Escape from ACENDEN Capstone

[..call me SNAKE.]

SPML, PML, SPPL, LMC mortgage repossessions & unfair charges from Acenden Ltd

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

PRELUDE: Southern Pacific Mortgage Ltd, Preferred Mortgage Ltd, Southern Pacific Personal Loans Ltd, London Mortgage Company Ltd(whose mortgage loans were bought by SPML).

These 4 ‘lenders’ are all part of the Lehman Bros bankruptcy.

SHORTFALL: When a borrower has been repossessed and/or evicted, Acenden Ltd(Capstone) then begins the process of effectively, ‘asset stripping’ the borrower from any if not all of the equity in their home. It does this through, what are known as ‘Asset Management’ companies such as Countrywide, Spicer Haart et al. Invariably, this ‘asset stripping’ results in a shortfall in the final settlement figure, payable to SPML/SPPL/PML/LMC thru Acenden.

PROCESS: This is done through the process of charging ‘multi-level fees/charges’, through Acenden, whilst Acenden continue to levy post repossession/litigation fees, continuation of monthly loan+arrears+interest fees until the property is sold etc. Most borrowers will already well aware of the extortionate charges which are referred to, from Acenden (Capstone) Ltd.


The Fees/Charges post Repossession/Eviction:
1) Acenden Ltd has contracts with several ‘Asset Management’ companies, 2 of the largest are Countrywide and Spicer Haart. Once instructed, on the day of the eviction or other, the locks will be changed, inventory taken, the property cleaned etc and then it will be marketed through a ‘local’ estate agent.
The charges vary from £650+vat to those in excess of £2500+ by these companies, the cost of which is then passed onto the borrower, by Acenden.

In addition Acenden pays these companies 1%+ (plus VAT) of the final selling price, once your home is sold. Again, that cost is charged to the borrower, by Acenden.

2) Acenden then say they get at least 2 ‘independent’ valuation from surveyors, to set the market price. One of the valuations is a ‘local’ estate agent.
The ‘local estate agent’ will ‘market’ your property and you will be charged 1.5%+ (plus VAT) of the final sale price for doing so.

3) If no offers are accepted by Acenden within say 60 days, Acenden then will drop the price, which further reduces the equity in the property and no doubt increases the shortfall to the borrower. All during this period, monthly loan payments+arrears+interest+’litigation’ fees+’monthly repossession’ fees are continually being added.

4) If the property is sold, in addition to the charges above, you will be charged by Acenden’s solicitors(Rosling King, Lightfoots, TLT etc) for the conveyance.
This charge for the conveyance, will £600+ (plus VAT), passed onto you by Acenden.

5) The valuation of your property by Acenden’s ‘asset managers’, such as Countrywide as being ‘independent’ is somewhat dubious to say the least. Many borrowers are aware that their homes have been undervalued when marketed. One reason is that Countrywide, uses its ‘local estate agent’ Bairstowe Eves., however Bairstowe Eves is a subsidiary of Countrywide.

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

The REAL owners of your SPML/PML/SPPL/LMC mortgages: the 'Special Purpose Vehicles or Entities' (SPVs/SPEs).

ALL are wholly independent PLCs. There are 35 SPVs, who actually own your mortgage loans, here is one below;















make NO mistake SPML/PML/SPPL/LMC donot own your mortgages!

[TUTTSI]

Re: Escape from ACENDEN Capstone

Hi I dont have a mortgage with this lot but a lot of people have had and had problems and have been repossessed etc.... any information which will help folk would be absolutely amazing.

[Sapphire]

Re: Escape from ACENDEN Capstone

Hi and welcome, I'm following this thread with interest as we have our mortgage with Ascenden/Capstone, thankfully we are up to date with everything (touch wood).

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

The REAL owners of your SPML/PML/SPPL/LMC mortgages: the 'Special Purpose Vehicles or Entities' (SPVs/SPEs).

ALL are wholly independent PLCs. There are 35 SPVs, who actually own your mortgage loans, here is one below;



[ATTACH]5999[/ATTACH]


[ATTACH]6019[/ATTACH]


make NO mistake SPML/PML/SPPL/LMC donot own your mortgages!

above is the Investor & Waterfall Reports for EUROSAIL-UK 2007-6NC PLC

the Investor Report shows in detail all of the payments received by the SPV from the borrowers.
the Waterfall Report shows where all the principal & interest payments received by the SPV, are then paid out to the noteholders/investors.

SPML/PML/SPPL/LMC own NOTHING!, when your mortgage loan was sold to the PLCs, they DID NOT register their legal titles/charges with HM Land Registry.

the reports will be analysed in detail in due course.


Snake

[brutus]

Re: Escape from ACENDEN Capstone

A scandal that continues to flourish due to non regulation by the so called regulators hopefully this will open a few more eyes but its been the same old story for so long following the bankruptcy of Lehmans,the all powerful investors cannot lose money.

