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

[sailor579]

Sorry Guy's but just had to post Capstones e-mail disclaimer;

 

Highlighted bit made me Laugh I near on wet myself !!!!

 

Attention:

This message is intended only for the personal and confidential use of

the designated recipient's) named above. If you are not the intended

recipient of this message you are hereby notified that any review,

dissemination, distribution or copying of this message is strictly

prohibited. This communication is for information purposes only and

should not be regarded as an offer to sell or as a solicitation of an

offer to buy any financial product or as an official statement of

Capstone Mortgage Services Limited or any of its affiliates. Email

transmission cannot be guaranteed to be error-free. Therefore, we do

not represent that the information set out in this message is complete

or accurate and it should not be relied upon as such. All such

information is subject to change without notice. Capstone Mortgage

Services Limited is authorised and regulated by the Financial Services

Authority. Telephone calls may be monitored or recorded for training

and security purposes.

[ryde]

great Sailor Hope Everyone Follows Your Example You're Absolutely Right The More Emails The Higher The Profile And The More They Will Take Notice.

Give Us An Idea Of What You Wrote As Everyone Needs To Be In A Similar Vein,such As Whats Going To Happen To My Home There Are Thousands Like Me Out There?

Capstone Are Such A Weasely Bunch Must Be Terrified Of Committing Themselves To Anything Unless You Owe Them Money.hopefully Their Time Is Coming.

i'd go public anytime I haven't even got a mortgage with them I'd absolutely love it.

Edited October 8, 2009 by ryde

[gustavius rex]

GR ITS ESSENTIAL WE ALL EMAIL THESE REPORTERS SO WE CAN FIND OUT EXACTLY WHERE WE STAND SEE PREVIOUS POSTS.

Lehman U.K. Administrators Offer Out-of-Court Payment (Update4) - Bloomberg.com

 

 

Ryde,

 

l did go through the above information and each news report l could lay my hands on. There is nothing there that relates to us, but, to Lehmans extensive property portfolios held by it's subsidiaries in administration. No bond holder of any of the PLM/SPLM vehicle instruments can claim anything unless their investments defaults. PWC cannot sell PML/SPML asssets without winding up both and all the spv's as well. lt is such a complicated business that it will take years before it all is sorted out. Just have a look at Eurosail's offer and you will understand. And, even if they wind up PML/SPML and all the vehicles, the investors will have the right to obtain the legal title. But, there is one statement in the Eurosail offer that caught my interest and that concerns obligations. What it said is that the vehicle and it's investors are the real driving force behind the investment and its performance. PML/SPML/London Mortgage Company will, however, lend their name to to the spv/investor to enforce payments and repossessions etc. As a matter of fact, Capstone will act direct on behalf of the vehicle/investor, but, in the name of the originator only. Now, if that is not a breach of performance, then, nothing is.

GR

[gustavius rex]

That was quick.... BBC have passed all details I supplied to their personal finance team for investigation.

 

Who know's keep your fingers crossed.

 

But I reckon if they do progress it they will be looking for volunteers to go public

 

 

Great stuff!

 

l shall plod away on my own stuff for a while and see if l can put together a package that will support our actions further.

GR

[littledotty27]

Hi All

 

I emailed Dominic Littlewood on tues and got a response today.

 

Can you all give me some bullets points I can make in a reply email.

 

Your contributions will be appreciated.

Thanks

[littledotty27]

What it said is that the vehicle and it's investors are the real driving force behind the investment and its performance. PML/SPML/London Mortgage Company will, however, lend their name to to the spv/investor to enforce payments and repossessions etc. As a matter of fact, Capstone will act direct on behalf of the vehicle/investor, but, in the name of the originator only. Now, if that is not a breach of performance, then, nothing is.

 

So thats why LMC name is still being used even though it no longer trades

[gustavius rex]

So thats why LMC name is still being used even though it no longer trades

 

 

Hi Littledotty,

 

l do not think any of PML/SPML/LMC trades anymore. Once Barclays pulled the rug from under by refusing their bridge financing they could no longer originate mortgages. Exactly what and how their business relationship, other than procure, with Alliance & Lester worked remains a question requiring an answer. But, all in all they are all out of business with the exception as trustees/deed title holders. Not that l think they ever were an entity as such, more than on paper, but, after the crash they stopped all mortgage and loan business over night.

GR

[littledotty27]

So if they no longer trade,how can they get away with still being a business & still using there trading names?

[ryde]

Littledotty they are paper companies ie.fronts seperate legal entities because they are ltd companies capstone pull all the strings start litigation and hide behind them and their names,physically they don't exist no employees, in the past it was all set up through agents brokers and intermediaries to set up the loans.

