~~~**IMPORTANT** Mortgage Claimants ~ PLEASE READ ~~

[kennyh]

No mention of contingency - first mentioned in their defence submission.

[joanneclaire]

Ok Im confused (dont take much LOL)

 

I have been allocated a court date 16 March 07 in small claims, my claim against SPML was for £400 in total, which included returned DD charges and half a months interest, (they charged me a full month interest when I paid up mortgage on 16th of month). I had no ERC's

 

I have received a letter today offering me £102 in full and final settlement of claim, which reading this threads seem the sensible thing that I accept this offer and pull out??

 

However, I am concerned over what to do now? should I accept this offer, will I still be liable for costs from court, costs incurred via SPML? when SPML applied to court for an extension of time to submit their defence they applied also that I would be liable for the £65 fee they had to pay for the extension? will I still be liable for this should I accept their offer?

 

not sure what I should do now? any help is as always very much appreciated.

 

Joanne

[tamadus]

What the? they admitted to that? I mean I know they must be monitoring in some form to to be so blatant about it when they're not supposed to be?????

 

Can you link your threads for Zoot or Gizmo to have a look?

 

Wxxx

 

Willow I have a similar letter whiuch includes prints of this site.

[gizmo111]

Willow I have a similar letter whiuch includes prints of this site.

 

Whats happening with yours Tam?

[tamadus]

I want to continue with it but I cannot afford a big costs award

 

At the moment the hearing is a directions hearing and although the clerk at the court says she doesnt think I need to worry almost anything could happen.

[gizmo111]

Have you tried negotiating out of it?

[tamadus]

gizmo I have posted their full letter in the private forum and I am about to phone them as I filled in the N149 AQ for small claims so I assume its in small claims even though I havent had notification of that from the court.

 

I'm going to try phoning and see if we can reach a settlement as its a high street lender and they may not want the publicity

[gizmo111]

I saw that about a week ago tam, just wondered if there had been any update - good luck calling them.

[Guest willowb]

Yes, good luck Tam:)

 

Wxxx

[k2gixer1]

I see that although these cases that have failed some people have got some form of settlement.

 

Is it worth sending a prelim and an LBA but not filing the claim if they dont reply to the LBA?

 

Surely this has nothing to lose? They might give a partial offer?

 

Worst case you have sent 2 letters? Nothing to lose?

i think ricardo may have a point here.there are examples of people gaining a settlement..partial or otherwise.it`s got to be worth a go..even just to keep the pressure on...any thoughts.....

[kennyh]

Nothing ventured.......

[Guest Zooman]

lets not forget one thing, they can apply all legal costs to you, they could sue you to recover their legal costs in looking at this (I doubt they will but they could) regardless of the fact you took them to court or not, and as it was in your contract you would have no defence in law, in fact if you defended it would only push up the value of the judgement.

[kennyh]

Hi Zooman, Have you not plied the argument "You had a choice..." throughout the threads - and justifiably so. Do the recipients of a prelim and LBA not have a choice as to whether they devote time to such applications?

[Guest Zooman]

I am not sure what that means, but the mortgage company do have a contractible right to recover all and any legal costs to deal with the contract, this right exists as soon as any legal issue arises, by sending them those letters, you are rising a legal issues, and they are within their right to consult their lawyers be it in house or a outside firm, once that is done they have a right to recover the legal costs incurred from your letters.

 

Regardless of how you dress it up if the matter went to court the Judges hands would be tied as it is their right as you agreed to when you signed the agreement (contract).

 

I really am not sure of what you mean by this

Do the recipients of a prelim and LBA not have a choice as to whether they devote time to such applications?

Of course they do, but there is a risk involved with sending the letters, and I have simple pointed out that risk.

[Guest Zooman]

I may seem the voice of doom on this issue, but I simple do not want to see more people become victims of costs relating to worthless points.

