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

[ryde]

I Have Read In This Thread That Preferred Mortgages Part Of Lehman Are In Administration And Are Being Administered By Pricewaterhouse Preferred Are Currently Bringing A Land Registry Claim Against Me I Have Stated That As They Are In Administration They Have No Capacity To Bring A Claim But Preferred Have Denied This. 1)how Can I Obtain Evidence That They Are Actually Being Administered By Price Waterhouse 2)am I Right In Saying They Have No Right To Bring A Claim If They Are In Administration?

These Proceedings Are Time Limited And I Would Greatly Appreciate A Quick Reply So I Could Give Them A Bloody Nose For Everyone

I Thought Trading Whilst Insolvent Was Illegal?i Would Go To The Ends Of The Earth To Nail Them,there Is An Appeal Going Through The High Court At The Moment But As I Am Representing Myself I Need All The Help I Can Get.thanks In Advance

[ryde]

thanks for quick reply dangermouse ;

that avenue is closed then.pml have also stated that they have not securitized the mortgage which is impossible to prove otherwise.The whole thing stinks but it is big business which exploits every legal loophole and hides behind a thousand faces.lend to people who are vunerable once theyre signed up charge what you like,make sure valuation is well below a realistic selling price so if things go wrong your legal pals can repossess and everyones on an earner ,securitize the mortgage risk lessened but keep legal title just in case borrower defaults.things can only go wrong when house prices fall dramatically as has happened now.

 

my situation illustrates this perfectly.

my ex had a property to which i made a big financial contribution.it was in her sole name.i had a restriction on the land registry to protect my interest.she had problems maintaining a £65000 mortgage with the woolwich with big arrears. all she wanted to do was consolidate the arrears into a new loan no one reputable would touch the loan application because of the arrears...... so along come pml (PREFERRED) on their instructions she transfers the property into joint names of hers and new boyfriend and applies to pml(preferred) for a mortgage 'they offer her £110000 in joint names!!!!!!!!!!! .pml did no proper checks on the income to support the loan in fact both ex and boyfriend were on the dole and the mortgage was defaulted on within 3 months but they had both got £40000 out of it and the boyfriend blew the whole lot away and disappeared !!!!!

.pml tried to register their charge in 2006 but it was held up by my restriction until it has got to court which is happening now so they could not repossess. Their charge will overreach my restrction ie:step in front of my interest because the capital proceeds were paid to 2 trustees which they insisted on when granting the mortgage, this is legally correct.HOW CYNCICAL IS THAT.they lend to someone on the dole at an undervalue of the property knowing full well they will both default and cynically know that any beneficiary who has a genuine interest is swept away by insisting that the loan is made to joint owners thus being complicit in an out and out fraud against the beneficiary because they know they will get all their money back,costs and interest and a nice little earner for the legal boys Any high street lender would have run a million miles from a loan application like this(AND IN FACT DID) but preferred know exactly how to play the game and all its legal loopholes I would just love to nail them somehow.. BUT ITS DAVID without his sling against goliath and the legal profession treat any litigant in person like absolute dirt....any ideas would be greatly appreciated as this is happening now and preferred(pml) have still to get their charge registered before they can repossess, would it be worth trying to make them complicit in a fraud? ie lending to people on the dole without proper checks(i suppose they are not obligated to do this anyhow),knowing they could repossess and get rid of the beneficiaries interests? please help ryde!!

[ryde]

THANKS FOR REPLIES a restriction is stronger than a caution because it restricts ie stops the sale or remortgage of the property usually by a sole owner,the only way round this is to appoint another owner which pml insisted on IN THIS TRANSACTION which was all behind my back. In law their charge then takes precedence over the interest registered because the two owners are supposed to look after the proceeds OF THE MORTGAGE for the beneficiaries; which rarely if ever happens as they just scarper with the proceeds but such is the law which reckons 2 owners are more responsible than one(google city of london building society v flegg) if you want to see a real injustice.Point is i have an active ongoing case in the courts with preferred and i will raise any issue or throw any dirt at them i can,so please dish any relevant dirt.I would love to get them investigated by the revenue or the like for tax evasion or money laundering but you need cast iron evidence otherwise you pay the costs and theyll be ruinous you can bet your life on that one!!

