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

[enoughisenough]

Pender just doesn't do the job for the naysayers half as well as they seem to think it does. But the interesting thing is it is better for all us on the other side of the fence that Pender happened rather than not. THis is now such a matter of heightened public interest and importance affecting hundreds of thousands that it simply cannot go away. To be honest How many people were even alive to the issues of the Pender 2003/05 cases. I took my subprime crap out after that. Oh and by the way can we all agree that the borrowers are not sub prime?

 

SUB PRIME = ORIGINATORS

SUB PRIME = SPiVs

SUB PRIME = ADMINISTRATORS

 

If only they'd described my mortgage as **** +. I might have stayed away then!

[enoughisenough]

As I understand it and stand to be corrected, THE SPV sold the mortgages as packages bundles rated by S&P Fitch or Moodys - rubber stamped more like- then it is the trustee who makes the companies house s.395 registration?

[enoughisenough]

Mmmm - the plot thickens.

 

Check out a BBC Radio Four programme called Analysis. They had an episode about which I've posted before called 'Rating the Credit Agencies'. It states exactly what they did, what they knew they were doing and what the consequences might be. As I said rubber-stamping. Just another piece of the jigsaw - but a piece nonetheless.

 

It should still be available. If not I have it on MP3. However the BEEB might be straight down our throats so maybe not. It doesn't matter - it confirms that these guys and gals just gave the ratings a mix on the SPVs say so. Hundreds of Millions listed as AAA from the likes of SPML? Please!

 

Come on. But just to reiterate an earlier point it is rarely the borrowers who are delinquent. Rather it is the lender who has their own hidden agenda who is the delinquent one. Delinquent in performing the contract with due diligence, delinquent in exercising unfair terms, delinquent at law for failure to disclose material facts, delinquent even (not that I feel that sorry) to their investors. There's some sympathy here though - some of the investors may have been pension funds - and you can bet your butt the underlings were told to get on with it by their bosses.

 

Also check out S&P. Particularly a wealth of info on Eurosail SPPL/SPML. Anyway this is spilling out. Anybody think it's a good idea to start a consequences thread of their actions. It may be that somebody there is just doing a job because they have to, has a conscience, has also been ripped off elsewhere and wants to blow the whistle. Just a thought!

[enoughisenough]

Cheers dangermouse. Will act on that! My most recent post refers to the post before yours!

[enoughisenough]

Whooaaa Nello

 

THEY SAID YOU HAD TO PUT EUROSAIL ON YOUR BUILDINGS INSURANCE???

 

pretty much wraps it all up.

 

OH AND BY THE WAY CHECK Y'AL THAT THEY HAVE THEIR NAME ON YOUR OWN IF THEIR'S WAS A SECOND CHARGE AND ALSO CHECK WHETHER THEY HAVE PULLED YOU INTO A BLOCK INSURANCE POLIY WITHOUT EVER TELLING YOU!

[enoughisenough]

Good on you Nello.

 

I reiterate challenge them to state one way or the other, in writing, whether you are paying towards a block buildings insurance policy despite having perfectly valid buildings policy of your own. They have no right to do this but do it anyway. If they won't answer guess what the answer is.

[enoughisenough]

Seems like a fairly easy maze to work through. The prospectus will tell you who is running the block buildings insurance. I could go back and check which one it is but I haven't the time at the mo.It's easy though. I know it's there. Then you just SAR the insurance company and bingo - you've been placed on the block without knowledge or consent and are paying through the nose for it.

 

Neither Mr High street or Mr Sub Prime is listed on mine. Block buildings insurance added to the mortgage and charged interest for the (sic) lifetime of the mortgage without ascertaining whether I had buildings insurance and without telling me. Sounds like yet another fast [problem] to me. Boy do they really try and grab the cash. I work for mine. They [problem] for theirs - so I don't ever want them to talk to me about my 'moral' obligations to them.

