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

[ZillaK]

ZillaK

Who did you take your loan out with. Do you have a copy of the application or agreement.

 

yep got copies of everything except the originating direct debit mandate.. loan taken out with LPLL..

 

..might have a go at the charges too...

 

..anyone know SPML's bank account details?

 

ZillaK

[ryde]

EAGLEFORMS

Good post capstones charges are the highest in the industry which is surprising in the case of sppl who don,t appear to have any personnel to instruct them as to what the tarif should be.

It would be interesting for someone to post gmac charges versus capstone charges as a comparison.

I read somewhere that if you have a repayment plan you shouldn't be paying any arrears fees if this is maintained,is this correct?

will investigate further.

If a refund was in order who would pay it? imminently insolvent sppl,capstone or the spv?

 

Remember the Land Registry is merely a recorder , if someone submits an application and it is not contested they will record that application whether it is right or wrong. It is up to you to show it is wrong and you will usually have to go through a judicial process to do it,such as rectification of the register.The first thing any judge will look at is the register because it is conclusive.

Edited January 9, 2010 by ryde

[IS IT ME?]

Hi All Happy New Year to you all,

I've looked and read this again, some people have given there own advice which is one sided and have never been in the position of some other people on here with regard to possession and I would like to put my two penny worth in,

1. As for possession orders as in the 'Norgan' case in the Court of Appeal if you can show that the arrears can be piad off over the trem of the mortgage or loan then NO JUDGE can over turn that ruling even if it would take 20 years to pay off.

2. Discloure rulings if you can show that the lender is NOT the owner of the

Mortgage, by the secursitation documents ' that would be the key' the lender with say no the Land Reg documents say that we are but we all KNOW these are false and that even though some people say nothings been legally assinged

' I have asked what the Bond Holders got for there millions?' would you give

any money and have nothing but paper in return?

 

No one is going to have conclusive proof of these arrogant people actions until we get a copy of the Mortgage Sale Agreement and why oh why is this document no where to be found? not even companies house.

[eagleforms]

Is it me

If you are referring to me, I have been in the position of being

repossessed twice, so please don't presume to be in a unique position. I am still in my house and fighting on 2 fronts and am just about ahead.

With regard to Norgan, it has been challenged and modifications made. In fact I used it for one hearing and the judge decided on a suspended possession order (just as bad as a possession order) and Barclays, in this instance went for an appeal which despite the judge at my hearing denying, his boss agreed on the grounds that it was likely to be important for future cases and would give him a bit of useful publicity. Barclays are very keen to take my house from me, despite me having paid them over £300,000 so far on a £130,000 mortgage. Read all you can about Norgan and be careful.

Your questions about securitisation are exactly what I mean about these legalities getting you nowhere further on to solving the problems we all have with these people. It needs to be kept very simple so not only can the majority of mortgagees understand what is going on, but so can the poor b*****r at the FSA who has to sort it out, if it ever gets that far.

I am about to complain to the FSA, who will pass me over to the FOS about their charges, using the GMAC case as the president. Anyone with me or is navel contemplation still the order of the day?

[ZillaK]

I thought the conveyancy/land registry aspect might be an important consideration and was hoping that someone with sufficient knowledge of this and the land registrations act might have some input..

 

'If you dishonestly enter information or make a statement that you know is, or might be, untrue or misleading, and intend by doing

so to make a gain for yourself or another person, or to cause loss or the risk of loss to another person, you may commit the

offence of fraud under section 1 of the Fraud Act 2006, the maximum penalty for which is 10 years’ imprisonment or an unlimited

fine, or both.

Failure to complete this form with proper care may result in a loss of protection under the Land Registration Act 2002 if, as a

result, a mistake is made in the register.

Under section 66 of the Land Registration Act 2002 most documents (including this form) kept by the registrar relating to an

application to the registrar or referred to in the register are open to public inspection and copying. If you believe a document

contains prejudicial information, you may apply for that part of the document to be made exempt using Form EX1, under rule 136

of the Land Registration Rules 2003.'

