Lehman,SPML & Capstone

[grimbell]

Re: Lehman,SPML & Capstone

Can anyone make sense of this?

[grimbell]

Re: Lehman,SPML & Capstone

Have received a letter today saying they are still looking at my complaint and hope to have an answer by 30/12/2008.

So if this is so surely they are in the wrong to add the disputed payments to the mortgage account and start charging me arrears management fees!

[Amy]

Re: Lehman,SPML & Capstone

Wait and see what the outcome of your complaint is and you can go from there.

If these charges do prove to be wrong, you'll get them refunded in any case, so I'd be inclined to let it run for now.

[grimbell]

Re: Lehman,SPML & Capstone

Hi all

Well I sent them proof of payments made they wrote back and said it does appear that the dec 2006 was paid but arrears still stand.

They have added arrears management fees for nov and dec and so arrears are now £800.

I have spent the last 2 days and nights really stressing about this. At 2am this morning I was going number blind trying to work out their figures. There are lots of 26p added or £26.14 and many otheres added then taken off it was doing my head in.

Anyway this morning I spent 3 hours going over my bank statements and putting all the payments i have made into a spreadsheet. The result was that even with 2 payments (not the ones they claimed ) missing I have paid over 15k in 39 months. Then I wrote down what the payments should of been for the 39 months and the result was..............................

THEY OWE ME MONEY

I have overpaid by more than what they are claiming are arrears.

So a stiff letter of complaint with spreadsheets attached and told them to put it right remove all charges or I will go to the FOS and show them their poor accounting and complain that they are not following the treating customers fairly guidelines.

Awaitng a timely reply from them now.

[Amy]

Re: Lehman,SPML & Capstone

Brilliant, well done you xx

[WendyB]

Re: Lehman,SPML & Capstone

Well done Grimbell. let's hope that makes them sit up and take note.

[TUTTSI]

Re: Lehman,SPML & Capstone

Well spotted Grimbell!

Have they sent you a statement!
xx

[grimbell]

Re: Lehman,SPML & Capstone

Hi Tuttsi

I have all my regular statements that show all payments having been paid and NO arrears and I have 2 sets of arrears statements that show arrears but there are so many silly amounts that have been added and debited it is not clear where these "arrears" stem from. This is why it was so confusing.

I have found this from the FSA mortgage handbook
Poor practice

• Prescribed information, such as the FSA information sheet on mortgage arrears, or statements of charges, are not sent to customers.
• Regular statements of charges are not sent to customers whose properties have been taken into possession but have not yet been sold, or who have outstanding sale shortfalls attracting charges.
• Arrears statements are difficult to understand, for example they:
  • include descriptions of fees which are inconsistent with the tariff of charges;
  • have multiple debit and credit entries for one fee when it is being added to the mortgage account; or
  • do not make clear whether the outstanding debt figure on the statement includes the arrears and associated charges.

As my statements make no sense and even they could not state clearly where the arrears arise from I think that if they do not agree with my last letter I stand a good chance with the onbudsman.

[TUTTSI]

Re: Lehman,SPML & Capstone

Hiya Grimbell,

I think that if their statements are not clear, and they do not fully respond to your letter quantifying how and what these charges are, then the Ombudsman I am sure will be able to sort it for you.

We have something similar with Melbourne Mortgages and will also be going the Ombudsman route as we cannot make head nor tails of their statements and we seem to owe them loads more than we started with despite having made many many payments. This is our our 2nd Mortgage lender. We had received no statements despite requests for them, no letters advising when charges would be made and yet they are showing a ginormous balance on our account and at this rate we will still be paying when we are 6ft in the ground.

All the best

xx

Hi Tuttsi

I have all my regular statements that show all payments having been paid and NO arrears and I have 2 sets of arrears statements that show arrears but there are so many silly amounts that have been added and debited it is not clear where these "arrears" stem from. This is why it was so confusing.

I have found this from the FSA mortgage handbook
Poor practice

• Prescribed information, such as the FSA information sheet on mortgage arrears, or statements of charges, are not sent to customers.
• Regular statements of charges are not sent to customers whose properties have been taken into possession but have not yet been sold, or who have outstanding sale shortfalls attracting charges.
• Arrears statements are difficult to understand, for example they:
  • include descriptions of fees which are inconsistent with the tariff of charges;
  • have multiple debit and credit entries for one fee when it is being added to the mortgage account; or
  • do not make clear whether the outstanding debt figure on the statement includes the arrears and associated charges.

As my statements make no sense and even they could not state clearly where the arrears arise from I think that if they do not agree with my last letter I stand a good chance with the onbudsman.

[grimbell]

Re: Lehman,SPML & Capstone

Letter received from Crapstone today.

They it appears they have swapped the amounts paid and due around and still insist I have arrears although a different amount now!

They have also sent another arrears statement with lots of £50 manual payments on and off!

