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

[I'm the bad guy?]

good call sailor,

 

got mine this week too. if we can get many more to do this, it will put more pressure on CIB to get moving.

 

SPML/PML are effectively bankrupt companies, got the final letter today from CH, the prosecution of last director is underway. The whole thing is a sham, and CH have advised me to inform the Police under Fraud Act 2006.

 

Capstone can tell you to pay mickey mouse if they want, all the payments end up in the SPV(Eurosail) group collection account. [problem].

 

There is no question now, PWC are stringing this out for repos, Attia is the fall guy, and her prosecution will take time. Point is, this company is not 'trading' yet is exercising the powers of a limited company. This is also a matter for Trading Standards, as it is in fraudulent 'trading' contrary to the Companies Act 2006.

 

MP has written to CIB and CH for an explanation on the status of these fraudsters.

 

wargoingonwhereuallat?

 

 

ITBG?

shut'em down

Edited November 19, 2009 by I'm the bad guy?

[enoughisenough]

Check out Dougal16T thread. He was a former copper who was convinced the fraud act would apply. The naysayers said it wouldn't work because the prosecution would not be able to prove intentionally dishonest and that in criminal trials the burden of proof is too high. Hell fire we can't even nail the beggars in the civil courts. BUT that's not what I'm posting for. I don't care whether it sticks or doesn't stick. What I care about is switching on the radio one morning to hear this: "members of the city of London police and the serious fraud office have carried out a number of raids at offices and homes across London and the home counties in connection with the collapse of Lehmans Brothers". How's that for an excuse to bang your fists on the shower tiles?

[eagleforms]

I am due to make a pay my monthly mortgage payment to SPML (see earlier entry) as they are non-trading etc. etc..., should I pay them? Someone will come after me if I don't, I guess, but who?

[enoughisenough]

Capstone will come after you in the name of the originator aided and abetted therein by a LLP called Optima or Lightfoots, you know? I. E. Firms regulated by the Solicitors regulatory Authority SRA. Their codes of conduct make pretty interesting reading.

 

Under no circumstances of your own control stop paying. You'll be hung for it.

[littledotty27]

I have been on yell.com to find out the full postal address for LMC & it has come up with Marlborough Sterling Mortgages services.

Has anyone heard of these?

[gustavius rex]

Check out Dougal16T thread. He was a former copper who was convinced the fraud act would apply. The naysayers said it wouldn't work because the prosecution would not be able to prove intentionally dishonest and that in criminal trials the burden of proof is too high. Hell fire we can't even nail the beggars in the civil courts. BUT that's not what I'm posting for. I don't care whether it sticks or doesn't stick. What I care about is switching on the radio one morning to hear this: "members of the city of London police and the serious fraud office have carried out a number of raids at offices and homes across London and the home counties in connection with the collapse of Lehmans Brothers". How's that for an excuse to bang your fists on the shower tiles?

 

 

l remember that one. l was one of those who were convinced we could get them on fraud. Actually still think they acted fraudulently. Maybe it will come to light that fraud was actually what they were involved in? ln any case, l do like the turn of event and look forward to the day ''when all is revealed''.

 

Got a reprieve again and hopefully will now be able to sort my own mess out. Am still waiting for the court to contact me and will keep that door open, just in case, well you know what l mean. A large stone fell off my shoulders, though, and maybe l will now be able to spend the time l need to fight off the rest of the scavengers yapping at my heels. That includes this bunch of sharks and shall nontinue my research in to the dark deep of contract performance, contract validity and contract fraud.

 

l do feel for all of you who have family health problems, it is draining and has a very negative effect on your ability to concentrate. Make sure you try to stay healthy, eat, sleep to avoid getting depressed. My heart goes out to youall.

 

GR

Edited November 19, 2009 by gustavius rex
Brain faster than fingers.

[enoughisenough]

Good post GR

 

positive and encouraging to all. Am I to take it that you got them to back down? If so, well done sir. Now let's go to town on the feckers. I HATE them. But, note of caution, let's get this right.

[littledotty27]

Well I have put in the CIB complaint form,filed a complaint with FSA,filed a complaint with the ICO re failing to provide info under data protection act.

Filed a complaint with the OFT & OFCOM with re to harassment telephone calls everyday snce mid october & last but not least the trading standards...lets get this show on the road.

