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

[actionnotwords]

I see the newly appointed directors of sppl are the same as Resetfan the parent of sppl namely one J.Brereton and R.Harper.

Which tends to lead one to believe that the submission of accounts and appointment of directors was compelled rather than a voluntary action or why were these functions simply not carried out before.

Can anyone please kindly post up the latest sppl accounts?

[enoughisenough]

Thankyou for the information enoughisenough I was unaware of the full extent of the FSA investigation.

In this particular case it would raise very interesting issues.

We are aware that capstone contracturally administer mortgages on behalf of their various client spvs and have yet to see such evidence to support such a role from the originator/lender for whom they also claim to act.

If indeed both lender and administrator are penalised the question then begs to be asked should the same apply to the hidden spv with whom the administrator has a fully evidenced (from the spvs own prospectus) contractural obligation.

Another issue of note is that capstone are applying charges from an apparent newly formulated table of tarifs in the name of the lender.

As the lender is dormant and was/is in 2 cases without any personnel who has actually constituted these new charge structures?

What I am attempting to establish is the direct relationship and instruction between capstone and the spvs rather than capstone and lender ,such proof may render the mortgage contract unenforceable (control and instruction being exerted by a non FSA regulated entity)

I hope you can see the thrust of this argument and would appreciate any comments.

 

Hi ANW

 

I certainly do see the thrust of your argument and agree completely with your analysis. It most definitely throws up some very interesting questions. Insofar as GMAC-RFC and Kensington are concerned I believe that these were originator/administrators. This is not the case with Capstone who are to all intents and purposes a TPA. We know that they do the SPV's bidding so IF the FSA WERE to haul them over the coals for their long standing outrageous consumer abuses and unlawful possessions who would ultimately carry the can?

 

May I humbly suggest that the prospectus offers a significant clue...and that clue points to a non recourse obligation of the issuer...

 

PS. I believe a posting and analysis of the accounts is imminent...

[actionnotwords]

Good afternoon enoughisenough(wasn't that the title of a song by Gloria Gaynor, Chumbawamba,Donna Summer?)

Is there not also a non recourse clause to the originator/lender?

Once the mortgage is originated by the lender the" equitable title" is the sold to the spv and administered by capstone under the mortgage administration agreement.

In effect the originators/lenders functions appear to cease once the equitable title is sold to the spv and the legal title is held by them on trust for the spv,that is my understanding please correct me if I am wrong.

I will wade through the prospectus again to make sure.

Edited April 13, 2010 by actionnotwords

[midge61]

Here's an interesting article on the BBC.

 

BBC News - Northern Rock former directors fined and banned by FSA

[enoughisenough]

...Ah Chumbawamba.

 

Tubthumping

 

"we'll be singing, when we're winning; we'll be singing, when we're winning"

 

"I get knocked down, but I get up again. You ain't ever gonna keep me down..."

 

Not too keen on Gloria Gaynor, though that might upset a few people...

 

Remember the bucket of water over 2 Jabs Prescott at the Brits? Wouldn't it be great if Hector got a bit of them apples...?

[actionnotwords]

Abject apologies I believe Gloria Gaynor's greatest hit was; "I will survive" still applicable though.

[jetli]

Ok Great I MIGHT SURVIVE can I bring out a new song then?

[jetli]

...Ah Chumbawamba.

 

Tubthumping

 

"we'll be singing, when we're winning; we'll be singing, when we're winning"

 

"I get knocked down, but I get up again. You ain't ever gonna keep me down..."

 

Not too keen on Gloria Gaynor, though that might upset a few people...

 

Remember the bucket of water over 2 Jabs Prescott at the Brits? Wouldn't it be great if Hector got a bit of them apples...?

Thing is you can all keep the wolves from the door my Husband being self employed cant hence our position. I will stay with you all but we seem to be on our own. I wanted to carry on fighting after 5 years but CANT thats it i'm taken had enough just going to let it go----my home for 17 years- oh well hope you all get better than me.

[enoughisenough]

Jet Li

 

I think you must think we are all middle class social workers or something like that doing this in our spare time as some kind of hobby. We are obviously here to act as counsellors and psychotherapists to everyone's wish and whim, like a government help line. NOT.

 

We give up our time and our efforts month in month out. We get deflated. We lose sight of our own battles and sometimes (YES) we neglect them when we shouldn't, because we are too busy here, or behind the scenes, trying to get things done. AND YES, WE ARE TRYING TO GET PEOPLE TO STAND ON THEIR OWN TWO FEET, SO THEY DON'T SCREAM WHAT ABOUT ME EVERY TIME THERE IS A LITTLE IN JOKE BETWEEN POSTERS.

