Repossession questioned by deeds not being signed

[p.j]

Yes, I too would like to thank the admin team for their assistance......

 

P.J ..can you free up some space perhaps??

 

Apple

 

space ?

[p.j]

space ?

 

ok sorted Apple the penny dropped .

 

pj

[applecart]

ok sorted Apple the penny dropped .

 

pj

 

No problem..... ; )

 

Apple

[applecart]

I'm still getting my head around this issue to do with Accenden administering loans when they themselves did not originate the loan.... I am also trying to understand how they managed to secure 'authority' from the FCA to administer loans that they did not 'originate'.....

 

If Accenden have purchased the loans...this still does not mean that they will show on the deed... it will be the Lender who originated the loan that will be on the deed....and Accenden will not be the owner of the charge on the title either...again; it will be the originating lenders name that is shown there.....

 

I'm conscious that there are changes afoot in regard to transferring certain OFT functions over to the FCA in regard to consumer credit and licensing.... and where Accenden were licensed under the OFT for debt management services etc...there will now be a requirement to become registered with the FCA instead...this link gives more detail about the 'interim permissions' :

 

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/221913/consult_transferring_consumer_credit_regulation_to_fca.pdf

 

"Interim permission

 

6.4 Articles 23 to 27, in Part 6 of the draft RAO order, set out the arrangements for an interim permissions regime for certain current OFT licence-holders.

 

The concept of an interim permission

 

6.5 Article 23 describes the concept of an interim permission. Under this proposal, any person who holds a current individual OFT licence but is not authorised under FSMA for non-credit activity will be granted an interim Part 4A permission under FSMA by virtue of the Order if they:

 

• notify the FCA of their wish to obtain an interim permission by the specified period and supply the information the FCA asks for by the required deadline and in the prescribed form;

 

• pay the fee required by the FCA;

 

• hold a valid licence that is not suspended immediately before the transfer"

 

Seems pretty easy to get 'authorised' status then....??; Looks like any debt collector can now benefit from 'authorised' status to administer a borrowers loan....even without being approved by a 'principal'.... the FCA make it all possible just by meeting 3 easily overcome criterias........

 

What this appears to mean is that Accenden can now feel secure to walk into a court as though they are 'entitled' with the FCA backing to secure possession of a Borrowers home even though they have no actual 'cause of action'.....

 

Please; someone tell me I am wrong???

 

ahhh phew... here it is.....

 

Limitations on those holding an interim permission

 

6.16 As noted above, the concept of a permission is central to the operation of FSMA, and the Government therefore considers it important that the normal rights and powers associated with a permission apply also to the interim arrangements. The expectation is that firms will be able to operate as normal. However, because these firms will not have been subject to the thorough scrutiny that full authorisation or variation of permission involves, article 26 places some

limitations on what firms with interim permissions can and cannot do.

 

6.17 Firms with only interim permissions or variations of permission:

 

• will only be able to approve financial promotions concerning the same activity for

which they hold an interim permission, not other regulated activities;

 

• may not act as principal for appointed representatives in relation to the activity for

which they hold an interim permission; and

 

• May continue to act as appointed representative for a relevant activity for which

they do not have interim permission.

However, the link to Accenden on the FCA Register did not look as though it was an 'interim' "permission".... it more looked as though they have full 'permission' ....

 

Assuming that they do have such 'full permission'.... then this is one of the Acts that they will be subjected to in regard to a Lenders loan secured against the Borrowers home.....

 

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

 

61. (1) Entering into a regulated mortgage contract as lender is a specified kind of activity.

 

(2) Administering a regulated mortgage contract is also a specified kind of activity, where the contract was entered into after the coming into force of this article.

