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

[enoughisenough]

re KENSINGTON ABOVE

SURELY CAPSTONE HAVE TO BE NEXT OR IS IT ONE EVERY SIX MONTHS TO KEEP PARLIAMENT HAPPY? (actually it would be the lenders(sppl/spml/lmc/pml) not the administrators , that would be a nice little headache for capstone who "act on their behalf")

 

Can anyone please explain How Capstone are still getting away with their new charging regime. What ARE THE FSA DOING? quote enoughisenough

 

Perhaps they are attempting to collect as much revenue and repossess as many properties as possible before they are jumped upon and then will take an age to repay what they owe.

It would also be interesting to note from whose account the fines and repayments are drawn LMC have £1 as their statement of capital.

Who were the actual administrators for Kensington?

 

Hi ANW

 

This seems like a quote from myself. However i did not use the words TO KEEP PARLIAMENT HAPPY.

When quoting (It took me a long time to find this out) simply click the quote button at the bottom of the relevant post and it will do so automatically for you. You can still edit and add, though in my view original quotations should be left relatively intact when reposted.

 

I have to take issue with you, when you state, as others have also done that Capstone can't be done. This is in my view wrong.

 

1. They are a licensed entity (a firm in the FSA's language).

 

2. They MUST ABIDE BY the regulations and law that bind their conduct.

 

3. They administer 1st charge mortgages and are bound by the FSMA 2000.

 

4. Back in August 2009 after their savaging from the TSC the FSA made it quite clear that they were investigating TPAs (Third Party Administrators).

 

So although many posters have claimed that it will be SPML etc rather than CRUDSTONE who carry the can for the appalling abuse I disagree on the basis of the arguments outlined above.

 

I COULD ALWAYS BE WRONG OF COURSE, THOUGH THE IDEAL SCENARIO IS THAT THEY WOULD ALL COLLECTIVELY CARRY THE CAN.

 

THE FSA MAY YET BE SAVING THE BEST TILL LAST BUT I WON'T BE HOLDING MY BREATH..

[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...

[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...?

[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

[enoughisenough]

Can anyone post a brief case history of the walker case?

 

I would do this myself but I am diverted by numerous other pressing matters.

 

Thanks in anticipation.

[enoughisenough]

Don't think you have hijacked at all cher!

[enoughisenough]

Hi ANW

 

Your link doesn't seem to work, but don't worry; with a little bit of digging I was able to find this.

 

About this blog… Capstone Mortgage Services

 

Is this the one you meant?

 

EiE.

[enoughisenough]

am not sure what you are implying, i hope its not negative

however, since i started my investigations, i have found the straight forward solution to get the information you want and make a case,

i have progressed to actually taking action,

if you clarify what you are saying and have any questions to raise you are welcomed,

just dont make up your mind before you know the facts

 

sincerely

 

Let's put any doubt concerning 'implication' to one side.

 

I'm stating unequivocally that many people come here for advice. They don't come to be fleeced for more cash than they have already been fleeced of by the sub-prime jackals and fraudsters.

 

If you have gleaned something from your participation in this site, then have the good manners to share it with others FOR FREE as hundreds of others who have gone before you have.

 

I've received and given tons of advice here and I've never been charged, nor have I charged, for any of it.

 

I WOULD NOT DREAM OF DOING SO AND IF I DID I WOULD BE RIGHTLY BARRED FROM POSTING HERE.

Edited April 20, 2010 by enoughisenough

[enoughisenough]

Message for the site team. Rather than move this offensive money grubbing post can I make a plea for its continued inclusion so that the rest of the thread can see it and comment upon it?

 

Much appreciated. EiE.

[enoughisenough]

still trying to find your mortgage securitization transaction,

we can investigate and find problems you may have had with your mortgage,

for securitizaion you may yourself make the case from the data found in our investigation,

we can make cases for ppi claims, and make claims for any dodgy dealings that may have been involved with the mortgage,

our fee is low £250 to gather and investigate then 19% of the money recovered , the process may take up to 7 months , though for a higher fee under priority it can take less

let me know pm if you would like this service

 

regards

 

Just in case anyone was wondering what the fuss was about and the post was no longer there....

