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

[I'm the bad guy?]

..so midge61, let me get this right:

 

Capstone can't help, because there 'just administrators';

SPML can't help, because its 'corpsed' with 1 employee, being prosecuted;

SPV can't help, because it is unauthorised and 'does not exist';

 

 

don't get what the problem is good buddy?

 

thankyou Mr G-man, that clears it all up then. nice one!

 

 

 

 

 

ITGG!

1-eighty-7

in progress

Edited December 8, 2009 by I'm the bad guy?

[ryde]

4.16 The proposed definition of managing a regulated mortgage contract is not intended to bring into the scope of regulation firms that own or hold a regulated mortgage contract but do not carry out any activity that is material to the borrower. Special purpose vehicles (SPVs) and

other vehicles used in securitisation, for example, may own or hold regulated mortgage contracts but have no role in any decision-making process which affects borrowers. Decisionmaking powers are delegated by these bodies to a mortgage third party, for example the originating mortgage lender. The Government considers that arrangements of this type should be allowed to continue, and in such arrangements, authorisation will be required by the firm that has the ability to make decisions that will materially affect the borrower, and not by the firm that owns or holds the mortgage. In cases where the firm that owns or holds the mortgage instructs or directs the firm with the ability to make decisions to act in a certain way, this firm will require authorisation.

Originally posted by itbg

 

We all know this is absolute boll...cks you only have to look at the prospectus to see capstones role and the role played by the spv, once the originator has sold the loan on they play no further role, it quite clearly states this,you've even got the noteholders being shown around capstone to show them what a good job the sh...hs are doing and reporting to the spv in the notices to noteholders.SPML play no role whatsoever other than to hook the borrower into the mortgage.

kill the filthly dirty **** all of 'em.....no quarter asked ,no quarter given.

Edited December 8, 2009 by ryde

[I'm the bad guy?]

...'may own' - owner of the legal title

...'or hold' - equitable owner

regulated mortgage contracts.

 

Well it's only taken a year for them to figure that one out. Sorry wrong thread

 

 

 

 

ITBG?

in Super

i trusted

Edited December 8, 2009 by I'm the bad guy?

[tiggers1963]

To the original poster...

Hi,

this might be a bit late now, but my wife and I had our house repossesed over 18 months ago (we had a mortgage with SMPL which was then transferred to Capstone) due to my wife and myself losing our Jobs.

 

We heard nothing from Capstone regarding the sale of our house, despite giving them a forwarding address (and them stating in court that they would seek a monetary order for any shortfall). Last week we received a threating letter from a debt collection agency acting on behalf of SPML/Capstone demanding over £17k within seven days, or they would send in an agent to seize goods. As my wife is still not working there is no way we have that amount of money to pay out. To date we have never received any correspondence from SPML/Capstone so we are totally in the dark for how much the previous property was sold for or whether there is any shortfall. (I'd have thought that at the least they would be obliged to send us a statement)...Any help in this matter would be really appreciated as wife suffers from severe depression and this is really worrying us both.

 

P:S your more than welcome to use our example if you wish

[I'm the bad guy?]

tgrs1963,

 

make sure you contact Ell-enn on the possession page also,

 

these caggers need helping fast, shout out to the VETS to stop this action...

 

this looks a real bad one, could someone PM them with more help

 

 

ITBG?

Edited December 8, 2009 by I'm the bad guy?

[ryde]

tiggers1963

Have you received any court order to this effect ie a monetary order ?re the shortfall , they cannot seize anything without a court order.Did you give a forwarding address to the court?

.What are your circumstances currently ie assets,accomodation,income,car etc you need to get prepared now cos if they haven't got a court order they may well apply for one.The other possibility is they may have sold the debt on if youre being chased by an outside agency but without a court order they are as far as I know bug.....d.

Please do as itbg recommends and let us know what is happening.Seriously consider going bust if you own nothing as you do 1 year and thats it and the vultures can whistle in the wind.

[ryde]

In cases where the firm that owns or holds the mortgage instructs or directs the firm with the ability to make decisions to act in a certain way, this firm will require authorisation.

Originally posted by itbg

 

Whats the bloody Mortgage/cash bond administrator agreement between the issuer eurosail and capstone all about then? absolute proof who's giving the orders no wonder they won't produce it, the b.....s.

 

medieval torture to 'em all before death ,bring back the inquisition ,the dark ages are upon us once more.

 

WE HAVE NO OPTION...NO CHOICES LEFT.

UNLEASH OUR SECRET WEAPON ON THE PARASITES............

 

KEGI (or f®iend?) IN KILT

 

The Medusa of cagworld!!

 

GO GET 'EM BOY !!!!!!