 

..quoted from form AP1 Land Registry..

..I am also wondering if a change of proprietorship of a registered charge is made by a deed of variation.. which also must contain an execution by the borrower according to the Land Registry Practice Guide 29??

ZillaK

[osprey29]

Aren't the FSA about to announce in January, the names of 4 companies theyve been investigating re: extortionate mortgage charges? GMAC were ordered in October to repay millions back to customers due to their arrears charges and SPMLs are higher! So isnt there a little glimmer that shortly FSA may order SPML to repay all of us our excessive charges back? I am sure this would help us all, even somewhat temporarily. Although if shortly dont exist, who pays?? But if charged, would at least heighten SPMLs ethics more publicly! Plus daily mail reporter and recent article asked for people to email him if they had a SPML mortgage etc. So maybe possible press backing? Or at least ian nterest in SPML! (I too am querying charges, been fobbed off and waiting for fsecond final response letter, contacted FOS who said have to give them chance to make full reply!) Can guess what they're going to say though!

[ryde]

eagleforms

If you use gmac as a precedent what data will you use ,their charges v capstones ,if so could you post the comparison for the benefit of most here who could all jump on this bandwagon therefore adding weight to your complaint and their own.

(GMAC-RFC was also named as an example of a lender that charges £50 a month for arrears, but written evidence shows it is not the highest charging lender, with Capstone - which administers loans originated by Preferred Mortgage and Southern Pacific Mortgage Limited - charging £60 a month.)

re:the legal debates ,in my personal defence this is an open forum and not everyone here has a query or complaint simply about unfair charges,there are far deeper implications and a much bigger picture legally for some concerning securitization ,land registration and contractural issues hence the legal debate.

I only wish personally I had an issue with unfair charges this does not appear to be an insurmountable problem to me,the mechanisms of complaint are well documented and actually work with the right degree of persistence.

This was posted on another thread. Unfair relationships - The Office of Fair Trading

Revelant sections in bold.

 

*The FSA included a ban on arrears charges when a borrower is already repaying, And ensuring firms do not profit from people in arrears among its reform of the mortgage market.

*The City watchdog said GMAC, which was an offshoot of car group general motors, had been guilty of "Serious Failings" including;

 

a.Excessive and Unfair charges for customers that did not reflect administration costs.

 

b.Issuing Repossession Proceedings before fully considering the alternatives.

The FSA said the case set a precedent because it concluded the investigation in a matter of weeks

 

I now believe that the "FSA or OFT" decided that all agreements, even those before 2006 are subject to Unfair contract , terms and conditions, even if it is an unregulated agreement.

 

The removal of al financial limits to regulation under CCA since 6th April 2008 has rendered obsolete the perceived (but illusory) threat of aggregation in order to avoid regulation.

kegi

very disappointed you've been very quiet lately, after effects of xmas and the weather?

zillak

as previously posted land registry merely records they have no power to alter the register,if you think its wrong you have to get a judicial order from either their adjudicator(which is a free service) or a court.

I had an illegal charge stuck on my property for 5 years ,the land registry would do nothing once it was registered ,it took me 18 months through court to get it removed.

Make a complaint to the land registry,stating what you have here and that the charge is in the wrong name and that you wish to apply for the register to be rectified,if you have grounds they will refer it to the adjudicator and you can use the title to sue argument as part of your repo defence saying the wrong entity is registered on the register and you have applied for rectification but bear in mind their costs should you lose.

Edited January 10, 2010 by ryde

[ZillaK]

@ ryde

 

..thanks again for the reply... complaint to the land registry is exactly what I'm going to do first thing Monday.. also, the lawyer who did the conveyancy on the first charge for us years ago may provide a little of his time too..

 

..as for costs.. well.. to be quite straightforward... if they win.. we will have to go bankrupt.. and seeing as we're in negative equity under the first charge alone then LPLL or SPML or SPPLL or whatever won't be getting a bean..

