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

[littledotty27]

A friend at work has a friend that is an agent for Cartel Client review,so we put out details on there website for somone to contact us...that was 3 months ago...never had a phonecall off them.

 

Just goes to show they can't be that good or want business,if they can't be bothered contacting the enuirees from their website.

[gustavius rex]

Not sure if this has already been posted

 

Market News

 

 

lt's the final coundown and we better hurry up if we are going to get something done about our mortgages before the curtain comes down. No-one is voluntarily going to help us and the authorities will collectively pooh their pants while washing their hands with sulphuric acid. The situation is surely critical and the bondholders desperate. Let's ensure that we have as much clout as they have when the ''merde'' hits the fan, or we will simply be left behind. This is not something that can be delayed or eternally discussed and mulled over, we need to act and act now.

GR

[midge61]

littledotty you should read this especially pages 5-8 and then ask capstones to explain why they don't practice what they preach!

 

http://www.europeservicing.com/BARCAP-RMBSServicing2008.pdf

[I'm the bad guy?]

something funny, in a 'Family Guy' type way....

though more akin to the fall in US domestic house prices

 

Parental Advisory - Explicit Lyrics

 

YouTube - TFFUtility's Channel

 

CDOs> Collatoralised Debt Obligations(bonds backed mortgage assets)

A,B,C etc> ratings of the CDOs

 

 

 

ITBG?

stuey rocks!

Edited October 31, 2009 by I'm the bad guy?

[Crapstone]

lt's the final coundown and we better hurry up if we are going to get something done about our mortgages before the curtain comes down. No-one is voluntarily going to help us and the authorities will collectively pooh their pants while washing their hands with sulphuric acid. The situation is surely critical and the bondholders desperate. Let's ensure that we have as much clout as they have when the ''merde'' hits the fan, or we will simply be left behind. This is not something that can be delayed or eternally discussed and mulled over, we need to act and act now.

GR

 

I don't think we have too much to worry about. The scales are tipping and we are only just seeing the tip of the iceberg..both in reforms and the s..t these companies have left in their wake.

[rocket1]

Hi everyone,

 

I'm getting a bit frustrated.

 

There are lots of useful posts here and lots of people eager to put effort into helping and being involved in taking legal action in a class action BUT NOTHING MUCH IS ACTUALLY HAPPENING ABOUT IT

 

To move forward we need to construct a cogent case; and to do this we need to discuss these various issues with a lawyer or someone with sufficient legal nouse to be able to see the legal points to argue to make a class action case in court.

 

Apparently this was done in the USA and resulted in a settlement of hundreds millions. We need to try and get hold of the legal papers outlining the arguments in that case as they were obviously effective enough to make the lenders cave in and not let the case go to court because so doing would destroy the entire bunch. So the lenders thought it worth paying over three hundred million or so in settlement to prevent court action.

 

This proves we do have a case. We just need to get on with it now; i.e. ask a legal mind how to construct an argument using all the information we have here.

 

How about talking to BANKFODDER, founder of this CAG site who just happened to train as a lawyer and thus became so p*ssed off with banks ripping him off with 'unfair charges' that he started that whole court thing going with unfair bank charges such amazing success.

 

He described his motivation as a hatred of the dishonestly of the banks. How absolutely right he was. But this blatant dishonesty was not just confined to silly bank charges. That whole philosophy of dishonesty and rip of permeates the entire financial industry so much that it has become accepted everywhere as somehow , just - 'normal'.

 

Can we now 'get real' ? It may be normal, but it is immoral and dishonest and very frequently completely criminal - proof of which is creeping out of the woodwork all over the place. You know, the odd few billion here or there simply stolen by this fraudster or that - or this or that bank acting corruptly etc.

 

The near destruction of global wide finance etc. proves we do have a case and gives us a unique opportunity to sort these thieves out. So let's do it and stop just talking about it.

 

I am more than willing to put huge amounts of effort into it, and perhaps Bankfodder will too. And so will many posters here. It just needs organising !!!!

