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

[I'm the bad guy?]

[EDIT] Bad Guy, please refrain from reposting this post. It has been unapproved almost 30 times now!!

Edited February 25, 2010 by sea-sidelady

[I'M THE GOOD GIRL ?]

.....Tick Tock, TICK TOCK.....

 

.....Time to correct point two of your guide

 

WRONG information is of no help to any man, woman or child

[I'm the bad guy?]

[EDIT] Bad Guy' date=' please refrain from reposting this post. It has been unapproved almost 30 times now!![/quote']

 

 

 

..i say Pam, i still have not had your response, to why this 'guide' post which would be helpful to newbies, keeps getting 'cagbotted'?,

 

please provide an explanation, as this post answers many current questions and brings it up to speed for new caggers.

 

 

alternatively, can you suggest which bits to edit, which would make it more acceptable for CAGWATCH?

 

 

look forward to your reply, Erica.

 

 

 

 

 

Makaveli

KwA

[uneverdid]

Hi EIE and Caro,

 

Thanks for taking the time to respond to my message i would like to know what steps i need to make now. The last time i went to court, the judge said he was not happy that the figures did not tally and adjourned for a later date but stressed that only he wanted to deal with the case. How can i build a case when they will not even let me have current up to date figures of the amount they are taking me to court for. I have had a letter saying they will not oppose a suspended repossession order if i maintain an arrangement. BUT they will not allow me to make an arrangement but keep charging me £115 a month so i can't win. So what do i do now when over half of what they alledge is arrears is actually charges.

 

I am getting very stressed by it all now i don't know how i'm going to get time off work (i work in a school) to even go to court.

[enoughisenough]

This is really frustrating. They pull every trick in the book. They don't oppose suspended repos because they are soooo easy to execute into eviction. I'll be along with something more concrete later and hopefully so will some others. Good luck keep optimistic.

[I'm the bad guy?]

..just going through PWC notice for Mable Commercial Funding Ltd;

as we know parent of Resetfan Ltd which is the parent to SPML/PML

 

 

the PWC statement says out of the 'book value' of $2.7 billion ONLY $84million will be available to preferential creditors; written off $2.6billion

 

yep; they are ALL BANKRUPT, EVERY SUBSIDIARY AND JAW from Mable down; that's why they will NOT post their 08 & 09 accounts..

 

 

 

yet they keep the repo going, because of the CH register, this ones turning into the LR register bull****, 'its on the register, so it must be true?' yeah! boll****

 

 

 

 

 

 

 

Makaveli

KwA

dedicated

[I'm the bad guy?]

Blankety Blank Blankety Blank Blank Blank

Edited February 25, 2010 by I'm the bad guy?
deleted before CAGWATCH could.

[ryde]

Hi EIE and Caro,

 

Thanks for taking the time to respond to my message i would like to know what steps i need to make now. The last time i went to court, the judge said he was not happy that the figures did not tally and adjourned for a later date but stressed that only he wanted to deal with the case. How can i build a case when they will not even let me have current up to date figures of the amount they are taking me to court for. I have had a letter saying they will not oppose a suspended repossession order if i maintain an arrangement. BUT they will not allow me to make an arrangement but keep charging me £115 a month so i can't win. So what do i do now when over half of what they alledge is arrears is actually charges.Have you started a FOS complaint about your arrears charges?

 

I am getting very stressed by it all now i don't know how i'm going to get time off work (i work in a school) to even go to court.

 

your situation bears a close resemblance to the gwendolinewithattitude case of about 2 weeks ago which was a success,have a look through it on this thread as its not far back and is an excellent example of how to beat them and post up any queries you have but it is essential to get hold of Ell-en of the site team asap who will guide you through procedure.Have you complained to them about your arrears charges and started a FOS complaint,if not start one asap.

Edited February 25, 2010 by ryde

[KeepitReal]

Tried to speak to Ernst & Young today regarding the auditors report. Like banging a head against a brick wall. I will try again tomorrow with a different number!