[kennyh]

Reason for mentioning it is that a great deal of correspondence and questions are dealt with by the lower (non legal) echelons and never reach the legal dept. There must be areas dealt with under delegation. A grey area admittedly and you are undoubtedly correct once their seagulls pick up on something but do we need to give them that much peace, quiet and respect?

[haggartheorrible]

Can we go back to the bank in 6 months even though we have put a letter in and had their standard reply? I was told it was it was to recoupe losses yet the mortgage agreement statesthe charge may vary depending on changes to administration charges and other cost to redeem. yet the bank say they cannot give me a break down of these.

[gordonhall]

Been reading this with interest, as have many others. My fee is not with a bank, but a loan company (NEMO).

 

However, can I ascertain that the implications are the same. They have/had a charge on my house (if that's the right phrase), and the ERC is £1800+.

 

It was my intention to claim this once the charge against the house had been released. What now - nothing?

[zootscoot]

Was this a secured loan under 25K?

[larry12]

Been reading this with interest, as have many others. My fee is not with a bank, but a loan company (NEMO).

 

However, can I ascertain that the implications are the same. They have/had a charge on my house (if that's the right phrase), and the ERC is £1800+.

 

It was my intention to claim this once the charge against the house had been released. What now - nothing?

My son is a solicitor and has been caught with ERC charges himself this came about when he required to move from London to the North to take on a new post he asked the mortgage provider to transfer the mortgage to his new property therefor avoiding the ERC they refused saying that this did not suit them as he was taking up a different type of position and hes income was not as secure even though his borrowing would have been less this was pointed out to them but they refused to move in fact it also happened to my other son moving from London to the North he was a student when he got his Mortgage (i was the guarantor) i pointed out to them that he did not even have a job when they gave him a mortgage and the situation now was he made a profit of approx £100 and was buying two houses one to live in so his mortgage would not change the second part of the deal would have been a buy to let with him putting down approx £75K

but the answer was just the same NO DEAL they see the early redemption fees as a very quick way of making a lot of money between them this cost £12K. My son will be looking at this however he does not have much time but we are talking about having a good look and the implications of the costs of court action in relation to the rewards of winning will keep you updated

[maybelline]

gordonhall, I am interested in the kind of fees added to secured loans also? didnt know you could have an erc or mig on secured loans? I am currently challenging something called a morgage indemnity fee added to my secured loan (less than 25k) as I have learnt through this site that this should not be added at all! I understood that if you ended a loan early they owed you money?

[Guest willowb]

I am not sure what that means, but the mortgage company do have a contractible right to recover all and any legal costs to deal with the contract, this right exists as soon as any legal issue arises, by sending them those letters, you are rising a legal issues, and they are within their right to consult their lawyers be it in house or a outside firm, once that is done they have a right to recover the legal costs incurred from your letters.

 

.

Zooman, you haven't given your thoughts as to my post #119, issues to do with indemnity clauses. I would like to know what you think about that paper, if you don't mind.

 

Wxxx

[Bona]

soomtimes I think people miss the point yes legal cost are recoupable from the mortgagee but they have to be reasonable you cant just add on any old amount and if they carry on with something when they can negotate out then they are not always entitled to their cost if a company is using the same solicitor and defence for two cases he cannot charge the same to the second part as the first I think this needs looking if you are the paying party then you have rights

Bona

[larry12]

soomtimes I think people miss the point yes legal cost are recoupable from the mortgagee but they have to be reasonable you cant just add on any old amount and if they carry on with something when they can negotate out then they are not always entitled to their cost if a company is using the same solicitor and defence for two cases he cannot charge the same to the second part as the first I think this needs looking if you are the paying party then you have rights

Bona

I don't believe a solicitor can represent both parties in court? if the judge finds for the defendant the judge decides the costs but they would be entitled to reasonable costs and that could include councils fees

[kennyh]

And without taxation (an expensive hobby as explained by Zooman) define 'reasonable'.