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

[littledotty27]

Thats what I thought Ryde,but obviously not. The rise in the fees,when eventually move over to capstone,are a disgrace!!

 

Does anyone know if these are on the mortgage rescue scheme?

[enoughisenough]

Hi dotty

 

You may remember this from Midge on the first page of this thread...sorry to bear bad news but I think it most unlikely...

 

I think this will answer your question dangermouse.

 

It is from an article in todays Times

 

Louise Cuming, the head of mortgages at moneysupermarket.com, the comparison website, said: “The list of criteria that must be fulfilled before borrowers are even considered means that few will qualify and even fewer will actually be granted assistance due to the fact it is voluntary on behalf of the lenders, who have only signed up ‘in principle'.”

It is also estimated that sub-prime lenders, who are considered to be responsible for approximately half of all repossessions, will not join the scheme.

Ray Boulger, of the mortgage broker John Charcol, said: “Sub-prime lenders will certainly not be signing up to this deal. This scheme has all the hallmarks of a plan that has been cobbled together at the last minute

 

Mortgage scheme rules likely to limit householders' help

[martdj]

After complaining to FOS about SPML charges funally got a letter from them today. they are going top let SPML know about tye complaint and give them 8 weks to reply!! I have already told them that SPML wont refund the charges, but apparantly i have to have in writing from SPML that their final respnse is No and referring me to the FOA. No wonder the FOS are slow at doing anything!!

[ryde]

Dotty

Am Positive I Have Seen On Another Thread That Once An Arrangement Is Made You Don't Pay Arrears Fees It Would Be Self Defeating To The Arrangement. And I Am Sure It Was Fsa Endorsed.will Investigate Further.

[littledotty27]

The letter I posted up at the weekend under questions & answers,even states that when in an arrangement,you don't pay the fees,we have been in an arrangement for nearly 3 years now & are still paying them.

 

Our arrears have gone up £7k in the last 18 months,not down,all due to fees.

[uneverdid]

Hi littledotty,

 

I queried my charges of £115 per month with capstone and i explained that i am paying £50 towards my arrears each month. Obviously though they are not going down actually going up £65 because of this charge. They were not bothered to say the least and said that once the judge reset the arrangement in court next week the charges would stop provided i stuck to the arrangement. Its crazy all because i missed 2 payments in the last 13 months and had very good reasons for this.

 

They stink beyond belief !!!!!!!!!!!!!!!!!!!!!!!!!!!!

[on*the*case]

Hi littledotty,

 

I queried my charges of £115 per month with capstone and i explained that i am paying £50 towards my arrears each month. Obviously though they are not going down actually going up £65 because of this charge. They were not bothered to say the least and said that once the judge reset the arrangement in court next week the charges would stop provided i stuck to the arrangement. Its crazy all because i missed 2 payments in the last 13 months and had very good reasons for this.

 

They stink beyond belief !!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Then challenge them:mad:

 

A nice letter headed COMPLAINT, stating your complaint, asking for an explanation and demanding that the outrageous charges are dropped.

 

You can do it:-)

[ryde]

dotty post was here,may be applicable to you

 

*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.

Last edited by michellej; 27th December 2009 at 11:02.

[ryde]

DOTTY

THINK THIS MAY APPLY OTHERWISE HAVE A LOOK AT THE THREAD ITS ONLY A SHORT ONE.

Re: unegulated secured second charges !now covered by CCA 2006? (this is the thread)

Unfair relationships - The Office of Fair Trading

 

The provisions were introduced by the Consumer Credit Act 2006. They applied to new agreements from 6 April 2007, and to pre-existing agreements from 6 April 2008.

 

 

THIS WAS POSTED BY SUE.

 

I CANNOT SEE THAT ONCE YOU ENTER INTO AN AGREEMENT YOU HAVE TO CONTINUOSLY PAY AN ARREARS FEE ON TOP OF THIS.

IF THE ABOVE DOESN'T APPLY THERE MUST BE SOMEONE HERE WHO CAN SHED LIGHT ON THIS.

IF NOT WILL GOOGLE UP THE ANSWER LATER TONIGHT.

Edited March 8, 2010 by ryde

[enoughisenough]

Hi Ryde

 

you are absolutely right that they shouldn't. But when has shouldn't ever been good enough. You can bet with certainty your last that they do AND don't just have one category of arrears charge. They have at least THREE:

 

1. Arrears management fee (£50)

2. Arrears interest (variable) but say anywhere between £10 and £50 per month depending on the level of arrears it could even touch £100 and by virtue of the fact that most people in arrears are also at various stages if litigation a whopping...

