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

[ryde]

Your original lender can't change names but can assign the charge on your property to another party ie sppl assign to spml the assignee(spml) then has to register its charge against your property and the assignor(sppl) according to what has been posted appears to have to pay stamp duty,the question of whether this has been paid is attackable.(am wondering if non payment invalidates assignation,have to explore all avenues here)

re brokers

there is real hope here and a landmark judgement in the borrowers favour where they were missold the loan by a broker who was receiving commission from the lender to promote their products and didn't state that this was the case to the borrower to whom no alternatives were offered.As this group operated purely through brokers theres real opportunity here with a possibility of recission of contract.

Edited January 22, 2010 by ryde

[michellej]

Your original lender can't change names but can assign the charge on your property to another party ie sppl assign to spml the assignee(spml) then has to register its charge against your property and the assignor(sppl) according to what has been posted appears to have to pay stamp duty,the question of whether this has been paid is attackable.(am wondering if non payment invalidates assignation,have to explore all avenues here)

 

hi thanks for your reply ,.... well my lenders changed names , but never changed this on charge on property ,.. definately not ,..

plus stated we used a different broker once we sent a CPR request ,.. the company they quote last accounts filed in 1983 ,..

[ryde]

who was/is your lender and who was the broker,have you got any letters as evidence?

[michellej]

who was/is your lender and who was the broker,have you got any letters as evidence?

 

Lenders were First national ,.. and these had and still do have a charge on the property ,.. G E took over in 2005 ,.. and they never changed charge ,.. broker was ocean finance ,..lenders quote some company as our brokers once we questioned secret commissions ,.. our request refused for underwriters sheets ,.. and told to take this up with broker (the one they quote) if you can not gain this information might be because not trading now ,.. they give last address of contact ,.. a company now at that address with very similar name ,.. and further checks show name mentioned as a trading name with same director as the name lenders give ,.. i contacted this company at the address given for bump company and i have them taped confirming never heard of the company i stated , check records and nothing connected to me ,.. i have them just about , just looking for good point of attack

[michellej]

I have contacted lenders again and they give another address over the phone ,.. this points to the company I got the recording from ,.. so have them confessing to not knowing me or ever dealing with me ,..

[ryde]

michelle will try and post broker case tomorrow,GE have got as bad a name as our lot ,VERY SURPRISED THE CHARGE IS NOT REGISTERED IN THEIR NAME.How can they bring litigation against you if the legal charge is not in their name?no locus standi(legal standing) your first line of any defence in this case.Charge still in the name of first national??They're the only ones who can bring a repo claim against you.First thing a judge usually looks at is a copy of the register.

[michellej]

michelle will try and post broker case tomorrow,GE have got as bad a name as our lot ,VERY SURPRISED THE CHARGE IS NOT REGISTERED IN THEIR NAME.How can they bring litigation against you if the legal charge is not in their name?no locus standi(legal standing) your first line of any defence in this case.Charge still in the name of first national??They're the only ones who can bring a repo claim against you.First thing a judge usually looks at is a copy of the register.

 

believe it or not I did bring this up when they tried to evict us ,... and guess what ,. we mentioned this to duty solicitor ,.. he told this info to G E's solicitor ,.. when we went in courtroom , 5 mins later knock at door court clerk with 2 fax's , with the charges in FN name ,.. and say they changed they name in 2005 ,..

thanks for your help and lookforward to info tomorrow

[Nightmare4banks]

Hi All!

 

 

Michellej,in reply to your posts regarding First National/GE:

 

1.First National was acquired by GE a few years ago.So this means it has since the acquisition a trading name of First National too.

 

2.Although,GE has had a bad name,the one thing it has/never does is securitise its mortgages and loans that it has on its books.

 

3.In conclusion,if you were thinking that GE is like this bunch I can assure you that you have nothing to worry about.

 

I hope this helps.

 

If you have any more questions,please just ask.

 

Cheers,

 

 

Nightmare4banks

[Nightmare4banks]

Hi All!

 

mrsiphone,in reply to your post:

 

Sorry to read about about your health condition.

 

Anyway,the main thing is that you have come to the right place and clearly before you come across any problems with this bunch.

 

Unlike some of us who have had all sorts of problems including lost our properties and even worse!

 

Anyway,if you ever need any help all you have to do is just ask.

 

Cheers,

 

Nightmare4banks

[michellej]

Hi All!

