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

[Crapstone]

I'm looking at a few interesting things..long and slow reading but had to post this gem that just about sums it up.

 

 

10 reasons as to why the Titanic was actually a securitisation instrument:

 

1)The downside was not immediately apparent.

2) It went underwater rapidly despite assurances it was unsinkable.

3) Only a few wealthy people got out in time.

4) The structure appeared iron-clad.

5) Nobody really understood the risk.

6) The disaster happened overnight London time.

7) Nobody spent any time monitoring the risk.

8 )People spent a lot trying to lift it out of the water.

9) People who actually made money were not in original deal.

10) Despite the disaster, people still went on other ships.

[Crapstone]

I've found a site that is dedicated to securitisation and all aspects of it including bankruptcy.

 

Web's most comprehensive securitization resource

Securitization news and developments

 

By far the most in depth, up-to-date and easy to read site. It's global so you can compare the laws in the UK, against Europe and the rest of the world.

 

Any transfer in title from being equitable will attract stamp duty and it seems that bottoms should be covered in insolvency. The auditors and the CDOs' need a rocket up theirs for deliberatey turning a blind eye (sorry Gordon) to the inevitable.

[Crapstone]

Apparently we have defaulted our SPO...(not)

Got a letter stating unless we pay £12.68 before 14th oct there going for repo..yes you did read right £12.68..how pathetic,this is the 3rd letter in under 2 weeks,with all different amount to be paid.

 

How about we all club together & strike a picket outside the head office,surely we must be able to get some media attention that way!!

 

We had the same thing Dotty. Letters in succession that each quoted different amounts without any reason. All you can do is fire off letters back to them and ask them what the fluff they are playing it. Sit back and wait for their pathetic response and then do the same again. Keep the ball in your court and back them into a corner..they sit very quietly and behave themselves.

 

I've always said I'd love nothing more than a group visit to Capstones HQ and a friendly chat with Mr Merek.

Edited October 13, 2009 by Crapstone

[Crapstone]

Alot of your comments have made me laugh & really cheered me up!! Especially EIE about the bourbons,thank guys & girls

 

I hope they do take it to court,what do you think the judge would say about the amount? I'm sure he would think his time was being wasted!!!

 

I don't think Mr Marek would even know how to spell RESERVED COSTS & COURT ORDERS never mind understand them.

 

I'd like to think the judge would do what's right but as the whole system is corrupt and money speaks volumes ....

 

Mr Marek....The one who believes he can baffle a consumer by talking cow pats as it's far too complicated for us to understand. Throw a spanner in the works and he tightens his nuts to barely a squeak.

 

If he's reading this thread I think he'll be stocking up on Arrowroot biscuits instead of the usual Hobnobs And I'll be taking me own tea ..I've had enough poison from them and they'll probably charge a £50 dishwashing fee with the terms written on the bottom of the cup.

Edited October 14, 2009 by Crapstone

[Crapstone]

Happy birthday EIE...

 

The operator in Capstone was probably transferred from SPML.

 

The sig could be due to not unchecking the box to show sig that shows below the message box on quick and advanced replies.

[Crapstone]

Originally posted by EIE

 

THE MASTER OF THE ROLLS’ COURT COURT 71

Before THE MASTER OF THE ROLLS

LORD JUSTICE LONGMORE and

LORD JUSTICE PATTEN

Tuesday, 13th October, 2009

At half-past 10

APPEALS

From The Chancery Division

FINAL DECISIONS

A3/2009/1797 Belmont Park Invesments PTY Ltd & ors -v- BNY Corporate Trustee Services Ltd & anr. Appeal of 2nd Defendant from the order of The Chancellor of the High Court, dated 28th July 2009, filed 17th August 2009.

 

As far as I am concerned in my humble opinion this is the core issue,the securitization debate will soon be academic( I cannot see why this debate is still continuing when the above current major case states exactly the position with the equitable and legal titles pertaining to lehmans operation) if this appeal is dismissed as it may well be.PWC are already preparing to offer the investment funds legal title to the mortgage pool and this appeal if it goes against Lehmans will have exactly the same effect except it will be in law.This will entail SPML/PML etc being compelled to transfer the legal title to the first charge on your home to another party ie:the investment banks ,pension funds etc.and this is happening now.

This will involve an application to the Land Registry for registration of the charge in the name of a different entity and we need to know what is our best course of action when this happens.As I have already said you have the opportunity to object to the registration of the charge such an objection if it has grounds will then be referred automatically to the land registry adjudicator if it has grounds.Such grounds would involve the whole new contractual basis of your mortgage which must be identical with the original mortgage.This is the time to raise all your contractual grievances and try and renegotiate your contract to the original ones you signed or thought you signed with spml/pml.What I dread happening is that capstone will still administrate the mortgages for the new legal titleholders I cannot see how else they will achieve the changeover without pandemonium.But the application to the land registry gives everyone an opportunity they will never have again.Stick a Restriction on now and they will be in real trouble.

