Commercial First-Big ERC

[Parkvale]

I have been pondering over a ERC i was charged on a commercial mortgage ( hotel)

i redeemed 2 years ago. The ERC amount was £17,000.

The company was Commercial First Mortgages Ltd. At the bottom of their redemption

statement it states they are " authorised and regulated by the fsa for residential mortgage purposes and certain business loans". Should i go for this ERC?

Has anyone tackled this company before ? If i decide to procede can i reduce the claim to £ 15,000 and keep within fast track or risk multi track and the danger of

heavy legal fees.

I was in dire straights and bank rupcy when they ERC eed me.

A advice and suggestions will gratefully accepted :idea:

[Parkvale]

Hello, anyone out there? Have requested copy of orignal contract . Delivered within 2 days . This company are very efficient and obliging. For how long i wonder ? I am waiting for statements to arrive any day now. Will consider action plan on their arrival.

Again this company trades under the names of COMMERCIAL FIRST or COMMERCIAL FIRST MORTGAGES. I would be very interested to hear from anyone

who have had dealings with them . Cheers.

[hagenuk]

An ERC is a single lump sum and cannot be split - there would be no way you can reduce your claim and any attempt to do so could be seen as an abuse of process and an attept to reduce any potential exposure to legal fees.

 

Clearly you cannot rely on any consumer regulations in order to claim this sum, but in principle it would appear to be a penalty levied due of a breach of contract.

 

Only you can decide what to do of course, but look here for details of other ERC claims, there may be some commercial ones in there that I have missed.

 

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/

 

Also look here for ERC successes.

 

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/19501-zoot-halifax-mortgages.html

[Parkvale]

Thankyou Hagenuk ,

I will check out what you have pointed out.

[Parkvale]

Hagenuk: I understand that the ERC cannot be split into more than one claim, and can understand the reason for this. However, could I claim just one amount of £15,000 (even tho' the total was £17,000) as long as I don't try to recover the rest of the money with another claim? That way I could use Fast Track and not run the risk of paying their legal fees. I think that it would be worth loosing the £2,000 overall, in order to save myself from the risk factor.

[hagenuk]

I can understand your thinking but the sum cannot logically be split - you either have a claim or you do not. You cannot merely claim some of it for fear that you might lose and then might have to pay legal costs.

 

The court and the defendant's solicitors will see through this in an instant.

 

The defendants have a considerably higher risk and consequently higher fear of the multi track than you should have - they stand to lose much more than just legal fees if they challenge your claim and lose. The rules relating to disclosure and inspection of documents are to be found in Part 31 of the Civil Procedure Rules 1998, (CPR). Part 31 applies to all cases except those on the small claims track. Therefore, due to the size of your claim, the defendants would be required to disclose to the court all documents they intend to rely on to support their case.

 

Standard disclosure requires a party to disclose:

 

a) all documents on which he relies; and

 

b) all documents which could:

 

i) adversely affect his own case;

 

ii) adversely affect another party’s case; or

 

iii) support another party’s case; and

 

c) the documents which he is required to disclose by a relevant practice direction.

 

The above does not prevent a party claiming a right or duty to withhold disclosure /inspection.

 

The resultant ruling could lead to thousands upon thousands of similar claims.

 

You should keep reading and learning and I think that this will give you the confidence to take this on. You will get endless help and support here and can come back and ask questions at any time. There are a huge number of very knowledgeable members on this site and so far over £5M has been returned in unlawful penalty charges to people in a very similar position as you.

[Parkvale]

Hagenuk,

Your comments are received and understood . Thankyou again. Just one last question . Can a precedent case be set in a multi - track court ? I shall now wait

arrival of my statements and do some homework on the CAG site and then hopefully

make my decision .

[lickthewallfatboy]

I can understand your thinking but the sum cannot logically be split - you either have a claim or you do not. You cannot merely claim some of it for fear that you might lose and then might have to pay legal costs.

 

The court and the defendant's solicitors will see through this in an instant.

 

 

actually,I did this with Birnmingham Midshires,and they paid out with not much more than a whimper!!

[Parkvale]

Lickthewolfboy,

Sorry L.T.W.B actually did what ?

[lickthewallfatboy]

split the ERC to keep it under £5K

[Parkvale]

LTWB,

Thanks alot thats thats very interesting

[zootscoot]

Hi Parkvale,

 

Please read this before continuing:

 

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/62003-important-erc-claimants-please.html

 

I'll transfer your thread to the mortgage forum.