3. Litigation management fee £115 per month.

 

No wonder agreed overpayments NEVER REDUCE the alleged arrears. What a [problem] and all right under the regulator's nose. IT's A FECKIN' SCANDAL.

[littledotty27]

I think im going to try & get this back in court,im paying over a grand a month & these arrears are definately not budging!!

 

What about setting up a petition? If everyone is involved & has some sort of involvement with spml/lmc/capstone etc,send it to their local mp's,fsa,TSC etc,surely something MUST be done.

 

What do you think?

[freedomofspeech]

Im the same I have about £10G of charges if these were refunded I wouyld be able to reduce the arrears figure by £20G because SPML are continuing to show these charges as arrears. You cannot get a straight answer from them. By the way what happened to Imthebadguy & martdj

[enoughisenough]

They state that they MAY waive the litigation management fee " where a performing arrangement is in place." however no arrangement with them will ever perform because they skew the whole exercise by diverting the over payments GOD knows where and then slap on charges for wait for it... YOUR breach. Hypocrites liars and thieves the bloody lot of them. The only definition of philanthropy that these utter [problem] merchants recognise is filling THEIR trouser pockets with YOUR hard earned cash and ultimately YOUR EQUITY. Nothing better fits the definition of scandalous than this. I'll get the ITBG treatment if I say what I really think.

 

Still seething...

[freedomofspeech]

They state that they MAY waive the litigation management fee " where a performing arrangement is in place." however no arrangement with them will ever perform because they skew the whole exercise by diverting the over payments GOD knows where and then slap on charges for wait for it... YOUR breach. Hypocrites liars and thieves the bloody lot of them. The only definition of philanthropy that these utter [problem] merchants recognise is filling THEIR trouser pockets with YOUR hard earned cash and ultimately YOUR EQUITY. Nothing better fits the definition of scandalous than this. I'll get the ITBG treatment if I say what I really think.

 

Still seething...

 

I think the mods on this site will explode if you go any further. From what i have read they appear to have been threatened by the likes of SPMl. It would appear that this site is not the consumer action Group and should be renamed consumerinactionduetoadmin&modsnmothavinganybottle.com.there are people who have contributed to this site with useful information who are being prevented from proper posting by the admin & mods. What was the Magna Carta all about! It really upsets me that a forum where we should be able to discuss everthing is being infiltrated by the very people we are complaining about perhaps there should be a forum for registered members only. In fact CAG should be able to trace guests through their IP addresses so we can find out who is accessing this forum. I may be a new member to this site but I have plenty of friends who are well established members adn have kept me abreast of the shananigans on this forum. WE AR OBVOIUSLY HITTING A NERVE SOMEWHERE!

[freedomofspeech]

Double posted oops!

Edited March 8, 2010 by freedomofspeech

[enoughisenough]

Ok I accept SOME of what you say but a double post attacking the mods direct won't help anyone. The mods hopefully know where I and others are coming from and will cut us some slack with the odd private warning. This is probably par on this thread because the issues are so fundamental and the abuse we receive scandalous. Most of us don't even have the option of challenging this in court because you could end up being repoed. So yes please voice your opinions and say what you feel is right but you may have a short cag career if you go too far too frequently.

 

Respect and welcome to the thread.

 

Edit: Just to clarify a breach of site rules is obviously not more acceptable on one thread than it is on any other. But I still stand by the claim that this is THE issue on the forums...and therefore regrettably emotions sometimes run high...hope that clarifies.

Edited March 8, 2010 by enoughisenough
Explanatory note...

[ryde]

Does Anyone Know How To Find Gwens Last Posts She Had A Similar Argument To Uneverdid On The Other Thread And Managed To Beat The Suspended Repo With Her Case,time Running Short And Have Trawled Through This For Half An Hour And Cannot Find It.

Help Much Appreciated.

[enoughisenough]

Hi Ryde

 

Try this...

 

Posts in chronological order starting with most recent progressing through backwards...

 

http://www.consumeractiongroup.co.uk/forum/search.php?searchid=3294145

 

Good luck...have to attend to other things now...

 

EiE.

[ZillaK]

..did you find what you were looking for Ryde?

 

if not then try here:

 

http://www.consumeractiongroup.co.uk/forum/search.php?searchid=3294275

[rocket1]

I thought people here might be interested in this post from my thread about trying to get a class action going.

 

Quick update which should interest you all.

 

Today, I filed an official complaint with the Financial ombudsman's office about me being mis-sold a mortgage three years ago by SPML, and more particularly the broker, who was a subsidiary company of the credit card people, Capital One. I will describe details of this mis-selling later, when I have more time. It would appear to be a very strong case; we'll see.

 

This is how fighting back against these dishonest lenders works.