 

We may keep the wolves from our door and then again we may not. Many of us simply do not know how it will play out yet. And yes it's true many others already do know.

 

Some of us don't have grown up kids. Some of us have nippers to care for. Some of us haven't had the luxury of being stable in the same house for the seventeen years you mention in every post.

 

Some of us are working round the clock on behalf of many others, sometimes wishing why the hell we had bothered. Not because we wish we hadn't but because having done so, we are then chastised for making light of something irrelevant to you against the backdrop of your unfortunate circumstances.

 

I don't know why you decided to sell and it's hardly the fault of myself or ANW that you decided to do so, after receiving a significant amount of help in fighting the orders against you. That's your decision though. And no amount of carping about a few comments made in humour is going to change that.

 

If two people on the site can't exchange a little bit of banter (equating to just three posts by the way) because it offends you and doesn't address YOUR own concerns then fine. Let it go...It's not MY HOUSE of 17 years. How's that for selfish individualism?

Edited April 13, 2010 by enoughisenough

[Gallahad]

Well said EIE

G

[cher69cher69]

Been to court AGAIN today,was adjourned.

LMC have to explain there negligence & breach of contract.

Judge is appalled,he stated that not one bit of contract made sense & contradicted itself.

 

I have now been in touch with local & national newspapers, I intend to let the whole of the UK of there dirty tactics.

 

Is there anyone out there who has been in the same boat & who would be willing to talk to the press?

Hi Littledotty27

You can count me in I have unfortunately got these barstewards as my second mortgage company and they have been absolute tw-ts. They are rude intimidateting abusive and downright obnoxious. Put it this way a couple of times I have wished the person i had been talking to was right there infront of me because I would have punched his lights out and I am not a violent person but these animals make my blood boil. They twist what you say, they lie, they break every rule in the book to suit themselves and as far as following the fsa guidlines well you may as well wipe your ass on them as far as sppl/capstone are concerned. Because they think they are above the law and everyone else for that matter.

So if you want me I am here!!!! I would love the opportunity to watch them get it both barrels.

[Guest MamaG1]

Cheer69 cheer69

 

I am so up for the press thing.

 

They are such bastards and yes they do think they sre above the law, but only because no one has fought them all the way yet.

 

They are big and have loads more money to fight, but if we are determened to stand for fair justice to the vulnerable borrowers from this cowboy lenders and backs, then what are we waiting for.

 

W ehave to stand up and fight for what is righty our right.

 

They have been backing on borrowers getting so stressed out and then giving up to them.

 

What happened to all the capitalism re re re... this all just doesnt add up.

 

This guys think they are the law themselfs.

[Guest MamaG1]

Jetli,

 

May I ask you why did you sell pls having had so much help as mentioned above by enough is enough.

 

Was that you only option then?? I am a bit confused, as I am in a bit if a similar position myself, though different. I have not follwed yr story all through, but presumably, you were forced to sell in order to pay off your lender??.

 

Was there no other options to you at all pls.

 

Apologies I know this is a very sensitive issue, but now that you have sold what do you to do as per a roof over your head and your family??.

[Crapstone]

Jet Li

 

I think you must think we are all middle class social workers or something like that doing this in our spare time as some kind of hobby. We are obviously here to act as counsellors and psychotherapists to everyone's wish and whim, like a government help line. NOT.

 

We give up our time and our efforts month in month out. We get deflated. We lose sight of our own battles and sometimes (YES) we neglect them when we shouldn't, because we are too busy here, or behind the scenes, trying to get things done. AND YES, WE ARE TRYING TO GET PEOPLE TO STAND ON THEIR OWN TWO FEET, SO THEY DON'T SCREAM WHAT ABOUT ME EVERY TIME THERE IS A LITTLE IN JOKE BETWEEN POSTERS.

 

We may keep the wolves from our door and then again we may not. Many of us simply do not know how it will play out yet. And yes it's true many others already do know.

 

Some of us don't have grown up kids. Some of us have nippers to care for. Some of us haven't had the luxury of being stable in the same house for the seventeen years you mention in every post.

 

Some of us are working round the clock on behalf of many others, sometimes wishing why the hell we had bothered. Not because we wish we hadn't but because having done so, we are then chastised for making light of something irrelevant to you against the backdrop of your unfortunate circumstances.

 

I don't know why you decided to sell and it's hardly the fault of myself or ANW that you decided to do so, after receiving a significant amount of help in fighting the orders against you. That's your decision though. And no amount of carping about a few comments made in humour is going to change that.

 

If two people on the site can't exchange a little bit of banter (equating to just three posts by the way) because it offends you and doesn't address YOUR own concerns then fine. Let it go...It's not MY HOUSE of 17 years. How's that for selfish individualism?