 

 

Michellej,in reply to your posts regarding First National/GE:

 

1.First National was acquired by GE a few years ago.So this means it has since the acquisition a trading name of First National too.

 

2.Although,GE has had a bad name,the one thing it has/never does is securitise its mortgages and loans that it has on its books.

 

3.In conclusion,if you were thinking that GE is like this bunch I can assure you that you have nothing to worry about.

 

I hope this helps.

 

If you have any more questions,please just ask.

 

Cheers,

 

 

Nightmare4banks

 

Hi N4B,... I am very worried with G E ,.. they are lying out they back teeth ,.. even givig us a different brokrs details who we know 100% we have never used ,.. this company does not even show up in a google search ,.. so if nothing in google then sure 7 years ago they will of been nothing ,..so how would I have found them,..untraceabe ,.. plus the signed agreement sent does not look right at all , no terms or conditions in 4 corners of signature ,.. no brokers fees showing ,.. put down as ppi ,... so if I never paid broker and not shown then surely this is admitting a secret commission , as someone will need to pay broker , as we all know brokers charge a fee ,.. not in business for nothing ,.. I have my own personal resoluation manager who wants contact just between ourselves ,.. I have told manager to talk with MD of company let him know my evidenc i hold , come to the table and sort this out internally,...

[ryde]

michelle

what was the judges reaction to this:

quote:believe it or not I did bring this up when they tried to evict us ,... and guess what ,. we mentioned this to duty solicitor ,.. he told this info to G E's solicitor ,.. when we went in courtroom , 5 mins later knock at door court clerk with 2 fax's , with the charges in FN name ,.. and say they changed they name in 2005 ,..

This is very confusing to someone on the outside:

What exactly is the claim and the latest status,are GE trading as first national bringing the claim.

Start from the beginning bullet points.

This is the link to the broker case but you must have already read it as its off a thread you were involved in re unregulated loans.

http://www.out-law.com/page-8928

Edited January 22, 2010 by ryde

[ZillaK]

You do not want to know...

 

ha.. perhaps.. if it was ITBG? who'd mentioned being locked in a basement then I'd immediately think he was waterboarding suspects...

 

@ ryde re: cautions - that would explain why I can't find jack on it then huh.. lr woman I keep getting is a lovely old dear whose sentences are interspersed with hacking up redundant bronchial material.. can you please let me know more about this broker thing too.. oh.. I see it above now.. ta

 

re: charges/assignments/stamp duty, perhaps it would be a good idea to start with the bundle of titles that were changed at the same time as mine?.. but are you saying that the originator should pay stamp duty, then if legally assigned the assignee should pay stamp duty again?

 

Zilla

Edited January 22, 2010 by ZillaK
adding bit...

[ryde]

zillak

will have to post up again the stamp duty assignment issue as I think it needs careful analysis and its too far back in the thread now.

What I want to establish is that if there has been an assignment of the legal charge ie sppl to spml is stamp duty payable.If so has it been paid,it would be paid by the assignor only(sppl)its due on each conveyance.I know for a fact that the transfer of the paper legal charge to the spv attracts stamp duty.

[ryde]

Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest.

 

The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to transfer ownership in the property to another person.

 

A typical conveyancing transaction contains two major landmarks: the exchange of contracts (whereby equitable title passes) and completion (whereby legal title passes). Conveyancing occurs in three stages: before contract, before completion and after completion.

 

A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase. In most mature jurisdictions, conveyancing is facilitated by a system of land registration which is designed to encourage reliance on public records and assure purchasers of land that they are taking good title.

 

The legal document by which this transfer is effected is regarded in law as a conveyance, that is, the instrument by which the transfer is effected, and such instrument in many jurisdictions is liable to a stamp duty. UK, Hong Kong, Malaysia, India, etc are examples of jurisdictions where assignment agreements are liable to stamp duty.

 

Equitable assignment is a commonly used device to avoid stamp duty. - that is, the assignment is not perfected but is kept as an equitable assignment creating a trust between the assignor and assignee. quote napiernuts.

Cagenders

This subject is really worthy of investigation,you can bet your life if stamp duties due on a legal assignment from the originator eg sppl/lmc/matlock bank etc to spml theres a good chance it hasn't been paid .so:

1)We need to establish if any is due and if so,how much and whether it has been paid.