[actionnotwords]

Quote:

Originally Posted by eagleforms

Yes I am taking it personally. Why ask this question out of the blue unless it is to make mischief? How many people do you think have 5 buy-to-let mortgages with Lehmans. Do you honestly think that Ell-En would put that post for all to see? In what way is that meant to help me?

 

 

 

 

..i'll 'take that' as a yes then, prog rock rules!

 

My oh my the bad person has been the instigator of yet more mischief with another elderly gentleman who could be known affectionately as "eddie" who was battled and won against a major disease.He must realise that many older folk find it difficult to understand the younger whippersnapper and make the appropriate allowances.If the older gentleman has 5 buy to let Lehman mortgages it would be far more beneficial to the bad person if he courted his favour rather than antagonised him as one day he may be in need of accomodation again himself if the wicked moneylenders have their way and "eddie" may be in a position to help him.

I must offer applause to the contributors who have added to the literary depth of this site,it may seem piffle to some but I can assure you subconciously it causes people to take more notice and to think more deeply.

I do wish the bad person would post a picture of his kittens for everyone to enjoy,it would calm the mood,it shows he cannot be as bad as people make out if he's an animal lover.So please toleration ,the cane never cures.

[enoughisenough]

Oh good god. Uneverdid needs help and all this tripe? I have abc throughto xyz going on in this battle and the same in several others.

 

1. Divert all necessary resourcesto halting the liquidations.

2. Communicate to those in need on open NOT pm.

3. Fight the good fight with a case that stands before a dj because we all know the oppo case is ****E.

 

Uneverdid. Let me know what your situ is. Have you received court papers yet?

[caro]

Hi EIE and Caro,

 

Thanks for taking the time to respond to my message i would like to know what steps i need to make now. The last time i went to court, the judge said he was not happy that the figures did not tally and adjourned for a later date but stressed that only he wanted to deal with the case. How can i build a case when they will not even let me have current up to date figures of the amount they are taking me to court for. I have had a letter saying they will not oppose a suspended repossession order if i maintain an arrangement. BUT they will not allow me to make an arrangement but keep charging me £115 a month so i can't win. So what do i do now when over half of what they alledge is arrears is actually charges.

 

I am getting very stressed by it all now i don't know how i'm going to get time off work (i work in a school) to even go to court.

 

Do you have a thread about your situation and progress to date? If so please can you provide a link as it will be easier to follow than picking out posts on this thread.

[ryde]

Hi all,

Thanks for all your support - it helped me get through today!

 

It went well. They were represented by a local solicitor who was completely uninformed and was just interested in getting a suspended order.

 

The Judge was reasonable - the usual didn't want to make any decision he didn't have to. He said that he could not take the pre-action protocol into consideration as the original claim was before it came into force, and although he was very interested in the FSA investigation in GMA-RFC, he said he couldn't take it into consideration as there was no concrete info relating it to Capstone/SPML.

 

But the seeds of doubt were sown and he said he was very unhappy that they had created a lot of the problem because of them not providing information or corresponding with us.

 

They tried to push for the suspended order, but he said he couldn't grant it as it was too serious a matter to put in their hands when they had shown that their practices were not up to scratch (basically not unless they put their house in order - fat chance). So he has adjourned it generally with liberty to restore to enable us to show that we can make the repayments and advised them to sort out the arrears figure (ie. get rid of charges).

 

He has told us that if we get to the point where we have paid off the arrears we agree are legitimate, and the FSA has not announced a result of any investigation and SPML have not come up with a more acceptable figure, then to ask the court to list it again and he will look at whether the charges are legitimate. Basically he made it very clear to them that he expected them to sort it out of their own accord to prevent him having to do so.

 

So we now just have to make the repayments which isn't a problem and hope that the FSA come up with a result in the next few months, so that we don't have to go back and fight it out again.

 

Thanks again for everyone's help and good wishes and if I can help anyone else, please ask.:)

 

uneverdid

it may help to look at this and the rest of this caggers posts.