 

A little harsh but I guess it has to be said that you have to act yourself and not rely on it being done for you. Things are going on in the background for the good of us all..I could walk away..I got my charges back.but I won't. Not until these bar stewards pay up. Kensingtons fine is a joke and I hope it's taken further....

 

I've had 12 years in my house..pass me the petrol and I'll provide the match. That's how much it means to me after SPML dug their claws in. It's not a home, it's a battleground.

[cher69cher69]

Thanks MamaG1

Well todaY I decided right you ****s I have had enough of your crap and I am not going to take it anymore. SO its War!!

I dont care now its do or die, I really have got to that point. I am sick of trying to get straight with them and all they do is put me further into debt with there interest and charges.

They have a susp repo on my house from 2007 and i have never missed a payment the court ordered me to pay until about 6 months ago i missed a payment because basically didnt have any money. I offered to clear this over the next 3 months over and above the original court agreement. they said ok but now its clear they want me to keep on payingthe extra and because i only paid it to clear the one payment and get the original agreement back on track they are saying that this was a new agreemnet and I am now in default . can you believe these arseholes well just posted a three page letter saying refund my charges and court costs and capitalise my arrears like you should have done in the beginning or ELSE !!!! oooooo I am sssooooo mad!!! will let you know the outcome i have given them 7 days. lol!! this is how i feel at the moment - () well ya gotta put some humour into it or you would just crack up !!!

[jetli]

Jetli,

 

May I ask you why did you sell pls having had so much help as mentioned above by enough is enough.

 

Was that you only option then?? I am a bit confused, as I am in a bit if a similar position myself, though different. I have not follwed yr story all through, but presumably, you were forced to sell in order to pay off your lender??.

 

Was there no other options to you at all pls.

 

Apologies I know this is a very sensitive issue, but now that you have sold what do you to do as per a roof over your head and your family??.

 

Firstly sorry if I upset anyone that was not my intention.

 

Answer to the above is yes it was our only option. Asked both lenders to cap arrears or pay interest only - Both said NO. Tried to get on the Mortgage Rescue Scheme - both lenders said no. When we were issued with a 7 day eviction order (which thanks to all on here we suspended) we decided having been packing for what seems like weeks that we could never have done that if they had won.

 

Lastly we are trying to rent but as everyone knows if your credit is bad then they appear to ask for about 6 months up-front. Hope after redemtion figures come in we will have that.

 

Hope this helps

[actionnotwords]

Firstly sorry if I upset anyone that was not my intention.

 

Answer to the above is yes it was our only option. Asked both lenders to cap arrears or pay interest only - Both said NO. Tried to get on the Mortgage Rescue Scheme - both lenders said no. When we were issued with a 7 day eviction order (which thanks to all on here we suspended) we decided having been packing for what seems like weeks that we could never have done that if they had won.

 

Lastly we are trying to rent but as everyone knows if your credit is bad then they appear to ask for about 6 months up-front. Hope after redemtion figures come in we will have that.

 

Hope this helps

 

Kensington -V- Capstone Capstonewatch's Blog

extracted from the above site which is an excellent point of reference for all information relating to these companies , to the credit of the originator.

FSA findings in relation to the Kensington case.

In particular, in some cases the Firm:

(1)

failed to discuss with customers all options available to them

with regard to the method of repaying a payment shortfall, such as a switch in repayment type from repayment to interest only, an extension of the mortgage term, or capitalisation of arrears;

(2)

failed to adopt a reasonable approach to the time over which the payment shortfall should be repaid

taking into account the customer’s individual circumstance, such as allowing the customer to arrange repayments over a number of years or indeed the remaining term;

(3)

failed to assess whether the customer’s offer of a regular payment was sustainable

; and

(4)

repossessed properties without first exhausting all attempts to resolve the arrears.

 

Jetli

Your problems caused by these lenders appear to be exactly part of the reason the FSA fined Kensington,it may be of some use to contact them and submit your own story as an example of the way you have been treated.If they applied the same principles to the likes of Capstone you would not be in the position you are in now.

I am attempting with others to draft a template letter when work commitments allow on this very subject of which your own personal tradegy is a prime example,there may be compensation which will never be enough for the ruination these people have wreaked,if the FSA simply applied the same principles.

There is of course the option to contact your lenders quoting the FSA findings and asking them that in view of these findings and the fact that you have a regulated agreement are they prepared to discuss the above options or do they wish you to refer their refusal of discussion directly to the FSA who will then no doubt implement similar punishment.

 

Edited April 15, 2010 by actionnotwords

[jetli]

Good advice but loan with SPPL is un-regulated?? Main mortgage I believe is regulated.

