I have found their site very tricky to use and poorly set up. It is badly put together for a start. The problem is an Acenden loophole that I have never come across before which is when you pay by debit which leaves your account immediately AND you are given an authorisation code which confirms that it has been received – you’d think – Acenden reserve the right to later (and it can be 8 to 12 days later) cancel the payment on the grounds that they perform some sort of manual check to prevent “money laundering” – or so they have told me on two separate occasions, and they do say on their site that if the card is not registered to the same address as the mortgaged property they will subsequently refuse the payment. As the money has already left your account, it then doesn’t get recredited, we don’t get told what has happened, there is another alleged “missed payment” and someone somewhere has trousered the payment. Sorting this out is nigh impossible since they will deny ever having had the money, despite the bank statements and the authorisation code, and the printout of the transaction. Now is this company policy or is it individual employees helping themselves to a quiet bunce?
Fair comment on an unfair bunch of outlaws…and still the regulator fails to regulate
25 Comments for “Fair comment on an unfair bunch of outlaws…and still the regulator fails to regulate”
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This is nothing less than fraud. It must be.
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The opening sections of the Fraud Act 2006 are EXPLICIT.
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An evidenced complaint to your local police station in writing might just get something moving here.
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It may not get anywhere but it puts the bar stewards on notice that they are being watched.
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misallocation of funds by a licensed entity in knowledge that it causes (or may cause) a loss is FRAUDULENT ACTIVITY.
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Getting that enforced though is different when you are a sub prime scum bag borrower, rather than a sub prime scum bag greedy fraudulent administrator with a corporate makeover.
Obviously didn’t make myself clear. There are three steps to a payment. The first step online results in the payer’s account being debited. This is instant and you can watch money disappearing from your account. The checks you refer to are also done within minutes and if you have money in the account then an authorisation code for the payment is given. This takes minutes, not three to five days. I am talking about the third stage, the decision by Acenden as to whether or not to accept the payment and credit the payers account. This is a separate decision, and they say this is not automated. They describe this as a “manual check” and it can take – they say – 8 to 12 days. So my point is – you think you’ve paid, the money has left your account, an authorisation code has been issued but some Acenden numpty then decides on the basis, allegedly, of some clause in the money laundering regulations a week later- and this is what they say they do – not to credit your loan account. They then whack on a late payment or litigation fee and you are left to argue that you have paid, the money was never returned to your account, you have an authorisation code, a print-out etc.
And I do take offence at having the rule book quoted at us! Acenden is a company whose customer services officer told me they don’t have to abide by Office of Fair Trading Guidelines on Unfair Practice because they are only guidelines!
The FSA has fined three former directors of defunct sub prime lender Cattles and its subsidiary Welcome Financial Services a total of £700,000 this week for misleading investors.
Welcome stopped taking new business in 2009. The FSA apparently found a ‘catalogue of misleading errors’ in Cattles’ 2007 annual report. This included stating that just £900m of Welcome’s loan book was in arrears – instead of £1.5bn. It also announced a pre tax profit of £165.2m for 2007 when it actually suffered a loss of £96.5m.
Tracey McDermott, the FSA’s acting Director of Enforcement & Financial Crime said “The consequences for shareholders of the misleading statements issued by Cattles and Welcome have been devastating. These directors failed to act with integrity in discharging their responsibilities. In order for markets to function properly, information given to investors must be accurate. Directors of listed companies must act with integrity and exercise appropriate diligence when making disclosures to the market. They should note the consequences for those who fail to meet our requirements.”
So there you have it. The FSA WILL fulfill its regulatory responsibilities when they consider INVESTORS
to have been ‘MISLED’, to have been denied ‘DUE DILIGENCE AND INTEGRITY’- they will actually DO something.
Clearly, the customers of Capstone/Acenden who have suffered the devastation of losing their homes thanks to Capstone/Acenden’s failure to act with ‘integrity’, and also those of us who have have been subjected to their ‘creative’ accounting and exorbitant charges do not merit the Regulator’s empathetic words and action.
There’s no wonder Capstone/Acenden treat us all like dirt. They do because they can.
Do Acenden have the legal right to levi fines and Why?
