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

[littledotty27]

I've had PMs from people feeling that the only way out of this is to KILL THEMSELVES.

 

Thats awful EIE, I've lost a brother in law to suicide & it's not a pleasant experience for their families to go through.

I know how easy it is for them to feel like that,we all must have felt like this at some point.

[saintly_1]

 

 

This site relies on US to do the work for them whilst THE PAID moderators line their pockets.

 

 

 

.

As already stated Moderators on this site give their time voluntarily none of us recieve any payment in any form your posts havent been deleted they are just unapproved you can contact admin on admin@consumeractiongroup.co.uk if you think they have been wrongfully unapproved.

 

saintly_1

[pt2537]

I think, and i speak solely for myself here and not for the CAG, that this appalling conduct needs bringing to the attention of the wider audience

 

That said, there are ways of doing this, and fighting amongst ourselves and arguing just dont cut the mustard.

 

So, how about, we stop the infighting and get back to what were doing.

 

People out there need forums like this, but the forum itself cannot defend a legal action against these big boys, so, we need to make sure that we do not give them the chance to bring this forum to its knees.

 

If you look in the DCA legal success forum, you will see the numerous people the CAG has helped just with CCA regulated debts, so it shows that we fight for the consumer not the corporation, but that said we need to make sure that the forum remains able to fight on.

 

In respect of the site rules, sadly, i cant comment on that side of it, then again, ive never been too heavy handed with my moderation and only remove commercial links which are not there to assist the consumer

 

Anyway guys rather than divide, lets unite and fight on yes?

[pt2537]

 

This site relies on US to do the work for them whilst THE PAID moderators line their pockets.

 

hmm, interesting notion , but sadly very wide of the mark,

 

all the time, abuse, pleas for help etc that i get and give respectively are done so pro bono,

 

I have even represented people in a professional capacity for free and defended against charging orders, stat demands and CCJs

 

So please do not insult me with such comments, im not the enemy by the way, so dont make me out like one of them

[frettful38]

I understand that we all need to let off a bit of steam every now and then, but personal attacks on the site admin is not a good thing. They run this site to help people in desperate situations and who have no where to turn to in a crisis.

 

EIE I can understand that you must feel very frustrated at at times not be able to help people who have been pm'ing you about thoughts of killing themselves as that is a very serious matter for anyone to hear, but this is not the sensible way around things.

 

Since joining this site I have received nothing but help, and trust me my whole life has turned around for the better. Of course there were times when I thought there was no way out, but thanks to some of the legends on this site like legalpickle and sparkie1723 I now see that there is a light at the end of the tunnel. Its just a matter of getting your head around to finding it.

 

Sit admin are there to help all of us, and I know that tensions can run high at most of the times but there is no point in blaming them as they are only doing their job which I think is excellent.

 

PT its good that you have commented and tried to defuse this situation.

[enoughisenough]

I'm very sorry to hear that Dotty and as insensitive as my post concerning this was to the very real possibility that people such as yourself might have had first hand experience of this it also happens to be true.

 

If the CAG team have access to PMs you can check this out. An appalling state of affairs. I'm disgusted that Martin3030 has still not seen fir to withdraw his comments or at the very least come up with some pathetic justification, no doubt employing the get clause "context".

[saintly_1]

I have unapproved a couple of posts if posts continue in the same vein then there will be no other option but to put accounts on moderation.

[caro]

Site team are simply caggers with the same problems as everyone else and don't get paid. The bank successes forums also show that CAG does not bow to the pressure of the banks.

 

For information:-

Welcome to The Bank Action Group Forum.

 

Please be aware that all advice here is provided informally by concerned volunteers. This Group holds out no particular expertise or qualification. It is not responsible for the views of its Users who post here. The Group makes no guarantee of the accuracy of any of the advice or information which is provided on these pages and you are advised to apply your own judgement at all times. The Bank Action Group is merely a campaign and support group.

 

This is a group which has been set up by volunteers who have all been victims of the banks excessive charging.

 

It is funded from the pockets of the core group of organisers although we have now suggested some contributions for books. We have also implemented a donation scheme and joined some lmited affiliate programmes to help meet some of the costs

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

 

The above was written when the site was founded so the team are victims of more than just bank charges now, but we ARE all still volunteers.

 

Personally I think that it's best if everyone posts on the same site to make sure that everyone has all the information that they need together instead of having to look round lots of different sites to make sure they have all the info they need. Ideally everyone would work together, but some people prefer to do things in their own way, which is fine and their choice.