[cher69cher69]

Hi

I was just checking through some paperwork and agreements I have and it states at the bottom of SPPL loan statement that southern pacific personal loans ltd is an appointed representative of southern pacific mortgage ltd mortgage ltd which is authorised and regulated by the financial services authority.

It also says on the bottom of all capstone letters that they are too authorised and regulated by the FSA.

 

Or am I mistaken if I am then I am sorry, maybe you have a different type of loan than I do. Just thought I would put what it says on mine it may be helpful to someone.

Whatever!!! I think I have the beginning of dementia:):-?

[cher69cher69]

Meant to say this is a second mortgage I have with crapstone and sppl!!!

[Crapstone]

Thanks MamaG1

Well todaY I decided right you ****s I have had enough of your crap and I am not going to take it anymore. SO its War!!

I dont care now its do or die, I really have got to that point. I am sick of trying to get straight with them and all they do is put me further into debt with there interest and charges.

They have a susp repo on my house from 2007 and i have never missed a payment the court ordered me to pay until about 6 months ago i missed a payment because basically didnt have any money. I offered to clear this over the next 3 months over and above the original court agreement. they said ok but now its clear they want me to keep on payingthe extra and because i only paid it to clear the one payment and get the original agreement back on track they are saying that this was a new agreemnet and I am now in default . can you believe these arseholes well just posted a three page letter saying refund my charges and court costs and capitalise my arrears like you should have done in the beginning or ELSE !!!! oooooo I am sssooooo mad!!! will let you know the outcome i have given them 7 days. lol!! this is how i feel at the moment - () well ya gotta put some humour into it or you would just crack up !!!

 

Typical..you caught up with the payments and they didn't enforce any breach of the court order. Don't get your hopes up that they will reply in the way you want them to first time around. Be prepared for a fight with the ignorant f'''''s. The court costs is the hard part to get back, but it can be done if you show it shouldn't have gone that far. Ask them to provide you with the receipts. SAR everyone to get the info. you need against them.

[Suetonius]

Could be an indication of things to come.....

 

BBC News - Goldman Sachs accused of fraud by US regulator SEC

[Suetonius]

This is from one of the GE threads but should be of interest here too..

 

The Supreme Court - Case details

 

 

What sparked my interest was the case name:

 

Southern Pacific Securities 05-2 Plc (in substitution for Southern Pacific Personal Loans Limited) (Respondent)

v

Walker and another (Appellants)

 

 

Respondent name: Southern Pacific Securities 05-2 Plc

 

 

A Previous case:

 

Southern Pacific Personal Loans Ltd v Walker & Anor [2009] EWCA Civ 1218 (12 November 2009)

 

 

 

 

Edited April 16, 2010 by Suetonius

[JonCris]

Could be an indication of things to come.....

 

BBC News - Goldman Sachs accused of fraud by US regulator SEC

 

Sue Told you so na na na na:p

[actionnotwords]

This is from one of the GE threads but should be of interest here too..

 

The Supreme Court - Case details

 

 

What sparked my interest was the case name:

 

Southern Pacific Securities 05-2 Plc (in substitution for Southern Pacific Personal Loans Limited) (Respondent)

v

Walker and another (Appellants)

 

 

Respondent name: Southern Pacific Securities 05-2 Plc

 

 

A Previous case:

 

Southern Pacific Personal Loans Ltd v Walker & Anor [2009] EWCA Civ 1218 (12 November 2009)

 

 

 

 

 

Thankyou for this post Suetonius and it is good to see you back.From my reading of this of which I of course will stand corrected sppl sold the equitable title of the loan to sps 05-2.

Because of the iminent demise of sppl at the relevant time this appeal was coming to trial (no directors, no accounts) the legal title to the loan must have been transferred to the spv from sppl, otherwise the spv would have no locus standi in appearing in sppl's place as it would only be the equitable titleholder to the loan.

The significance and importance of this is that it was a blueprint of what would have occurred wholesale had not sppl rose and resurrected itself like lazarus to all the loans it owned.

As has been said so many times before the loan debt does not disappear with the demise of the originator / lender it passes to the spv who in the case of mortgage loans I believe must issue a s136 LOP Act 1925 notification to the borrower for the legal title to pass and be legally effective.I wonder if this was done in this case?

Other tools are required to fight these lenders this helps in attrition of their assets but it is not the whole answer.

It will be interesting to follow this case and see what new issues it may raise concerning these matters and questions of contract and title to sue ,if the walkers have not received the s136 the spv does not have title to sue! as sppl are still the legal titleholders.

This substitution of parties and sppl's ressurection do tend to support the theory that sppl were COMPELLED to produce accounts and appoint directors.

Edited April 16, 2010 by actionnotwords