My original Mortgage was with London Mortgage Company LTD. Which has now gone, Part of Southern Pacific, which has now gone, part of Lehman Bros, which has now gone. Having spoken to Acenden phone staff at some length over the course of the last few years, Acenden just seem to be Collection Agents for the Liquidators, or as their staff call it “their Investors”. At one point I was 11 months in arrears and have had to fight eviction in court on 3 or 4 occassions, so I’m quite used to the court experience. Acenden are also quite used to losing too, but I think they just see it as another way of adding charges. However I am extremely doubtfull that, as Collection Agents, they have any legal authorisation to levi fines against Mortgagees. Why should they get a bonus every time we miss a payment. Remember we are “Sub-prime Mortgagees” I’m paying 4% over Libor. That’s sufficient penalty. They knew we were risky when they took us on. I’ve recently had a phone call from a Debt Consultant I’m only one month in arrears and can catch up this month so refused his offer of a visit. Acenden have just sent me a letter saying that their adding £56 to my mortgage for work done. @ 4% above Libor, I don’t think so! I’m very happy to take this, plus the whole charges issue to court, can anyone offer any advice.
I may be being overly suspicious but since suffering from a stroke I find it difficult to talk under stress on the telephone & asked them not call me endlessly which they did not like. However suddenly I was unable to log into my account & make any payments which I think was an attempt to force me to talk to them as after writing to them (without any response) asking them to provide me with their bank details in order that I could arrange to pay by bank transfer my account suddenly freed up & would take debit card payments again. Call me suspicious but I just think that it is another way to levy charges & make me talk to them
As I see it this a temporary company, set up only as a money making opportunity, when someone saw the riches that could be made out of the financial melt down, caused in the main part by “Leman Bros”.
Although they are doubtless being paid a commission for collecting our mortgage payments, their challenge is to concoct as many charges as possible to be added to our mortgages. This money is theirs. Amazing profits, for doing nothing.
I see that they have now been forced to separate their charges from the arrears. This may be the beginning of the end for them. What worries me is; when they do a disappearing act, like London Mortgage Company Ltd. Will it be harder for us to get those charges removed. It needs a big challenge in the courts now.
Yesterday I received a judgement from the Ombudsman. I couldn’t believe my eyes as I read that the scourge of my life has to refund the best part of £5k back to my mortgage account. At last the Ombudsman stated that the £115 a month litigation management fee is unfair. The ombudsman stated that he was disappointed with Southern Pacifics response to its requests. So stick that in your pipe Acenden and give me my money back now !!!!
Well done hearing that gives me some hope!
Well done!!! This matter needs people like you. Being persistant has paid off. I’m interested to know if the Ombudsman judged that the penalties were unfair or that Acenden have no right to levy penalties. Also did they have to refund all the penalties or are they taking what may be considered a fair penalty? It is my view that Acenden are meerly Collection Agents, who’s job it is to collect the assets of a failed company on behalf of the creditors.
Well done!!! This case neeeds persistant people like you. I’m interested to know if the Ombudsman ordered them to refund the charges because they were unfair or because Acenden have no right to impose penalties. Also, did they order them to rfund all the charges or did they allow them to charge what may be considered a fair charge. This may be very significant as in my view Acenden are just Collection agents working to recover assets of the failed Lehman Bros.
Hi Clutching At Straws,really really well done getting a positive judgement from the Ombudsman,that’s great news!Ive had the same treatment from Acenden or what they call themselves at the moment.Ive had an SPO,Ive been to hell & back,but won’t give up.Im going to file my claim with the Ombudsman,have about £3k in charges,they keep adding them now for no reason it’s all a joke.Apparently the directors quit a while back & my guess is that they’re heading for a hefty fine similar to Kensington which they probably cant or wont pay.Will probably be £2M & any company which changes its name every year has to be suspicious.Ive also been in touch via phone with GT on here who’s a great guy & has an ongoing situation.Well done again.
Mark. It’s taken me nearly 2 years to get this far. The 1st adjudicator only wanted £700 refunded. So it went all the way to the Onbudsman. It’s well worth sticking to your guns. I may have got my money back, but I’m not finished with these cowboys yet. Not by a long shot.
