Fighting Fund For Mortgage Erc Recovery

[Tawnyowl]

What was that judge thinking about -hope Jamorgan appeals.Kensington and others need to be taught a lesson what they are doing is nothing short of [EDIT]-at least Dick Turpin wore a mask. Willing to chip in to any fund to fight this terrible decision.Jamorgan should feel like one of the early pioneers-and proud to have taken it this far.

[The Avengers]

Hi

 

It seems that we have to get permission from Bankfodder to get together as a group to take this action,can you give us permission please MR Bankfodder,it seems the sensible thing to do .

[Janet-M]

You will need to PM him to ask ,Avenger . I think he would appreciate you linking him to this thread at the same time

[:Boy:]

I will donate as well. Just let me know.

[Black Rat]

likewise

[Billy55]

I too would like to make a £20 donation, I have not posted much on this site but am about to claim against my mortgage company. Just let me know where to pay.

 

RE a fighting fund - this is an excellent idea. However, which ever solicitors are instructed it should be born in mind that if the test case is successful then they are set to make a large profit on the remainder of the cohort of claimants.

 

By handing over a large number of claimants details to a solicitor, the solicitors firm is essentially having its marketing done for it. They would be willing to pay for such a list. Especially once a test case had been won.

 

I think what I am trying to say is an agreement should be negotiated whereby the Claimant solitor pays a referral fee for each claimant. This way we could sign up to the cohort for say £50 each. If there were 500 of us that would give us a fighting fund of £25,000. IF the test case is successful then the solcitor could have the 499 names and addresses at say £100 each. This could then be donated to whatever charity. We would get our original £50 back because the Claimant's costs wouldbr recorvered on the succesful outcome of the claim.

 

Alternatively We could try to find a solicitors firm who is willing to take it on a no-win no fee type agreement and use the 'membership fees' to purchase a policy of 'after the event' insurance

 

After the event insurance insures you against the litigation risk - i.e. the costs of losing the claim, so that any of the Defendant's costs, and sometimes the disbursements, are paid out by the insurance company in the event that the case is lost.This how a personal injury claim is run.

 

If a larger fighting fund is needed we could either recruit more members or increase the cost of the membership to the cohort.

 

In addition to this I suggest rigourous research into finding a top tier claimant firm of solicitors with access to top tier barristers, cos if there is one thing you can be certain of, a mortgage firm is not going to take the risk of setting a possibly irreversable precedent lightly.

 

Does anyone have any views on this?

[Les Gunn]

Wow!

 

After my post on jamorgans thread, have I started something here...?!!

 

Brilliant news there is so much support! Now, with all the great suggestions, where do we go from here? There is so much of an information "pool" here with people of many and varied backgrounds, who have so much experience.

 

Let's go for it and whoop ass!

 

Whilst I agree, that we shouldn't assume jamorgan will want to go ahead and appeal, we all need to be thinking about our own cases too eh?

 

[00765]

I will donate £30 to the Jamorgan appeal or if she choose not to proceed to an appeal, then the £30 can go towards the costs she has incurred so far.

 

I would also be interested in joining any class action against those B*****d* KMC. They took £16,000 in early redemption fees & £14,000 in Interest from me when my partner & i had to sell our home.

 

Jmorgan put up a good & brave fight, which in my view deserves our support, if she chooses to proceed to war with Kensington Mortgages.

 

The Avengers, where do i donate the funds?

[Guest DEATHLORD]

Hi,

Yes I would give £100. to start this off THIS IS FOR ALL OF US BECAUSE IF WE TAKE THEM OBNONE BY ONE WE WILL LOSE the D/j do not want to be the first as they know as well as the mortgage companies (by watching this site!) that they can pay they way though the courts.

we have THE RIGHT to do the same.

By reading Jamorgans case there seems to be a question on what the d/j stated what his reasons for this judgement was,also to agree there costs with no question is worng and also giving jamorgan the costs before the hearing is also out of the CPR rules.

LETS

[Billy55]

We do need to hink about our own cases, but perhaps the best way to do that is to obtain high court judgement in our favour, once a precedent is set the only way a Court can choose not to follow it is if there something that distinguishes a particular individual set of circumstances from the precedent.

 

i.e. if a high court finds that an ERC is a liquidated damages clause then it will have to also agree that UCCTA must apply and therefore such damages have to necessarily be limited to a reasonable pre-estimate of the banks losses.

 

It is difficult to see an individual set of circumstances where that precedent would then not follow.

 

In addition to this, we would be spreading the risk amongst all those who have a stake, i.e. those persons who have signed up to this site and have paid a redemption penalty in the last six years.

 

It would be the first claims managment co-operative!!!

 

I must declare now that I am a trainee solicitor for a claimant frim of solicitors.

 

However I am only looking at this from my own point of view at present, i.e I have two ERC's which I am making claims on. One with Abbey that dates back five years and is for around two grand (Not received info yet), which I am quite happy about taking to the small claims track (No risk to myself) and one with another firm (Who will remain nameless 'cos I wouldn't want to give them the upper hand in any way) which is for well in excess of £5k. I want to attempt to get that £5k back but without risking bankrupcy in the process!!

[Guest DEATHLORD]

WELL WERE DO I SEND MY £100. I feel Jamorgan MUST appeal and as this set a persent as to what happens now with EVERY CASE.

