Mortgage Express appoint LPA Recievers Walker Singleton to scare tenants off!

[chillinlong]

Hi Bullhunter,

 

LPA have done the same with me aswell, they just try and intimidate that they will sell the proeprty unless I do the works etc, then when I do it, they come along and say they insist the property to be sold.

 

I also did a SAR with Nutrade, and got a response to request it off WS. As they did not act for me.

 

Hi Upset landlord, it is a terrible situation they are putting us under.

 

We all need o get organised by gathering all the evidence together property by property of the problems caused by the LPA and break it down financially.

 

Patrick I have PMed you.

 

Then to start working out all the law points of what has been breached.

 

Then to throw the book at them with all this in hand, but diligently planned as to how to ensure it does not backfire.

 

Patrick, good to see you back. I am trying to digest the above post you have done on the recent cases. The last one is a very interesting point though about the contract to be void if they have acted illegally. It is a case of what do we need to prove this and how to go about this without it backfiring on us.

 

Upset Landlord, I have been trying to gather as many people in similiar situation so that we can get organised and then do a class action, this seems to be the only way that MX and WS will sit up and realise we are not going to take this crap they enforce on us.

[chillinlong]

Good evening Patrick, ealry night on this lol...

 

When you say title deeds, you mean the standard form where you sign and it states a little terms and conditions. And when you say POA letter, you mean the LPA appointment?

[patrickq1]

yes to both lol..

with the above that i have posted misrepresentation you need now to make your list

 

1. a specifed type of misconduct;
   
2. such misconduct led to a particular effect;
   
3. a certain degree of culpability exists on the part of the potentially offending party
   
4. you need to make or record such details with photographic evidence
   
5. you need now to collate witness statements
   
6. you need to get a local builder to give estimates to work that has been done by WS and there builders as part of the dispute
   
7. if its now possible to remove arrears by some sort of repayment schedule or negotiation of arrears paments..
   
8. if you get a refusal or negative answer to the offer try to record this if you can afford use the ones that cag have on offer
   

[chillinlong]

The worst thing for me was that Nutrade was informed by WS or MX to specifically tell the tenants etc that "Because your landlord has not been paying the mortgage we have now been appointed to collect the rent!". I thought I was allowed some privacy. I actually have this on paper from them and am wondering why the hell would they do this and try to prevent any damage etc. It this legal for them to go and tell everybody my business.

 

Now you can imagine the responses when I rang the tenants to try and resolve the situation. A lot of them were frightened off straight away and left.

[patrickq1]

nutrade had absolutely no right to trade your data without explisit provisions from you and MEX as i see it this is already a complaint to the FOS AND ICO with regards to Nutrade if you can get the witness statements from the tennents all the better for you ,i should have something by the end of the week,

for everyone you all need to SAR again and inform them they are not fully compliant with their duties to furnish you with the information you requested also ask for a full audit trail and screen printout of all data concerning your accounts.

having seen the sloppy scraps of paper they deem as a contract its laughable but i will check out more and come back with a full response...

patrickq1

[upsetLandlord]

Hi All,

Yes the receivers I dealt with were Templeton’s and Countywide in Southend

I am lucky enough to have another business so over the last two years I have been able to catch up and pay off most of the debt but I am now still receiving bills and paying thousands of pounds generally down to their complete greed and extremely bad management

I only found this forum yesterday so I was so happy to find other people with a common problem I strongly feel that if I could get say about 15 plus people together we could take these people to court

May be we should set a date and book a venue / meeting room to get together with paperwork I could bring some lawyers along to look at everyone’s cases to see the best way forward

Hi Upsetlandlord

 

Welcome! As you can see we are an ever growing group. Do your experiences match those expressed on this forum.

 

Can I ask who your lpa receivers are?

 

Regards

Meerkat One

[diddled]

Just been speaking to a (nice) guy who acts as an LPA receiver

 

He stressed that before appointing LPA receivers banks must serve notice on the borrower advising of their intention to appoint receivers.

[patrickq1]

‘Vulture funds’ prey on hard-up homeowners - Times Online

[caro]

Link isn't working patrick.