 

- You could choose to spend huge amounts of money employing a lawyer to take a lender or broker to court (or be part of a class action, which will still cost all that money which has to be found from somewhere).

 

- it appears no one will get legal aid because in the very own words of the CAB person I saw today 'The Government have destroyed the legal aid system. Even we at the CAB really struggle to find a legal aid lawyer to use'.

 

Lawyers no longer want to do any legal aid work as the Government refuses to pay them properly. So, legal aid is completely withering away.

 

 

- BUT There is a different and much, much easier route, and I really would like you all to pay attention carefully.

 

If you believe you have a case for mis-selling or similar - any appropriate case of complaint against either a lender or broker, what you do is this.

 

- First of all you write a letter of complaint, setting out the nature of your complaint, to the lender or broker and ask them to respond back.

 

- if there is no response (most likely) or you are not satisfied with the response (which is most likely to just be a fob off if you do get any response at all) then you telephone the Financial ombudsman, or write setting out the nature of the complaint you have against the broker or lender.

 

The Ombudsman will then liaise with you in a totally non-legal and informal manner to obtain as much information as is necessary for the Ombudsman to investigate your side of the story.

 

It is less onerous in terms of providing the sort of cast iron evidence needed for a court. In short, it is a much easier process to build a case, it would seem. But I'm sure there is a down side of one sort or another.

 

The Ombudsman will also investigate the lender's or broker's side of the story and weigh the balance of probability to decide whether a broker or lender has 'ripped you off' in some way or otherwise misbehaved.

 

- If the Ombudsman decides your complaint is correct and you are right and finds in your favour, the Ombudsman then considers any losses you have incurred, including losses for damages such as stress etc as well as money losses from the lending process and rip off penalty fees and Early Redemption penalties etc.

 

- The Ombudsman then arrives at a figure and tells the lender or broker who has acted wrongly to pay you what the Ombudsman tells them to pay you up to the maximum figure of £100 000 per separate complaint. So three separate complaints about three sub-prime mortgages in a row could mean you get £300 000. £100 000 for each mortgage complained successfully about.

 

There is no problem about extracting the money because the law says that any decision by the Ombudsman telling a financial organisation to cough up to right a wrong the Ombudsman thinks they have committed, is binding in law and the financial organisation has no choice but the pay up or be put out of business. The Ombudsmanis a compensation service to compensate people wronged by financial organisations. That's their own words.

 

So, when I asked everyone to write down their mortgage experiences, this is what that is for. If you don't write down those mortgage experiences, then it will not be possible to pick out of the narrative what points of law to complain to the Ombudsman about.

 

What we now need to do is to list all the common mistakes brokers and lenders make which leaves them open to complaints of mis-selling and other types of complaint.

 

We need to list all those causes and examples of mis-selling etc.

 

It will be helpful if we all have access to reading other people's stories to see examples of where mis-selling has taken place and is upheld by the Ombudsman. As I said previously, there should be no problem about anyone writing up their stories, because they should be completely anonymised - easy enough to do.

 

Here is a link to an article in the Observer Newspaper dated March 22nd 2009 which gives a few clues. It is a bit vague though, and I am sure we can come up with some very coherent examples of what to make a complaint about to make it successful.

 

This is where I do need a bit of help from other people to do a bit of the work to make this thread work and help what I hope will be an increasing number of people to make good solid complaints to the Financial ombudsman and the OFT and to MP.s.

 

If loads of people do this, then we will, absolutely, get those lenders and brokers on the run, believe me. And the Ombudsman can kill them with a thousand cuts with orders to pay compensation to their victims.

 

But none of this will happen if people can't be bothered to pull their fingers out and do something about it instead of just endlessly whinging on forums.

 

Some one here described trying to persuade people to take action against the lenders as like trying to push water uphill. It is beginning to seem like that to me.

 

If we continue to be completely apathetic and do nothing, then those lenders will continue to get away with stealing off us all and throwing more and more families out onto the streets to be homeless.

 

At present I am due to be evicted next Monday March 15 (subject to my appeal to a court to suspend).

 

I caught flu fourteen days ago - the real thing - temperature 103, bedridden for seven days and delirious with the beginning of kidney failure. The doctor visiting me at home wanted me in hospital. It takes weeks to recover from flu and in that time victims are liable to get pneumonia etc and die of complications. I am as weak as a baby at present and every time I try and galivant around I get more ill immediately. If I don’t just slob around spending most of my time in bed or generally doing nothing I will just be inviting all the potential disasters flu can bring. It kills more healthy people than any other cause, including World War one and two etc. Flu is nasty.

 

Now my eleven year old son appears to be getting it. He is certainly very ill.