 

Today's latest news is all about how the banks are going to make sure they charge everyone extortionate fees for just simply being forced into having a bank account.

 

 

 

All these posts seem to contain pretty much all the information needed for a legal mind to see how to draft some sort of legal case but ABSOLUTELY NOTHING WILL CONTINUE HAPPEN until someone gets hold of legal advice, informal and unpaid initially followed by formal and paid for. The paid for bit only happens when we know there is a viable case and vaguely how to put it.

 

Then we will know it is worth paying for and we can go out and find the dosh to do it.

 

It is eminently do-able, and I'm sure the dosh can be found. Remember, if we win, we won't need the dosh in the end because it will be the lenders coughing up for everything, including costs.

 

There is a faintly invisible horde of well wishers amongst the sixty million population of this country who are just willing someone like us lot to start a high profile legal action with daily publicity updates going on in ALL the media. to put the whole dishonest financial industry in its place once and for all.

 

What this whole bunch of liars and thieves do just takes my breath away. But what I find completely astounding is that no one, anywhere, ever seems to do anything at all to question what is often blatant theft.

 

My own various experiences with all sections of the financial industry give example after example of institutionalised theft.

 

So, CAN WE GET OFF OUR BACKSIDES AND ACTUALLY DO SOMETHING MEANINGFUL instead of sounding like the uselessly chattering Bandar Log of Kipling's chirruping monkeys in the jungle; endless telling each other of all the great things they are going to do and how important they are going to be one day, but actually never, ever doing anything at all about it.

 

What might anyone think about what I have said ? Any takers ?

[Crapstone]

Some of us are but as I said earlier, it's not a good idea to publish the facts here on an open thread. For one..it will put any case in jeopardy and have to be removed.

[rocket1]

Well I do appreciate how putting details here might be prejudicial. But, equally, I haven't seen any information helpful to anyone wanting to join and or help with a class action.

 

Surely all that is needed is an invitation to anyone wanting to prove their credentials and join in with doing something positive about it ?

 

And of course a great deal would be done away from this forum. But this forum is very useful to that effort.

 

That's how the whole CAG thing started with Martin being so angry with the banks. And this is an even bigger thing that Martin's original beef about bank charges !!!

 

But I, along with many others, want to do something and to use whatever skills I have to help such legal action along, but I don't see anything to aid that ?

[enoughisenough]

following from Crapstone above...

 

1. Many families have been saved from repossession by the simple fact of this thread and the good and kind people who contribute on a very regular basis to it.

 

2. Many of the posters are deeply involved in difficult high pressure lobbying where it is not always productive to scream from the rooftops, and certainly not conducive to any outcome in the general good. For the avoidance of doubt this includes extensive searches to find a top law firm willing to take this on. Further it involves high intensity pressure on the authorities.

 

3. Some argue it does no good. That the FSA, the OFT, the FOS, Trading Standards (The CPS if you want to go down a criminal route which would fail) Parliament and the Treasury Select Committee and the Courts (might as well chuck in the media too) are all so in thrall to the banking system that there can be no justice. Oh? All well and good then! We'll just bend over and kiss our backsides good-bye. The fact is that landscapes change when time and patient pressure is applied. And the fact is that the vested interests of the banking industry will find new ways to assert themselves. If the system is so irredeemably corrupt can anyone tell me what the point of taking this before the courts is?

 

4. I know that there are people on this thread doing their bit to raise this up. And they have had some success in pushing hard at what we know is an open door. We need to keep pushing. Put the pressure on the barstewards who sold you your dodgy mortgage. Send in a letter of complaint. SAR them. Issue claims against them (but only after careful consideration of your own position). Harass their solicitors with endless requests for information. Complain to OFCOM and Otelo about the frequency and nature of the phone calls. Complain to to the ICO when they don't comply with the SAR. Write to your MP. Lodge a complaint to the OFT and FSA, recognising they don't deal with individual complaints but you have noticed that your firm acts in a way similar to GMAC. Contact Watchdog. Contact Moneybox Radio 4. Write to the times the telegraph, the mail & the guardian. Contact your local MEP and ask them to raise the issue with the EU Consumer Affairs Commissioner. Write to the Treasury Select Committee who have been investigating all this sub-prime garbage. Complain to your firm's local Trading Standards. Get the CAB involved, and if you're desperate for a high level barrister to become involved you could always contact your local Free Representation Unitas well. In short raise a stink about this. The most difficult point you raise is that we wouldn't have to worry about costs. Trust me, in a case of this nature, anyone not worrying about costs is about to have their ars*s kicked