[ryde]

WE BOUGHT THE PROPERT IN 1988 WITH A £65000 mortgage from woolwich it was in her sole name as i owned a property in birmingham i paid half the deposit and did a lot of work there etc so had an interest in the property which she recognised.she was holding the property on trust for me and herself.i had a formA restriction registered on the property with land registry which states no disposition(ie;sale) by a sole proprietor in which capital money arises is to be registered unless by an order of the court,this protects my interest. her new boyfriend approached preferred to remortgage the property as it was in big arrears with the woolwich.I was living elsewhere. he also disputed the restriction with the land registry which held up its registration .preferred told him to get my ex to make him a joint owner and offered both of them £110000 mortgage despite both of them being on the dole(their income was not checked) the woolwich were paid off but when preferred tried to register their charge for the mortgage they could not because my restriction was still being argued about with the land registry who deal with each matter in turn like a chain.

preferred have been tearing their hair out for 3 years trying to get their charge registered as they have no security over the property and cannot repossess it.the boyfriend has long gone with the proceeds (equity) of £40000 and the mortgage to preferred has not been paid for two and a half years my ex still lives in the property .the argument now with preferred is whether my restriction(which is now registered)prevents registration of their charge which on the face of it it does not.

my argument is that preferred conspired with the boyfriend to defraud me of my interest in the property by not checking the income and insisting on 2 owners so the restriction would be stepped over(no disposition by a SOLE owner in which capital money arises is to be registered)the loophole preferred exploited was to get my ex to transfer the property for nothing (no consideration that is no capital money arose on the transfer) into joint names there are then 2 owners to remortgage the property so the restriction is useless,land registry did not even tell me that it had been transferred.this shows how devious this company are.hope you understand that lot it took me 3 years to grasp it!!!!!!!thanks for the interest.

 

experimental

Edited April 21, 2010 by ryde

[ryde]

I Am Currently Facing An Aggressive Claim From Preffered Mortgages... All Part Of The Capstone/spml/eurosail Etc Shambles.it Is Almost Impossible To Find Out Any In Depth Information About Them But I Have Found This And Would Invite Comments. In A Court Report Published By The Stoke On Trent Sentinel A Local Newspaper It Is Reported 2 Mortgage Brokers Were Jailed On 09/o4/09 For Fraud...if You Google Preferred Mortgages Brokers Jailed For Fraud....... Should Be First Page Up................the Article Says Preferred Are In Administration Which Should Also Apply To Other Tentacles Of This Shower Including Spml As They Were All Owned By Lehman So If This Is True As Reported How And In What Capacity Are They Bringing Any Claims Against Anyone This Can Only Be Done By The Administrators As Far As I Am Aware

[ryde]

the whole bunch are dodgy hiding behind various subsidiaries if you want to email preferred now its a capstone email address,it appears they are all ignoring lehman and carrying on normally.the thing is it must have been stated in court by a representative of preferred in the criminal trial for fraud that they were in administration otherwise it would not have been mentioned in the report how could i get a transcript of the case??? is it possible they would just trade through capstone and not even bother to tell companies house,everything is covered in a veil of secrecy,how can they be investigated?tell me who to write to and i will go to the ends of the earth to nail them!!!!!!!!!??????the f.s.a.

[ryde]

Are this showe all subject to different rules than the rest of us if we go bankcrupt and then trade behind someone elses name we get stuck in prison,similarly we are not allowed to dispose of assets,they go bust and start up in another name could you imagine if lehman did the same surely the fsa should be called in to investigate this in depth how do I go about getting them to do it???????????

[ryde]

See my previous posts have emailed the editor of the sentinel which is part of the evening standard/mail group of newspapers asking for their source for their report that states preferred now in administration if they have stated this to a criminal trial in a crown court they must be in trouble with some regulatory body as they are litigating in their preferred mortgages ltd name when they are in administration or hiding behind another name it could open the floodgates and unravel all the shady dealings of this lot especially with lehman being a current hot topic What we all need is the power of the press behind us especially a tabloid AND AN INVESTIGATIVE JOURNALIST so suggest everyone bombards the sentinel and try and get them interested so they get the DAILY MAIL onto it,just think how many people have lost their homes to this lot who have escaped any penalty and made millions out of this fiasco,most will never need to work again in any event or will just move company or as it seems change name and start again as though nothing has changed WHICH IT HASNT in 12 months it will all start slowly again because they will have learnt all the new loopholes to get round any new regulations RBS IS ALREADY PUTTING ITS RATES UP AFFECTING THE PEOPLE WHO BAILED IT OUT IE;THE TAXPAYER as has been stated now the bubble has burst they are trying to release their capital by repossessing at the smallest excuse so lehman can be liquidated which is estimated to be costing 4 billion price waterhouse have already made 100 million out of their administration so far.

Edited September 17, 2009 by ryde
mistakes

[ryde]

Everyone has different problems with this same group of loan sharks,the people who know about this forum and post these problems must be just the tip of the iceberg these problems which must be widespread need national exposure and this is just not going to happen with people fighting individual battles in the privacy of a coutroom.The whole situation needa national exposure so the thousands in similar situations can air their grievances collectively this won't happen by funding a class action as few have the funds to do this and it would again be fought in the privacy of a courtroom. The only thing we have is a free press who if bombarded with enough complaints might take notice and run a campaign if they think theres a good enough story in it especially if it concerns the same group of cowboys.It would be more effective if one paper was sent all the posts posted here until they got fed up and took some action.As has previously been said all this lot want is their capital back to fund the liquidation of lehmans.