 

None of this means a thing to these poisonous lenders and a conversation I had with the lender ( which I taped) a few days ago made it plain they could not care less about any kind of negotiation, mitigation or mutual co-operation about eviction. They said they couldn't care less if my son and me are chucked out on the streets with flu even though it would cost them nothing to delay an eviction.

 

I also been told by people like the CAB that the court is unlikely to be interested in things like that either. The whole system is violent and vicious quite beyond my comprehension.

 

Also, I would just like to flag up the real trauma buried in an eviction for people like me. I have absolutely no money and my previous social life and friendships have been totally destroyed by both the actions of a divorce and then me looking after a schizophrenic partner for over a decade and being left a lone parent etc.

 

For complicated reasons, I have no meaningful family ties and certain have no family at all to help me in any way whatever - whether to put me and my son up on a sofa for a while or even just to give us emotional support of any kind.

 

We are absolutely on our own.

 

What this now means is that should there be an eviction, we are given about two weeks to remove all my possessions from our home.

 

I cannot do this because I have nowhere to put them and no money to pay for their removal or storage.

 

This, in turn, means that we will lose everything we possess. All the things I need to function; kitchen equipment and all other domestic items will go, probably to be looted. I've seen that happen to others and even part experienced it when my schizophrenic partner lost everything in her housing association flat; and lots of those things were either mine or things I had bought her to furnish her flat.

 

If I remain unemployed etc, as most people of my age inevitably would, then I would never, ever be able to replace anything on the £100 or so a week that remains as my income. That is a sum which makes it impossible to make ends meet on a day to day basis anyway , let alone build up a home from nothing !

 

I will simply be completely unable to meaningfully function as I will possess nothing at all.

 

 

My son and I will be refugees in our own country, but with less advantages than the destitute foreign refugees from other countries who arrive here to be instantly housed etc. That won’t happen to us. My local council has already made that clear.

 

There is simply absolutely no question whatever of there being any surplus money from that sort of income to buy any capital item. i.e another washing machine, dishwasher, humble iron even, clothes - anything at all except a few second hand rages from charity shops.

 

Not only is it about being made homeless, but it is about having everything you own being stolen and looted at the behest of the lender and his agents who are the most likely people to help themselves to your possessions. It may even be the lender auctioning off your possessions in an effort to recover even more money the lender may claim is owed by you to them.

 

So, there you have it. that is the reality of what these wicked lenders actually do to people.

 

In the words of someone who was evicted ‘ your life just comes to an end’.

[enoughisenough]

Rocket have pmd you.

 

Will put my thinking cap on...!

[ryde]

Rocket

What grounds have you applied to the court on for suspension of your eviction?

If you haven't already, it may be prudent to state that the FOS is in receipt of and considering an official complaint from you with reference that you were missold your mortgage as no consideration amongst other things was given to the fact that your mortgage would run well into retirement and there would not be sufficient income consequently to cover repayments.

You would respectfully request that the court suspend the eviction pending the ombudsmans findings.

RE YOUR EVICTION DILEMMA the council is under a legal obligation to rehome you,

I WOULD HAVE THOUGHT YOU WOULD BE ABLE TO GET A CRISIS LOAN TO PUT YOUR POSSESSIONS INTO STORAGE UNTIL YOU ARE SORTED OUT.YOU NEED TO SORT THIS OUT WITH THE CAB AND THE SITE TEAM,SHELTER ETC.

Anyway this may not be relevant if the eviction is suspended,but why you haven't contacted Ell-enn I don't honestly understand with the predicament you feel you will be faced with.You must get the procedures right,she can offer a wealth of experience on most aspects of this.

Edited March 9, 2010 by ryde

[Gallahad]

Rocket I am sure these guys on here can help re your court situation. In view of the immediacy of your situation I think you should have a fall back strategy in place for your sons and your own immediate needs. It is possible Shelter could provide some assistance in this and they could be worth contacting Shelter England - The housing and homelessness charity

When under stress our immune systems are badly affected and its little wonder both you and your lad have been so ill. The guys on this site are awesome and we are all rooting for you.

G

[ryde]

eie/zill

thanks for help found info.

gallahad whats the rumour the bad guy started that you have 5 buy to lets before his red card, as might be looking for somewhere myself soon the way things are going!! any vacanies coming up, mind you not too good a credit history here but always pay in the end!!:grin:

[Gallahad]

eie/zill

thanks for help found info.

gallahad whats the rumour the bad guy started that you have 5 buy to lets before his red card, as might be looking for somewhere myself soon the way things are going!! any vacanies coming up, mind you not too good a credit history here but always pay in the end!!:grin:

 

Rumours are too easily started on here and do little to assist anyone

G