CLUTHING AT STRAWS , please help us all by letting us know whether this judgement is available somewhere so that we may be able to fight our cause
p.s have had 11 eviction notices against me and the family
John. The Ombudsman stated that they have to refund in full each & every charge that they levied on my account when I at least made the contractual monthly payment plus interest. That equates to the best part of 5k and virtually wipes out my “arrears”. The Ombudsman called them inappropriate and an unnecessary charge which had greatly exasperated my mortgage account. They have to refund the full amount. No partial charge. I’d love to have seen their faces as they read the judgement. Complete & utter sc#m they are.
Hang on a minute, so it’s inappropriate to be charging litigation or late arrears fees if the monthly payment is being made, even if there are outstanding arrears??!!!!!Fantastic. I like the fees exasperating your mortgage account……mine just get exacerbated.
If this is right and could be quotable as precedental to all accounts they’ve applied continuos and compounding charges to they’d be finished.
Prepare for them to appeal this finding which they have done in the past.
Although there does seem logic in the decision; as say you miss a payment should you have to pay a penalty charge on that missed payment every month,that way you would never get back to where you were,(which of course is their business plan) there should only be one penalty charge for the nasty letter and miniscule extra admin when they write reminding you of the missed payment which you then of course explain in writing recorded that it was caused by unexpected events and will make up the shortfall over the next few months and will pay the extra interest on the missed payment,am I reading this right?.
It sounds like a valid argument to put to the FOS.
If you read ‘Clutching At Straws’ posts, you will see that “it went all the way up to the Ombudsman”, so it is an Ombudsmans decision. Acenden can’t appeal a Ombudsman’s decision as it is a final decision. Once accepted by ‘Clutching At Straws’ it becomes legally binding upon Acenden.
Ombudsman decision’s also do not set any form of precedent with the Ombudsman Service or the Courts. Each complaint is considered on its own individual merits.
Clutching At Straws, could you post or send to the site team the content of your complaint form. There may be something there others could use to achieve a similar result.
Well done on a great result.
@ B. Ribbens. Yes I’m quite happy to do that. Can you provide an e mail address & I will send it as an attachment. I’m at work until 11pm so will do it tomorrow morning. Providing I have an e mail address of course. It also goes without saying that I trust I will remain annonymous, using the name “clutching at straws” is fine. I hope it’s usefull to other Capstone/Acenden crusaders.
Hi
VERY IMPORTANT-VERY IMPORTANT.
I secured a COUNTY COURT JUDGEMENT against ascenden a few months back (primarily due to their solicitors disorganisation). Anyway they are trying to get it over turned! (or set aside). CLUTCHING AT STRAWS-can you send me a copy of your Ombundsman’s findings-could be useful in court-as the claim is nearly 5k!!!please send it to dogsection@gmail.com or call me on 07764 681373
If I recall correctly the site team email address is borrowerstrust@gmail.com. Before sending the email please wait for a member of the site team to confirm this email address and to provide you assurances regarding your identity.
The site team can then update where necessary the complaint section of this site
The site email address is borrowerstust@gmail.com and no other.Everything is absolutely stictly confidential and will be treated privately unless you wish otherwise.
clutching at straws could you please help my with my complaint against these cowboys ive just paid off my loan as an early settlement and they have added charges on so the settlement figure was higher than the loan after paying my instalments for 5yrs
Hi
VERY IMPORTANT-VERY IMPORTANT.
I secured a COUNTY COURT JUDGEMENT against Ascenden a few months back (primarily due to their solicitors disorganisation). Anyway they are trying to get it over turned! (or set aside). CLUTCHING AT STRAWS-can you send me a copy of your Ombundsman’s findings?-could be useful in court-as the claim is nearly 5k!!!please send it to dogsection@gmail.com or call me on 07764 681373
The ombudsman’s decision as has been pointed out correctly would not be precedental on a court only a high court ruling would be,it could help with an FOS decision but not a court.
What would help with a court is all the FSA rulings against redstone deutche bank kensington gmac etc in relation to the fines imposed for excessive and wrongly applied charges,in my view this would be the argument to make as its general rather than specifically tied to a particular set of circumstances.
Also theres the procedural angle with the application to set aside,it would be presumed they have a very good reason for non attendance in the first case??
Agree with all the points above-(and they are already in the mix), always good to have a back up though!!!