[ryde]

Have read the eurosail prospectus in detail.Whatever happens to spml and the like it seems will not make any difference.If they go bust the legal title reverts to eurosail who also have the power by irrevocable power of attorney to litigate.The real power is eurosail administered by capstone they don,t need spml etc who can disappear for all they care, the legal titles will just pass straight to them as has already been said by others.They set the interest rates and call all the shots hence the paper tigers spml/pml etc who are just the fall guys and the fronts if anything goes wrong.

See for yourselves in the prospectus page 90 onwards.Depressing but true,if spml and the like disappeared tomorrow you would have eurosail as your legal chargeholder with capstone administering your repayments still,please don't lose sight of this.Heres the link.

http://www.ise.ie/debt_documents/Eurosail_7083.pdf

Edited November 19, 2009 by ryde

[I'm the bad guy?]

way to go Lil'dooty!

 

now thats wot am talk'in about.

 

 

 

ITBG?

[ryde]

I do not in anyway wish to upset anyone but could anyone please explain the purpose of the current applications etc to the fsa.insolvency regulators etc.

At the risk of continually repeating myself spml pml etc are the wrong targets.Assume the application is successful and they are legally no more,does your mortgage then disappear?

I keep saying that it is owned by one of the Eurosail entities and in the event of the originator lender becoming insolvent the legal title passes immediately to eurosail.Please read the prospectus.

You will then have a mortgage administered by capstone with both legal and equitable title wholly owned by eurosail.

Why do you think your insurance has eurosail on it if your house burns down they get the proceeds not spml.pml.?

This is all written in stone in the Eurosail prospectus ,if you want me to prove this I can lift large chunks of text from the document.

What is important is that if spml go down the question of relevance is whether eurosail have to apply to the land registry to re register the legal title or if it can be achieved by a simple change of name.If re registration is required it gives you the opportunity to object and possibly obtain a contract guarantee or renegotiation.

All the applicable acts regarding consumer law are contained in the prospectus and their impact on the mortgage owner ie them is fully explained.The only thing missing is the consumer credit act 2006 even the european directives are here.

It is respectfully submitted that if any action is to be pushed on that these prospectuses are posted in chunks and the relevant sections analysed and discussed especially in regard to consumer and contract law.Otherwise we are just clutching at straws.

These are the contracts between the lender the spv and the investor and are the only documents of real significance and relevance,we have to find a flaw that is applicable to our situation and stop beating about the bush.

On an upbeat note the various postings by eurosail show that the flow of capital to the investors is failing and as a consequence they are asking the liquidity provider(ie the back up funder BNY? )to provide liquidity,they have refused!!! eurosail have therefore called for a meeting of investors, see the notices.

It is also quite clear that in reality the fsa should be taking action against eurosail in its various guises and identities because they pull the strings and tell capstone what to do.spml pml are no more than pieces of paper and front men set up to take the fall.

Edited November 20, 2009 by ryde

[Crapstone]

I have been on yell.com to find out the full postal address for LMC & it has come up with Marlborough Sterling Mortgages services.

 

Has anyone heard of these?

 

I've heard of them. They are amongst the ones lined up as service providers..I think they are 2nd on the list if Capstone fails...but I'm with SPML so it may be different but all connected in some way or another.

 

The insurance is one way you can really annoy them...I've had SPML removed completely as well as the muppets that invested. Until they provide proof of their entitlement, to my satisfaction, they won't get a mention. And they know they can't enforce their own insurance on me either until they can provide an answer and consent from the true owner of the mortgage. It's my insurance I'm taking out so it's my duty to make sure all the details are correct.

[Crapstone]

BTW thanks for all your good wishes. Try as I might I still can't stay away from this thread. Go get 'em GR.. Any other problems or debts can be taken a step at a time. Please make use of what is available here and don't ever feel you have to go it alone.

 

Been there, done that and it's a very lonely place to be. And anyone worthy of being on this site won't judge you whatever your situation. Unless you had a few billion and happened to spend it all on handbags and shoes .

[enoughisenough]

Well said Crapstone.

 

I have now received my quarterly. Full of charges AGAIN. As I pointed out to a rather ignorant judge earlier in the year what exactly is the point of my paying over the odds to reduce the arrears when their nilly willy charges make my alleged arrears worse?

 

This was just about the only point I made that the madman adjudicating understood, or wanted to understand.

 

I say good on yer dotty. The evidence is stacking up. If the relevant authorities don't do something soon I can only assume that they are up the bankers wherewithalls. And that's no position to be in when you are meant to be upholding community law. I strongly believe that for such breaches there ought to be personal liability. That would shake these useless wordsmiths out of their self induced myopia. FSA WAKE UP! How many nice dinners you had with the bankers lately Mr Pain and Ms Titcomb? Come round ours. I cook a mean veggie curry on leftovers. Sort it out. NOW!