[enoughisenough]

Nello

 

This is rubbish. It is your data. They have to give it. NO amount of cobblers from them can disguise this. Tell them to send the agreement and if they don't write to the information commissioner. They are starting to beef up their fines for non-compliance. Each failed disclosure is another fine. Hit em where it hurts!

[enoughisenough]

Sounds like you've got a good District Judge. My faith in justice is almost renewed. Keep going dotty. You've lived to fight another day. Did their lot turn up?

[enoughisenough]

In my opinion it won't.

 

It's just another line of attack that can be used to lay bare the whole unlawful/dodgy operations that these [problem] merchants conduct. An eviction notice can be fought off but if it has got to this stage my feeling is (and I'm sorry to say this) you didn't get your case together well enough in the first instance.

 

Have you received any prior help before hand? In order to help further us caggers are going to need to know a hell of a lot more about your case history.

 

BUT IN PROVIDING THIS PLEASE DO NOT PROVIDE ANY DETAILS THAT COULD IDENTIFY YOU. JUST A ROUGH OUTLINE OF WHAT HAPPENED, WHEN PREVIOUS HEARINGS WERE AND WHAT WAS ORDERED AND HOW MUCH (NOT EXACT) YOU FELL BEHIND ETC

[enoughisenough]

Oh Bugger!

 

 

Did the court see this and approve via an order?

[enoughisenough]

Hi Nello

 

Harsh words first - but read on. There may be some light

 

I have no idea on how to help your case. It's too far down the road. I'm surprised that the order was made in December and they are only enforcing it now. I'm keeping my payments and they keep on trying to drag me back into court. All the ammo I have is used up in keeping OUT of court.

 

I'm guessing you got a suspended order - these are fatal by the way and should be resisted at all costs - and then they either manufacture a breach or you create one by not paying (probably in December or January).

 

You can only fight it on fairly limited grounds.

 

1. The arrears are comprised of missed payments which were then recapitalised and therefore there are no arrears - Pity you didn't get the letter. Was this agreed in court in front of a judge or over the phone with these wickless wonders? I truly believe I know the answer already.

 

2. The eviction notice has not been presented before a court and only the court is able to decide upon any such order. In which case if the court has not ordered it it is threatening and harrrassing by its nature. Most likely they are seeking an eviction order in the attempt to think that you will try to magic eight grand out the air to avoid this. Some hope of that!

 

3. the arrears will be in any case at this level of arrears comprised of multiple unlawful charges and therefore irrecoverable at law.QUote OFT REPORT APRIL 2006 number 842 or was it 642?) it dealt with credit card terms but stated the principles were applicable to mortgages and current accounts.

 

Good luck. And keep the faith. EIE.

[enoughisenough]

PS

 

The wickless wonders in question MUST have sent you by now a staement. Check it carefully and particularly watch out for charges other than arrears interest. Add these up and say to the court these are unlawful. You culd also go down the route of asking them to STRICTLY PROVE their ownership of the mortgage. They have in fact sold it on. See this thread for further details.

 

The law and language is complex but the principles are **** easy. If I sell you my car and Mr Third party totals that car who has the claim? you or me?

 

Here's the link. Points of law are inevitably complex. Don't use this unless ABSOLUTELY confident.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/186867-carmel-butler-house-commons.html

[enoughisenough]

Yes. And we all know why.

 

BBC NEWS | Business | Will Blair be value for money?

[enoughisenough]

Got it JC!

 

This has in fact been going on for a while. I had 404 errors on a whole series of documents, quite a while back. I posted at the time that people should be downloading everything asap. You are definitely 100% right on this - get busy peeps and start backing up and storing anywhere you can think of.

 

Cheers. Keep the faith. EIE.

[enoughisenough]

A reasoned line of argument.

 

You seem to have an instinctive sense for pumping up the right stuff. Keep this up.

 

We caggers are on our haunches with the rainfall of sh*te we are getting from these ever increasingly desperate and therefore vicious predators. If only they had behaved.

 

But of course they can't - they are automatons doing their master's bidding.

 

Any whistleblowers want to clean their conscience? Bypass the CAG and go straight to the national media. The higher up the foodchain you are the better.