I would respectfully submit that this needs everyone's urgent consideration and comments as this is is my opinion the central issue.

 

Replied to on:

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/210243-mortgage-securitisation-equitable-legal-3.html

[Crapstone]

Ok..my head is a bit fuddled but I need a distraction.

 

From the outset these are some issues, from my own personal view, that have had a negative effect on the consumer.

 

1. The high solicitors fees and the pressure to use one in common rather than seeking your own advice.

 

2. Capstone/SPML refusing reasonable payment plans when the account is in arrears.

 

3. Capstone/SPML accepting payment plans but still insisting on continuing with court action to further their position.

 

4. The economic cycle and past papers make it clear that should a recession happen it would have an adverse effect on companies and consumers who are exposed to the risks. A 35 year promise was a long one to make.

 

5. Capstone/SPML seem that they are only in the position to offer compensation or refunds against accounts and not produce them in another form.

 

6. Payment dates and methods are not flexible.

 

7. Capitalisation, even in the early stages of arrears is denied. It can be given at later times but only when they have more to gain.

 

8. Insurance again...

 

9. As a giant pyramid scheme the amount of investors and customers to fund the venture had to dry up sooner or later. Even minor changes in law, tax and consumer protection could have seen it crash sooner..and again 35 years for mortgages was a long term promise to keep.

 

10. Obviously had to make it a round 10 ..so I'll throw in that the paperwork was so indequate that SPML couldn't have given 2 hoots what funding you had to pay off the mortgage. They didn't keep the papers long enough to intend to check back on them.

Edited October 15, 2009 by Crapstone

[Crapstone]

Ignore me ..I'm having a blonde moment, just one of many. I've just got the drift of what you mean ryde or at least I think I have but don't hold much hope.

 

Looking back at the Pender case they were saying that the assignee should have been party to the case. The judges ruled it wasn't needed as the lender could act on their behalf as a given right of the securitisation in being equity only.

 

IF the the assignee were to assume the rights and contractual terms of the lender where would that put the numerous number of suspended repossessions held in SPMLs name and any ongoing disputes? Are they in a position to be able to adhere to the court orders and take them over?

 

Would our rights be compromised if the assignee were outside of Europe, the UK or the country in which the contract was made?

 

I'm not explaining it very well am I?

[Crapstone]

http://www.fsa.gov.uk/pubs/newsletters/MLB1.pdf

 

It's taking them a long time to report back.

Edited October 18, 2009 by Crapstone

[Crapstone]

Hi GR

 

just for clarification the above posts were by supersleuth not Suetonius. I agree wholeheartedly with your analysis and with your sentiments. What we are really witnessing here and have done since the 1970s is the massive and irreversable polarisation of society. Even the old Tories of the 1950s were guided by the noblesse oblige. No more. Not even a labour government has the courage of its historical principles.

 

And what happens when the councils run out of stock? You are at the bottom of the pile having made yourself intentionally homeless anyway. Sorry posting on a mobile and the battery is about to give in. I'll try to make myself a bit clearer later. Cheers.

 

Homeownership has to be the biggest farce. It's never truly yours even when the mortgage is paid as it's an asset to be secured upon and does nothing but bleed money in the direction of the government.

 

Work hard and show a bit of initiative to take the burden off the state and what do you get in return when times get tough? Fluff all..It makes you sick when so many people are blagging the system and have a secure roof over their heads at the tax payers expense. In some cases it's more than one if you managed to 'flip' and become a property developer in the guise of being an MP.

[Crapstone]

In the early pages regarding the 'pool' they also concede that some of the mortgages do not have the full paperwork needed and should it go to court it could be subject to challenge.

[Crapstone]

In my view it's a start on the recognition of their own failings and the pressure put on the consumer. If they admit it and elaborate it can only help our cases.

 

One of the points I noted was that they picked up on the fact that there was never any intention for the contract to be fulfilled and the lenders knew that and the clauses reflect it. The LTV is high and so are the redemption penalties ..you have no scope to escape when all the fees and charges have been added to the account. They passed the book ....

[Crapstone]

I agree it's no time for a love in..but flattered ..I'm a 'darling'..

 

I don't know if anyone else has done the calculations and I don't blame you if you haven't. The variables and payments would equal a deficit at some time sooner or later, usually sooner and the long term then speaks for itself.

 

Some of the companies didn't give their stats so it's only what the FSA has gathered so far. Capstone won't release anything even though their fees are common knowledge. Like getting blood from a stone...

[Crapstone]

Little Dotty have you written to them and asked about securitisation? I did..got an initial fob off but then they admitted it and gave the company name and dates. Did you have your own insurance already? It seems common that even if you are not in arrears they WILL NOT refund anything, they only take it from the sum owing leaving the consumer X amount of £'s short for managing their income. A way of grabbing as much overpayment as they can.