:eek:NOW THAT IS FECKING FRIGHTENING!!!!!

 

JUST DISCOVERED HE/SHE IS EITHER ONE OF THEM SHAPESH*TTERS OR DR JEKYLL AND MRS HYDE.

 

LOOK!!!!!!!!!!!!!!!!!!

HAD A BLOODY LUCKY ESCAPE HE/SHE ASKED ME FOR A DATE!!!!

I ASK YOU,.... WHAT CHANCE HAVE THE SCUMMERS GOT???

 

no offence intended kegi, bit of light relief hope you see the joke:-D

Still on for the date, bit worried who may turn up though!

and what they might be on or wearing.

Edited December 9, 2009 by ryde

[I'm the bad guy?]

Ryde, cheers

 

they got Ell-enn on it

 

 

yeah! time to git med-evil on 'em ass!!!!!

 

 

 

ITBG?

represent

[I'm the bad guy?]

SAW400'n'thensome

 

or

 

HOSTEL'CapstoneEuroTour'

 

or

 

HELLRAISER'SPMLHELL'

 

or

 

EVILDEAD'DieJACKALSDie'

 

or

 

.....

 

 

 

 

 

 

ITGG!

[JonCris]

Thanks EIE..duly noted... I wonder how the weather is in Florida?

 

As for bustthematrix.

 

'Dodgy borrowers' and 'hard done by'.

 

Speak for yourself. You have no idea what some of us have been through because of the brokers or lenders sole actions.

 

I wrote a rather long post but decided not to waste my breath or time arguing over the rights and wrongs of regular consumers and regulated lenders.

 

"bustthematrix:eek: What a pretentious twot

[ryde]

When you think about it this lot spml and the like have only being going for 4 or 5 years and in that time the misery they've inflicted on people must be unparalleled,just think of the ratio of repos to borrowers as well.Thought............., approaching the 5 year deadline.

[Crapstone]

Well thats rich because I have it in writing from capstone that they are not a mortgage lender or able to offer financial advice or able to vary the terms of my mortgage agreement such as offer payment breaks or any other thing as they are only administrators and if I am having difficulties I should contact an independent financial advisor............so that says they are not the decision makers but if as stated above SPML are as the originators then how are they supposed to make decisions when they are virtually non existant and all letters are dealt with by.......capstones!

 

Have you only just caught on to the catch 22?

 

You have to be forceful otherwise they will walk all over you.

[ryde]

Capstone told me in writing they act for the lender and carry out all their business, As the lender has no employees wonder who gives them their instructions then.??The same director who is their director?

[Crapstone]

This sh..ugar was authorised in the US to plug the gaps..extends to here but they didn't bother to think the models through before rubber stamping.

 

Blame is being shifted to the consumers when the flamin banks and gov. are hardly ones to speak on the subject. Our debts run to thousands ..not f'in billions so who are they to give debt advice? If they risk losing their top rankers through a pay cut then I pity them. If they were that f'in good they wouldn't have led the economy into this mess in the first place.

 

JonCris.. I can accept any critisism but someone talking out of their behind isn't welcome. They can walk a mile in my shoes ...............and then I'll chase them to get them back.

Edited December 8, 2009 by Crapstone
typos..due to distractions by OH ..but not in that way!

[JonCris]

Huh who?

[enoughisenough]

Hi Tiggers1963

 

I really admire your courage for coming on here long after these **** turned you over. Without wishing to give you any sort of message that may seem patronising or too late to hold these absolute criminals to account for your own purposes believe me this injustice will not go unanswered.

 

And I really hope that you guys can put your lives back together. You did no wrong. You were victimised by a bunch of evil predatory ****, locked into their own belief system that it was all ok. Well it ISN'T OK.

 

And you (the perpetrators) will have to reflect on what you did to people much like yourselves. I wonder how many of Capstone's operatives are comfortable saying who they work for round the local schools and hospitals? Not that many I would imagine. Why not?

 

Ever turned a firefighter out of their home? Ever turned a teacher out of theirs? A nurse perhaps?

 

The people you effing well rely upon to get you out of sh*t when you need it. That's who you are screwing. Get a real job you shameless morons. And start contributing something to society. Muppets.

[ryde]

EIE/Crapstone

first time for weeks no guests you've frightened them all off,good on you,the constant frustration does get to you,you sign a bit of paper and give yourself a life sentence until some deaf bufoon totally out of touch with reality rubber stamps the repo and maybe you live again? but the bitterness never leaves.I used to be proud to be British greatest country on earth , now, I'm downright ashamed ,the crooked incompetent smug self interested assholes who have run this country into the ground couldn't run a corner shop.They are the same as the scummers who conned us.They sleep at night thinking what a good job they've done,they don't know the meaning of work or pressure the b*****ds.

