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

[enoughisenough]

[ryde]

A quick query re.all our pals spml and the like.

If they sell the equitable title to the spv eurosail and receive the consideration as stated in the prospectus of £x

1)would sdlt arise in this transaction,if so who pays it and has it been paid

2)In a transfer of equity tax(stamp duty land tax)is usually charged on the consideration and paid by the transferee ie eurosail by locating in Ireland are they exempt from this?

3)Is this one huge tax avoidance scheme amongst other things?

 

I just see this as another angle worth exploration and if applicable a complaint to HMRC who do not mess around.

[enoughisenough]

Carmel butlers report to the tsc mentions quite a bit about the tax loopholes in securitizations.

Edited November 15, 2009 by enoughisenough
Typo. Bloody mobiles for you.

[ryde]

thanks eie makes very interesting reading about spv intersest rates,securitization,registration at land registry etc will post the link

Edited November 15, 2009 by ryde

[enoughisenough]

For all those waiting with bated breath. The Supreme Court will make their speech (if it's still called that) in the bank charges dispute. What is interesting as far as we are concerned is the extent to which any fairness ratio or obiter may apply with respect to this shower. Keeping the faith. Just.

[enoughisenough]

No worries Ryde. Surprised you haven't come across it before. It's must read regardless of your position on the true sale lark.

 

Apologies in advance if you have come across this.

[wonderman]

Ryde,

 

I think you'll find that the banks and SPVs (or anyone else for that matter) don't have to pay stamp duty land tax when there is a transfer of a mortgage or charge. The transfer of mortgage or charge is exempt from SDLT. Stamp duty land tax is only payable by us minions when we buy our homes.

[enoughisenough]

Since the question was asked directly and I responded rather obliquely peeps should check out 55.10 of the CPR.

 

Procedure rules are very powerful and tend to get the DJ's attention. Another spoke in the repo wheels. It's out in the open now but as a consequence it will now have a limited shelf life. Still it forces the muggers to comply. And if they don't it gives respite for a couple of months. Quote and use! They never ever do it becaust they can't be arsed.

Edited November 15, 2009 by enoughisenough

[wonderman]

And further to EIE's post number 2610 - when the court adjourns for failure to comply with CPR 55.10 make sure that you ask the court to grant a wasted costs order against the lender. Don't forget to get the wasted costs order otherwise, they'll just add the cost of the hearing to your bill anyway.

[enoughisenough]

Wonderman is indeed a wonder! The contributions made thus far have been positive and very well informed. As regards wasted costs the appropriate reference for the CPR is 27.14 g, that is of course if my memory seves me correctly. I can't check as the mobile is difficult to do that sort of stuff on.

Edited November 15, 2009 by enoughisenough

[cagger80]

thanks eie makes very interesting reading about spv intersest rates,securitization,registration at land registry etc will post the link

 

a previous discussion

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/186867-carmel-butler-house-commons.html

[ryde]

:grin:Sorry have edited out rubbish!still a beginner

Edited November 15, 2009 by ryde

[cagger80]

thanks eie makes very interesting reading about spv intersest rates,securitization,registration at land registry etc will post the link

 

here you go

 

For those who want the complete thing:

 

http://www.parliament.uk/documents/upload/BankingCrisisMemos140109.pdf

 

http://www.parliament.uk/documents/upload/BankingCrisisMemos150109rr.pdf

 

http://www.parliament.uk/documents/upload/BankingCrisisMemos170309.pdf

 

And if you want to really go deep:

 

UK Parliament - Bankingcrisis

[ryde]

Sunday Express | UK News :: Exclusive: Bid to stop home loan sharks

saw this too little but too late for many, are the press at last starting to take an interest this is an exclusive ? mentions gmac and you can have your say ,would love to send these 131 pages.Will definetely think of something maybe if enough of us posted a comment they would run a story,it would be the best ever platform we could get and an almighty kick in the teeth for capstone and the evil empire being mentioned in a national paper.

LETS DO IT!!!THE MORE THE BETTER.

Edited November 15, 2009 by ryde

[brassed-off-2]

http://82.195.132.104/debt_documents/Eurosail2006-1_3157.pdf

 

Just found this and had a quick scan over it...it seems that they have re-written parts on this prospectus, that has been /is being debated on this thread..it makes interesting reading, especially around page 65 or there abouts!! appologies if this link has already been posted elsewhere.

b-o-2

[not another b----- letter]

Hi NABL,

 

Are you wanting to record using your Mobile or Landline as I can tell you a cheap way by Mobile especially if you have a Nokia?

 

Sced

Hi scedminc

 

No mobile reception here so its the landline, got the answer as soon as I posted question, its Maplins will go and have a look.

Regards NABL

[ryde]

Sunday Express | UK News :: Exclusive: Bid to stop home loan sharks

Have just gone through the rigmarole of signing up to"have your say" on the sunday express and posted a summary on their site,thanks to Mr Fulcher for his well put words.

please take a look and post comments and please comment on their site yourselves every little helps and the more that comment the more likely they will investigate instead of running stories like lost budgie returns home after being lost for 10 years etc etc!

Edited November 15, 2009 by ryde

[not another b----- letter]

Just been having a look some information at Companies House (must get a life what a way to spend a Sunday night)

 

SPPL accounts due 30/10/08 Overdue

SPML " " 30/10/08 Overdue

Resetfan " " 30/09/09 Overdue

Eurosail " " 30/09/09 Overdue

Capstone " " 30/09/09 Overdue

 

3. Are late filing penalties the same as fines imposed on company directors for non-filing of annual returns and accounts?

 

No. They are entirely different. Failure to file accounts or annual returns is a criminal offence which can result in directors being fined personally in the criminal courts. The registrar may also take steps to strike the company off the public record. Your company could receive a late filing penalty and as a director, you could incur a fine for the same set of accounts if you do not file them on time. Failure to pay a late filing penalty can result in enforcement proceedings.

 

I hope I have not got a mortgage with a bunch of criminals.

 

If the FSA was about to investigate a company would they require the company accounts?.

[ryde]

please look and post on the Sunday Express link above,please don't waste this opportunity,it just could be a Godsend.

NAME AND SHAME THEM like friend matey has done,wish I'd thought of that one.

 

EIE

can now see where you're coming from with contract between investor and spv after reading report to select committee,obviously this would be dynamite,transfer of legal title concealed from hm land registry.

Edited November 16, 2009 by ryde

[Crapstone]

EIE and all other readers

 

Many thanks for your advice, I have had a number of heated telephone conversations with them in the past but will try to refrain from doing that in the future (but hard when you are provoked), and can I ask a couple of questions.

 

1. Would like to record my telephone calls any ideas? (has to be cheap).

 

2. Capstone served us with a summons in June, cancelled it a week before the hearing then sent us a letter a couple of weeks ago saying it was all a mistake and have paid back court and legal charges, have we a case for compensation for the worry and stress that we have endured, (or if anyone can think up any other reason for compensation we are all ears).

 

3. If Capstone went down what would happen to our loans?, would we have a letter saying the balance must be paid within twenty eight days or repossession.

 

We thought we had problems but reading some of the postings on this site ours was not that bad, I wish I had found this thread when we were waiting for our court appearance, and to all that are being harrassed, facing repossession, or have been repossessed our thoughts are with you and keep fighting.

 

And now going right off the subject we have been fighting a property developer who has bought land in our village. He has felled trees destroyed wildlife and habitat, diverted a public footpath, and built without planning permission, the local council has served enforcement notices which he ignores, the Forestry Commission said they would prosecute but have not got the resources, Natural England think they should have done something but not sure what!, the Police said its difficult to prosecute in these cases and the Wildlife and Countryside Act is not worth the paper its printed on, we went one month behind with our council tax and ended up in the Magistrates Court (we were up to date before the hearing but the council would not cancel the case) who said there not a law for one and a law for the others.

 

Regards NABL

 

1. You could invest in a Truecall device, as advertised on this site. It's not a cheap option but sure to be worth it's weight in gold in the long term. The method I have adopted is courtesy of the MOD and can't comment on it.