 

JonCris, the FSA have known what the risks were for years and how it could all belly up. Any person that is educated in basic economics could have predicted the cycle and what was coming. We have natural cycles of boom and bust..the government are there to smooth them out and act accordingly to prevent them.

 

Too busy taking the cream and the fiscal policies flew out of the window . So much for Prudence Brown and the fiasco Labour have created. A red tape society for all those acting in good faith but no teeth to bite it with. Blame everyone but keep quiet all the papers that show it was inevitable if we adopted the same securitisation ways of the US.

 

They knew that's why they have filtered in various aspects on brokers. A strange comparison but it's like buying a sausage roll from Greggs and being allowed to just sniff it and take a nibble. It has a sell by date and once that has passed it's consigned to the bin.

[Crapstone]

May be helpfull to you.

 

Regards Bach

http://www.thisismoney.co.uk/news/article.html?in_article_id=492122&in_page_id=2

 

Thanks for that Bach.

 

I think the key to our cause lies in the failure to protect consumers from 'non-banks' and what lies ahead.

[Crapstone]

As far as I remember LMC was one of the first to close it's doors as a spin-off from SPML. Business was passed to SPML but all still goes through Capstone or the other admin. company (Oakwood?) as they are now just names.

 

As for the insurance....they charge you for not taking out their own insurance (which only cover them) and for checking yours is suitable(?), has the insured sum on and their marked interest ( either SPML or someone you haven't heard of). The 'fee' is around £100 and you have to pay a similar arrangement fee even if they put in place block insurance to protect only their interest.

 

They are never happy with any insurance you provide and will delay and delay until they have taken enough premiums and arrangements fees. They will then only refund these back to the mortgage account and not to the account they were taken from. Easy money and a way of clawing back arrears or adding charges.

 

In all 6 years of being with them they have never made it easy to submit insurance and we go through the same comical routine of sending it at least 3 times and they lose it, deny it's validity...This year they have excelled themselves and asked for it 2 months early ..or else..

[Crapstone]

Has SPML/Capstone been taken over by the Italians?

 

Anyone else had a mortagage statement with ALL fees refunded today?

 

A whopping £3k wiped off in a year and that's besides what we had back from the FOS decision.

 

Obviously someone has had a word in their shell like.......:D:D

 

Still have to go over the statement as they still say the arrears are the same and logged on Experian as 6 months worth.

[Crapstone]

I think this must be truly the end for them if they've had to refund us all. Poor Mr Merek...bet he had a good nights sleep..

[Crapstone]

BTW I know there is a postal strike and was surprised to get the letter today..watch your letterbox with eager anticipation

[Crapstone]

There is no enclosed explaination..just the statement ..showing everything refunded. Too bloody right that the FSA have come down on them ..I'm just astounded they have jumped ship so soon seeing as they were so confident their fees were fair...

 

I'm going after them for every penny I can get now. I've still got an outstanding claim going through the FOS..and to think I wasted all those recorded delivery fees

 

I agree we need to hit them while they are down but at this rate there is going to be nothing left of them. Capstones business is fee based and without that it's curtains for them very soon.. pass me a violin, a very small one.

Edited October 24, 2009 by Crapstone

[Crapstone]

It must be the pressure. The last letter I had from them was a 'stuff you' one and they were clinging tight to the fees and kicking up a song and dance.

 

Someone has greased their pole and scuppered their already sinking ship. All we need now is for others to say they have had the same on their statements and confirm it's not just me that is the chosen one, which I very much doubt.

 

Mr Merek would be more likely to set fire to my bed than hand me a gesture of goodwill after the heated exchanges we've had in the past.

 

Well done everyone! We are seeing results of all the hard work put in on bringing them down and hopefully it's their turn to see what it's like to struggle.

[Crapstone]

EIE It's a regular statement...Showing everything refunded and it's not a result from my actions I'm sure of that.

 

It would seem that they have HAD to make refunds, hence no explaination. If the FSA hushed up who the companies were then we are hardly likely to get letters of apology or a reason for the refunds.

Edited October 24, 2009 by Crapstone

[Crapstone]

It does say that charges shown on the statement will be detailed on the enclosed Sundry Fees and Charges sheet.

 

There isn't anything enclosed.

[Crapstone]

I'll keep the champagne on ice until one other Capstone sub-prime garbage victim confirms likewise. Bloody posties!

 

 

Should we all send Marek a packet of biscuits, in lieu of the meeting we never got with him. Rich Tea is top of my list.

 

Hopefully someone will confirm the same and soon...

 

I think Marek will be in need of Arrowroot bikkies or a large dose of Immodium if my thoughts are correct

[Crapstone]

Just the normal quarterly statement.

 

Perhaps we can add to this guys thread..sounds all very familiar.

 

Capstone Mortgages - Beware!