[enoughisenough]

Come to think of it....

 

I am now charging myself out at the following rates:

 

£2.50 per random post

£4.00 per post in response to a question

£25.00 per month of unlimited PMs

£20.00 per customised letter (SARS OFT etc)

 

Should be able to clear the alleged arrears pretty sharpish. Although on 2nd thoughts the overpayments never feckin' well clear them!!!

[enoughisenough]

I'll post up my revised tariffs and sundry charges as soon as I've made them up.

[enoughisenough]

Since I sort of kicked this off I'd like to finish it off I may . Fmann do you have your firms authorised licence number and registered office address?

[enoughisenough]

Seriously...

 

Who would trust anyone with their paperwork even for free when they post massage instead of message?

 

Leaving aside a 1000 other things wrong with this. Dear me. Shoddy, not even amateurish and very definitely on the make.

 

Go and tout somewhere else Fmann.

 

AM

 

To which s.140 are you referring? Surely not the CCA (1974)?

Please advise...puzzled...?

[enoughisenough]

Hi Animal Magic

 

We keep hitting a brick wall with this one. Say a second charge loan was entered into in 2005, but was over the £25K limit for the purposes of the CCA. It doesn't get covered by the CCA 74 or CCA 2006.

 

Is it a loan or is it a mortgage? To me there seems to be a great big regulatory black hole here. They claim (as they would that it is unregulated)

 

Equally there seems to be no mention of this as a risk factor in the prospectuses. They were concerned about "dual regulation" but not about no regulation.

 

I've often though a professional legal opinion was desirable here. Is there any such beast as an unregulated consumer contract?

 

You're right on one thing though. It does seem to be a very powerful basis for challenging these contracts.

 

Thoughts? Sue? I really am confused about the status of such a loan. Was this a free for all gap in consumer protection law? I'm fairly sure there is no retrospective effect to the CCA 2006 which abolished the limit.

[enoughisenough]

Hi all

 

I just want to look at this again: See Animal Magic's link above...

 

The unfair relationships provisions apply to credit agreements whether regulated or not. The sole exception is where an agreement is exempt under section 16(6C) of the 1974 Act because it is a regulated mortgage contract under the Financial Services and Markets Act 2000.

 

CCA 1974 As Amended states:

 

(6C) This Act does not regulate a consumer credit agreement if—

 

(a) it is secured by a land mortgage; and

 

(b) entering into that agreement as lender is a regulated activity for the purposes of the Financial Services and Markets Act 2000.

 

This is what I mean about banging heads against brick walls. I cannot get my head around this try as I might. Which part of the FSMA 2000 will tell me whether

 

a) Part 8 provisions are applicable for a loan concluded in 2005 over the 25K limit for the purposes of the CCA 1974

b) Whether such an agreement as outlined comes under the FSMA 2000 and if so which are the relevant provisions

c) Is it a loan or mortgage or treated as either?

d) whether in fact such loans fall through a regulatory black hole.

 

You will not believe the people I've asked, including Treasury officials who helped in the drafting and NO-ONE can tell me.

 

Sue says it's unregulated. But with respect to Sue I don't know what that means. I'll probably end up getting a dictionary definition of unregulated posted now.

 

Do such loans have no consumer protections applied to them at all? Is there no recourse?

[enoughisenough]

That's a shame CB as there was quite a lot of humour in those posts and God knows we need our spirits lifting here.

 

A lot of us are being stiffed by the sub prime garbage peddlars.

 

Any chance of lifting ITBG's ban? Real results were achieved against the filth. In any case the catalyst for his ban was a post from someone else publishing private details of Attia.