 

5. Final point. They were successful in the US on a very simple premise. Most of the securitizations in the US involved wholesale legal sale of the title.

That has never been proved to be the case here, but I live in hope of one day demonstrating such. Until that day arrives I'll settle for what I have always done. I'll keep pushing at that open door.

Edited November 1, 2009 by enoughisenough
Typo

[ryde]

eie,

totally agree until legal title passes to spv/investor we all have problems with the mortgagees we are stuck with.(we will then have a new set of problems but this will be the time to object to the transfer to the land registry.)

 

It would cost nothing however to hit the fsa with our own complaints,at least they are doing something now and the more complaints the better,it has to be a viable defence for anyone facing litigation that they have complained to the fsa who are investigating thousands of complaints against these companies and have already taken action against gmac because of breeches of the fsa act 2000,may even if qouted stop the litigation dead in its tracks.

To start with and keep the ball rolling why doesn't everybody here send an email to the fsa and complain about capstone pml/spml etc and about their arrears charges admin charges etc using the gmac judgement as their model.Then just post here that you have complained,thats a start anyway and will take 5 minutes.All we have to do is find out what the fsa deems as appropriate arrears admin fees if any and complain about our mortgagees remoteness and refusal to negotiate.Or just make the complaint in general terms taking your info from the gmac post.Can anyone post the link to the fsa cos I will do it now,just saves some time if its been done before.

Edited November 1, 2009 by ryde

[enoughisenough]

Heavy sigh...

 

I'm beginning to think some people haven't read this thread...

 

post number 679. Got quite a response going in to the FSA. This then led to the TSC investigating sub prime and found that the FSA had done er...nothing much. The FSA then gets a public roasting from the TSC and lo...GMAC! One down three to go. I can't really do this again but anyone who dropped off the radar before hand or has subsequently joined is more than welcome to customise and deliver. In fact you should because:

 

a) it is in very rough form

b) needs to be personalised

c) GMAC-RFC has now come out.

 

I would alter what I posted then (to reiterate - as a very rough guide) to suit your own purposes.

 

Remember always that FSA will say that they don't do individual complaints. That's fine. It's lodged. That's what matters. I actually wrote back and said i know. But you are supposed to do compliance and enforcement!

 

Here it is.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-34.html

Edited November 1, 2009 by enoughisenough
forgot to post link.

[Crapstone]

Well I do appreciate how putting details here might be prejudicial. But, equally, I haven't seen any information helpful to anyone wanting to join and or help with a class action.

 

Surely all that is needed is an invitation to anyone wanting to prove their credentials and join in with doing something positive about it ?

 

And of course a great deal would be done away from this forum. But this forum is very useful to that effort.

 

That's how the whole CAG thing started with Martin being so angry with the banks. And this is an even bigger thing that Martin's original beef about bank charges !!!

 

But I, along with many others, want to do something and to use whatever skills I have to help such legal action along, but I don't see anything to aid that ?

 

I appreciate what you are saying Rocket..all comments are welcome whatever the view.

 

You talk of 'class action' but the differences here have to be ironed out. The common factor is Lehmans but each situation is different to the extreme. We have people that have refused to pay, ones who have had repossession threats made for no reason, past repossessions.....even people that have registered interest in properties.

 

You might not see it but some of us have worked hard to get to where we are, not just for ourselves but for every other person duped.

 

I don't think we are at the stage yet to take any legal action at a class level until a few further things develop.

 

I've lost enough time and money to this company without rushing in like a fool that's watched one too many claims ads.

