Prestige Finance - 2nd charge secured loan - going for home repo - help!

[denysemarst1]

Thanks dx, you have been really helpful on this matter and I really appreciate it, I will have a go at the spreadsheets and start the ball rolling!

 

 

Denyse

[dx100uk]

post up before you send anything off or use it please

 

 

dx

[denysemarst1]

Hi All,

 

Ive sent the SAR request and applied for the adjournment based on the time they need to supply it.

 

 

I received a letter from them prior to asking for the SAR and to be honest I'm panicking again and I don't know if I can do this on my own,

 

 

If the contents of this letter are just trying to scare me - It's working.

 

 

I want to know from you guys what you think I should do,

 

 

shall I just pay it (even though the charges are outrageous) and just hope I can claim some back,

 

 

or carry on regardless of what they are saying,

 

 

I just don't know what to do at the moment,

 

 

I am losing my confidence in this one,

 

 

hope you can help me again

 

Thank you:-

 

Hopefully I have attached the letter they sent me for your kind help and assistance, if it hasn't attached let me know and I'll have another go.

[dx100uk]

nice of them to tell you they've fleeced you out of £9524.60

 

 

dx

[denysemarst1]

Shall I just pay then, does that letter confirm they have the right to do this?

[denysemarst1]

Oh yes and they are such a kind caring firm they even informed my local council housing department that they were applying for possession of the property and I would be homeless and they wrote to me with advice !!!!!!!!!!!

[dx100uk]

no you get reclaiming that figure

 

 

dx

[denysemarst1]

I'd really like to but don't know where to start, are there any template letters I could use?

[denysemarst1]

Also

I am confused I have not actually paid that amount as yet

that is the figure they are claiming

so what would be the justification in me claiming an amount I have not as yet paid

 

 

My house is worth over £250,000 and

 

 

cannot risk them getting their hand on it for the amount they are claiming

 

 

does this thing really happen to people, and if so who gets the balance??

[denysemarst1]

Ok I've been granted the adjournment!

 

 

It's been re listed for 24th April now which does give me time to have the SAR back and consider what to do next,

 

 

as I said I want to challenge this as it does not seem to be fair or proportionate at all,

 

 

I also wondered about that letter I received from the local housing department,

 

 

could it just be that they monitor the court cases which are going for repossession?

 

 

because these people have tried this before and I never received a letter from the housing,

or have they notified them, which in my opinion would be a little audacious

and I think the district judge would not take too kindly to them pre-empting a decision of the court?

 

 

Any body got any futher advice for me please?

[caro]

Firstly, IF your house was repossessed and sold, your first mortgage would be paid and any other charges next - if there was enough. Anything after that would (I believe) be yours.

 

Secondly, what is this letter from the council? I can't find any reference to it in the thread, but normally they wouldn't intervene unless you were evicted and homeless. I would be amazed if prestige got in touch with them on your behalf. Why would they?

[Lea_HTH]

Informing your local authority is part of the pre-action protocol - so there is nothing you can do about that. The judge will expect them to have done so in order that you can access funds that are only available if the local authority are notified (e.g. mortgage protection fund or mortgage rescue).

 

Incidentally, possession usually adds about £30-40k to the actual outstanding debt, so any equity in the property due to the mortgagor is always depleted further. Which is why courts will allow extra time to someone facing possession if they have found a buyer - as this means they'll get to keep more of their equity (ultimately) than if the property is possessed by the mortgagee.

[caro]

Thanks Lea.

[denysemarst1]

Oh yes and they are such a kind caring firm they even informed my local council housing department that they were applying for possession of the property and I would be homeless and they wrote to me with advice !!!!!!!!!!!

 

It is on the thread Caro and I was absolutely astonished to receive it I was thinking I might contact them to ask who informed them of this because to the best of my knowledge they do not keep an eye on county court listings! That should be interesting, just so you know I only have about 4 years left to pay on my first mortgage and I think the outstanding balance is about £30k because I pay more per month than I need to, there are no arrears on this mortgage and as I said the house is worth between £250-300k!!

[denysemarst1]

Do you know what, I can't stand this any more I think I'm just going to pay them what they want and then they will leave me alone, but it's still grossly unfair and companies like this should be fined for their charges!!

[denysemarst1]

Informing the council however must be a new thing because they didn't do it before???

[caro]

See Lea's post about pre-action protocol denyse.

[denysemarst1]

Yes thanks I have seen it, but as I have said I don't feel I have much choice with this one, I'm not prepared to even let them think they are going to get their 'mucky' hands on my house, so I think I will just have to pay up and take this one on the chin, maybe afterwards I can take action against them to recover some of it, as I said before I can't see how I can reclaim costs that I have not paid?