Edited November 20, 2009 by enoughisenough

[the thiefs]

I do not in anyway wish to upset anyone but could anyone please explain the purpose of the current applications etc to the fsa.insolvency regulators etc.

At the risk of continually repeating myself spml pml etc are the wrong targets.Assume the application is successful and they are legally no more,does your mortgage then disappear?

I keep saying that it is owned by one of the Eurosail entities and in the event of the originator lender becoming insolvent the legal title passes immediately to eurosail.Please read the prospectus.

You will then have a mortgage administered by capstone with both legal and equitable title wholly owned by eurosail.

Why do you think your insurance has eurosail on it if your house burns down they get the proceeds not spml.pml.?

This is all written in stone in the Eurosail prospectus ,if you want me to prove this I can lift large chunks of text from the document.

What is important is that if spml go down the question of relevance is whether eurosail have to apply to the land registry to re register the legal title or if it can be achieved by a simple change of name.If re registration is required it gives you the opportunity to object and possibly obtain a contract guarantee or renegotiation.

All the applicable acts regarding consumer law are contained in the prospectus and their impact on the mortgage owner ie them is fully explained.The only thing missing is the consumer credit act 2006 even the european directives are here.

It is respectfully submitted that if any action is to be pushed on that these prospectuses are posted in chunks and the relevant sections analysed and discussed especially in regard to consumer and contract law.Otherwise we are just clutching at straws.

These are the contracts between the lender the spv and the investor and are the only documents of real significance and relevance,we have to find a flaw that is applicable to our situation and stop beating about the bush.

On an upbeat note the various postings by eurosail show that the flow of capital to the investors is failing and as a consequence they are asking the liquidity provider(ie the back up funder BNY? )to provide liquidity,they have refused!!! eurosail have therefore called for a meeting of investors, see the notices.

It is also quite clear that in reality the fsa should be taking action against eurosail in its various guises and identities because they pull the strings and tell capstone what to do.spml pml are no more than pieces of paper and front men set up to take the fall.[/quote

 

please take note of what ryde is saying he knows his S***

[enoughisenough]

Originally posted by Crapstone

 

And anyone worthy of being on this site won't judge you whatever your situation. Unless you had a few billion and happened to spend it all on handbags and shoes

 

Missus enough can only dream...

 

Very best wishes and prayers Crapstone. Hope it's a comfort of sorts to have your 'remote friends' around.

[ryde]

Failed Tryout

crapstone very best wishes have always personally found best to keep occupied and your mind busy which you are obviously trying to do!

christ 5 caggers and a possible spy!? active at 2.30am usually just me and crapstone and lately wonderman has everyone got the insomnia bug?!

Edited November 20, 2009 by ryde

[enoughisenough]

Of course Ryde...

 

In that sense they are the wrong targets. And yes of course they evaporated quite a while ago. This is why I believe that ANY ACTION taken against us in their name is subject to challenge. Oh sigh...if only the DJs would hear it properly. The whole thing is foul.

 

Ryde I've said before and posted many times earlier a breakdown of the prospectuses (more than one) referring to all the legislation you allude to in the above post.

 

Believe you me when I say I haven't the strength or will to keep reinventing the wheel. It's all there in B+W on this thread if anyone cares to look. And people who want to talk about these things should because others have tread before you.

 

If I am mistaken then it will most certainly be found on the Preferred thread. As of of course will the whole equitable -v- legal debate, which has been equally extensively discussed, as we all know...

[enoughisenough]

Night night guest..

 

haven't you got some more quarterly statements to go and fabricate?

 

oops sorry I meant frank for postage!

[ryde]

eie

tell you what it takes some digesting and reading.I must have read it half a dozen times and its only just beginning to sink in(the prospectus that is)and its 255 pages and thats just one of them.The mortgage pool is scattered over several different eurosail plcs all seperate companies and they appear to have covered all eventualities the only gap the cca 2006 and its possible retrospective action as it wasn't law when some of these prospectuses were drawn up,but I note your observation about the 40% stipulation which seems to exclude unbelievably most mortgages, needs further investigation .

Problem is this thread goes back so far and there are so many technical issues that unless you have it currently in your face and easily explained its hard to get a grasp on it all.You almost need 2 pcs one to look through all the posts and the second to comment.eg your relevant post re legal equitable etc etc(the list) unless you print it or bring it back up again via a quote its difficult for us pc illiterate types to find a way of completing it and it was a good idea to narrow all the issues right down so there is far less to deal with.