 

I just want CAG to be the best it can be so that institutions like Crapstone can't get away with making peoples lives a misery, even driving them to suicide. Sadly we're fighting many more organisations than this one.

Edited May 3, 2010 by caro

[napiernuts]

I've had PMs from people feeling that the only way out of this is to KILL THEMSELVES.

 

My deepest sympathies to you LD.

 

I am sad to report that this does not only happen to Capstone customers or just to people with mortgage debt.

 

Sadly we're fighting many more organisations than this one.

 

Credit Card

Debt suicide widow's warning | This is Money

 

Debt secret led to suicide | This is Money

 

Banks in dock for card debt suicides | Money | The Observer

 

In the light of people posting desperate messages feeling that they must commit suicide to get out of their desperate situation does MARTIN 3030 STAND by his comments that this thread is the equivalent of threads elsewhere fighting parking tickets?

 

 

All threads are equally importantant

Edited May 3, 2010 by napiernuts

[enoughisenough]

Hi all

 

The consensus appears to be that I have been a little hot headed and have been posting stuff that is unnecessarily hostile and provocative.

 

I agree that this interpretation is justified and that (not for the first time) I got a bee in my bonnet.

 

I wish to offer my sincere apologies for impugning the motives of individual members of the site team, and since the accusations were made publicly the best place for this apology is also in public.

 

If anyone thinks otherwise, the fire has not gone out of my belly. But I'm driven mad by the sheer frustration of watching day in day out waiting for some development - it does my head in, as I'm sure it does everyone else's.

 

If we have some small victories preventing a repossession (those are obviously big for the people involved) it still feels like nothing has been achieved. How some people cope (or rather don't) I have no idea.

 

Keep the faith EiE.

[MARTIN3030]

Thanks for this its appreciated,and allows the focus to continue on whats important.Many of the team,myself included,have continued to work here behind the scenes over the bank holiday,to help people with ranging issues.

I am sure I speak for all by saying we would much rather be doing that than moderating posts or resolving confrontation.

I hope everyone had a good weekend and that we can move on from events of the last few days.

Thanks for all those who have worked and contributed to that end.

 

Martin

[andrew1]

and just to keep up with the fun, I thought this would please you guys:

 

ADMINISTRATION

PwC reveals Lehman Brothers fees.

 

Lehman Brothers administrator PricewaterhouseCoopers (PwC) has revealed it has charged around £1Om a month for its work in the last six months.

Steven Pearson, partner at PwC, said in a progress report

that the accountant’s work has gained control of over $48bn (£31.7bn1 of securities and cash to date. During the first 18 months of administration PwC has returned $l4bn (£9bn) of assets to clients.

The firm has racked up costs of £57.6m in the last six months, bringing the accountancy giant’s total bill to £210m, but PwC said that this total represents just 0,65 per cent of total assets controlled by the administrators.

 

compliments of Credit Today Mag

 

I'm in the wrong job!

[littledotty27]

Had letter off capstone this morning,they don't half contradict themselves.

The transfer will now take place from the 17th May & I have been issued with a new account number. It also states the following:

 

Although LMC is transferring the servicing of you mortgage to capstone,this process has no bearing on your contractual obligations with LMC. Your mortgage lender remains LMC. Any changes made by LMC to the way your mortgage is to be serviced are carried out in accordance with the existing terms of your mortgage.

 

Yet I have received AGAIN a new tarrif of charges that differ to the ones I am currently paying.

To me that results in a change of t&c's.

[kegi]

Had letter off capstone this morning,they don't half contradict themselves.

The transfer will now take place from the 17th May & I have been issued with a new account number. It also states the following:

 

Although LMC is transferring the servicing of you mortgage to capstone,this process has no bearing on your contractual obligations with LMC. Your mortgage lender remains LMC. Any changes made by LMC to the way your mortgage is to be serviced are carried out in accordance with the existing terms of your mortgage.

 

Yet I have received AGAIN a new tarrif of charges that differ to the ones I am currently paying.

To me that results in a change of t&c's.

 

Same here for family member this letter same date 17th may, says and I quote as you may be aware your loan was sold to SPML IN 2006 [THEY WERE NOT AWARE] and nothing will change other than CAPSTONE will take over the day to day running of your account [new number] Nothing about changing payment details

As to the charges nothing this time but the other letter included charges listing which they say they can at various times review them and alter them according to the Tand Cs

Edited May 4, 2010 by kegi

[littledotty27]

Has your family read through the t&c's Kegi? I know mine mention nothing about them changing. I would get them to double check.

 

I've already been into court last week & spoke to the enforcement team about it,even they said it would be breaching contract.

