you shortly.

 

Cheers EiE.

[enoughisenough]

Hi Dotty

 

Bollocks to the pm. I remembered this from one of their poison pen prospectuses to the investors so I'll post it on open; their words not mine:

 

 

The Non-Status Lending Guidelines for Lenders and Brokers issued by the OFT in July 1997 and revised in November 1997 apply to all secured loans made to “non-status borrowers”.

 

The Guidelines provide guidance as to the activities of lenders and brokers in the non-status secured lending market in areas such as advertising and marketing, loan documentation and contract terms, selling methods,

underwriting, dual interest rates, flat interest rates and early redemption payments.

 

According to the Guidelines, advertising and other promotional material must be clear and easily legible and should not be misleading, and the Guidelines prohibit unfair sales tactics. Brokers are obliged to disclose at the outset of the transaction their status with regard to the borrower and the lender, together with details of any fee or commission payable to them as broker or if they are tied to a particular lender.

 

Lenders must take all reasonable steps to ensure that brokers and other intermediaries regularly marketing their products do not engage in unfair business practices or act unlawfully, that they serve the best interests of the borrowers and explain clearly the documentation and consequences of any breach or early repayment by the borrowers.

 

The actions of any broker or other intermediary involved in marketing a lender’s products can jeopardise the lender’s fitness to hold a consumer credit licence, and the Guidelines make clear that lenders must take all reasonable steps to ensure that such brokers and other intermediaries comply with the Guidelines and all relevant statutory requirements.

 

This is so even if the lender has no formal or informal control or influence over the broker.

[littledotty27]

When I mentioned this last time in court,the judge said that it was irrelevant to what we were in court for. Would I need to raise this on a seperate issue? The FOS have also been in touch stating we will have an adjudicator before 19th aug,just hope its not to late!!!

 

I just feel like i'm loosing the will to live at mo..suppose everyone else feels the same.

House is going up for sale on monday,thinking of appealing judges descision,is it worth appealing on the grounds you stated EIE re the directive of european law ?...oh god forgot what it is now,hope its that one.

Edited July 8, 2009 by littledotty27

[Smarterchick]

This might be of some limited use for your records. This is a brokers site who brokered my Loan with one of these companies...They have now gone bust so their website won't be around much longer I shouldn't imagine so download what you need, but it's the forms Financial advisors complete to present to brokers for loan applications for numerous finance companies. I've found a few useful answers to a question or two on securitisation giving rights to legally assign and so on I've had so some of you might find these useful, press the ' Intermediaries Click here' tab and browse the 'pdf forms' button. ..the link to ' view our process guide' is useful too.. More Finance - 0800 043 0310

 

Hope it helps some..

 

SC

Edited July 9, 2009 by Smarterchick

[uneverdid]

Hi all,

 

just an update on my case i have finally decided enough is enough and logged a complaint with the FOS today who are going to write to Capstone and await their response. I spoke recently about my having received a letter insuniating that the named person on the mortgage was deceased and it had completely different name to myself. I have today received more paperwork which shows quite clearly that a letter containing all my details was also sent to a solicitor in Essex. Can anyone tell me is this not a serious breach of data protection, i know this is dealt with by the financial commissioner. (the FOS are dealing with my charges, arrears statements etc)

 

Thanks in advance for your help.

[enoughisenough]

Hi Uneverdid

 

Notwithstanding other posts on this thread concerning your situation (from other caggers I respect hugely) I draw the following conclusions.

 

1. The cock up is certainly worthy of the information commissioner's attention. Deceased or otherwise it is bound to contain information relating to living relatives. It is an absolutely appalling handling of consumer confidentiality.

 

2. They are clearly under serious pressure now. Good. Let them feel it. It is impossible for a company well run to conduct themselves like this

[littledotty27]

There is a program on now BBC2 called Freefall all about the situation that we are all in.

 

Watch it,it's quite interesting!!

