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

[Crapstone]

You know the system EIE..our stories can't compete with the quick read blood boiling snippets in tabloids. Cut your leg off with a rusty hacksaw, cross dress in puppy skins and then you may get air time for being one of many losing their homes but not for the right reasons.

 

As long as we know.and get to the bottom of this..it will all come out eventually. A snippet on a homeless mortgage management company boss that is out on his ear.

[Crapstone]

It's out of the blue eagleforms. I have previously complained and still have a claim sitting with the FOS.

 

I've heard nothing from them for a few months. They have now refunded all the arrears charges of every description, including £115 charges. I still have to work out all the payments on the statements but it's wiped off 3k from the outstanding figure. SMPL still exist on paper but everything is done through their admin. company.

 

We do seem to have a lot of guests

 

 

Just for you EIE

[Crapstone]

A perfect pastiche

 

Do they sell those at Greggs the bakers?

 

We'll have none of those fancy words EIE....you'll upset the guests .

[Crapstone]

Well Crapstone,you are the lucky one today all charges refunded eh!!

 

All I got was my quarterly statement reminding me I am still in arrears & that we need to call them to set up an arrangement to pay them off...what an effin joke..

I think we did that back in june in front of a DJ.

 

Don't you read court orders mr marek..of course you don't,how silly of me to think you do,

you just sit there drinking coffee & eatin your expensive biscuits courtesy of the borrowers you have screwed over,whilst telling your staff to be more rude & aggressive.

 

I think one does not know head from arse.

 

Well I 'll tell you what you can do mr marek?...shove your biscuits where the sun don't shine & choke on them!!

Sorry guys rant over..feel a damn sight better after that.

 

Little Dotty..you have said before that you aren't with Capstone. Either you are or you aren't as even Mr Marek can't spread himself that thin.

 

The arrears letters are never sent with the statements, which are all in their usual confusing standard form regardless of arrears.

 

I don't consider myself lucky and the refund isn't through the goodness of their heart or anything I've done that's out of the ordinary.

 

I've been talking about this with my OH and trying to reason why it's happened. The theory that makes the most sense is that they will be filtering it down..not just a mass overnight mailing of statements with adjustments. They'll want to avoid that and not let the cat out of the bag sooner than they have to.

 

The FSA has been hush hush so the hidden companies aren't going to want it made public knowledge that refunds are being made through a shove and not voluntarily. Perhaps they are working their way through the list of wins with the FOS, then usual customers with complaints, ordinary customers who haven't complained and finally those with court case spending. The latter being that they aren't going to drop themselves in the s..t by admitting their figures are wrong and having to explain it to the court. Leave the sticky stuff 'til last ..wouldn't you?

 

It could just be me but I very much doubt it...Mr Marek knows what I think of him and his lies.

 

They know the clock is ticking..They are trying to avoid awkward questions that are staring them in the face..What better than refund now and hopefully it will get swept under the carpet as their profits evaporate? Past customers hoping to reclaim? No assets, no on paper profits...... spread it thin and walk away.....

 

I'll call them, fax and write to them again and ask them to justify the refund when they defended every penny charged in the past. If they can refund all the charges on a whim then they can refund my costs and cough up for the distress caused as well.

Edited October 25, 2009 by Crapstone

[Crapstone]

Crapstone

 

Iv never had any correspondence with capstone but his name is there when searching under LMC on the FSA register.

 

My quarterly statement did come with an arrears letter in the same envelope.

 

I am happy that you have had a refund,please dont take it that I was having a gripe.

I wonder how long it will be before they take it back off you though, in form of charges,as they seem quick to refund against the account,no doubt they will be wanting it back. Sooner rather than later.

 

Little Dotty...Gripes or not...they are of no concern..Getting the best outcome for all of us is .

 

Capstone have no chance of putting the charges back on as I do believe they are been forced to refund ahead of the FSA final decision. It looks good all around..SPML/Capstone are being good boys and the FSA are being seen to be doing something constructive for a change.They are going to want the ripples ironed out before the tidal wave.