I'm now putting it all in writing for a DJ to look at(inc all the evidence I need),so a decision can be made whether to bring it back into court.

[Crapstone]

Hi all

 

The consensus appears to be that I have been a little hot headed and have been posting stuff that is unnecessarily hostile and provocative.

 

I agree that this interpretation is justified and that (not for the first time) I got a bee in my bonnet.

 

I wish to offer my sincere apologies for impugning the motives of individual members of the site team, and since the accusations were made publicly the best place for this apology is also in public.

 

If anyone thinks otherwise, the fire has not gone out of my belly. But I'm driven mad by the sheer frustration of watching day in day out waiting for some development - it does my head in, as I'm sure it does everyone else's.

 

If we have some small victories preventing a repossession (those are obviously big for the people involved) it still feels like nothing has been achieved. How some people cope (or rather don't) I have no idea.

 

Keep the faith EiE.

 

I haven't read your original faux pas but whatever it was is nothing compared to the way we have been have been dealt with as consumers. I feel like nothing has been done despite small wins and wanting more. They don't want to acknowledge that a sale wouldn't have been made if we were fully aware at the time.

 

I'm doing Ok and still getting at them but I know that others are struggling to keep their heads above water. My advice is just to keep at them..as that's the only way forward. Obtain all you can and throw it back at them. Dispute all the way. Hard work but worth it.

[Guest MamaG1]

Hi all,

 

Mortgage sale shortfall by SPML, of 100k and now chasing me for payment.

 

I received another letter yetsrday from Capstone mortages after I sent the 3 of them a SAR. ( Capstone, DCA, and SPML) Nobody responded to the SAR I sent except for Capstone.

 

Capstone who replied are asking me in the letter to confirm that the address I am now in is my now current address and that I should sign and return the letter to them. What a farse. I know they dont have anything on me, so now they are trying to get my signature.

 

And then I got another letter from the so called debt collection agency, saying

 

Notice of Debt Recovery

Important

 

To avaoid further action you must call and pay in full or contact the recovery dept on a no.

 

Falure to take the above action by 5 may 2010

may result in the following methods

Instructions to solicitors to commence legal action, or a debt collector to visit and collect the debt personally.

Customers can prevenent this by contacting the above Priority telephone no.

 

Please please help advise..

 

 

Then aGiro slip.

Edited May 5, 2010 by MamaG1

[rocket1]

Crapstone & Enough is Enough,

 

I think you are quite right about being frustrated that nothing meaningful has yet been achieved, excepting some victims have been helped a bit.

 

I am equally frustrated and completely astonished that when I started a thread about trying to organise a class action, only a handful of people said 'yeah me too' but nobody has actually offered any meaningful contribution to progress the issue.

 

I have been too involved in problems I currently have to spend any time on the idea at present. I am currently trying to evade eviction and a huge raft of consequential problems consuming my life - all caused by the sheer wickedness of years and years of mortgage sub-prime hell.

 

It would seem to me that no progress will be made without conversations with a lawyer.

 

I have a vague layman's idea of how there is almost certainly a case to be brought against the sub-prime lenders, but without a lawyer's perspective, I just haven't a clue how to proceed.

 

 

In the past, when a lawyer has pointed out how to proceed in litigation about something, or if I have read something like a law report or judgement, I can instantly understand how to proceed in that particular manner and am capable (sort of ) of doing it myself if necessary. But you need a lawyer to know just what to focus on and how to proceed in the first place.

 

So, the bottom line is, who amongst us might be a lawyer with whom we can discuss basic concepts of how we might proceed with an action ?

 

We don't need an official (and paid for) lawyer actually acting for us yet. Just a few minutes of conversation might be all that's needed for us lot - that's you and me and others here - to bustle off an do the time consuming legwork to start building the case.

 

For instance, someone spending the time to get information from America about the Ameriquest class action brought by several State Governing bodies in 2006 so we could see the legal framework of that. It might be all we need to show us how to proceed as it may possibly be the same sort of action we seek to bring. But, of course, it may be quite different. But I am sure it might be useful though !

 

So, our first objective is to find a legal brain to just talk to about generalities. A proper paid for (or pro bono ?) lawyer comes later.

 

The first question to pose to this lawyer is 'Tens of thousands of people have been either partly or completely stripped of their home equity and often been made homeless and suffered other serious consequential losses as a result of being manipulated and duped by the mortgage providers owned by the banking industry.

 

'That these same homeowners would never have suffered these losses if their mortgages were administered within the same sort of transparently honest structure and system of mortgage lending that was previously so successfully undertaken by the original mortgage lending mutually owned building societies whose aim was to facilitate home ownership rather than engage in predatory lending to squeeze as much profit for themselves as possible out of homeowners .