Edited November 1, 2009 by Crapstone

[Crapstone]

Heavy sigh...

 

I'm beginning to think some people haven't read this thread...

 

post number 679. Got quite a response going in to the FSA. This then led to the TSC investigating sub prime and found that the FSA had done er...nothing much. The FSA then gets a public roasting from the TSC and lo...GMAC! One down three to go. I can't really do this again but anyone who dropped off the radar before hand or has subsequently joined is more than welcome to customise and deliver. In fact you should because:

 

a) it is in very rough form

b) needs to be personalised

c) GMAC-RFC has now come out.

 

I would alter what I posted then (to reiterate - as a very rough guideto suit your own purposes.

 

Remember always that FSA will say that they don't do individual complaints. That's fine. It's lodged. That's what matters. I actually wrote back and said i know. But you are supposed to do compliance and enforcement!

 

Here it is.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-34.html

 

I know the feeling EIE,

 

Seems we've sat back, done nowt and have nothing on this thread to show for it...........

 

Pass me the brick wall when you've finished with it please.

[Crapstone]

I spy.

Edited November 1, 2009 by Crapstone
Too many guests

[ryde]

eie,

thanks for posting your link and apologies for not seeing it before but it was posted way before I joined this debate,still its here for everyone to take note of again when the situation is at last receiving the attention and action it should have had a long time ago,so the hard works already been done and looking at the thousands who have looked at this debate,if only a fraction took this action it must have some impact. I will do mine tonight and send a copy to pml/capstone and see if they do anything about the current litigation pending my complaint.

Edited November 1, 2009 by ryde

[enoughisenough]

Be my guest but if you don't make it your own with dates times and numbers they'll treat us in even further contempt.

Edited November 1, 2009 by enoughisenough

[gustavius rex]

Fellow Citizens,

 

l've actually checked up some of the court cases in the States and both law and procedures are very different from here. First and foremost, each state has it's own set of laws and procedures and what goes in California may not apply in Utah. Second, The law and the protection of the consumer is much more detailed and applicable over there, why, the claimants in a court case against a bank or lender has much more legal support and power than we have. Thirdly, there is a different culture regarding your rights and how to enforce it in the US. People do not sit around and diddle about their issues, but, take action and this because they can. We, on the other hand, live in a class society where laws, rules and regulations are set by the very people we try to regulate. Our judges are either privately schooled, portwine noosed ''old boys'', who know nothing about the people on the street level, or old solicitors (cc judges) who are looking for a juicy retirement. Our laws are antiquated and designed to safeguard the monied classes and not the pesants. ln other words, it is a nightmare to make any sence or proper case against the money. FSA, FSO or whatever else they invent as window dressing are completely worthless, toothless, powerless and non-functional entities. Even in the case of G-MAC the penalty does not match the crime. It's actually typical for what's going on; £2,7 million fine and £7.0 million in re-payments, wow, great, that will hurt and teach the b*****ds a lesson or two, etc etc etc. Bulls..t, G-MAC and it's share holders will rush to the bank laughing and pay cash straight out of their pockets. lt's nothing and does not reflect anything but another window dressing as £10 million sounds a lot of money to normal people. But, in reality what is £10 million really worth when you hold mortgages worth a few billions and will even in the worse scenario pick up a percentage point or two? 1% of 1 billion is £10 million! And, the actual fine was less than 1/3 of that.

 

No, there is no point in complaining about the people here not doing anything or not getting off their backsides, as very very few actually do contribute in any positive way here and the few who do, should rather be commended for the absolutey fantastic work they do, than crtizised for what they cannot do. This is hard work and not just an exercise in complaining. The issue is a legal warren of tunnels and some of them lead to absolute disaster, why you have to be careful where you put your feet. One wrong step and your down the abyss.