2)We have the accounts and the value of the loans transferred so it could be possible to work out the amount due.Cause if they haven't paid it they'll be well and truly sunk once the revenue is made aware of it,but it needs to be concrete as its something they cannot escape and its a big time jailable criminal offence.

(How many times has this been said)will have to try and get L.C. interested.

No wonder I'm talking to myself at 4am in the morning.

Theres only ever been one way to go with this (op),get the b...stards busted by whatever means then get a restriction on the register(the hard bit) to prevent the transferred charge being registered.

Then we call the shots.Otherwise we're back in the same boat with a bigger leak.

Has anyone got any other solutions?

reposted this is important it could offer some sort of a solution all that needs to be established is whether a full legal assignment attracts stamp duty.(will be assessed on the consideration ie the price paid)

comeon its got to be pushed

Go for the jugular

Edited January 22, 2010 by ryde

[kendo7]

Hi N4B,... I am very worried with G E ,.. they are lying out they back teeth ,.. even givig us a different brokrs details who we know 100% we have never used ,.. this company does not even show up in a google search ,.. so if nothing in google then sure 7 years ago they will of been nothing ,..so how would I have found them,..untraceabe ,.. plus the signed agreement sent does not look right at all , no terms or conditions in 4 corners of signature ,.. no brokers fees showing ,.. put down as ppi ,... so if I never paid broker and not shown then surely this is admitting a secret commission , as someone will need to pay broker , as we all know brokers charge a fee ,.. not in business for nothing ,.. I have my own personal resoluation manager who wants contact just between ourselves ,.. I have told manager to talk with MD of company let him know my evidenc i hold , come to the table and sort this out internally,...

 

Hello people brilliant forum and first post here ,

 

so you only have a single page for your agreement? and i believe your signature on front of agreement,and condition on rear of this page

 

I believe this to be wrong , and not executed properly , you are lucky if you have only a single page , signature on front , condition on otherside

[Nightmare4banks]

Hi All!

 

Micheelej,in reply to your last post:

 

1.I was referring to the securitsation angle but in your case you have a secret broker commission as pointed out by Ryde and which is a totally different animal.

 

2.If you want me or anyone else to help you further please post more information.

 

Also,if you have any questions,please just ask.

 

Keep us posted.

 

All the best!

 

Cheers,

 

Nightmare4banks

[ZillaK]

Stamp Taxes Helpline

1. 0845 603 0135
   

..given the amount/value of our loan I think Stamp Duty would be charged at 0%.. but is still a notifiable transaction if I've read the manual correctly...

 

Zilla

[ryde]

zillak

the taxable conveyance is from you to the lender and is based on the consideration they pay you for the legal charge on your property.You would have to pay this charge if I think the consideration was over £125000 although this may have changed,it usually affects first time buyers most.IT WOULD SEEM TO FOLLOW IF SPPL SOLD YOUR LOAN AND THE ASSOCIATED LEGAL TITLE TO SPML FOR COST AND IT WAS £150000 THEY WOULD HAVE TO PAY STAMP DUTY ON THIS SALE AS IT IS A CONVEYANCE.

[michellej]

Hi All!

 

Micheelej,in reply to your last post:

 

1.I was referring to the securitsation angle but in your case you have a secret broker commission as pointed out by Ryde and which is a totally different animal.

 

2.If you want me or anyone else to help you further please post more information.

 

Also,if you have any questions,please just ask.

 

Keep us posted.

 

All the best!

 

Cheers,

 

Nightmare4banks

 

Hi nightmare4banks ,.. thanks for your concerns and offer of help , much appreciated , but to be truthful feel powerless to act apart from taking legal proceedings , have tried every route ,.. and call each organisaton in person this week ,..FOS , OFT, OMBUDSMAN ,brokers used , INFORMATION COMMISSIONER , LAND REGISTRY ,. its like a brick wll is put in place each time ,...what more can one do ? ,.. I have chased everything up over many hours this last week ,.. still in same positon as at the beginning of the week ,..

 

now keyboard playing ,... illimantui curse

Edited January 22, 2010 by michellej

[michellej]

situation is this £31k unregulated taken out in 2003 ,.. what is the best route forward ?

[Nightmare4banks]

Hi All!

 

Michellej,in reply to your last post:

 

No problem!

 

That is what this forum is al about.

 

My first question to you would be:

 

Do you have your copy of the agreement for this particular mortgage/loan?