[uneverdid]

Hi enoughisenough thanks for replying, i did query this again with Capstone and they told me that because it went to a solicitor and they are bound by the financial code of conduct it was ok and just human error because the solicitors would not use the data. I am still intrigued however that i cannot locate a number for this solicitor i have search online and rang 118118. I was also suprised when the FOS said they would not of been able to help me if Capstone had already gained any kind of judgement against me eg suspended possession order. All i got was a letter from the court saying that if Capstone did not have the case reheard before next Feb then the case would be discarded.

 

I just had enough today so thought sod it lets go for it and the FOS said that Capstone have to respond within 8 weeks and if i wasn't happy they would then take the case further for me. Capstone however said they would respond to me within 5 days and then give me a final response within 8 weeks. When i asked if i could then appeal if i was not happy with their decision i was told no it would be final and that would be it. WE WILL SEE

 

Thanks again

[enoughisenough]

Hi Uneverdid

 

1. Bound by which code of conduct? My arse. They don't feel themselves bound by law let alone codes of conduct.

 

2. Human error. Are they human?

 

3. FOS? Useless tossers in cahoots with these criminals. Recognise that they are subject to damages claims if they don't pull their fingers out.

 

4. The courts. Did they use the term discarded?

 

5. Crapstone respond within eight weeks? They will but the response will be toilet paper, or rather sub prime toilet paper which I wouldn't wipe my a**e on.

 

6. NO. It won't be it.

 

7. Yes. We will see. These people better start getting educated as to what is really facing them. Half these **** will be trailing down the dole office once they achieve their objectives of closing the mortgage book.

 

So, as a final response ourselves, Clean your conscience and blow the whistle on what you know.

 

Indeed WE SHALL SEE

 

KEEP THE FAITH. EiE

[uneverdid]

Hi THANKS EIE,

 

As long we all stick together and we stay strong i am certain we will win in the end. I will find the letter from the court probably didnt use the word discarded but it was certainly to that effect. I am trying to claim back the solicitors charges because they turned up without a clue and the judge sent them off to get their facts right and then apply for another hearing. In the meantime Capstone decided to accept my proposal for the arrears so the case never went back. As i lost a days pay and although ultimately it went in my favour i still dont see how i should be charged for their incompetence. Thats enough for tonight.

We will survive.

[enoughisenough]

Just thinking that somebody on the inside at Capstone could make themselves a very tidy little earner by blowing the whistle. Got to be tempting hasn't it?

[uneverdid]

Why is it that i have been asking these cretins for a complaint no for weeks now and when i confirm that i have reported them to the fos and the info com they come up with one in 2 days. aaaaaaaaaaaaaaaaarrrrrrrrrrrrgggggggggggggg the information comm has said that they should of made reasonable measures to safeguard my information which they clearly havent done and to simply quote human error is not sufficient so watch this space i will keep you informed as and when things happen

[enoughisenough]

OMG why am I not surprised? I think you are being too hard on cretins. It'll take another ten thousand years of evolution for this pond life to even get close to cretin status. Behave yourselves. You are under serious fire. Idiots. Talk about shooting yourself in the foot.

[JonCris]

Demand to have a copy of the securitization document

[uneverdid]

Hi, i have also managed to get hold of the solicitor who the letters with my information on have been sent to. I have asked for these documents to be returned to myself for me to destroy. He has no recollection of receiving the letters however he can confirm that he has been dealing with the deceased gentlemens affairs. He is going to 'look into it' but has said it may take a while why ??? surely a search of the gentlemens file should reveal any documents which contain information relating to myself. How long do you should think i should wait to hear back from the solicitors ? Capstone have also stated that it is in their terms and conditions to add any charges to the arrears balance and that it's ok to do so is this right. I have searched my mortgage offer and conditions but cannot find any information that confirms this. Has anyone else got it in their conditions i thought that charges had to go on the capital balance of the mortgage, correct me if im wrong. Thanks again guys without this site i think i would of gone crazy !!!