 

(3) In this Chapter—

 

(a)a “regulated mortgage contract” means a contract under which—

 

(i)a person (“the lender”) provides credit to an individual or to trustees (“the borrower”); and

 

(ii)the obligation of the borrower to repay is secured by a first legal mortgage on land (other than timeshare accommodation) in the United Kingdom, at least 40% of which is used, or is intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust, or by a related person;

 

(b)“administering” a regulated mortgage contract means either or both of—

 

(i)notifying the borrower of changes in interest rates or payments due under the contract, or of other matters of which the contract requires him to be notified; and

 

(ii)taking any necessary steps for the purposes of collecting or recovering payments due under the contract from the borrower; but a person is not to be treated as administering a regulated mortgage contract merely because he has, or exercises, a right to take action for the purposes of enforcing the contract (or to require that such action is or is not taken);

 

62. A person who is not an authorised person does not carry on an activity of the kind specified by article 61(2) in relation to a regulated mortgage contract where he—

 

(a)arranges for another person, being an authorised person with permission to carry on an activity of that kind, to administer the contract; or

 

(b)administers the contract himself during a period of not more than one month beginning with the day on which any such arrangement comes to an end.

 

Is it only my mind left 'boggling' at the way in which the transfer of duty from the OFT to the FCA will impact on Borrowers when companies like Accenden are 'authorised' by the FCA to administer a regulated activity of which they did not enter into the contract with the Borrower???... This would in reality mean that they have acquired the status of an 'originating' lender....yet have no contract with the Borrower???? eeerrrm

 

Non the less.....Accendens 'authority'...can be challenged on the FACT that they will not be able to evidence a third party interest - it is not their name showing on the Borrowers title....

 

It would seem that anyone who is taken to court by them - should let the Judge know - and if the Judge still grants a possession order on conditional terms in such a scenerio......i.e a suspended possession order...Then the Borrower will have no choice but to get the Order of the Lower Court 'stayed' by the High Court of Justice pronto....on the ground that Accenden did not enter into the contract with the Borrower....has no cause of action...and has secured a possession order on the premise that they are the originating lender....???

 

These are just my immediate thoughts as this information begins to sink in ; )

 

Apple

[applecart]

I'm concerned that a Company such as Accenden have acquired this 'authority' from the FCA..... I do not consider that they have any intention of 'treating customers fairly'....or intend to have any regard for the FCA principles of Business....I believe they will become even more 'aggressive' (for want of a better word) toward borrowers...given their underlying need to secure funds for investors.....by any means necessary.......

 

There will be Borrowers who have 'suffered' detriment..... they will be subject to 'suspended possession orders' granted to the favor of Accenden (masquerading as 'Preferred', A&L, SPML etc)....

 

There is a way forward....

 

Instead of 'appeal'..... you must look to get the District Judge's Order 'Stayed'.....

 

You use a 'N244' form and attach a witness statement and send it off to the High Court of Justice - Room E15 I believe...

 

If you have been asked to pay more than you can afford - i.e CMI + (something toward the arrears).... you can also ask for that to be 'varied'..... submit a form N245.... this form gives you space to include all your income and outgoings.....

 

There is no need for a hearing.....

 

The HCJ will send you it's decision..... you send a copy of that decision to Accenden....

 

So, if the HCJ... says 'stayed'..... then it is 'stayed'....

 

If the HCJ says 'stayed on condition that.....'..... then it is stayed on condition.... and so on and so on

 

It only costs FORTY POUNDS......

 

Accenden will have to abide by whatever decision the HCJ says......

 

Ideally if you have made an application to the Chamber.... you are looking for a 'stay' until the determination is made by the Chamber.....

 

I hope this helps?

 

Apple

[applecart]

This leads me onto another scenario that Borrowers may be stressed about.... and that is.....

 

When they have failed to maintain a suspended possession order.... due to a shortfall in income or any other daily life tragedy....we are all too familiar with the Lenders routine..... the lenders appear not to be interested.....they are not looking to assist you in any way.......the Lender is more likely to either threaten or act to enforce the order....

 

You get a warrant of execution flying through the letterbox.....advising you of the date secured by your lender to evict you from your home....

 

Again... as soon as you get one of those......or you suspect that one will be on its way...and you believe you have genuine grounds....(i.e not simply can pay - but refuse to do so... or ..... you assert as we do on this thread that the deed is void)

 

The same process applies...... N244 and witness statement...sent to the HCJ.... N245....also....they will want to see that you can afford to pay some if not all.....

 

It is good practice to Inform the lender that you are making the application to the HCJ....and to inform the county court officers as well....

 

Again... in this scenario....you are applying for a 'stay of execution' pending the outcome of your application to the Chamber.....and/or you are looking to get the amount to be paid varied on genuine grounds and circumstances, where and if applicable - submitting details of your income and expenditure.