 

AFAIK they shouldn't be enclosing arrears letters with your statement, it should be clear and stand alone. They can remind you of the arrears on the statement but not enclose a demanding letter if it's a due statement.

 

Hopefully there is something going on and you'll get the positive outcome you need to stop any further court action. Fingers crossed.

[Crapstone]

EIE,

 

Totally agree that if there is a filterering it needs to start at the bottom but realistically we aren't going to see that. Any insolvency has to maximise the income with the least disruption..preserve the assets and revenue.

 

The FSA wouldn't name the beggers. Why not if they aren't trading? To protect their own behinds for not doing their job sooner? To hide behind causing harm to the industry and the individual companies is a cop out. As above ..would that tie in I wonder? Preserve the company until last minute and maximise it's trading capability ..wouldn't want investors, customers or creditors making claims or not paying prior to the winding up which is obviously going to happen in the short term!

[Crapstone]

As promised I called Capstone to find out why they have refunded my charges.

 

It seems that they are 'reviewing accounts' and 'in process'. I tried to pin the down on something more specific but they aren't biting despite trying to lead them. They were unusually polite and suggested that I put any concerns in writing as they were unable to answer at this time.

 

Is this same company? I got the feeling that they are not as free and as easy speaking as usual. If you've spoken to them in the past you'll know what I mean as they usually can't be ar..ed to give you the time of day and make it somewhat obvious.

 

I think there is a bit of bottom clenching and pursing of lips going on, down in High Wycombe.

[Crapstone]

GR,

 

I'm not sure if I agree that SPML, LMC.. and Capstone will continue. With a crackdown on their funding methods how will they meet their overheads? The still need to keep up to spec. with their requirement as lenders and admin. companies to the borrower.

 

I can see investors and holders strongly objecting to any reinstatement of Capstone and wanting their returns ASAP after being sold as short as we were. I also think the the whole industry and regulatory authorities will be keen to clear up every last bit of Lehmans as it's a cringing reminder that they would sooner we forget about......until next time......

[Crapstone]

Crapstone

 

No letter today. I have been particularly strong in going in at them. Any thoughts following on from your conversation?

 

Any victim of this sub prime garbage please confirm if your charges have been refunded. This is really important.

 

My thoughts...They are keeping their cards close to their chest. Why wouldn't they explain the refund? Should be simple enough as the screen is in front of them and I advised them that I have to inform 'others' including the FOS because of the ongoing dispute that seems to have been partially resolved.

 

I'm still left thinking that my initial thoughts were correct. They are having to go through the accounts and refund any charges that are unfair. Something that will take time, as from my previous SAR, it is done manually and can take several days, contain errors and still have to be done again. I still think it will be filtered and address the highest charges first in a methodical way.

 

I'd suggest you call them and ask them for a balance if your statement isn't due. And if my details can be of any help, (using the theory that if I've been refunded for no reason then all customers should be.) I'll happily oblige. Push them on if your account will be reviewed..I asked the question about other accounts and met with a blank as they have no reason to tell me anything that doesn't relate to myself.

 

GR,

 

It could be possible that Capstone et al are salvaged but I have a gut feeling that a speedy end must be reached and the dog has had its day. Once everything is examined down to the end user we'll see a lot more movement and hasty exits. Like I say it's just an instinct that there's a lot of clutching at straws going on but once the reality kicks in and all the books are PROPERLY audited it's dead in the water, hanging around like a bad smell, and waiting for a predator to pick it clean.

[Crapstone]

I also wonder if they are subject to the Turner Review and are trying to comply with the fundamentals for rescue and resolution.....(in theory)

 

Their liquidity makes no difference if they have such a bad reputation that they have authorisation taken away or any FUTURE authorisation is denied for breaches made.

 

A quick clean up in anticipation..good boys handing back the fees so there's no quibbles that could tarnish them? Strongly worded by ......and steered.