I will go through it again and write to them saying that I am now referring it to the FOS as their figures are impossible to understand.

Can I ask that while it is with the FOS they refrain from chasing the debt and stop hassling me (phone calls started again yesterday?

What I need is a full audit done on the account but don't know how to get this done.

Any other sugesstions?

[Amy]

Re: Lehman,SPML & Capstone

Can I ask that while it is with the FOS they refrain from chasing the debt and stop hassling me (phone calls started again yesterday?

Yes you can, it is against the OFT guidelines on debt collection; Examples of Unfair Practices 2.8(k): not ceasing collection activity whilst investigating a reasonably queried or disputed debt.

[grimbell]

Re: Lehman,SPML & Capstone

Thanks Amy

This mortgage has been securitized and have been reading the conditions and I find the following very confusing


Transfer Of The Company's rights
7. (a) the company may in its absolute discretion,at any time and without notice to the Borrower, transfer its rights under the Loan/Mortgage to any person whatsoever. Similarly, any person to whom the Company transfers its rights may decide to tranfer its right under the Loan/Mortgage to any person/persons whatsoever.

(b) the Borrower hereby consents to the transfer of the Company's rights under the lLoan/Mortgage conditions and agrees, to the extent that the Company transfers its rights to any person,that it will be bound to such a transferee in like manner and extent as it is bound to the Company. The borrower further consents to the extent that the Company agrees with any person to transfer its obligations to that person, that the Company will be released from further obligations to the Borrowere under the Loan/Mortgage.

the next bit is about passing on details.

Now I know that this is the clause that allows them to securitize the mortgage but in the first bit they say they do not have to tell me so surely that makes the bit in bold very dodgy because they say that they no longer have an obligation to me but if I don't know who owns my mortgage (which I don't) who am I suppose to contact about it.
I know that I deal with the administrators Crapstone but they are nothing more than debt collectors and I am not in contract with them so if I put in a complaint to the FOS in reality they is no company details (the owner) for them to contact about my mortgage conditions.

If this does not make sense sorry I am thinking aloud really.

I need to know how I can fight Crapstones over their poor record keeping and the fact that I feel there is not a contract between me and them but me and the owner of my mort and that surely I have a right to know who that is.

[scoobydoo]

Re: Lehman,SPML & Capstone

Letter received from Crapstone today.

They it appears they have swapped the amounts paid and due around and still insist I have arrears although a different amount now!

They have also sent another arrears statement with lots of £50 manual payments on and off!

I will go through it again and write to them saying that I am now referring it to the FOS as their figures are impossible to understand.

Can I ask that while it is with the FOS they refrain from chasing the debt and stop hassling me (phone calls started again yesterday?

What I need is a full audit done on the account but don't know how to get this done.

Any other sugesstions?

I think you are right.Tell them again that you have several concerns about the way they have conducted the account and how charges have been applied incorrectly to your account.

As far as you are concerned they have not clearly explained how the account is in arrears, what the amount of arrears actually is or explained the charges being debited and credited. Therefore as far as you are concerned the account is in dispute and you will be making an official complaint to the FOS .

I am not sure I would recommend not making payments but defintely only pay your MP not anything towards the arrears untill it is sorted.(IMO)


Have you actually done the full SAR asking for all details of your account. I saw a case recently where the judge really laid into the lender as he said the original contract was incomprehensible and he stopped possession until the lender explained themselves.

[grimbell]

Re: Lehman,SPML & Capstone

Hi Scooby

thanks for that.
I have written and explained that as their paperwork makes no sense I have filed everything with the ombudsman and told them that the arrears amounts are in dispute and asked them to not add any more charges relating to them.

For the last year my payments have been made on time and in full and I will continue to do so. This is why it made me so cross that they suddenly decided I had arrears and while this is going on I have no chance of re-mortgaging to get away from them.

[scoobydoo]

Re: Lehman,SPML & Capstone

I have read recent threads where the mortgage companies have had the cheek to imply it was up to the lenders to check on interest rates and work out their own payments! I have never heard such rubbish.

If you asked them they should be able to provide you not only with statements but a full breakdown of the arrears and if they can not do that then if it came to court they would be in big trouble.

So month by month they should list the payment due and the payment recieved and in the next column the arrears that have resulted by this UP. Therefore say if there was a late payment in the next month that should result in an OP . And then at the end of the letter THEY should have to prove the figure not you. They could be relying on this information in court and therefore it should be really easy for them to provide this breakdown ( or not if they are not maintaining adequate records!)

As far as I know the arrears charges should NOT affect the arrears figure in any way - they should be added to the main capital debt and you will incurr an interest charge but it should not affect the arrears figure - so they should ignore those - but you should keep a record of them if you decide to reclaim them as penalties. But dont get me started on arrears charges as I think they are totally inapproriate :mad2:


Even if the FOS is dealing with it if you want to da another letter requesting this information I will help you if you want.