SPML/LMC anyone claimed for mis selling and unfair charges?

[diddydicky]

Hi All!

 

I think there has been seem great work done by folks here.

 

As a few have said and I totally agree - let us concentrate on ending the misery of this lot by our collective efforts.

 

I have just observed something that I think is of great importance regarding the issues that are being debated here - briefly outlined below:

 

1.London Mortgage Company Limited is NOT Southern Pacific Morgage Limited Trading As London Mortgage Company or more commonly written as Southern Pacific Mortgage Limited T/A London Mortgage Company.

 

2.London Mortgage Company Limited is an individual legal entity(company) in its own right.

 

3.Whereas London Mortgage Company is a trading guise for Southern Pacific Mortgage Limited.

 

4.In conclusion,these are two seperate legal entities.

 

5.Personally,I think that the Fraud Act 2006 has immense implications here including imprisonment because a non existing entity - limited company is putting forward its rights by its legal rep in a court of law i.e. to repossess or gain charging orders etc where in fact that limited company does not exist AT ALL may I add and its former directors and agents etc.would be fully aware of this.

 

6.Also,the most disturbing part is - where in the hell do our monthly mortgage repayments end up?

 

 

7.Finally,If anyone has questions,please feel free to ask.

 

Also,if anyone disagrees with the content of my post in part or full, please let me know backed up with your reason(s) and evidence etc. so we can discuss it further in a sensible and civil manner and to the benefit of all Caggers.

 

I hope this helps.

 

Keep up the fight!

 

Cheers,

 

Nightmare4banks

 

according to companies house London Personal loans ltd changed its name to Langersal No 2 Ltd on 2 May 2006!!

 

ive come in on this thread by reference from someone else

 

SPPL Ltd can trade under any name as long as it does not clash with any limited company (but it would be up to THAT company to stop it doing so) an it declares on all its paperwork that it does so

Edited January 26, 2010 by diddydicky

[mercyblue]

So "tough" new rules from the FSA are actually no ERC on arrears and interest on such. Repossession should be the last resort err wasn't this suppose to be the case already? Record calls and actually keep records for 3 years.

Ok its good that it says not apply a monthly arrears fee where they have entered an agreement. So ok we now wont enter agreements and be able to bump up the costs that way (ignoring the fact that repo should be the last resort) we'll just have to go for repo straight away so they aren't arrears charges they are litigation management fees etc.

In addition notice that it also states payments must first go to missed payments not arrears charges - so said charges are still here.

So that that tough really lets see the other firms (capstone esp) made to refund people, considering even the FSA know these firms have been milking customers dry

 

Lesley Titcomb, FSA director responsible for the mortgage sector, said:

"Today’s proposals underline the standards that firms must meet and will help to ensure that homeowners in financial difficulties are treated fairly. Lenders need to be in no doubt of their obligations to customers who fall behind with payments and must realise that such circumstances are not an opportunity to create further profits."

 

except lesley they are doing just that on a daily basis

[midge61]

CML don't seem too impressed with it though (what a surprise)

 

Today the Council of Mortgage Lenders (CML) said that while it 'broadly' agrees with the proposed arrears handling legislation, it harbours reservations over the FSA's intentions for 'approved' advisers.

 

CML director general Michael Coogan said: 'We will need time to consider the FSA's proposals properly. But at first glance, the extension of the approved persons regime to both lenders and intermediaries appears heavy-handed, at least as far as lenders are concerned, and may be a sledgehammer to crack a nut.'

The stricter rules also state that firms must not add additional 'early repayment' charges on arrears.

[kegi]

..promising news indeed..

 

@ N4B - I think, unfortunately, that many investors enjoy the immorality of their investments.. it's a statement or expression of class, superiority and power over the poor who they believe, through indoctrination, are 'lazy' or 'stupid' or 'sick' and therefore deserving of exploitation and social abuse..

 

I am holding myself in check on this one ,where in hell do you get such c**p from planet x .Do you include yours and mine pension funds,or yours and mine insurance funds,or your grand parents who have saved for 50 years and are trying to maintain the value of those savings in that

Analysis IF NOT WHO ARE YOU TALKING ABOUT.