 

2. Make a complaint to the FOS after you have complained to Capstone about their 'mistake'. You don't have to accept any ruling but it would give an indication of what to expect in court. Capstone will try to retain any compensation awarded and put it towards your arrears, so it's important that you stress that you already have a payment plan and the compensation should be awarded directly to you to cover other losses/creditors as a result of their actions.

 

3. I believe that if Capstone were to go 'down' there are other service providers that will be used. Your payments will not change and the mortgage will be business as usual.

 

These are just my own thoughts, other people may differ.

[Crapstone]

With reference to Suetonis post number 2600 and the link regarding Gordon Brown's announcement (i.e., :Gordon Brown gives bank victims the right to claim 'instant justice' | Mail Online )

 

In reply:

 

Gordon Brown has given bank victims NOTHING!. Consumers already have injustice in abundance and the government are about to give us more injustice.

 

Read it and see just how this is a further tragedy and injustice to bank victims and consumers. It says:

 

Under the plans, the Financial Services Authority (FSA) would charge a levy to banks to pay for 'instant justice' for customers.

A Treasury spokesman said: 'We will give the FSA the power, when it has had a number of complaints about a particular bank or a particular financial product, to set up a one-stop redress mechanism.

'This will mean people will not need to go to court.'

 

Let's translate the propaganda: The FSA are going to be the gatekeeper of the "justice" and the banks are going to pay for that justice for us....oh please, is this really credible? Do you really believe that the FSA is going to get us refunds of all the overcharges. Overcharging will get worse when this legislation is passed.

 

The treasury spokesman has said it will be a one stop redress mechanism which means that people will not need to go to court.

 

Translation - your right to go to court will be removed. You will not have the right to bring an individual action to the court at all! You will HAVE to go to the FSA and we all know that that is no help at all. You will have NO REDRESS. A couple of consumers will have a few pennies from them so that the FSA can do a PR campaign to say how great they are, but I solemnly predict - this legislation will protect the banks from the consumer's access to the court - consumers will have no redress.

 

And why are the government closing off access to the court? Because, the Supreme Court is just about to give a ruling that will favour consumers (only to gain PR and public confidence), but as soon as the consumers start going to collect the £3 billion of overcharges, the new legislation will kick in and you'll all be told to go to the FSA!

 

Prediction: Watch out for the sensational headlines the appear after the Supreme Court ruling - we'll all be led to believe they're there for us minions. Reality - they can give that PR ruling because they already know the new legislation will stop the minions from getting justice. The OFT will no longer be the institution to determine "fairness", it will be the FSA. So even if the Supreme Court does rule that the OFT has jurisdiction to protect consumers on overcharging, that jurisdiction is about to be given to the FSA.

 

I have to say that I agree. I don't think they would go as far as ruling out a court option but it's seems an attempt to drag it out.

 

If it's anything like the FOS...have to wait weeks for a final response from the company, then takes an age with them. Biased through the funding.

 

They want to keep valid challenges of the law out of the courts and behind closed doors.

[ryde]

crapstone have sent you a pm

[ryde]

EIE

did you ever manage to get the sale contract between spv and investor?

[JonCris]

Without much in the way of searching, a few businesses have built upon the original judgement, or 'loophole'. Could they not see what could, would and did happen? I wonder if anyone paid them..

 

The CoA was right in judgement...and the whole case was flimsy to say the least. Unlike our cases that have multiple offences to be considered.. I wonder what those judges would make of no agreement when the company admits to losing the file?

 

 

Makes no difference how many breaches they committ 1 has always sufficed to render the agreement unenforceable re Wilson v County

 

What we have in the Walker judgment is the judiciary once again overriding the Will of Parliament .......... very dodgy......... the courts by way of the government could find themselves in the EU dock for failing to put the beleaguered consumer before big business ie Francovitch v Italy. Then it really will be cast in stone ...... I do hope they take this to Europe

[enoughisenough]

Never one to pass up an opportunity...

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/209359-eu-law-consumer-protections.html