You can see that if the true arrears figure cannot be established because they will not give you the information a judge is going to take a very dim view of this.

You have to post all the details up here accurately and asap then caggers experienced in this field such as eie and Ell-en can help you defeat them.

[enoughisenough]

To Fight a Capstone repo you need the following, as well as a strong stomach.

 

1. Their claim is falsely premised and vexatiously sought.

 

2. It is falsely premised because the alleged arrears are inaccurately stated on their particulars of claim.

 

a) the alleged arrears are falsely calculated and wilfully exaggerated to include unlawful charges by operation of the Unfair Terms In Consumer Contracts Regulations (1999/SI 2083)

 

Statutory Instrument 1999 No. 2083

 

Particular attention should be paid to:

 

 

Unfair Terms

 

5. - (1) A contractual term which has not been individually negotiated shall be regarded as unfair if, contrary to the requirement of good faith, it causes a significant imbalance in the parties' rights and obligations arising under the contract, to the detriment of the consumer.

 

(2) A term shall always be regarded as not having been individually negotiated where it has been drafted in advance and the consumer has therefore not been able to influence the substance of the term.

 

AND:

 

Effect of unfair term

 

8. - (1) An unfair term in a contract concluded with a consumer by a seller or supplier shall not be binding on the consumer.

 

AND:

 

Injunctions to prevent continued use of unfair terms

 

12. (3) The court on an application under this regulation may grant an injunction on such terms as it thinks fit.

 

 

b) Such charges include those already subject to fines and compensation orders made by the FSA in their Final Notice to GMAC-RFC (October 2009)

 

http://www.fsa.gov.uk/pubs/final/gmac_rfc.pdf

 

c) As such no order on the basis of such falsely premised claims should be made by the court.

 

2. It is vexatious in respect that the claim is made contemptuous disregard for the Civil Justice Council's Pre-Action Protocols issued October 2008.

 

http://www.civiljusticecouncil.gov.uk/files/Mortgage_Pre-Action_protocol_21_Oct.pdf

 

In particular

 

5.5 The lender should respond promptly to any proposal for payment made by the borrower. If the lender does not agree to such a proposal it should give reasons in writing to the borrower within 10 business days of the proposal.

 

PS THIS IS WHY YOU NEVER TALK TO THE **** ON THE PHONE WITHOUT RECORDING IT. PUT IT IN WRITING.

 

ALSO

 

7.1

 

7.1 The court takes the view that starting a possession claim is usually a last resort and that such a claim should not normally be started when a settlement is still actively being explored. Discussion between the parties may include options such as:

 

(1) extending the term of the mortgage;

(2) changing the type of a mortgage;

(3) deferring payment of interest due under the mortgage; or

(4) capitalising the arrears

 

More to come....doing my best under duress...

 

HERE'S A LITTLE BIT MORE. THEY NEVER FOLLOW THIS AND THEY'LL HATE ME FOR POSTING IT BECAUSE IT'S A PAIN FOR THEM TO DO THIS EVERY TIME THEY TRY AND UNLAWFULLY REPO ANYONE

 

Possession claims relating to mortgaged residential property

 

CIVIL PROCEDURE RULE 55.10

 

(1)This rule applies where a mortgagee seeks possession of land which consists of or includes residential property.

 

(2)Within 5 days of receiving notification of the date of the hearing by the court, the claimant must send a notice to –

 

(a)the property, addressed to ‘the tenant or the occupier’; and

 

(b)the housing department of the local authority within which the property is located.

 

(3)The notice referred to in paragraph (2)(a) must –

 

(a)state that a possession claim for the property has started;

 

(b)show the name and address of the claimant, the defendant and the court which issued the claim form; and

 

©give details of the hearing.

 

(3A)The notice referred to in paragraph 2(b) must contain the information in paragraph (3) and must state the full address of the property.

 

(4)The claimant must produce at the hearing –

 

(a)a copy of the notices; and

 

(b)evidence that they have been sent.