 

Notice to Noteholders - London Stock Exchange

 

THIS IS VERY IMPORTANT

 

JUST GOOGLE ......EUROSAIL IRISH STOCK

EXCHANGE

 

I think this is the spv that concerns us as this was used by spml/pml/london mortgage etc to sell the equitable titles to.They are it appears in deep s...t that is why they are issuing all these notices and that is partly why PWC are arranging this deal out of court which is subject to a time bar.

I believe this is our best and maybe only chance To all act together and get some publicity WITHOUT ANY COST

 

CAN SOMEONE PLEASE ROUSE OUR RESIDENT SAGE HIS/HER? MUNIFICENCE SUETONIUS FROM HIS/HER? SELF IMPOSED EXILE TO MAKE SOME SENSE OF ALL THIS AND POINT US IN THE RIGHT DIRECTION..OR IS HE/SHE? OMNIPRESENT AND ABOUT TO ARRIVE ON THE SCENE LIKE SOME THUNDERBOLT READY TO STRIKE DESPAIR INTO ALL US UNDERLINGS WHO OPPOSE HIM/HER? OR TALK UTTER RUBBISH BECAUSE AT LEAST THEN WE ALL KNOW WHERE WE ARE. SOMEONE PLEASE USE THE MAGIC INCANTIONS TO ROUSE HIM/HER?(IS HE/SHE? ACTUALLY BOTH!!) FROM HIS/HER? HEAVENLY SLUMBER WITH HIS LEGENDARY MAGICAL BUCKET OF COLD WATER TO END OUR MAGICAL MYSTERY TOURS. BECAUSE TEMPUS FUGIT.

Edited October 8, 2009 by ryde

[sailor579]

Sent 4 e-mails to the only contact I have at Capstone over the last 3 days requesting details of SPML/Eurosail and why I am being asked to pay Eurosail not SPML plus some other personal details and requesting specific e-mail address's of relevant contacts within Capstone to speed communications. It was only on the last e-mail where I stated that a registered letter confirming the contents of the mails was being sent as well that I received the following identical response for each mail:

 

"Your email of Xth October 2009 has been received and you will receive a response by post"

 

You will notice a distinct reluctance to give out e-mail contact details even though the world and his brother use e-mail as the mass communications medium.

 

Perhaps my post on the disclaimer highlights the fact they are effectively saying "Any e-mail we send may be a lie/distortion or misleading" So as we can't control e-mail we won't use it.

Given that a postal strike is now on the cards perhaps these strange people will use it to their advantage ??

 

My paranoia may be getting the better of me now !!!!

Edited October 8, 2009 by sailor579
update

[Crapstone]

I do believe Suetonius is a he.

 

Dotty, as long as SPML, PML or Capstone are still solvent there is nothing to stop them still trading under their names.

 

Some good news if you have MPPI and have seen your premiums rise this year and changes to the t & c's. The FSA has secured a deal to get those charges refunded and the original terms reinstated by June next year. If you cancelled the policy they must also give you the right to reinstate it if you cancelled within 2 monthe of the policy change or payment increase. At least that's what is says in the Financial Times. The companies reacted to the expected higher levels of unemployment and our own policy went from £10 per month to £18 and with much lower cover.

[Crapstone]

Capstone seem to have reduced their working hours too. We have just had the usual insurance threat-o-gram saying that it's expired and it is imperative we send the new policy ASAP.

 

Really? It's not flamin' due til November...They do this every time and then lose the documents you do send..Grrr...And no I won't be noting the interest of Mortgage Funding 2008 unless they contact me directly and I have their expressed authority and an explaination why they are involved.

Edited October 8, 2009 by Crapstone

[littledotty27]

Ryde

My mortgage was orinally taken out with Matlock Bank t/s LMC,then it was assigned over to SPML still trading as LMC & now Vertex are involved somewhere along the line,bur I have never had any dealings or received any correspondence from Capstone.

Excuse me for my lack of understanding,but it has been such a lengthy process along with other crisis' along the way,that iv run out of brain space.

[sailor579]

Crapstone,

 

Join the club, only my registered interest is Eurosail.

 

At least they aren't trying to charge me £20 for insuring with someone else this year (They have tried this little gem 2 years running)

[gustavius rex]

Littledotty they are paper companies ie.fronts seperate legal entities because they are ltd companies capstone pull all the strings start litigation and hide behind them and their names,physically they don't exist no employees, in the past it was all set up through agents brokers and intermediaries to set up the loans.