 

I hope this helps?

 

Apple

[lesterlass]

Hi Apple,

 

Loans are not regulated yet by the FCA only mortgages.

 

The way I see it there is an INTERIM period where they are all owed to carry on activities, they have to be registered with FCA by September. Then in April they all have to re apply with stricter rules and a case officer is assigned to every company that wants a license.

 

Here is more.

 

http://www.fca.org.uk/consumer-credi...FYPHtAodiwIAvw

 

What you will need to do from September

 

Register for 'interim permission'

 

From September, you will need to register with us for ‘interim permission’ if you wish to continue the activities you are currently licensed for after 1 April 2014. It is essential for you to do this if you want to continue these activities: if you do not do this, you are likely to be operating illegally.

 

 

You will be able to register online from September and you will be asked to pay a fee – proposed at £150 for sole traders and £350 for the majority of other firms, with some exemptions.

 

 

We will write to you again when the ‘interim permission’ system opens, to explain exactly what you need to do to help ensure you remain compliant. You can also sign up to receive email updates from us.

Getting authorised from 1April 2014

 

After 1 April 2014, your firm or organisation will need to complete a more detailed application process for authorisation by us. We will confirm when this will be in due course and will publish details here about what this will involve. Our aim is to use a proportionate approach to authorisation depending on size and type of firm and activity conducted.

 

 

Authorisation is our equivalent of the OFT’s licensing system. There will be a phased approach to authorisation, where we will ask different types of firms to apply by different deadlines.

 

 

The application form will request information about your business, the structure of your business and your financial resources.

To become authorised, licence holders will need to demonstrate that they satisfy the FCA’s minimum standards and will continue to satisfy them as long as they are authorised. These standards are known as ‘threshold conditions’. This requires consideration of your firm’s business model, the experience and integrity of the key personnel, the ownership of your firm and its financial position.

 

 

When we receive your completed application form, we will allocate a case officer. They will review the application and may ask additional questions or seek further clarification. You will still be able to carry on regulated credit activities using your interim permission while you are waiting for the outcome of your application for authorisation.

 

 

If your application for authorisation is successful, we will send you a confirmation letter with a unique reference number – this will be used in all your dealings with us. Some firms, such as banks and insurance brokers, that are already authorised by the FCA, will need to have their ‘permission’ amended.

More detail on the changes

 

The transfer of regulation from the OFT to the FCA is part of the Government’s programme of regulatory changes for financial services. This brings conduct of business regulation under a single financial services regulator.

 

 

We will take a different approach to regulation from the OFT. We and the Government have published our initial proposals for how this new approach will work. Read more about this and the background to our approach.

 

LL

[applecart]

Hi Apple,

 

Loans are not regulated yet by the FCA only mortgages.

 

The way I see it there is an INTERIM period where they are all owed to carry on activities, they have to be registered with FCA by September. Then in April they all have to re apply with stricter rules and a case officer is assigned to every company that wants a license.

 

Here is more.

 

http://www.fca.org.uk/consumer-credi...FYPHtAodiwIAvw

 

What you will need to do from September

 

Register for 'interim permission'

 

From September, you will need to register with us for ‘interim permission’ if you wish to continue the activities you are currently licensed for after 1 April 2014. It is essential for you to do this if you want to continue these activities: if you do not do this, you are likely to be operating illegally.

 

 

You will be able to register online from September and you will be asked to pay a fee – proposed at £150 for sole traders and £350 for the majority of other firms, with some exemptions.

 

 

We will write to you again when the ‘interim permission’ system opens, to explain exactly what you need to do to help ensure you remain compliant. You can also sign up to receive email updates from us.

Getting authorised from 1April 2014

 

After 1 April 2014, your firm or organisation will need to complete a more detailed application process for authorisation by us. We will confirm when this will be in due course and will publish details here about what this will involve. Our aim is to use a proportionate approach to authorisation depending on size and type of firm and activity conducted.

 

 

Authorisation is our equivalent of the OFT’s licensing system. There will be a phased approach to authorisation, where we will ask different types of firms to apply by different deadlines.

