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Operation Revenge 2007


zootscoot
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Partypip

are you still with gmac i 'm not sure anyone willget away with this argument in retrospect, but those going to court with a repossession may, I have acosts hearing and a similar thing happened the judge told them to get off there backsides and let us sell the house they didnt and incurred costs after that date If We win you may be able to get your mony back but don't hold your breath

Bona

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Guest willowb

Astirman, your wife may like my signature...

 

I am not going to sit on my ass as the events that affect me unfold to determine the course of my life. I'm going to take a stand. I'm going to defend it. Right or wrong, I'm going to defend it. (ferris Bueller's Day off)

Everytime I read that, it spurs me on!!!

 

Good luck

Wxxx

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Please count me in as well, My husbands is 63 really ill, we may loose our home When you work all your life and circumstances through illness put you in this posiition, its hard to keep on top of things. Im working 70 a week to keep our heads above water and trying to reclaim bank charges etc on my own, I can't worry hubby with problems.

God willing I will fight all the way

 

Lynn

 

.

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Yup - sign me up and I'll try to provide the info on UCB.

Also given that OFT (no legal standing - I know) have already pontificated does this not give us a head start in the 'raising awareness' stakes?

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Hi all!

 

Count me in this 10000000000000000000000000%!+

 

THIS IS BECAUSE....

 

 

1.To begin with as you are all aware,I know alot about the mortgage industry.

 

2.Secondly I recently had an absolute possession order that has been granted in favour of one lender(there is still pending litigation so I do not want to go into alot of details plus I prefer to give the whole picture later instead with some conclusions/tips etc).

 

3.All the problems have stemmed mainly from a really nasty redemption penalty.

 

4.Having read a very detailed OFT report regarding redemption calculations carried out by a university prof for the OFT in 1999, I have done further research into these formulae and feel that I can conclude(here I am talking from a mathematical angle rather than legal):

 

a.The longer a mortgage payer pays the mortgage throughout the mortgage redemption period,the redemption penalty amount should be lower.

 

b.A mortgage that has say a discounted period of only 1-2 years but a redemption period of say 4 years of the same redemption amount is very one sided and in favour of the mortgage company.

 

c.If the mortgage is say fixed for 3 years and the redemption period is the same amount of time this type of mortgage would be okay as the mortgage company is guaranteed the business for the 3 years and in turn the mortgage payer benefits as there would be no reason to switch to another mortgage company.A fair deal regardless of the redemption amount.However,it may not seem as fair should there be an unexpected repossession during the 3 year period especially if the redemption penalty is high.

 

In conclusion - again based on mathematical formulae and not legal arguments:

 

1.The figures disagree that the "all or nothing" redemption argument applies for mortgages because the longer a mortgage payer remains with the same company the less the redemption penalty amount.

 

2.The risk is maximum to a lender in a fixed mortgage scenario and therefore the calculation would be different.

 

3.The risk is less to a lender in a discounted scenario,this because when the bank rate changes(LIBOR or Base) the mortgage payment changes accordingly.

 

4.When calculating the redemption amount some initial fees have to be taken into account in order to acheive the correct final figure.

 

5.Point 4 applies to both discounted and fixed mortgages.

 

 

Anyway,I hope these points are useful for OPERATION REVENGE 2007!

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Ive got one..Blemain Finance... £1000 brokers fee to start with. 44.16%..33.35% and 21.06% on three seperate loans charged to my property...Discharge fee £58.75...collection charges..(three seperae loans, three seperate figures) £352,50..£705.00..£1175.00.legal and doc fee on all three redeemed £800.00...Default interest (3 loans ) £48.05..£124.39..£191.21..Additional Interest £477.00, £708.76..£0.00? (dont know how that was worked out)..no deeds release fee..Amount borrowed (1) £5,300.00 (incl fees) amount repaid after payments £6,917.31..(2) Amount Borrowed £15,750.00 amount repaid after payments £19,665.06..(3)..amount Borrowed £20,800 (incl fees) amount repaid after payments £24,776.52..Their tariff for secured loans/mortgages..

calculating and settling figures to clients..free

Deed of postponment £100+arrears

unpaid cheque £30

special clearance cheque £25

copy of statement to third party £25

cancellation of buildings insurance £50

approval of the letting of your property £150

mortgage reference £75

mortgage questionairre £75

failed standing order £20

unpaid ground rent/service charge £50

calculating and sending settlement figures to third parties £55

letters and telephone calls to clients £15

letters and telephone charges to third parties £15

arrears arrangement breakdowns £25

Post Default charges £70 plus disbursements monthly

Deeds release £117.50

Sealing Fee £58.75

If Solicitors become involved monthly charges will be higher to include extra admin, but not specified..........

 

 

I am trying to calculate and make sense of my dealings with them and conclude I need qualified acountancy advise.

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Hey Nightmare..any thoughts?

eg where the redemption rule of 78 is applied after having given the FSA an undertaking not to use it after 1999 and still doing so. Especially when the FSO, FSA etc dont want to know? odd dont you think considering these people have just been invited to join FISA

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I have a court date on 6th March but after that I'd be more than happy to assist in any small way.

 

I support any concerted effort to gain justice from these mortgage companies, who clearly need to be reigned in.

 

Is this as mortgage co court date 00765?

Consumer Health Forums - where you can discuss any health or relationship matters.

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is there a online petition to sign on the govenment website, like the petrol one, 1.8 million and tb gets worried,(power to the people) maybe we should do that, and target charges,erc, the oft,fsa,

just a thought.

 

sign me up

rob

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Zoot,

Following #4 have things quietened enough to get a petition going (Given the thousands like me I suspect they haven't!). Despite Foxman's less than enthusiastic, approach to making loud noises, it's surely got to be one way to raise profile.

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Hi people.

 

Whilst not around a lot cos of mums illness, i'm 100% behind this and the stealth/research approach. I have no doubt, that by putting pressure on those that influence/instruct the lenders we can effect change.

 

One thing is for sure:

 

*It's costing them legal fees, not all of which they've managed to claw back so we're putting them to some cost!

 

I'm in !!

 

:)

--------------------------------------------------------------

HSBC

Settled in FULL on 8/8/06 - £3619.53

:D

CAPITAL ONE

Settled in Full on 6/9/06 - £84.76

:D

ABBEY NATIONAL (Old N&P Mortgage)

Settled In Full on 2/3/07 - £307.13

:D

SPML

*Court Case Withdrawn - family illness*

MORTGAGES PLC

*Court Case Withdrawn - family illness*

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