 

Notice to Noteholders - London Stock Exchange

 

THIS IS VERY IMPORTANT

 

JUST GOOGLE ......EUROSAIL IRISH STOCK

EXCHANGE

 

I think this is the spv that concerns us as this was used by spml/pml/london mortgage etc to sell the equitable titles to.They are it appears in deep s...t that is why they are issuing all these notices and that is partly why PWC are arranging this deal out of court which is subject to a time bar.

I believe this is our best and maybe only chance To all act together and get some publicity WITHOUT ANY COST

 

CAN SOMEONE PLEASE ROUSE OUR RESIDENT SAGE HIS/HER? MUNIFICENCE SUETONIUS FROM HIS/HER? SELF IMPOSED EXILE TO MAKE SOME SENSE OF ALL THIS AND POINT US IN THE RIGHT DIRECTION..OR IS HE/SHE? OMNIPRESENT AND ABOUT TO ARRIVE ON THE SCENE LIKE SOME THUNDERBOLT READY TO STRIKE DESPAIR INTO ALL US UNDERLINGS WHO OPPOSE HIM/HER? OR TALK UTTER RUBBISH BECAUSE AT LEAST THEN WE ALL KNOW WHERE WE ARE. SOMEONE PLEASE USE THE MAGIC INCANTIONS TO ROUSE HIM/HER?(IS HE/SHE? ACTUALLY BOTH!!) FROM HIS/HER? HEAVENLY SLUMBER WITH HIS LEGENDARY MAGICAL BUCKET OF COLD WATER TO END OUR MAGICAL MYSTERY TOURS. BECAUSE TEMPUS FUGIT.

 

 

 

This means then that the ''merde'' finally hit the fan. These notes are not performing and the issuer has no funds left why he wants to invoke his rights to swap and the guarantees he has from Lehman Special Financing (in liquadation). So far, PML/SPML etc. are not directly involved as the issuer, on behalf of himself and the note holders, is trying to squeeze some ''juice'' out of the Lehman carcasse. The next step should be the transfer of the legal title to the issuer and the investors from the originator. Before this will happen they will have to inform us mortgage holders. This, Ladies and gentlemen, is the real financial ''wild west''!

GR

[Crapstone]

Vertex is just another servicing company similar to Capstone.

[Crapstone]

Crapstone,

 

Join the club, only my registered interest is Eurosail.

 

At least they aren't trying to charge me £20 for insuring with someone else this year (They have tried this little gem 2 years running)

 

Mortgage Funding 2008 is a Eurosail account, just another of their spin-offs. Capstone charges me £100 for 'checking' my own insurance. What a nicely rounded figure that is to reflect their true costs!

[enoughisenough]

Suetonius will appear soon bedecked in his toga to tell us which trees are the ones worth barking up. In the meantime do not let me distract you from your own concerns and strategies. The performance aspects are the central ones. Focus on the central question of contract and all will fall into place. What rights and obligations did each original party have upon commencement. Which of these rights and obligations are within the ambit of consumer law? Which aspects of performance have broken down?

However be very careful of consumer and contract law remedies. They can be unduly harsh when performance, rescission and repudiation are brought into play.

[wot2do?]

What rights and obligations did each original party have upon commencement. Which of these rights and obligations are within the ambit of consumer law? Which aspects of performance have broken down?

 

Do you have a list

[ryde]

crapstone over to you ,the last post is traditionally yours, you must be like me made an insomniac by all this lot which seems to change daily.

[Dangermouse]

EIE

 

I am quiet but following with interest!

 

Dangermouse

[verycatchy7939]

meeting with My mp rob felleo will post out come on here guys

[enoughisenough]

Quiet as a mouse eh?

 

hope I haven't inadvertantly implied you had deserted us. Keep the faith. EiE.

[Crapstone]

Why doesn't it surprise me there was a direct connection between Lehmans, the secondary servicer ( Homeloans Management Ltd) and Paragon?

[Crapstone]

http://www.fmlc.org/papers/fmlc1may2.pdf

 

More difficult reading but pg 14 and the seemingly impossible that lenders could go into liquidation having securitised their assets.

 

I haven't yet read all of it but have made some notes and will be looking up some of the cases mentioned. I was looking into the scope of regulations that applied to Capstone/SPML etc from the FSA which then led me on to looking further into any directives that could apply.

 

Anyone else feel that all this reading is doing their heads in and can't find enough hours in the day? It's the cross-referencing that makes it all so difficult.....and then you have to be able to understand it.

 

At least if I post up what I find other people can take a look and dismiss it or if it is of value it's easy to refer back to.