 

ZillaK

[ryde]

No Lose Situation Then ,.throw As Much As You Can At Them From Every Possible Angle ,you Could Tie Them Up For Months With The Land Registry Alone. Try what I said at land registry re rectification of the register as its wrong.Get a fos complaint going if you can thats 12 months + and who knows whats going to happen in 12 months.

banko is no big deal now if you have no assets,cars ,big tvs etc!! only 12months and then start again.

Edited January 10, 2010 by ryde

[ryde]

zillak

this lot has made you an insomniac like me.!

[osprey29]

Eagleforms, I just responded to your suggestion at attacking them at their achilles heel ie: their extortionate excessive charges. As if FSA ordered them to repay back fees (as per October GMAC etc) then it would at least be a bit of justice and a welcome boost and surely raise awareness of SPML/Capstone ethics on a more public scale. I am about to take up with FSO. However, I too like many others are very interested in the legal aspect if Capstone can even legally carry out court action on behalf of SPML/SPPL/Eurosail or whoever? As my interest is not just about charges but I too am under the same threat as many others!! So any shared legal info is greatly appreciated.

[not another b----- letter]

Secured loans regulated by the OFT under the CCA.

Credit licence 496828 held by SPPL & London Personal Loans, licence expires Dec 2010,( or a lot sooner if SPPL are defunct).

 

Found the following on the OFT register:

Event Details:

 

 

Event Number Event Type Date of Receipt Closed Date Status 12 Notification 09-Feb-2009 04-Mar-2009 Completed

Licence Event Details:

 

Role Name Action Officer Amany Attia Removed

Officer Stephen Staid Removed.

 

Still a few Officers listed but are they employed SPPL the licence holder?.

Capstone cannot regulate on a group licence they only run for five years this licence is 10 years old this year.

 

If SPPL are defunct (and have been for some time), Capstone may not be licenced by the OFT under the Consumer Credit Act and therefore cannot regulate my loan, only a fit and proper person can apply for a licence, can an individual challenge an application?.

 

Will be on the telephone tomorrow morning to ask a few questions.

 

Posting yesterday regarding insolvency, if you go bankrupt you may be able to keep your car just tell the Judge you need it to look for work, friend of mine did and he kept his, also he was discharged within six months.

[brassed-off-2]

according to CH, a new director was listed on 04/01/10,at capstone, john pool (i think?)...dont know if this is relevant to anything at the moment...

[ryde]

FSA Register

FSA REGISTER SHOWS AMANY ATTIA STILL ACTIVE AT SPPL,SEE WHAT WERE UP AGAINST EVEN THE INFO GIVEN BY THE REGULATORS IS UNRELIABLE

[enoughisenough]

Well Ryde

 

We are up against it. But remember this. Keep the pressure up. All of what has gone before such as the mass complaints to the FSA, The various TSC submissions, the contacting of journalists, the fighting in the courts and the battles with the parasitical lawyers representing the **** has not been in vain.

 

The net is closing and it's down to you me and everyone else who has complained and obstructed and fought that this should be the case. NEVER GIVE UP. NEVER RELENT. NEVER CAVE IN.

 

Keep the faith. EiE.

 

Away to cause mischief now but before I do remember this. What is posted on open is the tip of the iceberg. There is sooo much more happening!

[enoughisenough]

Speaking of the Daily Mail Journalist who has been sniffing around this story. Anybody got his email? I think I've got just the ticket for him! Oh yes... Oh yes...Oh Yes.

 

Also can peeps start contributing a line or two of what concerns them so I can compile the Edwards letter. He might just be the monkey in the machine given his years of experience at which and given Whichs? scathing report to the TSC in the summer.