[dx100uk]

are you saying that the total owing is solely made of PENALTY charges and PPI?

 

 

so in effect you owe then nowt they owe you?

 

 

dx

[denysemarst1]

No dx, they are not saying I owe the PPI they have already had that as it was added onto the loan

which has been repaid in full together with an additional £400,

 

 

they are saying I owe money for letters, returned payments, court costs and interest.

 

 

Like I said I'm not actually sure I could claim the amount they are claiming as I haven't paid it, hence their court action.

 

I am sure however that their charges are disproportionate and unfair i.e. £35 per letter,

I am awaiting their SAR which will hopefull show the amount of letters they sent to me,

because they went through a period where they were sending me 2 letters per day, every day just saying the same stuff!!

 

 

It just astonishes me that they can go for possession based on charges and not the actual loan,

apparently they have worded it as 'breach of contract',

so I feel like I am batting in the dark at the moment,

 

 

one minute I am outraged and want to take this as far as I can,

the next I feel totally intimidated by them and think I'd better pay so that they cannot get my home which is actually almost paid for on my 1st mortgage

(which has no arrears, in fact I am in advance with those payments because times got better

after I took out this second charge)

 

 

but it would seem that they believe they have a case,

so I don't know what to do at the moment and feel quite depressed about it

[dx100uk]

letters, returned payments, court costs and interest.

 

 

then that with the PPI can be reclaimed.

 

 

you owe nowt

 

 

think you are missing the point.

 

 

the judge will be none too pleased that what they have taken you to court for is solely penalty charges.

 

 

as soon as you get the statements

we'll knock up the spreadsheets.

 

 

you don't have to have already paid them to get them back ..they are bogus

 

 

and any T&C's stating they are lawful can be challenged.

 

 

dx

[Ell-enn]

Regulation 5 of the Unfair Terms in Consumer Contracts Regulations 1999 - Schedule 2 of the said Regulations which provide an indicativeand non-exhaustive list of terms which may be regarded as unfair. Underparagraph 1(e) of schedule 2 this specifically includes terms which have the object of requiring any consumer who fails his obligation to pay a disproportionately high sum in compensation.

[denysemarst1]

Thankyou Guys

 

 

I'm starting to feel a bit more confident now,

also some one else from CAG has PM me ( I can't do it back not enough posts yet lol)

but essentially she says she has the same problem with them,

but it looks like that might be going to trial???

 

 

I don't know if she has put up her problem so don't want to say very much

as it up to the person to give permission or to post themselves.

 

I am not worried about going to court

I am a social worker and have been there many times!!

but I want to be able to do it in a professional way and in a way that they cannot challenge.

 

 

So all your help is really appreciated and btw if anyone on this site requires advice on family law

- I'll be more than willing to advise, but am out of my depth on this.

[denysemarst1]

I've done a quick internet search on complaints about this company, and to be honest I'm even more confused!!

 

This is what I found.

Prestige Finance Ltd are now a non trading company..

.accounts dormant..

..their CCA licence lapsed on 20/1/2008 .

...so they can't chase you for any money

 

Melbourne Motgages Ltd appear to be trying to collect payments on behalf of Prestige

but they do not hold the required category on their CCA licence to collect debts on a third parties behalf.

 

This is a criminal offence under Section 39 of the CCA conducting Consumer credit ancillary business without a licence to do so ..

...........make the OFT aware of all these actions and stop them.

 

Next this:

Licence Number:0400227

Licence Status:Current

 

Current Applicant / Licensee:

 

Business Name

Company Registration Number

 

 

Melbourne Mortgages Limited 3086412

 

Categories:

 

Consumer credit Credit brokerage Provision of credit information services, excluding credit repair

 

Right To Canvass Off Trade Premises:No

 

Issued Date: 20-Oct-1995

Date Maintenance Payment Due: 20-Oct-2015

 

Legal Formation:

 

Body Corporate (incorporated inside UK)

 

Current Individuals that run the organisation:

 

NamePosition

David Leon Stern Howard Marc Sheldon Simon Perry Stern

 

Nature of Business:

 

Other Investment/Financial Advisers

 

Current Address(es):

 

Address TypeAddress

Principal Place Of Business

Prestige House, 16 Melbourne Road, Bushey, Hertfordshire, WD23 3LN

 

 

Registered Office88-90, Crawford Street, LONDON, W1H 2EJ, United Kingdom

 

They varried the licence in August 2011

 

Finally this!!

 

THey cannot collect debts FULL stop..

 

 

The variation that took place was to add credit brokerage to their licence

 

So I don't know what the hell is going on with these people,

they must be operating or else how could they apply to the courts?????:???:

[dx100uk]

one savings is their group name is it not?

 

 

dx