[**Tilly**]

Caro Linky working ok

[caro]

I get error 404.

[**Tilly**]

oops sorry was just reading it bradford & bingley charge £300 for instructing solicitors for repo's

[Meerkat One]

I have served several SAR's to Nutrade who repeatedly refer it all back to WS who then claim it is nothing to do with them! Nutrade also state they have contacted ICO who confirm as Data processors they are not obliged to provide the information. I am in process of checking with ICO and making complaint re their behaviour to Trading Standards. They have also passed on information re our mortgage accounts to tenants and also over the telephone when they have no way of knowing identity of caller. I also have a tenant statement setting out their behaviour, threats etc also misrepresenting me.

[chillinlong]

Hi Upsetlandlord,

 

Would be good to meet up and discuss about taking this further.

 

Meerkat one, I am in the same boat also, Drydens are using the same excuse.

[upsetLandlord]

Hi Guys,

If you want to send me an Email I will then give you my contact details

Many thanks

David

[patrickq1]

I get error 404.

‘Vulture funds’ prey on hard-up homeowners - Times Online

 

working ok for me caro ...unles you got a block on the link

[patrickq1]

Vulture funds’ prey on hard-up homeowners

 

Borrowers are left powerless as opportunist investors buy their debts at knockdown prices to turn a quick profit

 

 

 

div#related-article-links p a, div#related-article-links p a:visited { color:#06c; } Secretive investors and “vulture funds” have been accused of profiting from other people’s misery by buying up residential mortgages on the cheap in the hope of making a quick profit.

Hundreds of thousands of people have had their debts bundled together and sold on to these shadowy investors, who have been forcing hard-up borrowers to remortgage elsewhere or lose their homes. Once they own the mortgages, they have the power to set interest rates, employ debt collectors and repossess and sell properties if borrowers default.

Bob Young, managing director of Capital Home Loans, which manages its own mortgage book, says: “I am approached by one or two firms a month offering to buy our loans. These funds are after £50 million to £200 million of loans for 50 per cent to 60 per cent less than the original cost of the debt.

“The objective is to get the borrower out of the property as soon as possible so it can be sold on for a profit.”

Related Links

 

 

 

• Britons pay off record £8.1bn on mortgages
  

 

• Lenders make it harder to secure a mortgage
  

 

 

 

Industry insiders say that some investors are looking to make a profit in as little as two years, meaning that they are under intense pressure to milk borrowers for all they can.

Henrik Molin, a partner at Ironshield, a hedge fund that has recently bought a pool of mortgages, says: “We have paid a very low price for these mortgages. We push to refinance their mortgages with a new lender or for the borrower to sell and leave the property.”

The affected mortgages were originally owned by British lenders that have run into trouble or niche players, including the specialist lending arms of large US banks such as Merrill Lynch and Lehman Brothers. The collapse of the housing market means that these lenders are now keen to wash their hands of British loans and will sell to anyone who will buy them.

While the sellers in the mortgage trading frenzy are easy to identify, the purchasers are more difficult to determine, though a number of hedge funds are known to be involved.

David Cresswell, of the Financial Ombudsman Service (FOS), says: “Homeowners should be told that their loans have been sold on or if there are changes to the terms and conditions, but it may still be unclear who the purchaser is.”

To make matters even more confusing, under Financial Services Authority (FSA) rules, investors cannot manage the mortgages themselves, though they ultimately control how they are handled. Instead, the funds employ loan servicers, also known as “third-party administrators”, to do the work for them and serve as the principal contact for customers. The main job of loan servicers is to collect payments and chase borrowers in arrears.

Home Loan Management, owned by Skipton Building Society, is the biggest loan servicer, managing 500,000 loans. It collects mortgage payments for the sub-prime lenders Kensington and GMAC, along with Bradford & Bingley, the state-owned lender. Other names to look out for include Vertex, Crown and Capstone Mortgage Services.