 

That would also tie in and sit in the middle of our collective views.

Edited October 27, 2009 by Crapstone

[Crapstone]

Can anyone assist with http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-97.html#post2529988

 

I have read this thread with interest and understand the issues noted however, this does not address the potential (if any!) for speculative discount for settlement purposes (like the deals seen offered by other Lehmans subsidaries/trading companies ?

 

What have you got to lose by asking? I don't think they will go for the full and final..not at all...they will have to account for every penny. But you can ask..they can't hang you for being cheeky and you never know. Just the early redemption knocked off is a bonus.

[Crapstone]

Wealthy investors in the products have been told they can claim as being mis-sold. The same should apply to us, being put at risk from the dodgy investments and ourselves being mis-sold.

 

Bgqs has got me thinking....The letter needs to be one that is telling them what the position is ..not politely requesting they consider it.

 

The reason being is that we are on the back foot and losing out. If my house was on the market and the buyer knew it was subject to a Lehmans mortgage would it affect their decision?

 

I know I'd steer well clear.but that's maybe because I'm involved and a little too close to the subject. As a well read buyer I'd still be wary for several reasons ..The main ones being..

 

A. The future is uncertain for SPML and others connected so the sale could fall through. Looking at this thread nothing is beyond the impossible with its twists and turns. Final figures that don't tally and a tortoise like response when paperwork is requested.

 

B. There is no such thing as blacklisting an address but you take the chance of receiving DCA letters by the bucket load and bailiffs stopping by if the previous owners had a sub-prime mortgage by these morons. And we know why..

 

I haven't heard this arguement here before, (apologises if it has ever been mentioned, I'll blush and exit left grabbing my coat on the way) but it should be one to ponder on as I think the asset value will suffer as a result..and lower offers will be made to take advantage.

 

Any thoughts?

 

Also take into account that many of us won't be able to get another mortgage..the sub-prime Lehmans name gives it away and the buyers will think we are desperate. Even if we are, we shouldn't lose out for their mistakes...........get my drift?

Edited October 28, 2009 by Crapstone
My usual spelling mistakes

[Crapstone]

That part over ..........

 

I can only say my thoughts and I DO think that our concerns will be addressed. We already know that securitisation, the repos and charges are recognised as being against the consumer.

 

The filtering down will take some time. I say that but it's going quicker than I expected given the enormity of the task to unravel Lehmans business structure. We will be last in line, not by choice but because of the complexity..we are the kittens at the end of the ball of wool...

the end product with tigers in between, and if they are getting compensated we should too.

 

Re refunds My thoughts are that their advisers have now picked up on the unfairness argument being discussed more & more & have decided to get rid of some of the reasons debtors can use to mount effective arguments One of the most obvious elephants in the room was/is their unwarranted charges designed simply to place the debtor in arrears enabling them to enforce repo ........... hence the sudden refunds a task which is simple & straightforward ............ now changing the contract wording that's a whole new thing

 

It could be but the paper trail is against them. Not open for new business and the damage was already done and is still an arguement regardless of a refund. How desperate do people get when they think they've 'won' the right in court to stay in their homes if they pay £50 on top of their usual payment, only

to find out their payments are swallowed by charges and they are getting deeper in debt and any equity is eaten away?

 

Equity is a keyword..it's cash to be seized, not a figure on paper to be added or taken away on a computer..and future profits if you don't have any equity. They control the redemption sum......a wheel clamp on your property by both name and nature.

 

I dread to think how many peoples lives have been ruined, families split and suicides because of these as .ole s.

 

They lied to everyone and built their business on it.

Edited October 28, 2009 by Crapstone

[Crapstone]

LOL..Ryde is having a political rant.. Can't say I blame them ..there isn't a party I believe in to get us through this without lining their own pockets and being self absorbed.

 

We know the judiciary are lining their own pockets, set their own wages and pensions. I was inspired by a judge that seemed not to have ever seen a income /expenditure sheet and asked how they were supposed to know what was spent as it meant nothing to them. Some people can look at a nail and knock it into wood with a hammer ..the rest will sit and stare and think about it.