 

Personally, l'm not that worried about what the financial community can glance from these pages, but, l can defenetively sympathise with those of us who are getting paranoid. There are and have been cases where posts have been used by defendants and or claimants against caggers. l think, though, that this particular issue has gone beyond any point of return and it is now only a question of putting the case together. ln a litigation you will have to supply the other side with your evidence and as they always have access to money, they will use any tactics to delay a case until they can mount an appropriate counter case against you. Why it may be better to let each and everyone know now what is going to happen.

 

So, in conclusion, let's not start ''bitching'' about right or wrong ways, too much talk and no walk the walk, differences in actual complaints and so on, but concentrate on one single common issue and that is and must be:

 

UNFAIR AND PREDATORY LENDING PRACTICES!

 

With the best of regards

 

Gustavius Rex

[wonderman]

following from Crapstone above...

 

3. Some argue it does no good. That the FSA, the OFT, the FOS, Trading Standards (The CPS if you want to go down a criminal route which would fail) Parliament and the Treasury Select Committee and the Courts (might as well chuck in the media too) are all so in thrall to the banking system that there can be no justice. Oh? All well and good then! We'll just bend over and kiss our backsides good-bye. The fact is that landscapes change when time and patient pressure is applied. And the fact is that the vested interests of the banking industry will find new ways to assert themselves. If the system is so irredeemably corrupt can anyone tell me what the point of taking this before the courts is?

 

5. Final point. They were successful in the US on a very simple premise. Most of the securitizations in the US involved wholesale legal sale of the title.

That has never been proved to be the case here, but I live in hope of one day demonstrating such. Until that day arrives I'll settle for what I have always done. I'll keep pushing at that open door.

 

 

Hi EIE,

 

As you say, our courts may be irredeemably corrupt, but maybe the point of taking all this before the courts, is so that you go through the process and give the courts a chance to apply the rule of law. If they don't, then having given the courts the chance to apply the law in accordance with the judicial oath i.e. "without fear or favour", then you can take the issue to the European Court of Human Rights.

 

Don't forget the UK's obligations under Articles, 6, 8, 14 and Article 1 to the First Protocol. You can't bring a claim in the ECHR until you've expired all options through the domestic jurisdiction. So that may be a good reason you're looking for, to, as you say, keep pushing at that door, because when you find the British Courts won't apply the rule of law against the criminal institutions (no surprise there), then you've got the opportunity to put your case before an independent and impartial judiciary at the ECHR.

 

As you also say, Keep the faith and remember that St Jude is always there to help.

 

Wonderman

[enoughisenough]

St. Jude - the patron saint of desperate and lost causes.

[bach]

Hi,

 

Iv just dug out S A R info again from L M C, and guess what the dreaded Capstone has been marked out with a marker pen.

Have held up to the light and it clearly shows their name. Never heard of them untill I subscribed to this thread.

 

Not sure what al this means yet, need to do loads of homeworking,

I will now re read all 107 threads

 

I'm not highjacker your thread, but I have contrubuted to it in the past,

 

Can anyone advise on the following remarks in letter from London Mortgage Company, when I sent for my Subject Access info

 

""Details of any agreements between lender /broker/packager,written or unwritten in reletion to commision or any othe payments - this is not data relating to the account holder(s) and as such we do not consider ourselves under any obligation to provide this pursuant to the Date Protectin Act 1998 and subsequent guidance published by the Information Commisioner's Office".

 

How can I get further info out of them

 

This is so griping, thank you

 

Lynn

[rocket1]

I'm glad to see these responses to my post. I have more to say in reply which I hope might be helpful , but I have a child to return to parent problem right now so no time. Will be back later today - hopefully !

[verycatchy7939]

come on guys we are building a head of steam , lets get something started.

cant wait till tomorrow when i tackle capstone over who owns spml and who is your CEO?

we need to find a firm that will take this case on legally on NW-NF basis

[ryde]

Tell you what ,this forum gives people like me and I am sure many others access to knowledge and strength from that knowledge to carry on with this fight, especially knowing you are not alone.You get one option in court and without this knowledge or the help you get here if you take the wrong option you're b..........d.House gone.