If it wasn't for investors this country would be 10ft under water by now

If it wasn't for investors there would be no mortgages for most in this country to get

and I could go on and on but I don't want to upset the millions of investors out there who are keeping this island afloat

name them and shame them i say

kegi

[ZillaK]

..you should read my comments in context kegi.. might help you understand the meaning

[wot2do?]

Just read on the news Lloyds TSB is about to do a brand new mortgage backed securitisation

 

http://www.bloomberg.com/apps/news?pid=20601102&sid=aAZ7GaFQIRL0

[Gallahad]

I am holding myself in check on this one ,where in hell do you get such c**p from planet x .Do you include yours and mine pension funds,or yours and mine insurance funds,or your grand parents who have saved for 50 years and are trying to maintain the value of those savings in that

Analysis IF NOT WHO ARE YOU TALKING ABOUT.

If it wasn't for investors this country would be 10ft under water by now

If it wasn't for investors there would be no mortgages for most in this country to get

and I could go on and on but I don't want to upset the millions of investors out there who are keeping this island afloat

name them and shame them i say

 

kegi

 

Kegi, the people you mention are merely the suppliers of grass root funds.

IMO it is a little naive to believe they are also the controllers and manipulators of said funds.

G

[enoughisenough]

Subbin...

[ryde]

kegi

pension fund what the f.cks one of them?

investor = saver=pension fund =hedge fund=managers=fat cats licking up the cream at the grass root investors /savers expense hence huge bank bonuses and profits when there is supposed to be a worldwide recession.

This country was kept afloat by manufacturing ,wiped out by Thatcher who rode the waves on a tide of north sea oil and then pinned her hopes on London becoming the financial centre of the universe ,money was and is god.

Rather a sweeping statement I know but personally I believe in spiritual contentment,Marx and Lord Cagger and we had none of this sh.t when I was a lad.

If I said to kegi for example give me your money or I'll kick you ugly I'd probably get 5 years yet the shower we've been dealing with can rob him of his life savings and home and get away with it.

boot 'em into oblivion.

Edited January 27, 2010 by ryde

[Gallahad]

kegi

pension fund what the f.cks one of them?

investor = saver=pension fund =hedge fund=managers=fat cats licking up the cream at the grass root investors /savers expense hence huge bank bonuses and profits when there is supposed to be a worldwide recession.

This country was kept afloat by manufacturing ,wiped out by Thatcher who rode the waves on a tide of north sea oil and then pinned her hopes on London becoming the financial centre of the universe ,money was and is god.

 

A pension fund is where ordinary folk put their hard earned money in the control of fatcats who invest it for them and if successful give back a small return after deleting their own exhorbitant fees and paying for their golden handshakes. In the event of having taken too high a risk and losing money they then tell the ordinary folk tough titty your fund is now worth about 10% of the cash you have invested .

G

[wot2do?]

If the SPV controls the interest rate etc, who at the SPV does that. It looks like SPV's only exisit on paper

[ryde]

A pension fund is where ordinary folk put their hard earned money in the control of fatcats who invest it for them and if successful give back a small return after deleting their own exhorbitant fees and paying for their golden handshakes. In the event of having taken too high a risk and losing money they then tell the ordinary folk tough titty your fund is now worth about 10% of the cash you have invested .quote gallahad

fo' sheezy mah neezy

aka chizzle me nizzle

thanks to L.C. for educating us into a whole new language wonder if he uses same in litigation?

[kegi]

zill gallahad ryde

Its pretty obvious the three of you don't like investors and so you nitpick highlighting the negatives and leaving out the positives I wonder why?

had your fingers burnt [hence read the small print]

For what its worth and I'm not alone there are millions out there who have done well with their investments over the years thank you very much ,and my pension fund as done me proud thank you again. There are safe investments and risky investments you take your pick if you don't like the way its going you get out thats my control.Hedge funds by the way are not all smash and grab speculators include pension funds in them trying to get a better return for your benifit .