Although loan servicers are supposed to stick to the same rules as mainstream lenders, the FSA is concerned that some are hitting borrowers in arrears with an avalanche of charges and being too quick to seek repossession. It has referred four businesses for enforcement action and may investigate another seven for failing to follow guidelines on treating customers fairly. It is expected to issue fines of up to £1 million in the next 12 months.

Jon Pain, managing director of retail markets at the FSA, says: “This is an area of the marketplace where we have particular problems. Firms cannot take advantage of a customer because they are in arrears, and the charges that are levied on customers must be a reflection of the administration costs.”

But should you worry if your mortgage has been sold on to one of these companies? There is cause for concern, says Dominic Lindley, of Which?, the consumer organisation. He says: “Big banks that have a long-term relationship with a customer are going to be more interested in treating someone fairly than an investor who wants to maximise profits.”

Fortunately, it is possible to lodge a complaint if you unhappy with the way that you are being treated or the fees that you are being charged.

Government rules say that a lender or loan servicer has to prove that it has exhausted all other avenues before seeking repossession.

If you have a problem or run into arrears, you should first contact the company. Most loan servicers will look more kindly on your situation when you run into arrears if you can prove that this is the result of a short-term drop in income and that you will be able to begin repaying your debt in full quite soon.

The company then has eight weeks to respond to the complaint. If you are unhappy with the response that you receive, the next step is to take your complaint to the FOS. For further details, go to the website at financial-ombudsman.org.uk.

Case study

George Sharp, from Stanley, Co Durham, has been paying hefty monthly charges to the loan servicer Capstone Mortgages Services after he missed several payments.

The carpentery and joinery teacher, left, is £1,080 in arrears on a mortgage he took out with Southern Pacific Mortgages, then owned by Lehman Brothers. It has since been sold on, but Mr Sharp has no idea to whom.

Mr Sharp is being charged £60 a month as an arrears fee on top of his £720 regular repayments. He is also being charged £27.90 a month for buildings insurance after Capstone insisted that it had not received notification that he had taken out his own cover. He insists that he sent the details three times, adding: “The extra charges mean that it will take me much longer to clear my debts.”

Capstone says: “We do all that we can to assist our borrowers when they find themselves in financial difficulty.”

Vicious circle for mortgage borrowers in arrears

The biggest high street mortgage lenders have been criticised for punishing borrowers in arrears with hefty monthly charges, plunging them deeper into debt.

Members of the Treasury Select Committee, which is conducting an inquiry into the mortgage market, were told this week that Halifax, owned by Lloyds Banking Group, levies a £35 a month fee for homeowners who are behind with their mortgage payments.

Woolwich, the mortgage brand of Barclays, charges £40 a month, while Northern Rock, which is owned by the taxpayer, expects customers to pay £25 in the first month, rising to £55 after three months of missed payments.

A number of lenders, including GMAC, automatically try to take a mortgage payment two weeks after it is first due, adding another £25 charge if the money is still unavailable.

Dominic Lindley, of Which?, the consumer organisation, says: “These charges make it so much harder to get out of financial difficulty and there is no evidence to suggest that they are a fair reflection of the costs involved.”

Lenders came in for particular criticism for charging homeowners for debt advice. Halifax, Britain’s biggest lender, demands a £100 fee for a visit by a debt counsellor, while West Bromwich and Kent Reliance building societies charge £150. Sally Keeble, the Labour MP for Northampton North and a member of the select committee, asked: “Is £100 to £150 reasonable for a debt counsellor visit?”

The Financial Services Authority (FSA), the City watchdog, is already investigating mortgage arrears charges after complaints that the size of the fees do not reflect the extra administration costs involved, which lenders are allowed to pass on to borrowers.

Jon Pain, retail managing director for the FSA, revealed last month that one lender, which has not been named, was found to be using the money earned from arrears charges to pay for advertising. He says: “It is vital that companies treat customers in arrears fairly and it is unacceptable that some are applying fees that push customers towards repossession without considering alternatives.”