 

SO IF THEY DON'T TELL THE HOUSING DEPARTMENT OF THE LOCAL AUTHORITY, THAT'S SUFFICIENT TO GET THE CLAIM SET ASIDE.

 

More to come...

Edited February 26, 2010 by enoughisenough

[ryde]

Excellent advice eie never knew about this one.

5.5 The lender should respond promptly to any proposal for payment made by the borrower. If the lender does not agree to such a proposal it should give reasons in writing to the borrower within 10 business days of the proposal.

 

 

thinking about it haven,t they turned down the offer of £50 per month extra towards arrears due to 2 missed payments?

uneverdid may be best advised to start her own thread as jetli did and caro suggests.

Edited February 26, 2010 by ryde

[Crapstone]

Hi EIE and Caro,

 

Thanks for taking the time to respond to my message i would like to know what steps i need to make now. The last time i went to court, the judge said he was not happy that the figures did not tally and adjourned for a later date but stressed that only he wanted to deal with the case. How can i build a case when they will not even let me have current up to date figures of the amount they are taking me to court for. I have had a letter saying they will not oppose a suspended repossession order if i maintain an arrangement. BUT they will not allow me to make an arrangement but keep charging me £115 a month so i can't win. So what do i do now when over half of what they alledge is arrears is actually charges.

 

I am getting very stressed by it all now i don't know how i'm going to get time off work (i work in a school) to even go to court.

 

You need to ask them for a statement of arrears. The arrears should be just your missed payments and there should be no charge for it.

 

Write to them and tell them what you have said here. The more you have in writing the better your position will get. You have to show them that you know your rights and aren't going to give in. They relied on the weak and vulnerable to build their business but haven't factored in that those people would get very wise.

 

I don't want to hear that you are worrying about the court, work or getting time off. The fact is that you HAVE to go like it or not. There should be nothing more important than keeping the roof over your head as your biggest investment. What is the point in putting your work and money first if you don't have a home to go to at the end of it? Priorities...And yes it stressful but unless you address the debt and this disgraceful company it's not going to get any better.

 

You will get through this but you need to get some attitude or else you will become another 'victim'.

[eagleforms]

Sorry about yesterday folks, had a particularly painful injection at the hospital, but does not excuse me rising to the bait by silly remarks posted about me.

Great advice, EiE and Crapstone. Did anyone mention the CAB? They have experienced people in this field and can give tremendous help. I know that it can be difficult to get time off work, but as EiE said, it MUST be done if you want to keep your home. They usually have someone at the court who can help you and go into the hearing with you. As far as when the action was started, surely the court have to send a Claim Form for Possession of Property to you with the Grounds for Possesion and Particulars of Possession attached to it which will be dated. All the best!

[actionnotwords]

I am not up to speed quite yet on possession proceedings but it would appear that all recent cases bear a striking similarity.I appreciate every case is individual but to save duplication and valuable time for the caggers experienced in this field there must be a standard list of procedures that could be posted and a check list.I have seen the esteemed enoughisenough execute this procedure on several occasions.

The criminal lenders in these cases show a regularity of presenting their claims in such a shoddy fashion that they are bound to lose.The question begs to be asked are they just following procedure for their masters the spv.

No court can safely grant a possession order when the real arrears figure cannot be established because the lender refuses to reveal information of charges unlawfully added or makes such information cost prohibitive to the applicant.On this ground alone the Lender will be consistently defeated.

I would fully endorse crapstone and eddie's posts that controlled aggression is an essential ingredient of any defence,these people are trying to steal your house do you intend to roll over and let them,how dare they have the audacity.Acquire all aid available especially the CAB as eddie so rightly suggests anyone on your side who will speak on your behalf is a great boon,they are busy people so the acquisition of their services needs to be prompt.

Edited February 26, 2010 by actionnotwords
additions

[enoughisenough]

More's Comin'

 

Apologies. A little joke I couldn't resist!