 

It is a disgrace......by the time this is all sorted the main players will have security from afar..busy planning their retirement and stocking up on their biscuits.

 

Perhaps if they had been through what we have then they'd choke on that rich tea.

Edited October 28, 2009 by Crapstone

[Crapstone]

Or pushed overboard..

 

I think you saw what I was getting at with the situation we find ourselves in with false credit ratings, LTV being to pot and buyer implications.

 

In contract law it's possible that if a default is inevitable, before it happens, compensation can sought for the breach. If you were due to get married next week and the place you booked had exploded yesterday, you know it's not going to happen............They can't undo what has been done. They can rebuild it but it will never be the same as it was when first seen and decided upon. As said..they can't change the contract..if you are fortunate enough that they haven't lost it...

 

I do think they've played the market and used economic cycles to their advantage and biked their way out with the full backing of the regulators. I'm not an economic expert but even to an idiot it was something that was bound to happen ..so what were the experts doing when this was going on? Insider trading..lining their own pinstripes...anything but look at the data and markets to protect the consumers and do the job they are paid for.

 

I haven't found any LIBOR errors..and am thankful that the rate we are on now is less than what most High St. lenders are offering on mortgages.

 

I'd never heard of them until the cold calling and other advisors thrusting the products forward as the best option. Yes ..the best option for them.

 

A letter to FSA isn't a bad idea..best served through Trading Standards and asked to be put forward as part of a super complaint. The CAB could do it but ....I gave up on them a long time ago..easy money for those employed there as staff and the volunteers get all the...

[Crapstone]

Did anyone notice that the fine for GMAC was reduced for early settlement....? Could have been as much as £4m.

 

I seriously think Capstone are refunding to get the same discount. Home Loan Managment is also the next named servicer should Capstone go into administration.

 

Keep an eye out for your statements! I'm not going to be the only one refunded.

Edited October 30, 2009 by Crapstone

[Crapstone]

Cheeky minx...!

 

I told you something was in the pipeline and it's not a kidney stone..

 

Wonder how our pal Marek is doing on his stash of biscuits....guess he's on the broken market specials and changed from Earl Grey to ash grey..

[Crapstone]

Whatever happened on my account seems to have been done on the 19/10/09 as that's the odd date out. They adjusted it by DD..in the usual take off and add on twice fashion. The last fee was put on 30/9/09. Reversed the same day (£115) and an adjustment made of a large sum which would tally with the overpaid interest on all the fees since I had the last lot ordered to be refunded by the FOS.

 

Just need to decide how best to push forward for compensation. The charges were added to the balance owing but we've still been paying the interest on them which they have still taken to pay off more against the arrears than they are entitled to!

 

The court order set the repayments..it didn't say they could charge unfairly, add interest and off-set that against the arrears if they got rumbled.

[Crapstone]

Thought you only posted when the foxes were slinking off!

 

Someone has to watch the chickens. ...Interesting to see we have quite a few guests popping in and out. A few more than usual...given the hour..

[Crapstone]

I've just called Capstone again to try to get a bit more info. from them.

 

They really didn't want to disclose why the account was refunded and kept passing me between litigation and customer 'service'.

 

I asked what the position was and they have again said the account was reviewed as we been a very good boy and girl and kept up the payments! I pushed them for an answer if everyone would be getting the same treatment in light of the FSA getting tough. The reply was a 'NO' but the tone and manner was saying otherwise. So....I asked them to put in writing the reason for the refund and that it's not a mass customer exercise across the board..... The silence gave it away.

[Crapstone]

Phoned capstone to day to pay my SPML mortgage and i asked them about PML/PPL/SPML appearing in the high court in respect of the appeal against bankruptcy and what had gone on?

 

To which i was met with a long silence and asked how did i know that as it wasn't supposed to be public knowledge. To wit i pointed out court proceedings and listings are.