[brassed-off-2]

GUYS...URGENT ADVICE NEEDED PLEASE....

 

Just checked credit reports. Guess what!!

 

Our beloved CRAPSHOITE, have taken it upon themselves to end the special instruction:Arangement. as granted by DJ 10 months ago.

We have had no notification of this whatsoever. (We have kept to our end of the bargain)

 

Credit files checked 25/11/09, last spml file update was 11/10/09

credit file checked 08/12/09, last spml file update 18/11/09. Arrangement was still showing fine and dandy on 25/11/09...am i missing something here?

 

Now what is the best way to proceed with this??? and i need to move fast, as my gut feeling is telling me something is not right here!!!

 

I know it goes against the advice....but do i ring them (unable to record)

or go further, as the way i see it they are ignoring the court...copies of credit files saved by the way to use as proof if necessary....

[ryde]

If you've got a court order to this effect they cannot end it without making another application to the court and the only reason a court would consider such an application is if you hadn't stuck to the agreement so don't worry too much,you say you've had no notice from them whatsoever?What are they threatening? repo on a suspended repo order because of an alleged breech by you?

[brassed-off-2]

Suspended repo....3rd one i might add with £6k arrears..made up of their alledged charges and fees, you know the score, with this lot, have plenty of proof on that score, they even charged their arrears management fees when there were no arrears,as they were all cleared..twice!!

 

Like i have said...no correspondance off them whatsoever, who knows what they are up to...probably taken the huff again because its £6k..and the libor has dropped again to 0.61% for jan 2010.

 

What i was trying to point out, for other caggers is the fact that the credit report clearly states that the special instruction states an end date for the arrangement of 01/11/09.

The order states the warrant of possession be suspended on payment of current monthly payment plus £xx.xx off arrears...there was no end date stated, which basically means for the remaining term of the mortgage or sooner if we ever get into the possision of clearing the arrears in full. I am obviously persuing all avenues to get the unfair charges/fees refunded. Sorry if i didnt make myself clear in the begining.

Edited December 9, 2009 by brassed-off-2

[ryde]

Brassed

You,ve posted this a bit late as not many people here at the moment: as already suggested to an earlier cagger make sure you contact Ell-enn on the possession page tomorrow and if you have any problems finding the page come back here and you will be redirected, but keep cool as it seems you have a good case.If you're on your 3rd suspended repo sounds like you could have done with flexible payments if you managed to pay 2 off.Important thing is you've kept to the agreement so they can't repo you on this basis.They're trying it on by the sounds of it,after you've spoke to Ell-enn please let us know how things are working out.

Edited December 9, 2009 by ryde

[ryde]

4.16 The proposed definition of managing a regulated mortgage contract is not intended to bring into the scope of regulation firms that own or hold a regulated mortgage contract but do not carry out any activity that is material to the borrower. Special purpose vehicles (SPVs) and

other vehicles used in securitisation, for example, may own or hold regulated mortgage contracts but have no role in any decision-making process which affects borrowers. Decisionmaking powers are delegated by these bodies to a mortgage third party, for example the originating mortgage lender. The Government considers that arrangements of this type should be allowed to continue, and in such arrangements, authorisation will be required by the firm that has the ability to make decisions that will materially affect the borrower, and not by the firm that owns or holds the mortgage. In cases where the firm that owns or holds the mortgage instructs or directs the firm with the ability to make decisions to act in a certain way, this firm will require authorisation.

Originally posted by itbg

 

Can this be given some attention, the key is who dictates policy and the decision making process is it the spv or capstone there are some links to this and references in the securitization documents but haven't found anything cast iron yet,this is worthy of a shot and research because we all know the real force here.

 

Edited December 9, 2009 by ryde

[jetli]

Just an update been contacted by ITN this morning,they want to do a story on the way we have been treated.

 

Hi new here but have a suspended repossesion order on my home as a secured loan with them. They are just terrible so un helpful and charge me £115 per month if I dont stick to an arrangement I am with you all the way. I have not looked at my contract as dont know what to look for.

[ryde]

kegi

what are you doing here, thought you were heading to high wycombe to turn 'em into stone,don't forget the kilt and the serum.

No mercy!! you're our last chance.

Edited December 9, 2009 by ryde

[kegi]

kegi

what are you doing here, thought you were heading to high wycombe to turn 'em into stone,don't forget the kilt and the serum.

No mercy!! you're our last chance.

 

Can't afford the bus fare Ryde they took all our cars off us not enough money coming in:mad: