After a few weeks in which his credibility and experience as prospective chancellor have been under question it seems George Osborne has finally had enough and decided to do some not so subtle savaging of his own. And what better target this week for enhancing your own profile than by “savaging” the hapless and forlorn FSA?
All of this Lehman’s fiasco unraveling on their watch.
Now all we need is for millionaire George to remember that at the bottom of all this is the poor bloody consumer who is getting slaughtered whilst the FSA, once again, shrugs its shoulders and promises to ‘do better next time.’
Give them a kick for us as well won’t you George?
http://www.guardian.co.uk/business/2010/mar/15/osborne-blasts-fsa-over-lehman-brothers
Hi J
First of all I would recommend setting up an alias email account which does not identify you by name when posting to this site. I will therefore delete your post but keep the content below.
In short this is far from fair for the consumer. The issues you have raised are perfectly valid ones, but try getting them heard before a court. SPPL are a defunct wholly owned subsidiary of the bankrupt Lehman Bros.
No one instructed Capstone but Capstone instructed the solicitors. That is because they essentially service the mortgage on behalf of the SPV not the originator and do so under specific financial duress. Capstone much like you and me must come up with enough money to service the SPV month by month and, of course, keeps themselves well ‘liquidated’. That means wracking the charges up on you and me.
Such charges are of course entirely unlawful and in fact they only count as a means to repo. They can say to the judge:
“Look at this delinquent borrower who owes this all this money”
And the judge will say, but this is terrible, how do you propose to pay back the money YOU owe.
He or she will never consider as they must:
1. The overall fairness of the mortgage contract in light of EU consumer protections
2. The impossibility of once in arrears getting out of them whilst charges are being ramped on
3. The wholly disgraceful conduct of these rapacious lenders in total defiance of consumer law
4. Their locus standi (right to bring claim).
It is a very interesting question you ask. Who in the name of SPPL brings claim. And the answer is Capstone Mortgage Services. A standard procedure is to establish that those who instruct have the capacity to do so on behalf of a another (original contracting) party. That PArty was SPPL. SPPL are a dead duck. Unless Capstone are forging authorisation they too have no capacity. An interesting trend is starting to emerge though. Some Judges are no longer accepting this BS at face value.
I cannot offer individual advice. There are many sites including the Consumer Action Group where people will dedicate their time. The mortgage forum can be found here.
http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/
But I can hope to put you and others in a similar situation in the picture about the true nature of what is going on here. This is entirely a voluntary exercise in raising the profile of these issues and getting justice. Good luck with your pursuit of the same.
Just as an addendum.
It is Capstone who are trying to enforce possession on behalf of the special purposes vehicle. This is because whatever historic authorisation Capstone had to act on behalf of SPPL has long since expired if they ever bothered with the formality at all.
Suspended repossessions are very difficult to defend. The ‘lender’ in this case Capstone’s solicitor screams breach and the useless court says OK? Evict. In fact the breach is theirs in the main. The breached the UTCCRs by adding all the charges, they levied arrears management fees and litigation fees at a whopping £115 a month just for the latter and then they charge arrears interest which is compounded.
NO WONDER PAYING £50 A MONTH OVER SEES THE ARREARS GO UP NOT DOWN.
THE COURTS AND US, THE DEFENDANTS HAVE TO GET WISE TO THESE SCAMS AND START PUTTING UP A REAL FIGHT IN COURT.
So when they issue their warrant for eviction:
1. File an N244.
2. Tell the court THEY have breached the terms of the suspension order – overpayments towards arrears – and have by allocating this overpayment to charges MISDIRECTED AND MISLED THE COURT.
3. Challenge their bona fides (especially London, Preferred and SPPL, all of whom are on the coroner’s slab) and demand the opposing sol produces documentary evidence of his instructions. Bet you 1000-1 they come from Capstone.
It has to you see as SPPL have no directors and NO employees. Where is Capstone’s authority to act for SPPL?
We may go down, but we go down fighting.