Any info from literate pc types welcome.

What happens then of course is that everyone gets diverted.

By the way in my opinion legal v equitable absolutely dead in the water at last and absolutely reinforced by the prospectus unless pml/spml go bust then legal paper title transferred straight to eurosail.

How about posting it again in some sort of form format if you have time so a relevant box is ticked or crossed is that possible?a quick general consensus could then be obtained: most of us know what is relevant but new caggers like myself usually get hooked on dreaded legal v equitable! apologies for my naievity.

Edited November 20, 2009 by ryde

[JonCris]

I do not in anyway wish to upset anyone but could anyone please explain the purpose of the current applications etc to the fsa.insolvency regulators etc.

At the risk of continually repeating myself spml pml etc are the wrong targets.Assume the application is successful and they are legally no more,does your mortgage then disappear?

I keep saying that it is owned by one of the Eurosail entities and in the event of the originator lender becoming insolvent the legal title passes immediately to eurosail.Please read the prospectus.

You will then have a mortgage administered by capstone with both legal and equitable title wholly owned by eurosail.

Why do you think your insurance has eurosail on it if your house burns down they get the proceeds not spml.pml.?

This is all written in stone in the Eurosail prospectus ,if you want me to prove this I can lift large chunks of text from the document.

What is important is that if spml go down the question of relevance is whether eurosail have to apply to the land registry to re register the legal title or if it can be achieved by a simple change of name.If re registration is required it gives you the opportunity to object and possibly obtain a contract guarantee or renegotiation.

All the applicable acts regarding consumer law are contained in the prospectus and their impact on the mortgage owner ie them is fully explained.The only thing missing is the consumer credit act 2006 even the european directives are here.

It is respectfully submitted that if any action is to be pushed on that these prospectuses are posted in chunks and the relevant sections analysed and discussed especially in regard to consumer and contract law.Otherwise we are just clutching at straws.

These are the contracts between the lender the spv and the investor and are the only documents of real significance and relevance,we have to find a flaw that is applicable to our situation and stop beating about the bush.

On an upbeat note the various postings by eurosail show that the flow of capital to the investors is failing and as a consequence they are asking the liquidity provider(ie the back up funder BNY? )to provide liquidity,they have refused!!! eurosail have therefore called for a meeting of investors, see the notices.

It is also quite clear that in reality the fsa should be taking action against eurosail in its various guises and identities because they pull the strings and tell capstone what to do.spml pml are no more than pieces of paper and front men set up to take the fall.

 

Your point is well made & is why I would argue unfair relationship is the way to go, in that unknown to the borrower the agreement/contract entered into at securitization diminishes the protections expected (& promised) to the borrower. This is the reason why the FSA have stated they will no longer approve such vehicles because they do not offer sufficient protection to the borrower. As I recall the FSA admitted they didn't understand the technicalities of the market when they approved it

[ryde]

Another insomniac!!!

Will look again through prospectus to find any flaw in the reality of the contractual performance(as practised by capstone as directed by eurosail)) in relation to applicable regulatory law.

[ryde]

How about a nightcap to ponder.UK insolvency law lehmans insolvent 2008 wholly owned subsidiaries pml etc dispose of several billion pounds worth of assets within 5 years of the insolvency,why don,t those assets or their value then become part of the insolvent estate and the property of their trustee in bankruptcy?or are they?

[JonCris]

Are they not arguing with bond investors on these very points namely who owns what

[ryde]

JONCRIS

Believe the bondholders won perpetual trustee/belmont see high court judgement,contract with the spvs and the trustee(bank of new york) stands, their interests come before remaining creditors of the lehmans insolvency to be ratified very soon by"comity"(unification of global legislation) in usa courts .this month i think.; scuppered the pwc appeal and payout plans as well.wonder what the fallout will be? technically on these judgements legal titles have all passed to the spvs if they want them, i think.Our case; mortgage in the name of eurosail administered by capstone.Could be a sell off to get investment back but really a bizarre situation as spv eurosail is a completely seperate entity and is not tied in any way legally to lehman insolvency.Problem is Eurosail cannot service the investments and the liquidity provider has refused back up funds SO THEY ARE ACTUALLY TRADING WHILST INSOLVENT THEIR OUTGOINGS ARE MORE THAN THEIR INCOME so more litigation and contract breeches(see eurosail notices to noteholders).Everytime one of us misses a payment one more nail in the box.!

Edited November 20, 2009 by ryde