Charges do not stop when a borrower faces repossession. The state-owned mortgage arm of Bradford & Bingley hits homeowners who are about to be repossessed with a fee of £300 for instructing solicitors and an extra £35 for issuing proceedings against them. Nationwide Building Society charges £260, while Lloyds TSB, another part of Lloyds Banking Group, insists that homeowners pay a £206 fee

[caro]

‘Vulture funds’ prey on hard-up homeowners - Times Online

 

working ok for me caro ...unles you got a block on the link

 

Works ok for me now.

 

Makes you sick fat cats looking to get fatter at the expense of ordinary people.

[JonCris]

Hi Upsetlandlord,

 

Would be good to meet up and discuss about taking this further.

 

Meerkat one, I am in the same boat also, Drydens are using the same excuse.

 

After amending accordingly send Drydens or any other lawyer who's behaving badly over such discloser the following:-

 

 

Date:

YOUR REF:

OUR REF: Special Delivery

SAR (Subject Access Request) DPA (Data Protection Act) 1998

Their Name & Address

Your Name & Address

Dear Madam or Sir:

RE: YOUR CLIENT

As per the DPA 1998 (Date Protection Act) I require that you supply me with any and all data in your possession which, in anyway appertains to myself including true copies of any properly executed agreements, statements of account, default notices, all internal and external correspondence, memo’s, telephone attendance notes, internal and external emails

If your client is not the original creditor please also supply a true copy of their letter of assignment or if acting on behalf of another a true copy of their predated authority to bring this action.

I enclose the statutory fee of £10 by way of a postal order and remind you that you have 40 days in which to comply

Also please note that for the avoidance of doubt and to expedite matters if as legal representatives you claim exemptions from the Data Protection Act under part IV section 35 I would respectfully remind you of the following:

Data Protection Act part IV section 35 (2) states "personal data is exempt from the non-disclosure provisions" In addition Part II section 7 (legal guidance notes) states "There are no exemptions from the right of access where civil legal proceedings are contemplated or ongoing"

If you should attempt to bring an action before compliance I will, after notifying the court of my Subject Access and CCA requests, ask the court for a continuance to allow time for both yours and your clients compliance

I await your responses

Yours faithfully

CC To all parties

[Meerkat One]

Patrickq 1

 

I don't know how you do it but you are a star!

 

Am awaiting SAR from Drydens - will let you all know.

 

I think the worms are all coming out of the woodwork. It is all unbelievable really. The banking industry creates the entire financial mess and then thinks it can also clean up also - I don't think so

 

Regards

Meerkat One

[chillinlong]

Thanks Joncris, I will send an amended one to Drydens and Nutrade. Drydens took over 4 months to reply to my SAR with this response.

 

Spoke to ICO, they actually said it will take such a long time going via the complaints it is more worthwhile in attempting to take them to court for a speedier response. Nearly said what is the point of having ICO then?

[JonCris]

Thanks Joncris, I will send an amended one to Drydens and Nutrade. Drydens took over 4 months to reply to my SAR with this response.

 

Spoke to ICO, they actually said it will take such a long time going via the complaints it is more worthwhile in attempting to take them to court for a speedier response. Nearly said what is the point of having ICO then?

 

Quite there's none. Even some other authorities have given up on the ICO. Comment "waste of space & the sooner they go the way of the FSA the better"

 

The response you get depends entirely on who you communicate with & 2 answers to the same question are often diametrically opposed to one another

[chillinlong]

Thanks JonCris, I will have a gander of what to do next.

[T2THEPOWEROF2]

 

"The poor management of the properties by them makes me so frsutrated as they charge me 10% for this".

 

May I respectfully suggest that you take a close look at the LPA 1925.

The LPA 1925 states that the maximum any LPA receiver is permitted to charge for their work is 5% of monies collected.

As you are being charged 10% they are breaking the law.

 

Hope this helps a little.

 

regards

T2

Edited July 4, 2010 by T2THEPOWEROF2

[Meerkat One]

Has anyone received any invoices from the lpa receivers? Have MEX been paying the invoices and if so what are they for? In my case neither of them appear able to produce detailed invoices.

 

What is everyone else's experience?

 

Regards

Meerkat One