[enoughisenough]

Second charges aren't regulated by the FSA. The OFT regulate under the CCA. So those that aren't covered by the CCA (i.e those over 25K) and are second charges appear to slip through the regs. This is highly relevant to a lot of posters here with 2nd charge loans over 25k from these robbin scumbags. Agreed a new thread may well be the way forward.

[enoughisenough]

Here it is

 

I haven't made a particularly good go of starting the argument but everyone pretty much knows the issues.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/256790-2nd-charge-fairness-enforceability.html#post2890620

 

Look forward to your responses...

[enoughisenough]

HI cher69cher69

 

I'm not up to speed with your posts I'm afraid. Just keep posting here until enough people tell you that you shouldn't! There's always a good reason for starting your own thread though and that is that people are only interested in your argument and situation. At least for a while anyway... (LOL)

[enoughisenough]

Can anyone advise me if SPPl/Capstone have to go back to court to evict me from my home as I have a suspended possession order on it at the moment and need to know how much time I have got to complain about them. I also need to know if i should apply to vary the order in the mean time because they wont agree to the one i am proposing which is the original order the court made. OH God this sounds so stupid !! but i dont know what other way to explain it thank you cher69:)

 

Hi cher

 

As noted elsewhere the normal procedure is for them to wait for you to breach the order then they apply to the court without notifying you first for a warrant for eviction. The barstewards will do this at the drop of a hat such as late payment or a shortfall in the agreed overpayment.

 

More insidious though is that they exploit how useless the courts really are by claiming a breach WHERE NONE AS OCCURRED and the useless court just rubber stamps it. After all the lender would not lie would they?

 

Ive heard cases of people paying and them simply not processing it, of claiming payments haven't been made where they have and so on. The **** are tireless in their quest to rob you of your house and throw you and your family's sorry asses on the street.

 

I never cease to be amazed by their boll0cks. What do they mean they don't like the court order? IT IS AN ORDER OF THE COURT. They'll have a hard time arguing that so if they go for eviction FIGHT AND WIN BECAUSE YOU WILL WIN.

 

Why do you want to vary the order? There are strict time limits on this in any case.

 

Keep the faith. EiE.

 

OH AND KEEP FIGHTING THE ****.

[enoughisenough]

Cher

 

When was the order made, what does it say and why do you want to vary it?

[enoughisenough]

If Martin3030 REALLY thinks that fighting these sub prime dogs is the equivalent of fighting a parking ticket I suggest he reaches for the drawer and gets a good hold of the pearl handled revolver. At least he'd be dignified in doing so.

 

Moderators should have at least some clue as to what is actually going on.

 

http://capstonemortgageservices.wordpress.com/category/capstone-mortgage-services-administrator-in-chief-for-repossessions/

 

I suggest he mugs up on the various TSC reports by Shelter Which and the TSC themselves. I must have missed their inquiry into parking attendants.

 

What an outrageous nonsense.

Edited May 3, 2010 by enoughisenough

[enoughisenough]

I've had PMs from people feeling that the only way out of this is to KILL THEMSELVES.

 

This site relies on US to do the work for them whilst THE PAID moderators line their pockets.

 

I'm fed up to the hind teeth of the MODS undoing all of that work because the very enemy the troops are fighting on a daily basis have a hot line to the CAG command.

 

In the light of people posting desperate messages feeling that they must commit suicide to get out of their desperate situation does MARTIN 3030 STAND by his comments that this thread is the equivalent of threads elsewhere fighting parking tickets?

 

If he does not then he should issue a public apology. Or resign.

[enoughisenough]

I'm very sorry to hear that Dotty and as insensitive as my post concerning this was to the very real possibility that people such as yourself might have had first hand experience of this it also happens to be true.

 

If the CAG team have access to PMs you can check this out. An appalling state of affairs. I'm disgusted that Martin3030 has still not seen fir to withdraw his comments or at the very least come up with some pathetic justification, no doubt employing the get clause "context".