These debates allow you to explore many arguments and make selections that you would just have no chance of exploring in court and the more barriers you put in front of these predators the better chance you've got of survival.Its almost like having a team of lawyers on your side exploring options,thats why its so important.The important thing here, as I see it, is survival until the predator loses its teeth through a gradual war of attrition which is whats going on now.Look at whats happened in just the last few months.The rogue traders have got a noose around their necks now and every complaint,s.a.r. etc tightens that noose a little bit further.Working for capstone must be like a job from hell, most of their time must be taken up with complaints and their whole rotten edifice is crumbling away even their own investors are now on the attack.

How I see it now is that things are already going on over which we have no say or control.

The crunch will start with the High Court decision on Nov 5th from what I understand if it goes the way of the investor as it should do,giving them the entitlement to the legal titles held by the originators ie ultimately pml/spml etc in our case what is their option then???Sell to the highest bidder and recover their investments or carry on with capstone administering the loans in a different name??

Why are PWC the administrators offering an alternative scheme to refund investors and stating that if the court decision goes against them it will take years for the refund?(should suit them as then guaranteed work for years unless it is all taken out of their hands which is the more likely)

The first thing the investors/hedge funds/pension funds they have to do once the legal title to our properties is vested in them is to then apply to the Land Registry for a change of the chargeholder and notify us.Without their charge registered on your property they are b......d.All they have is an unsecured loan.

This is happening now so what are the options for us.??????

I would think that they would be bound by the original contracts we took out with pml/spml etc and they or anyone who takes over is bound to honour the same contract and unless they are prepared to give a legal undertaking to that effect we have the right to rescind our contracts and object to the land registry to the change of the chargeholder.This is then automatically referred to the Land Registry adjudicator.Surely then this will give us some power/protection to renegotiate our contracts at the very least.I believe this is the real issue that has to be thought about and explored now.These events in the High Court and the Lehman administration will not change because of anything we do.We will be faced with a new situation which we have to be prepared to deal with and need a collective answer.

Edited November 1, 2009 by ryde

[ryde]

catchy

can you also ask capstone in some way under what authority are they bringing litigation against people when no one can contact spml or pml directly because they no longer seem to exist and our mortgage contract is with them and not capstone.

thanks again in advance

[gustavius rex]

catchy

can you also ask capstone in some way under what authority are they bringing litigation against people when no one can contact spml or pml directly because they no longer seem to exist and our mortgage contract is with them and not capstone.

thanks again in advance

 

 

There is no way Capstone can legally file for repossession withou prior information to you, that Preferred have transferred those particular legal rights to Capstone. ln your pre-action letter from Preferred or SPML's instructed solicitors this must be made clear. l still have my Introduction to Capstone Mortgage Services Ltd's letter Frm Preferred, dated Wednesday, 20 December 2006.

The last part of this letter states....''Apart from the new contact details listed below, the only change you will notice is..that future correspondence, including statements, will be issued by Capstone Mortgage Services Limited. YOU WILL REMAIN OUR CUSTOMER, YOUR ACCOUNT NUMBER STAYS THE SAME AND THE TERMS AND CONDITIONS OF YOUR CURRENT MORTGAGE, TOGETHER WITH THE APPLICABLE INTEREST RATE, ARE UNAFFECTED BY THE TRANSFER.

 

Further, the letter also explains that Capstone belongs to the same group of companies as Preferred and will only strive to ensure the smooth administration of your mortgage. But, later there are then the various phone numbers you can call in case you have problems and one is to the Litigation Team. Nothing else in this introduction indicates that legality now falls within Capstone's sphere of responsibilities. Consequently, your pre-action letter from SPML/PML/LMC's solicors should then read... We, Bagofdirt Robbers LLP, have been instructed by Capstone Mortgage Services Limited who are acting on behalf of SPML/PML/LMC....and so on.'' The original lender can, of course, authorise Capstone to act on their behalf, but, that got to be difficult considering that they have to answer to the Trustee, bondholders and even us.

 

l would really love to see a copy of your pre-action letter from (Barlow Robbins LLP perhaps??).

GR