[Parkvale]

Zootscoot,

Thanks for moving me over. I was extremely wary of this claim any way. As

it would have put me straight into multi-track. Which would have given me

standard disclosure of all their documents that they would be relying on, but

Court costs would have been enormous in defeat .I have been following the

mortgages-erc threads with obvious interest and now with these defeats

inflicted on these brave people. I am going to hold off until we can find a

way through this minefield . Again to those people who have been temporarely

been defeated. You will not be forgotten. This is a superb site with thousands of

people in similiar situations. Who all want to see the end of these corrupt practises

by these companies and to everyone we are the pioneers of the new frontier against

these unjust and unfair practises.

[Defrauded]

Hi

There seems to be a nation-wide connection with over valued farmers and landowners properties who end up with Commercial First, brokered by the UK Group (now the Acorn Group) Carver Knowles (now part of the Acorn Group) Chartered Surveyors and solicitors Burges Salmon with some mortgages based on values that are over £1M above their actual value. Numerous Similar Fact Cases are coming to light. Anyone who has had this experience please get in touch

[intheblack]

i am after and ERC of 24K + is this the same as a meaf. How does

one deal with ERC'S ? thanx

[steven vernon]

Hi Good Morning ,

We have had a on going issue with commercial First for over 3 years , involving a firm of valuers called Ellis Smith in Weston Super mare who were instructed by CF , they have now gone Bankrupt with out run off cover they over valued our properties leaving us with negative equity . They were over valued by around 1m we are seeking people who have experienced simualr curcumstances to assist with our on going case . We also suffered with wrong registration causing further financial loss . Would love to hear from people .

[BankFodder]

Hi Good Morning ,

We have had a on going issue with commercial First for over 3 years , involving a firm of valuers called Ellis Smith in Weston Super mare who were instructed by CF , they have now gone Bankrupt with out run off cover they over valued our properties leaving us with negative equity . They were over valued by around 1m we are seeking people who have experienced simualr curcumstances to assist with our on going case . We also suffered with wrong registration causing further financial loss . Would love to hear from people .

 

Welcome to the forum.

 

Please would you post this in a new thread. It will be easier to track your story and to follow the responses to it.

[Braced]

Hi. Dealing with Commercial First. At my wits end. I got 'passed' on to Commercial First by Barclays, I had no knowledge whatsoever of this company.

Seriously at wits end, complaint with FOS but I need to hear from anyone who has/is dealing with them. They seem to be above all law and it needs to stop. Please contact me. Thanks!

[Braced]

Five years now for me. Would love to hear the details of your experience with Commercial First...do these people walk on water??!!

[TJC123]

Have major experience with Commercial First problems. My understanding is that the only recourse is through the Courts.

 

There is a group of us trying to work together by making a combined force. Having difficulty in making contact with each other through this forum. I can be contacted as follows: TJC123"at"outlook"dot"com

[Sick Of Legal Bullies]

 

Any update on this-I am about to tackle commercial first and will start by requesting a SAR-then I will tackle the ERC -Is this the correct course of action to take?

[TJC123]

Hi Sick of Legal Bullies

Follow my posting on 16 Dec 2012. Bottom of previous page. Pleased to discuss.

[Sick Of Legal Bullies]

I will email you TJC-Thanks for your reply.

[terriersaregreat]

I have been looking and considering historical emails recently.

I then considered several cases that I had heard about.

It seems that it is becoming increasingly worrying that a number of victims of corporates and financial lenders are being made bankrupt.

 

Of course any claim, could be ongoing, vests in the Official Receiver or Trustee.

The victim has no right of action and this then protects the "attacker" from legal action unless the right of action can be regained.

 

How many victims have been made bankrupt?

I an very concerned by my findings as this is standing in the way of justice and at the end of the day honest creditors who may be able to regain recompense.

I hope this makes sense. TAG

 

To clarify:- if you have something to hide and there is a risk that it will come out in Court proceedings make the victim of your mistake/fraud bankrupt. It is becoming increasingly worrying that some corporates and companies are using the victim's bankruptcy (caused by them) as a defence to their actions, no locus standi pleaded.

 

The only way to stop this, in my opinion, is to lobby your MPs or the Government to allow ongoing claims to be pursued and to change the insolvency rules to force the OR or Trustee to continue ongoing litigation.

 

If it is proven that a creditor secured or otherwise has used this tactic to avoid prosecution or compensation there should be hefty fines imposed or even a prison sentence for the offenders. TAG

[Sick Of Legal Bullies]

My days of worrying about Commercial first are well over-I will leave them to their own devices-I am sure they are happy with that-unlike the consumer.