Edited September 17, 2009 by ryde

[ryde]

Littledotty havent read your previous posts but is there no way you can get rid of this lot it seems they are looking for the slightest excuse to repossess and you seem to be on the brink,the stress and frustration must be unbelievable,is there no way you can find a better lender and switch the mortgage to interest only or are you already interest only?give me your mortgage details.I had a battle with bristol and west for 18 months so as a last ditch effort contacted the financial ombudsman service with little hope of success.I had a wonderful result the service was truly excellent and had the mortgage switched to interest only by their intervention alone.Bristol and West just would not listen to me at all,had taken me to court and only stopped because I had made a complaint to the ombudsman.

Edited September 17, 2009 by ryde
mistakes

[ryde]

If preferred and spml have not submitted their accounts since 2006 surely this is a criminal offence and the fine could also be huge.It has been suggested that these are mere shell companies and the strings are being pulled through capstone which makes some sense as capstone avoid any direct litigation.I know i may keep on bleating on about this but I have now submitted as an almost last resort to the Court that Preferred Mortgages are in administration as reported in the press and have enclosed a copy of the report,I have also submitted that they therefore do not have the legal capacity to bring a claim against me.Someone is going to have to prove that they are not in administration :surely they could not go into administration and companies house be unaware of it?are spml and preferred just a front for capstone?who actually implement all the litigation etc through these names and probably others.I really don,t understand, trouble is I have to prove it somehow because at the moment preferred cannot register their charge against the property and have denied to the Court that they have securitised the mortgage and do not own the loan and therefore cannot legitimately bring the claim The Court in the absence of any substantiating evidence from me have accepted their word for it

Edited September 19, 2009 by ryde
mistakes

[ryde]

G.REX I think what you have said in your last post seems to make a lot of sense.The problem as you state is who owns them now.How long can they last as a legal entity without submitting mandatory accounts?have they just been hung out to dry and all their paper assets transferred on.If they hold the legal title to our mortgages has this been sold on?if so who to?does anyone know company law surely they cannot go on for ever without submitting any returns and on paper at least holding these huge mortgage books.at what point does companies house take action,surely then the fireworks will start.if they hold the legal title to our mortgages and are disqualified or sold on would that mean wholesale applications to the land registry of the new legal title holder?perhaps i'm just talking rubbish here can someone put me straight.

[ryde]

The trustee in bankruptcy owns the asset usually! ie they would own the charge on your property but would have to make an application to the land registry,I THINK YOU HAVE A RIGHT OR FACILITY TO negotiate with the receiver to buy their interest ie you could buy their interest in the charge because all they want to do is raise cash quickly for the creditors

[ryde]

GREX This is interesting why on earth would they pay your funds into SPML rather than preferred as both seem to be twin companies with both accounts overdue at companies house etc.could be that spml are actually more alive than preferred and all the preferred funds are being chanelled there.what gives capstone the right anyway to decide where your payment goes?sure evidence they are pulling the strings behind both companies.your contract is with preferred not capstone and spml,what if capstone are moving or selling all the preferred mortgage accounts into spml because preferred is going to be ditched,how would we ever find out ?.Imagine the same thing happening to high street banks and the uproar that would raise.

[ryde]

wouldn't there be some sort of tax evasion accounting issues here?

[ryde]

Wonder if preferred,spml,capstone have anyone monitoring this site so that they can stay one step ahead,are they all based at the same address?if I knew where and how to do it I'd report them for tax evasion and money laundering ,any ideas,any concrete evidence ,paying preferred account money into spml?

[ryde]

I thoroughly agree with this and have been saying so all along if you become insolvent and own an asset or BUSINESS THIS THEN SHUTS DOWN OR IS ADMINISTERED BY YOUR TRUSTEE IN BANKRUPTCY so it is he who must bring any claim as I HAVE STATED PREVIOUSLY Preferred were reported in a crown court fraud case as being in administration someone must have told the trial judge this.this was reported in the press on 09/04/09 .look at how payments appear to be being switched into other accounts ie laundered who knows what accountancy tricks capstone and their controllers are up to it all needs thorough investigation.I THINK PRICE WATERHOUSE ARE UP TO THEIR EARS IN THIS LOT AND I DONT THINK COMPANIES HOUSE HAS BEEN INFORMED.I JUST WISH EVERYONE WOULD SEE HOW IMPORTANT THIS IS AND GET ON IT.