 

 

 

If you do not have your copy of the agreement,I would suggest that

 

1.You send a DSAR - Data Subject Access Request under the Data Protection Act 1998 together with the statutory fee which is 10 quid and proof of id either passport or driving licence to GE.GE has 40 days to respond.I would suggest hat you send your request to GE by Recorded Delivery Post

A template letter for this purpose can be found in the library on this site.

 

2.If GE does not respond within the 40 days time limit you can complain to the Information Commissioner but personally I would not worry about that until the 40 days lapse.

 

ALSO...

 

3.The DSAR response should show everything to do with your dealings (including notes on any telephone calls) with FN and GE too.

 

 

Anyway,I hope this helps.

 

If you have any more questions,please just ask!

 

 

By the way,out of curiousity,what was the FOS(FOB OFF SERVICE) as I prefer to call it(

LOL!) response?

 

UPDATED POST

 

I note that you have contacted the Information Commissioner too - another toothless bunch - sorry for the rant! Again what was the response?

 

The answers to the above questions should also hopefully enable me to assist you further.

Edited January 22, 2010 by Nightmare4banks

[michellej]

Hi All!

 

Michellej,in reply to your last post:

 

No problem!

 

That is what this forum is al about.

 

My first question to you would be:

 

Do you have your copy of the agreement for this particular mortgage/loan?

 

I have agreement now as sent this week when CPR for underwriters sheet refused ,... I will write the quote they give and reasons ,...

 

please note that the information you're requesting falls within data subject access request (DSAR) that carries a fee of £10, I've decided to waive this fee, as your original letter dated xx xxxxxxx (wrong year) was unanswered

 

A copy of the signed credit agreement is enclosed as requested. because the nderwriting sheet does'nt contain personal sensitive data covered by section 7 of the dats protection act 1998 we have no obligation to provide the information requested and as such i not enclosed

 

 

 

If you do not have your copy of the agreement,I would suggest that

 

1.You send a DSAR - Data Subject Access Request under the Data Protection Act 1998 together with the statutory fee which is 10 quid and proof of id either passport or driving licence to GE.GE has 40 days to respond.I would suggest hat you send your request to GE by Recorded Delivery Post

A template letter for this purpose can be found in the library on this site.

 

2.If GE does not respond within the 40 days time limit you can complain to the Information Commissioner but personally I would not worry about that until the 40 days lapse.

 

ALSO...

 

3.The DSAR response should show everything to do with your dealings (including notes on any telephone calls) with FN and GE too.

 

 

Anyway,I hope this helps.

 

If you have any more questions,please just ask!

 

 

By the way,out of curiousity,what was the FOS(FOB OFF SERVICE) as I prefer to call it(

LOL!) response?

 

UPDATED POST

 

I note that you have contacted the Information Commissioner too - another toothless bunch - sorry for the rant! Again what was the response?

 

USELESS AS YOU SAY ,... LIKE A WILD GOOSE CHASE

 

The answers to the above questions should hopefully enable me to assist you further.

 

Hi there again ,... have put my answers in red ,... feel very down today with all the lies and FOS and others are useless s you say ,..

Edited January 22, 2010 by michellej

[littledotty27]

Had an interesting day today,been to LR to inspect the register,

1. Mortgage showing as LMC

2.Never shown a charge for Matlock Bank ltd,only SPML.

3. Register was updated in june 06,to show SPML??

4.No copy of TR4 can be found,would poss have to have it ordered from the LR head office.

Told LR info & showed proof of accounts from CH that SPML didn't own mortgage,for someone to put a charge on your property,they said they have to file & serve docs to them & once they have done that,only then can a restriction be put on our property by us.

LR advised not much could be done at there end as it would need a legal expert to look into on our behalf.

[alisono]

Hi Little Dotty and Zillak,

 

My Mortgage was taken out on the 23 June 2007 and on the Land Registry as above under SPML t/as London Mortgage Company all paperwork is stating London Mortgage Company but I make direct debit payments to matlock Bank this shows up every month. I have some arrears but I'm repaying extra every month.

[littledotty27]

Alisono

Take a look here

WebCHeck - Select and Access Company Information

 

Matlock changed names 14/05/07 to Matlock London & sold all its LMC brand to SPML on 2nd May 06.

Theres something not quite right on this,as your payments,in reality should show SPML or LMC & not Matlock Bank Ltd.

 

All previous payments paid by us on DD show as LMC.

Edited January 22, 2010 by littledotty27