THEY ARE WATCHING THIS SITE SO STAY TOGETHER AND FRIGHT.

D/J DO NOT WANT TO BE THE FIRST TO STOP THIS.

I fully believe these cases are right and I find it hard to think poeple are now changing their tune, LETS KEEP ON GOING.

[Billy55]

Is Zoot Scoot or Bank fodder involved in this thread? It would be useful if they were....

[Billy55]

I know I am getting a bit carried away here, but a complimentary way of raising funds would be to obtain furthe media coverage, for example editorials in the money sections of the national papers.

 

We could sell it to the press as consumers grouping together and rising against the banks. We could swell our numbers (and therefore our war chest) by directing interested persons to this site.

[lickthewallfatboy]

I think we have established that a fund is a goer.

 

Let's actually do something about getting this off the ground......

 

anyone got any decent suggestions about setting up something to contribute money to?The momentum and resolution is here and now.

 

Let's go!!

[jamorgan]

This is just fantastic news,

 

Iv'e cried buckets in the last 2 days but the tears Iv'e shed today are happier ones.

It's awfull to say but yesterday I felt the lowest I have ever felt in my life.

When It had registered that I had lost all I could think about was you guys I wanted to throw up and then they read out the costs, I was shocked with horror it blew me over in disbelief .

The thought of appealing and added costs lumped on top of the £4558.00 would, i'm sure tip me over the edge and financially cripple me and my familly for a very long time

Naturally my first thoughts were I just cannot appeal, as much as I want to go all the way we cannot financially cope with the costs.

But last night and toady reading your posts gave me and others on the site hope and help and I can't thank you enough for the continued support and if we can all help each other get this CLASS ACTION sorted then the fight must go on.

Today I feel like a new woman, thanks to you lot

 

 

I havn't got to pay the rip offs yet have I so

I SHALL DONATE TOO TO START OFF THE FUND if were given the go ahead by bankfodder

 

If anybody needs me to do anything just post me and i will help.

I have started the ball rolling with the transcript toady so will let you now as soon as I hear anything.

Morgy x

[paulpb123]

Good for you, hun! You are a star! Let's get this show on the road.

[lickthewallfatboy]

I think priority number 1 is collecting funds to cover jamorgan's costs,first and foremost-THEN look about a class action.

 

Someone needs our help now....they should get that help now...

 

Would holding money in an ESCROW account sound like a suitable option?

[Billy55]

Your right, pardon my ignorance, but what is an ESCROW account?

[dogwash]

Good on you Morgie. That's the spirit. If you are appealing you also have to appeal with regard to costs as well. Don't know how you word it or procedure but am sure someone more able than me can advise you. You really do need expert legal advice for this appeal so let's get this fund started. As far as I know you don't have to pay costs until after appeal is heard and then hopefully you won't have any costs to pay! Hang on in there girl!

[lickthewallfatboy]

Your right, pardon my ignorance, but what is an ESCROW account?

 

 

An arrangement where something (generally money or documents) is held in trust ("in escrow") by a trusted third party until certain agreed conditions are met.

[Billy55]

I need to check this, but if Jamorgan appeals direct to the District Judge that heard her case and he overturns his decision in Jamorgan's favour then the Mortgage company will not be able to appeal that decision in the County Court, Instead they will have have to take it to a higher Court. This massively increases the risk to them, as any decision in a higher court will always be binding on the County Court, Therefore if the decision went against them then every subsequent case brought in the County Couty by us claimants would succeed.

 

The floodgates would be opened.

 

The only way they could overturn the decision would be through the House of Lords / Court of Appeal. This would be extremely expensive and would generate a lot of media coverage. If they risked all and lost it would sink them below a deluge of claimants.

 

I suspect that would be a risk to far for them and that is what the clerk meant when he said he was doing you a favour.

[paddym]

Some great ideas here folks and its great to see us all sticking together in earlier posts it was suggeted that Bankfodder or Zoot be pmd has anyone done this as i havent seen any replies from them im just wondering Has Bankfodder any thoughts on the suggestions that we have come up with so far regarding donations and a class action i would really think it necessary to take his veiws on board as a founder of this wonderfull site just my thoughts on the subject and im sure there more knowledgeable members than me out there that could offer their advice to us all everyones veiws are more than welcome as we just cant sit back and let morgy face this trying time on her own !

[Billy55]

Ah an ESCROW is an account specifically for a trust fund, yes that sounds the perfect vehicle for such an endeavor.

[zootscoot]

Hi all,

 

It is really heart warming to see such great support given to Morgy. I've said this before and will say it again, the mortgage forum is the friendliest and most supportive forum on the site and people have certainly demonstrated that support today in true CAG spirit. We are a community.

 

It is not my postion to authorise the collecting of funds for Morgy or class actions. That decision is for BankFodder

 

I personally feel that a fund for Morgy to compensate her loss would be great and would happily contribute to it. We have all learnt from her experience and she has been the first to get to such a stage in her claim. We all know the risks with Fast Track although the costs in Morgy's case were perhaps more than expected because of Kensington being extravagant.

 

Personally, I am a little more sceptical about a fund for her appeal. I appreciate all the good intentions but her costs could far exceed any donations.

 

The class action is a good idea although before attempting anything it is important to find out the full cost implications involved.

 

All the best

 

Zoot

[paddym]

here here Zoot !