Edited September 23, 2009 by ryde

[ryde]

From what I gather pml ,spml hold the legal title to your mortgage they sell the beneficial title to the spv's who then offer the investors a % return on their investment.Correct me if I am wrong,so the only people legally entitled to take legal action repossession etc are the legal title holders ie pml and spml etc (the originators and legal title holders and the name that is on the charge on your mortgage) the spv's cannot unless they have been sold the legal title as well which if you look at the prospectus they usually have not.The strings of spml and pml which are paper companies with no employees are being pulled by capstone (and the shoddy group of directors behind it all who are probably stripping assets like crazy out of this lot )who would like to repossess as much as they can for the very reasons pointed out By ITBG ABOVE. If their parent company lehman is bankrupt then I WOULD HAVE THOUGHT THAT THE ONLY PEOPLE LEGALLY ENTITLD TO TAKE LEGAL ACTION against anyone ARE THEIR ADMINISTRATORS PRICEWATERHOUSE who have said it may take 10 years to unravel this lot.This is being put to the test now in legal action through the land registry.What I NEED IS ABSOLUTE CONCRETE PROOF RATHER THAN A NEWSPAPER REPORT FROM 5 MONTHS AGO.IF this is correct you could refuse to deal with them(capstone etc who must also be in admin) and give the administrators hell,it would certainly hold up any legal action because the legal charge would be the property of the adminstrators who would want to dispose of it asap perhaps they'd do a deal in a repo case to get it off their backs,who knows?

Edited September 24, 2009 by ryde

[ryde]

mortgages would probably be sold on to some barclays vehicle at 50p in the pound and continue to be administered by a new style capstone worse case scenario.Best case able to renegotiate loan with a better lender.

[ryde]

This bunch must be in real trouble as normally I WOULD EXPECT THE PAYMENTS TO GO INTO EITHER PML OR SPML ACCOUNTS and then be passed on to the spv from them but they are making direct payments obviously to save time and charges.The other question is do pml and spml still have actual accounts,are they suspended or what,how can they account for incoming revenue if its all being diverted immediately into other accounts bypassing their own?

Sailor... who is actually bringing the court action against you.?the question being if they have sold the legal title of your mortgage to Eurosail(which is doubtful but worth finding out for sure)only Eurosail I would have thought can bring an action against you.

We need a whistleblower to report the whole lot to the relevant authorities dti,revenue,companies house etc The ensuing scandal then causes the government to bail out the thousands of british taxpayers with new and cheap deals to win votes for the forth coming elections,we can all dream.

Edited September 24, 2009 by ryde

[ryde]

midge well done great post this gets to the nub of the matter pml and spml are paper companies and capstone are pulling all the strings and starting all the litigation in their names when all they are supposed to do is administer the mortgage payments.the link you posted is 8 months old but there is a strong legal argument here answered by a barrister and worth pursuing,anyone who is in trouble with these lenders should look at this link and ask the same questions.anyone got £3 so we can look at the full answer?!!!!!!!!

[ryde]

Eie a great find is there any more prospectuses like this can you post the link what I find staggering is the amount of money and number of loans sold.It does state that only the equitable title has been sold and spml etc retain the original legal title,be interesting to find out the legal ramifications of this though.

[ryde]

Surely if the originator,lender,legal title holder etc ie spml/pml have been paid by the spv ie eurosail for your mortgage do they then not lose their title to sue as they have made no loss ? unless they are authorized to do so by the spv which should be stated in any action against the defaulting borrower?If this is the case it would be essential to tie your mortgage account number to the spv prospectus as proof it has been sold,problem is not all the prospectuses seem to contain the detailed list as supplied by ENOUGHISENOUGH.

Edited September 24, 2009 by ryde

[ryde]

its all gone very quiet no wonder after that lot I FEEL LIKE A RAT TRAPPED IN A BARREL.BUT AT LEAST WE KNOW WHERE WE STAND.WHERE NEXT?

[ryde]

MY situation is probably very different to most as I HAVE A RESTRICTION ON A PROPERTY ON WHICH I HAVE A BENEFICIAL INTEREST AND ON WHICH PML HAVE BEEN TRYING TO REGISTER A CHARGE SO I ASSUME AT THE MOMENT THEY ONLY HAVE AN EQUITABLE CHARGE IF THEY HAVE SECURITIZED THIS IE SOLD THE EQUITABLE TITLE AND HAVE BEEN PAID FOR THIS HAVE THEY A RIGHT TO SUE NOT BEING THE LEGAL TITLE HOLDER AS YET BUT AS TRUSTEE FOR THE SPV I SUPPOSE THEY MAY HAVE ITS INTERESTING IN THAT THERE ARE ACTUALLY TWO COMPETING EQUITABLE INTERESTS AND USUALLY THE FIRST IN TIME STARE DECISIS TAKES PRIORITY. THE WHOLE MATTER IS AT THE LAND REGISTRY ADJUDICATOR AT PRESENT AS WE SPEAK.ANY OPINION/HELP MORE THAN WELCOME

Edited September 25, 2009 by ryde