 

 

The application form will request information about your business, the structure of your business and your financial resources.

To become authorised, licence holders will need to demonstrate that they satisfy the FCA’s minimum standards and will continue to satisfy them as long as they are authorised. These standards are known as ‘threshold conditions’. This requires consideration of your firm’s business model, the experience and integrity of the key personnel, the ownership of your firm and its financial position.

 

 

When we receive your completed application form, we will allocate a case officer. They will review the application and may ask additional questions or seek further clarification. You will still be able to carry on regulated credit activities using your interim permission while you are waiting for the outcome of your application for authorisation.

 

 

If your application for authorisation is successful, we will send you a confirmation letter with a unique reference number – this will be used in all your dealings with us. Some firms, such as banks and insurance brokers, that are already authorised by the FCA, will need to have their ‘permission’ amended.

More detail on the changes

 

The transfer of regulation from the OFT to the FCA is part of the Government’s programme of regulatory changes for financial services. This brings conduct of business regulation under a single financial services regulator.

 

 

We will take a different approach to regulation from the OFT. We and the Government have published our initial proposals for how this new approach will work. Read more about this and the background to our approach.

 

LL

 

Hi LL

 

Apologies for the delay in acknowledging your post....

 

I have spent time reading the full document, so Thank you for posting it up. It makes it easier to understand what is going on and why?

 

I notice I have not been able to access the OFT CRW register...could that be to do with the change over?

 

Apple

[lesterlass]

Glad it was of help Apple,

 

I have just been on the OFT register and it's fine now,

 

LL

[applecart]

Glad it was of help Apple,

 

I have just been on the OFT register and it's fine now,

 

LL

 

Hi LL

 

How are you getting it to work for you...it leaves me 'waiting' for ages.... can you post up the link that your are using?

 

Apple

[lesterlass]

Here we go

 

http://www2.crw.gov.uk/pr/

[citizenB]

What is the avatar, apple.. it is a bit teeny for me to read the text !

[applecart]

Here we go

 

http://www2.crw.gov.uk/pr/

 

I am getting no joy... : (

 

Applr

[citizenB]

apple, are you trying to link directly using the above.. you might have to copy and paste it into your browser. I am linking ok.

[lesterlass]

I am getting no joy... : (

 

Applr

 

 

Not sure what is happening, opens every time for me:???:

[applecart]

What is the avatar, apple.. it is a bit teeny for me to read the text !

 

It's an image of a cart with apples in it...the caption to the right says "who upset the applecart?"

 

I had hoped it would be clearer..... however; it was not to be : (

 

But, yes... that's what it says ; )

 

Apple

[applecart]

Not sure what is happening, opens every time for me:???:

 

Hi Ya,

 

My computer is probably as antique as me.......I'll try CitizenB's idea...

 

I just want to see how the 'connection' between OFT Credit Licences may have been affected when at the same time a company has derived 'authority' under the FCA at the same time.....??

 

It's ok.... it's just the way my mind works...so, forgive me...but i;

 

Hope that makes sense??

 

Apple

[applecart]

ah ha..... got it.... thanks both : )

 

Apple

[citizenB]

It's an image of a cart with apples in it...the caption to the right says "who upset the applecart?"

 

I had hoped it would be clearer..... however; it was not to be : (

 

But, yes... that's what it says ; )

 

Apple

 

Aha..

 

ah ha..... got it.... thanks both : )

 

Apple

 

Excellent

[applecart]

Aha..

 

Yes, I thought it summed "me" up entirely....any issue that upset consumers upsets 'Me' too....especially where there is legal remedy for redress.....ignorance is not bliss....... : )

 

 

Excellent

 

 

Apple

[andrew1]

' Redress' now where have I heard that word before?

 

A1

[p.j]

space ?

 

Apple space is limited again.. ; )

[applecart]

' Redress' now where have I heard that word before?

 

A1

 

We have to 'push' for it.....no one man is an island.....we need every borrower to understand what the law says, how to interpret it..and get it said.....

 

Apple

[applecart]

no, not right now p.j.....i'm full of space..... : )

 

Apple

[p.j]

no, not right now p.j.....i'm full of space..... : )

 

Apple

 

nope real estate is full up so it says Apple ... ; )

 

pj