[uneverdid]

Hi JonCris

with regards to securitization, whenever i mention it they deny any knowledge of this being done when i ask who would get the money if i sold my house they say the administrators for preferred because technically my mortgage is with them. Price ????? i think they are called.

I have recently asked about capitilization but they have written asking me for my last 3 months bank statements which i am not prepared to give them i didnt even have to send them in when i applied for the mortgage.

Another query i have noted that when i took the mortgage out £3000 was actually added on for arrangement and broker fees, is there a limit on this. I was under extreme stress at the time with just a couple of weeks to go to losing my house due to divorce and ex husband not contributing anything financially to the mortgage. I obviously just wanted to keep my house for the sake of my two children.

[enoughisenough]

Millions of borrowers face unfair fines

[enoughisenough]

The securitisation issue is passé . I say this in respect of the following.

 

1. Everyone knows that virtually everything that could be securitised was securitised.

 

2.equally everyone knows that the process resulted in full consideration.

 

3. it is also self evident that no one except a muppet or a greedy calculating investor would touch these worthless bits of paper with a barge pole. The issue of rights in the UK is not dead, merely lacking definite clarity.

[Crapstone]

This whole mortgage situation is worse than having children. They tell that you should bang your head against a brick wall just to see what being a parent is like. Children grow up but Capstone don't let go of their dummies.

 

Uneverdid,

 

There is no cap on the fees that can be charged but you must have been advised of them prior to signing. You could either chase up the broker or put this to your lender as they are ultimately responsible for the selling of their products.

 

Don't be put off by any Capstone response. They will happily say black is white if you let them. Keep hammering away.

 

If you want to capitalise you will have to supply them with the info. they want. If there are fees in there then that's the last thing you should do. Sort the mess out you are in already with them and get the fees taken off first and all your complaints addressed.

 

Be strong and very bold.. write to them and don't accept their ignorance when they answer.

[Crapstone]

EIE,

 

It's worth sticking in there. I think the key is the insurance on all levels.

[enoughisenough]

Hi Uneverdid.

 

I don't know why they even bother lying like this. You took on an SPML loan around say 2005. Was this a second charge or did it get your existing lender totally off your back? Don't answer unless you want to - just guessing what is likely here?

 

The securitisation SPV in 2005 was called Southern Securities (05-03 for example). The 05 bit refers to the year and the three refers to the quarter. In this case then around October 2005 the mortgage was packaged up with all the other ones and sold as investor notes.

 

If it was 2006 there were only 2 SPML/SPPL SPV issues under Lehmans Bros heralded Eurosail programme, which at the time was described in the corporate propaganda bull**** as 'exciting' etc. Look at Lehman's now.

 

This is the reason for all the grief we are getting but it would have come anyway because they had no intention of letting the mortgage run for the full term of the agreement. The notes must be redeemed on about a five year average to satisfy the greedy investors. My heart sank the other day when I heard Broon criticising the bonus culture and arguing that their bonuses should be tied to long term success of about five years. This hugely disappointing egomaniac has just given the green light for yet more of this nonsense. I wish there was a government or a politician who had the balls to step in and just offer mortgages at BoE +1% and kill off these predators once and for all. (oops I'm rambling).

 

So, your mortgage was securitised, they are lying and they should effing well grow up.

 

Oh and one final point, if securitisation is such a straight deal, perfectly legit and above board as some argue why all the denials?

 

They could just say a la Suetonius "Yes we securitised your mortgage but still hold the beneficial rights in event of default. This is a perfectly legitimate transaction in UK law."

 

But they never ever do, do they? What exactly are they afraid of?

 

If yours was 2006 you have them bang to rights because Eurosail will (99% certain here) appear on your statements

[enoughisenough]

Redeeming the notes means one of three things:

 

1.You remortgage your remortgage which they have sold on and been paid in full for already, usually ending up back with Capstone anyway, a kind of never ending hell until they've pummeled you into the ground.

 

2. You win the lottery and pay the **** off.

 

3. They repossess.

 

It makes me sick that anyone anywhere could have allowed this to go on