 

' It is self evident the banks took over the original mutually owned building societies in order to milk profit for themselves out of the housing market.

 

'It is equally self evident that the costs of mortgages of any sort for any homeowner have risen exponentially since the banks forcibly took over the mortgage lending market; and that repossessions and evictions and resulting homelessness and other associated social problems have also risen exponentially as a direct result of the mortgage lending subsidiaries of the banks forcing homeowners to accept deliberately predatory lending contracts designed to maximise profit for the banks.

 

'That the entire mortgage market is rigged and manipulated by a small cartel of only a handful of principal banks who have contrived to completely drive out of the market the older style, simplistic mortgage which is now virtually non existent as a direct result of the banking cartel's activities.

 

'The banks have contrived a delusion of the concept of 'the unreliable and risky borrower' as an excuse to create the infamous 'sub-prime mortgage lending market.'

 

'That these sub-prime lenders have engaged in predatory and wrongful, frequently fraudulent and sometimes criminal practices directed against homeowners in order to deprive homeowners of money, and to wrongfully convert homeowner's property to their own use.

 

So, Mr Lawyer, how might we find a way of constructing a class action case against one (to set a precedent) or all of these extremely nasty and grasping mortgage lending organisations ? What do we need to actually look for ?

 

What would be the list of many possible grounds for bringing a case so we can look at each possibility and discover it's presence (hopefully) as experienced by homeowners with mortgages ?

 

Perhaps we could all start making a list of what we think these grounds might be, many of which have been discussed on these forums.

 

Anyone want to make a start here right now ?

Edited May 5, 2010 by rocket1

[iconoclash]

Hi - I was wondering if we could ask the pertinent questions to this barrister who has a web page and option to : ask a free legal question - I know he looks at these as Ive had him ring me at home but at present dont think i can post the link up without permission he is Oliver Mischcon at Temple Chambers I think. ??

[Crapstone]

Crapstone & Enough is Enough,

 

I think you are quite right about being frustrated that nothing meaningful has yet been achieved, excepting some victims have been helped a bit.

 

I am equally frustrated and completely astonished that when I started a thread about trying to organise a class action, only a handful of people said 'yeah me too' but nobody has actually offered any meaningful contribution to progress the issue.

 

I have been too involved in problems I currently have to spend any time on the idea at present. I am currently trying to evade eviction and a huge raft of consequential problems consuming my life - all caused by the sheer wickedness of years and years of mortgage sub-prime hell.

 

It would seem to me that no progress will be made without conversations with a lawyer.

 

I have a vague layman's idea of how there is almost certainly a case to be brought against the sub-prime lenders, but without a lawyer's perspective, I just haven't a clue how to proceed.

 

 

In the past, when a lawyer has pointed out how to proceed in litigation about something, or if I have read something like a law report or judgement, I can instantly understand how to proceed in that particular manner and am capable (sort of ) of doing it myself if necessary. But you need a lawyer to know just what to focus on and how to proceed in the first place.

 

So, the bottom line is, who amongst us might be a lawyer with whom we can discuss basic concepts of how we might proceed with an action ?

 

We don't need an official (and paid for) lawyer actually acting for us yet. Just a few minutes of conversation might be all that's needed for us lot - that's you and me and others here - to bustle off an do the time consuming legwork to start building the case.

 

For instance, someone spending the time to get information from America about the Ameriquest class action brought by several State Governing bodies in 2006 so we could see the legal framework of that. It might be all we need to show us how to proceed as it may possibly be the same sort of action we seek to bring. But, of course, it may be quite different. But I am sure it might be useful though !

 

So, our first objective is to find a legal brain to just talk to about generalities. A proper paid for (or pro bono ?) lawyer comes later.

 

The first question to pose to this lawyer is 'Tens of thousands of people have been either partly or completely stripped of their home equity and often been made homeless and suffered other serious consequential losses as a result of being manipulated and duped by the mortgage providers owned by the banking industry.

 

'That these same homeowners would never have suffered these losses if their mortgages were administered within the same sort of transparently honest structure and system of mortgage lending that was previously so successfully undertaken by the original mortgage lending mutually owned building societies whose aim was to facilitate home ownership rather than engage in predatory lending to squeeze as much profit for themselves as possible out of homeowners .

 

' It is self evident the banks took over the original mutually owned building societies in order to milk profit for themselves out of the housing market.