[uneverdid]

Hi all its been a long time since i posted on this thread. I have been so stressed out by Capstone they keep phoning my mobile and reminding me of my arrears even though i have paid them on time plus £50 a month for the last 5 months. Sadly i had a relative become really ill and had to take unpaid leave from work so was unable to make decembers payment. They are now threatening to go straight back to court. Last feb i went to court and the judge said he needed more info and then capstone stopped proceedings because we came to an arrangement. I had a letter saying the judge had stated capstone had liberty to restore but i also had a letter from the court saying this had to be done by 6th Feb 2010 otherwise the case would be closed. I have also had a letter saying my account number has changed and when i rang them to ask why they just said they had overhauled their accounts and filing system. They still put SPML on my bank statements even though they assure me that my mortgage is still with preferred. I spoke about preferred and said so if i settle my mortgage (fat chance) i could just make the cheque out to preferred and then the man said no because they have no accounts you would need to make it out to capstone.

 

So i guess what id like to know is in basic terms where are we at now with these atrocious people.

 

Thanks

[ryde]

uneverdid

SO CAPSTONE HAVE TOLD YOU PREFERRED NOW DO NOT EVEN HAVE A BANK ACCOUNT??

[uneverdid]

thats what they said to me when i spouted off at them because i am so confused by them. Mortgage supposedly with preferred, capstone administer it, comes on bank statement as SPML and then i have been asked to put EUROSAIL on my insurance policy. I can't keep this up with them i really am at the point of wanting to chuck the keys back at them. They also keep stressing me out by telling my my arrears are £5000 when over £2000 of this is charges. aaaarrrggghhhhhhh

[ryde]

Dont wish to be the bearer of real bad news everyone spml/pml 6/01/2010 full accounts made up to AA 06/01/2010 FULL ACCOUNTS MADE UP TO 30/11/07

 

Mind you 2009 september accounts still overdue if any consolation ,check CH.

Edited January 10, 2010 by ryde

[not another b----- letter]

Companies House registration of SPPL as at 21/09/2009 one director

Paul Stewart Chambers Appointed 1/12/2008.

Appointment Terminated 15/10/2009.

 

Details of Consumer Credit Licence held by SPPL as of 10/01/2010.

 

Individual that runs the organisation Paul Stewart Chambers.

 

How can he hold an OFT licence and regulate for the company when he is no longer its last director.

 

Might take something simple to bring them down is this it?.

 

Will ring OFT in the morning.

[ryde]

NABL

think things have passed you by,big talking point a few weeks ago was the imminent insolvency of sppl because of no directors and this was from info posted by the spv on the net.Would ring oft though as this is still unconfirmed officially.

uneverdid

you have to keep hanging in there:have you got a FOS complaint going re arrears charges?

Edited January 10, 2010 by ryde

[not another b----- letter]

Ryde

Whats the company registration number for SPML?.

[ryde]

WebCHeck - Select and Access Company Information

heres a direct link

[ZillaK]

zillak

this lot has made you an insomniac like me.!

 

ha.. yeah very true indeed!!

 

@ everyone

 

.. for those with loans sold to them as mortgages (and not under cca1974 etc) - anyone considered challenging/questioning aspects of their compliance with the business rules & code of conduct relating to mortgage advice & practice?

 

..I've completed cemap in the past (cos I was going to set myself up as a small local broker then my wife got ill and all the money problems rocketed) and I can't help but feel that a number of practice and conduct issues are intentionally designed & acted upon in such a way as to mislead the consumer.. i.e. if the lender already knows that the mortgage deed you will sign, and also signed by a witness, and possibly conveyed via a lawyer will in fact already be assigned to another company then surely that interest/right must require express notice to the signatory parties prior to execution..

 

.. likewise had I known that our loan would be legally assigned (in what looks like absolute title) to companies such as SPPLL and SPML before execution of our agreement then that alone would have flagged up alarm bells for me given what I studied through cemap & the widely accepted reputation these companies have.. it makes me suspicious of fraud too..

 

ZillaK

 

ps.. not stating a professional opinion or giving advice etc etc cos I'm most certainly not professional in those regards.. unless you want a guitar lesson..

 

pps.. if the direct debit or standing order mandate contains the bank details of the company that the loan/mortgage will be assigned to then isn't that proof to an extent that they were knowingly in an agreement/contract with the assignee a priori(?) to execution and should therefore be noticed on the mortgage deed??

Edited January 10, 2010 by ZillaK
adding a pps