[ryde]

eie

you know jokes aren't allowed before 10pm.

..now git yer' ghostly-casper, buckwheat narrow ass back to neverland!

and say hello to michael for me when you git back there!

( what exactly is a buckwheat narrow ass?)

 

Miaow

Edited February 26, 2010 by ryde

[enoughisenough]

Shill

[ryde]

don't encorage me cos

JAW's Comin' for sure

[ryde]

spmlpml have been compelled it would seem to submit their latest 2008 accounts:unusually the documents are not yet available for inspection.The notification could have been placed on the CH website in order to prevent any more complaints from us or because perhaps optimistically but hopefully the accounts are being investigated and combed for irregularities.

 

Status: Active

Date of Incorporation: 15/10/1996

 

Country of Origin: United Kingdom

Company Type: Private Limited Company

Nature of Business (SIC(03)):

6523 - Other financial intermediation

Accounting Reference Date: 30/11

Last Accounts Made Up To: 30/11/2008 (FULL)

Next Accounts Due: 31/08/2010

Last Return Made Up To: 20/09/2009

Next Return Due: 18/10/2010 Highlighted documents are not yet available for inspection

Same for preferred mortgages

So it looks like we're stuck with these 2 at least.

sppl still on strikeout

lmc still the same ie active

Edited February 26, 2010 by ryde

[ryde]

This has no doubt been posted before but it may be applicable to newcomers here,so I have posted the full article which is almost a year old

 

• 
  
• Money
  
• Repossessions
  

 

Key repossession ruling opens door to mortgage mis-selling complaints

 

Ombudsman's verdict offers hope for homeowners who are battling to keep a roof over their heads. Neasa MacErlean reports

 

 

• 
  
• 
  
• 
  
• Tweet this
  
• Comments (1)
  

 

 

• Neasa MacErlean
  
• The Observer, Sunday 22 March 2009
  
• Article history
  

A remarkable ombudsman victory for a householder who had his home repossessed after being mis-sold a hefty mortgage could set a precedent, preventing others from losing their properties as the recession bites, lawyers say.

This year an estimated 75,000 families - against 40,000 last year - will lose their homes, according to the Council of Mortgage Lenders (CML).

But many who face handing back the keys could be helped by rules covering "suitable advice" for borrowers, buried in the handbook of the Financial Services Authority (FSA), the City regulator.

Andrew Brown (not his real name) struggled to repay his mortgage but subsequently took his mis-selling case to the Financial Ombudsman Service, and has now won. Despite turning to the FOS late on and being repossessed, he will receive compensation - while other borrowers who begin cases at an earlier stage than he did might well be able to save their homes too.

A housing association tenant, Brown had the valuable promise of a rent fixed for life. However, a mortgage adviser persuaded him to buy the property and failed to consider "what would happen when the attractive discounted rate [set up on that mortgage] ended", according to an FOS spokeswoman.

Brown was repossessed and had to move; he then lodged a complaint with his mortgage adviser and ultimately brought the case to the FOS.

Industry specialists believe more claims of this kind are now likely to emerge. The main source of optimism for those in a similar position lies deep within the FSA's rulebook for mortgage advisers, Mortgage and Home Finance: Conduct of Business (MCOB).

This states mortgage advice must be "suitable for that customer" and that advisers "must make and retain a record" of it being suitable; this is known, crucially (and rather technically), as complying with section 4.7. Breaches of the MCOB rules are "actionable at the suit of a private person who suffers loss as a result", under section 150 of the Financial Services and Markets Act 2000.

"Undoubtedly, such cases would succeed," says professional negligence barrister John Virgo of Guildhall Chambers in Bristol. "There is a fundamental obligation under MCOB [rules] and I'm sure there will be a pretty big increase in this sort of litigation."

Philip Ryley, head of financial services and markets at solicitor Michelmores, is more cautious. He says: "It really depends on each individual case as to whether they have received a service which would breach MCOB rules. It is an issue that may be raised before district judges [deciding repossession cases].