Then i got a manager on who would not comment on any of the questions i asked him. which were

 

Are they in admin

Are you SPML

who now owns my mortgage

when is your restructure

who owns you

are you going in to insolvency soon as per you holding companies

 

they just directed everything to PWC and gave me there phone number and interestingly admitted they were under fsa investigation. His words were (which i have recorded)

 

" you probably need to add your name like the other to the fsa complaint against us, you type always does"

 

i had a field day and got him to admit that they are one of the 4 companies, in addition he told me to do a sar to get my charges back. dear

this is all recorded guys , just need you advice on next steps.

 

God the guys at crapstone are so rattled at the mo , he even told me they are being restructured and jobs will go.

 

 

I bet a few journalists might be interested in that recording.

[Crapstone]

who we are actually complaining about our lender or their administrator?

 

 

The whole flaming shooting match. All as bad as each other in my view. And whoever or whatever the excuse is ...it's their problem...not ours.

 

I don't care who gets shot for this as long as we get the compensation we all flipping deserve.

[Crapstone]

Here!! here!! couldnt agree more..

 

nice news on the refund, Crapstone.:D dont think i will be at the top of their refund list just yet £6k+ is quite a lot to admit too just now:rolleyes:

 

Just a thought regarding getting some answers...did the fos contact you to say they have advised capstone to do this or gave you any inclination it was happening..or is the matter still in their hands?? Sorry if i have missed anything in your previous threads...but you know how it is...still busy with the welscum, but try and keep on top of the goings on over hear...

 

The FOS haven't said a bean.

 

The refund was bolt out of the blue considering the last response from Capstone was a 'stuff you' letter.

 

But the penny has dropped why the 19th was the day they refunded the account. It was the day the FSA announced the new measures. Perhaps a coincidence......I didn't spot it but the date rang a bell with my OH.

 

FSA sets out major reforms for the mortgage market

 

The review’s key features are:

• Imposing affordability tests for all mortgages and making lenders ultimately responsible for assessing a consumer’s ability to pay;
  
• Banning ‘self-cert’ mortgages through required verification of borrowers’ income;
  
• Banning the sale of products which contain certain ‘toxic combinations’ of characteristics that put borrowers at risk;
  
• Banning arrears charges when a borrower is already repaying and ensuring firms do not profit from people in arrears;
  
• Requiring all mortgage advisers to be personally accountable to the FSA;
  
• Calling for the FSA’s scope to cover buy-to-let and all lending secured on a home.

I know that Capstone manually adjust the figures and it can go on over a few days..mine rolls over to the 20th and the end of statement, so could have gone beyond that. So if it takes at least 2 days to do 1 account, and not always get it right, then how long is it going take to do their whole catalogue of accounts? My best guess it they are putting them in order of who would create the most fuss, who has already won with the FOS or through the courts ...then the rest ..possibly leaving the court cases pending for the solicitors to gloss over and blag their way out.

 

At least things are looking a lot better for all of us now and we are making some progress.

[Crapstone]

Thanks for keeping that updated Ryde.

 

I was having a poke around on the net earlier and it was interesting to see that investors that have lost out to Lehmans products ( structured bonds..mini bonds) have started their own support and pressure groups across the globe..HK, Germany, Australia. I think the one based in the UK is called Spirit..sorry didn't have time to bookmark it.

 

If they can start a dedicated group why can't we? Something a little more away from prying eyes of the guests. Each take up an email address dedicated to getting back we are owed.

 

Perhaps CAG could assist us with a locked thread on invite only..or however it works. I'm not a techie..but if we could get something structured and keep on track with someone leading and filtering, we could actually get somewhere. Not that we aren't already but some things are better said away from 'guests'. Keep this thread going but have somewhere else dedicated to putting up a legal fight and to maximise what we can get back.

 

I don't think it's going to be long before we see the first court cases for GMAC and some backtracking on court orders already made.

[Crapstone]

5th November..They couldn't have picked a better date..