And not to turn this thread into a debate on the morality or otherwise of investors I leave it at that.

Wasn't there a song called When I was a boy ryde [hope you were out there on the picket lines ]

 

kegi

[enoughisenough]

I think that's enough of that now. If anyone wants to post further on this topic I suggest you try here:

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/244421-investors-immoral-scumbags-wealth.html#post2729831

[ryde]

KEGI

You're not telling me you were raised and live in a HOUSE are you and are an INVESTOR(spelt in melting wax )!!!!!!!!

House! You were lucky to live in a house! We used to live in one room, all twenty-six of us, no furniture, half the floor was missing, and we were all huddled together in one corner for fear of falling.But do you know, we were happy in those days, though we were poor. My old Dad used to say to me,

"Money doesn't buy you happiness, son".

And you try and tell the young people of today that ..... they won't believe you.

[enoughisenough]

Oh well, not for the want of trying... (sigh...)

[h8them]

Can we all feel the love in the room

[littledotty27]

To be honest im getting a bit sick of all the griping with each other!!!

Each & everyone of us is in the same boat,no matter what one thinks & the other doesn't.

So,I suggest you all get a grip,wind your necks in & do what we are here to do!!! Bring the shower of ****e down!!

[ryde]

LD

dead right suppose it could be the tension of waiting for the FSA announcement if it ever comes because that will be the single most important thing that reaaly does finish them off(op) cos who is gonna pay? ,so apologise for my part in any nonsense.

wot

re the spv:These were clearly set up by Lehmans who managed the whole affair from originator/servicer/spv so ultimately the whole set up had to be answerable to the lehmans board and responsible enough to keep generating business.I think the spv is far from a piece of paper but actively manage the mortgage accounts closely with capstone,see the accounts they have filed and they have a responsibility to investor entities with serious clout if things go wrong,hence the constant posting of notices.

[Gallahad]

LD

dead right suppose it could be the tension of waiting for the FSA announcement if it ever comes because that will be the single most important thing that reaaly does finish them off(op) cos who is gonna pay? ,so apologise for my part in any nonsense.

wot

re the spv:These were clearly set up by Lehmans who managed the whole affair from originator/servicer/spv so ultimately the whole set up had to be answerable to the lehmans board and responsible enough to keep generating business.I think the spv is far from a piece of paper but actively manage the mortgage accounts closely with capstone,see the accounts they have filed and they have a responsibility to investor entities with serious clout if things go wrong,hence the constant posting of notices.

 

Ryde no more tension then as FSA gave press release this morning.

Credit Today online

 

Regards G

[mrsiphone]

isn't that the OFT and not the FSA ??

[ryde]

Surely as things stand currently any repo action by any lender in which charges for arrears are an issue cannot be legally enforceable in a court until this whole situation is fully clarified by the regulators and I would think nearly every case involves arrears charges.

These announcements must be used as a primary defence in any litigation with a request for an adjournment pending the regulators final findings and new regulations especially if they are to be backdated as in the gmac case which is precedental.

Edited January 27, 2010 by ryde

[Gallahad]

isn't that the OFT and not the FSA ??

Apologies Ryde brain not engaged just on overload:???:

[I'm the bad guy?]

ITBG? in your post you said that if someone answered your question you would leave the thread but you continue to post.

 

I jest with you

 

It is catch 22, the only way I can expand on that is by saying

 

If you had the evidence for disclosure, you would not need disclosure, hence catch 22.

 

 

..Oi! Nappynuts, that's the best you could come up with?

 

did you actually go to law school?, or was Noddy's School of Law closed for the semester.

 

you have got to be sh**'in me, that's an 'absolute answer', you need to get your nappybutt into gear, and come up with a real legal argument for non-disclosure..either that or wait til Noddy gets back from Toyland!

 

 

...edutainment.

 

 

 

 

 

 

ITGG!

Furian

[wot2do?]

To be honest im getting a bit sick of all the griping with each other!!!

 

Guess you missed this post ITBG?

 

Have some respect for the creator of this thread