 

'It is equally self evident that the costs of mortgages of any sort for any homeowner have risen exponentially since the banks forcibly took over the mortgage lending market; and that repossessions and evictions and resulting homelessness and other associated social problems have also risen exponentially as a direct result of the mortgage lending subsidiaries of the banks forcing homeowners to accept deliberately predatory lending contracts designed to maximise profit for the banks.

 

'That the entire mortgage market is rigged and manipulated by a small cartel of only a handful of principal banks who have contrived to completely drive out of the market the older style, simplistic mortgage which is now virtually non existent as a direct result of the banking cartel's activities.

 

'The banks have contrived a delusion of the concept of 'the unreliable and risky borrower' as an excuse to create the infamous 'sub-prime mortgage lending market.'

 

'That these sub-prime lenders have engaged in predatory and wrongful, frequently fraudulent and sometimes criminal practices directed against homeowners in order to deprive homeowners of money, and to wrongfully convert homeowner's property to their own use.

 

So, Mr Lawyer, how might we find a way of constructing a class action case against one (to set a precedent) or all of these extremely nasty and grasping mortgage lending organisations ? What do we need to actually look for ?

 

What would be the list of many possible grounds for bringing a case so we can look at each possibility and discover it's presence (hopefully) as experienced by homeowners with mortgages ?

 

Perhaps we could all start making a list of what we think these grounds might be, many of which have been discussed on these forums.

 

Anyone want to make a start here right now ?

 

We know the grounds already, it's just bringing it all together. I've offered to arrange a meet for us all more than once and it seems to attract no interest (pardon the pun).

 

The line I think along is would we have ever taken out these loans/mortagages if the small print said they WOULD be sold and not IF? The charges are horrendous and usually start with trying to lead you into their own insurance plans, not addressing complaints, losing payments and failure to negotiate payment plans. A total whitewash to repo. your house as soon as they could regardless of ability to pay. The harder you try, the more they screw up your account. Almost into my 8th year and they are showing the account on credit ref. as 6 months in arrears! Utter rubbish and they belong in the gutter.

[not another b----- letter]

Could not post a link to this so have posted article.

 

MoneyMarketing

 

Capstone could be in line for MBO

 

29 April 2010 | By Paul Thomas

 

The management of Lehman Brothers’ mortgage administrator subsidiary company Capstone Mortgage Services could be planning a buyout of the firm, Money Marketing understands.

Lehman’s administrators PricewaterhouseCoopers are understood to be looking to restructure the business so its management gain a bigger stake in running the firm, fuelling speculation that the management team are aiming to achieve a buyout.

A PricewaterhouseCoopers spokeswoman says: “The Capstone management team has been retained to run and potentially grow the business. There is no outside private equity support.”

But the spokeswoman would not comment on speculation of an MBO.

It was first suggested that Capstone could be sold in September 2008 following the winding-up order against Lehman Brothers.

PricewaterhouseCoopers put Lehman’s sub-prime mortgage book up for sale in January 2009 after it reportedly failed to deleverage the Preferred Mortgages and SPML mortgage books.

 

Lehman Brothers went into administration in September 2008 in the biggest bankruptcy in US history.

[littledotty27]

ANW

 

It's always been Lightfoots representing SPML,no mention of LMC

 

Littledotty

Your situation has sprung to mind.When you have had to appear in Court ,who are the representatives of LMC bringing the action,it cannot have been Capstone as they have no authorisation until the 17th if I am correct?

So if anyone with LMC has been in the same situation as michtell above,ie capstone have bought the proceedings the same questions must be asked as there is proof that they had no authority to bring such proceedings pre the 17th.

 

On evidence so far it is indeed CAG 6 "Scumbags" 0

[actionnotwords]

Littledotty

I presume you never received the statutory notification that your loan had been sold by LMC to Spml, the usual scenario.The question would really be who instructed lightfoots as they are merely the solicitors , a guess would be capstone.

[littledotty27]

No notification sent to say it was sold & they can't prove it either as they can't find or should I say told us they don't have the original paperwork,hence why they couldn't provide the mortgage deed & offer when SAR them.

 

Littledotty

I presume you never received the statutory notification that your loan had been sold by LMC to Spml, the usual scenario.The question would really be who instructed lightfoots as they are merely the solicitors , a guess would be capstone.

[actionnotwords]

LD.

So the assigment from LMC to SPML was an equitable assignment yet the Land Registry will say you have to go to court to have the register altered no doubt.

There is another way you could object to the Land Registry that you never received notification,the register is incorrect and that you wish for it to be rectified.If this was successful there is a possibility that all litigation conducted by SPML could technically be set aside,well worth a try as only 1 letter.