 

You could always write a novel based on the events you took part in and make a real killing! Crunch! An Insider's story. Sounds good to me.

[enoughisenough]

Hey Nello.

 

Glad you are feeling amongst friends. We are all a community here -even if we do get tetchy with one another from time to time - AND we are all in this for one reason - to fight injustice. Welcome on board! Good Luck EIE.

[enoughisenough]

Excellent.

 

However, I think most people will just tease and pull at the arguments for the moment. Seasoned caggers on this and other related threads will know why!

[enoughisenough]

FORGOT TO BUMP THIS FOR AT LEAST TEN POSTS SHAME ON ME

 

SHAME ON THEM

 

Make sure this is bumped around big style. Capstone ordinary land line number which they have to provide.

 

I swear to post this everytime they charge me and watch a great big dent hit their highly profitable 0845 numbers swindle. They charge - we hit their profits! Remember every time you get charged hit them in the pocket. Keep bumping this along! Until every victim of this bunch dries up that particular revenue stream for them

 

01494 894 200

 

 

If you must call Capstone do not use their rip off lines.

[enoughisenough]

Oh and be sure to record the call. Just don't tell them!

 

It's more fun that way. Play stupid, play weak, play ignorant. Plead for help - give them genuine hard luck stories, not made up ones as it damages your credibility, and JUST LISTEN to the scorn. (and be taping it - goes without saying). Rubbish jobs some people end up with eh?

 

Person A :"What do you do for a living then?"

 

Person B: " Oh I unlawfully manage people's mortgage accounts and then screw them out of their homes"

 

Person A: " Why?"

 

Person B: " Well I need to make as much money as possible by meeting my targets, otherwise I'll be out of a job and the same thing will happen to me"

 

FUNNY OLD WORLD ISN"T IT? WHY DON"T YOU JUST BLOW THE WHISTLE?

[enoughisenough]

Hi Super. I certainly have. That's where I got THIS number from!

 

01494 894 200

 

 

If you must call Capstone do not use their rip off lines.

[enoughisenough]

Hi Crapstone

 

I'm still trying to work out if my mortgage was securitised or not but I have a statement that shows 2 different changes of interest rate on the same day 1/9/04. One is 8.4% but then shows 8.9% under the LIBOR rate. Which one is correct as the product margin was 3.75%? From their own terms they will not change the interest rate more often than once per month.

 

Damn right it was. No need to wonder anymore. If it was 2006 Eurosail was your SPV. Prior to that some entity calling itself various derivatives (get it!) of SOUTHERN SECURITIES 05-03.

[enoughisenough]

Just to try and breathe some life back into this thread...

 

peeps should check out the latest EU regulations/directives etc here:

 

Fulsome reading but no less satisfying it for it. The EU is probably our last best chance since the FSA FOS etc are USELESS!

 

The Law Society - Areas of law

[enoughisenough]

That's good news Nello

 

HOWEVER. Double check with the court. Nothing is beyond these slippery swines.

 

They may be being hauled into check - I've noticed far fewer posts about abusive phone calls lately for example.

 

However always be on the safe side and if you do not hear officially from the court itself turn up with letter in hand. I've heard of all kinds of abuses going on.

 

Whoever the solicitors are they should be ashamed of themselves. Maybe they will be when the law society get wind of the stunts being pulled.

 

Keep the faith. EIE.

[enoughisenough]

Hi Sue

 

Hope you are well. Could you enlighten upon the following and any implications said closure may have for recovery?

 

LMC was closed (my emphasis - hope you don't mind!) in late 2007, with Southern Pacific (personal loans SPPL not SPML) and Preferred Mortgages following suit in spring this year

 

In effect what does 'closed' actually mean? Also SPPL always did offer mortgages hence the distinction between SPPL and SPML has been nothing more than a semantic one. My guess is that they dealt with different mortgage risk - one being riskier than the other but always nonetheless packaged up and sold on as various 'classes' of notes.

 

Cheers EIE.