"If it develops wholesale, it devalues the meritous cases that exist. The courts will soon become familiar with these arguments and will then require the borrowers to produce evidence at an early stage. to root out frivolous or unsubstantiated allegations."

Though there may be concern some borrowers might try to exploit the MCOB rule without good cause, there appear to be many cases of people being mis-sold mortgages they could not afford.

A Citizens Advice report entitled Set Up to Fail, on the sub-prime lending market in 2007, found the charity's repossession clients had often found themselves with "inappropriate and unaffordable" mortgages and secured loans, and that people buying council houses received "particularly poor advice".

One case it highlighted concerned a couple with a disabled child in south-east Wales who were persuaded to take a second mortgage on their home. The loan wiped out their equity and meant £1,300 - 87% - of their £1,500 monthly income went on mortgage repayments.

The CML accepts the rulebook can be invoked by consumers. "The MCOB rules are there for a reason: to protect consumers," says spokeswoman Sue Anderson. "Consumers have 'the ability and right' to rely on these regulations if they believe they have not been dealt with correctly," she says.

In 2007, Cash highlighted how cold-callers were using dodgy selling tactics to convince social housing tenants to exercise their "right to buy" and saddle these low-income homes with inappropriate mortgages.

Although the ombudsman found in Brown's favour, the issue remains complicated. The FOS is charged with restoring people, as far as possible, to the situation they would otherwise have been in - and that is not straightforward in circumstances such as these.

"Historically, you may not have been worse off," says the FOS spokeswoman, referring to the fact that when house prices were rising - until 2007 - people who had been mis-sold an unsuitable mortgage might not have lost out if the price of their house was rising. They would not have won compensation.

Now, the ombudsman is having to work out how to compensate someone who has not been protected by the rise in property values.

Have you got a claim for mis-selling?

 

• If you are in financial difficulty, first try all other steps to resolve your crisis: talk to the lender as early as possible about arrears; seek advice from a debt charity; curb spending and draw up a tight budget; and try to boost your income.

• Be brutally honest: if you've been in any way economical with the truth in your mortgage application, such as overstating your income (whether unwittingly or not), your case will be much weaker.

• You could have a case if your mortgage adviser never explored affordability with you, or dealt with you in a superficial way. Advisers should rely on past figures for income and outgoings, says Philip Ryley of Michelmores. If they don't have them, then you're off to a strong start.

• You might have extra grounds for a case of mis-selling if your mortgage stretched beyond your retirement date and your adviser did not explore that as an affordability issue.

• A case based on what's known as mortgage "misrepresentation" might also be feasible. According to Ryley, this might be arguable if you were "given a very hard sell, or told everything good about the product and given no information about what would happen when interest rates went up". If misrepresentation is argued successfully, the contract can be rescinded - as a case in 1991 proved.

• To avoid the expense of lawyers' fees, a homeowner can make a claim with the individual who advised on the mortgage, and if the response is unsatisfactory take the case to the Financial Ombudsman Service. The FOS would probably request that your repossession proceedings are put on hold during any investigation.

• Even if your mortgage began before the MCOB was ushered in on 31 October 2004, the rules could still apply, says one lawyer who wishes not to be named. "It makes no difference as to when the loan was entered in to, for the purposes of the arrears rules," he says.

• Publicity about such cases will take time to filter out, as they are likely to be settled informally. But if people do start making claims in significant numbers, it could snowball, says one unnamed financial services lawyer. "What would be interesting would be a group action," he said.

[alanfromderby]

spmlpml have been compelled it would seem to submit their latest 2008 accounts:unusually the documents are not yet available for inspection.The notification could have been placed on the CH website in order to prevent any more complaints from us or because perhaps optimistically but hopefully the accounts are being investigated and combed for irregularities.

 

 

This is standard immediately after filing - it takes CH a few days to upload paper documents, or move over documents that are filed electronically. They will probably be available sometime next week - if there is not too much of a backlog.