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

the remaining 30 SPVs are below, 5 have been terminated. ALL your mortgages

were sold to these PLCs:

Eurosail 2006-1 PLC
Eurosail 2006-2BL PLC
Eurosail 2006-3NC PLC
Eurosail 2006-4NP PLC
Eurosail PRIME-UK 2007-A PLC
Eurosail-UK 2007-1NC PLC
Eurosail-UK 2007-2NP PLC
Eurosail-UK 2007-3BL PLC
Eurosail-UK 2007-4BL PLC
Eurosail-UK 2007-5NP PLC
Eurosail-UK 2007-6NC PLC
Southern Pacific Securities 04-1 PLC
Southern Pacific Securities 04-2 PLC
Southern Pacific Securities 05-1 PLC
Southern Pacific Securities 05-2 PLC
Southern Pacific Securities 05-3 PLC
Southern Pacific Securities 06-1 PLC
Southern Pacific Financing 04-A PLC
Southern Pacific Financing 05-B PLC
Southern Pacific Financing 06-A PLC
Preferred Residential Securities 2005-1 PLC
Preferred Residential Securities 2005-2 PLC
Preferred Residential Securities 2006-1 PLC
Preferred Residential Securities 7-PLC
Preferred Residential Securities 8-PLC
Marble Arch Residential Securitisation No.2 PLC
Marble Arch Residential Securitisation No.3 PLC
Marble Arch Residential Securitisation No.4 PLC
Mortgage Funding 2008-1 PLC
European Mortgage Funding UK 2008-1 PLC

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

Here is a classic example of when your mortgage loan is securitised, all the FSA MCOB rules and Pre-Action protocols are violated, as the SPV in its original Mortgage Sale Agreement(MSA) & Administration Agreement DOES not allow loan modifications. Below, the SPV has been authorised by the parties(namely the noteholders/investors) to ammend the MSA, so as to allow borrowers loans to be modified.
note that a 'loan arrangement' is not a modified loan, which is one where a switch to say interest only, extended length of loan, etc as per the Pre-Action Protocols. Terms which exclude rights of consumer forebearance, can be deemed unfair as stipulated in UTCCR 1999 5(1).

THE SPVs donot allow loan modifications, as stated in their prospectus, if done it is by exception- see previous SPV Investor Report for Eurosail 2007-1 NC PLC, where there were only 88 loan modifications out of 12,924 mortgages in that pool.

REPOSSESSION IS FIRST RESORT


Company name Mansard Mort 2006-1
Headline Amendments to Transaction Documents


RNS Number : 8189M
Mansard Mortgages 2006-1 PLC
04 February 2009


COMPANY ANNOUNCEMENT

For Immediate Release
4 February 2009


Mansard Mortgages 2006-1 Plc
(the "Issuer")


RE: Amendments to Transaction Documents

Class A1a Notes: ISIN XS0272295907
Class A2a Notes: ISIN XS0272296897
Class M1a Notes: ISIN XS0272298166
Class M2a Notes: ISIN XS0272299057
Class B1a Notes: ISIN XS0272303008
Class B2a Notes: ISIN XS0272303693
Residual Certificates: ISIN XS0272306019
Terms used and not defined in this notice shall have the same meanings given thereto in the Glossary set out in the Prospectus dated 31 October 2006 relating to the Instruments referred to above.
The following amendments have been made to the Mortgage Sale Agreement dated 31 October 2006 and amended on 21 December 2006 (the Mortgage Sale Agreement) and the Servicing Agreement dated 31 October 2006 (the Servicing Agreement).
The parties to the Mortgage Sale Agreement and the Servicing Agreement have consented to amendments which permit the Servicer to agree, acting as a Prudent Mortgage Lender and subject to certain conditions and limitations set out below:
(a) to convert a Loan between any of these three types of mortgages: Interest-Only Loan, Repayment Loan and Part and Part Loan upon a request by a Borrower; and
(b) to extend the maturity date of a Loan upon a request by a Borrower provided that the new maturity date is a date which is not less than 2 years earlier than the Final Maturity Date.
The definition of "Converted Loan" has been amended to apply not only in respect of Loans which are converted from one loan type to another but also to include Loans in respect of which the maturity date is extended (as described above).
Conditions
The Servicer may agree to convert a Loan into a Converted Loan, provided that:
the Servicer, acting as a Prudent Mortgage Lender, believes in good faith that the current monthly payments cannot be met by the Borrower due to a change in circumstance affecting the ability of the Borrower to make timely payments;
the Servicer obtains a duly completed income and expenditure form from the Borrower plus proof of new income or new circumstances, as applicable;
the Borrower is not more than one monthly payment in arrears at the time the Servicer agrees to the conversion;
as far as the Servicer is aware, the Borrower is not in material breach of any of the terms and conditions of the existing Loan to which the Converted Loan will relate other than as permitted under paragraph (c) above;
the ratio of (i) the total amount of arrears to (ii) the new monthly payment is less than 2;
the Servicer, acting as a Prudent Mortgage Lender, believes in good faith that the Borrower will be able to consistently meet the new monthly payments;
the Servicer has agreed to the conversion following the request of a Borrower;
all other terms of the Loan (including the interest rate) remain unchanged; and
if a Loan has a remaining term to maturity of less than 10 years, the term to maturity is simultaneously extended to at least 10 years (provided always that the new maturity date is a date which is not less than 2 years earlier than the Final Maturity Date).
Limitations






If the conditions above are satisfied, the Servicer may only convert such Loan if the Calculation and Reporting Agent has confirmed to the Servicer and the Issuer that the conditions set out below have been satisfied in relation to each Loan in the Mortgage Pool which becomes a Converted Loan:

• upon conversion of a Loan, the aggregate balance of all Further Advances Loans, Converted Loans (excluding any Loans in respect of which the conversion has been reversed), Substitute Collateral Loans and Substitute Loans contained in the Mortgage Pool does not exceed 10% of the aggregate principal balance of the Loans in the Mortgage Pool on the Issue Date;

the aggregate balance of all Loans which have been converted (excluding any Loans in respect of which the conversion has been reversed) is less than the Conversion Allowance as at the immediately preceding Interest Payment Date; Conversion Allowance has been defined to mean the sum of the amounts in respect of each Interest Period equal to 0.5% of the aggregate principal balance of the Loans in the Mortgage Pool on the Issue Date. The Conversion Allowance will accrue from the Issue Date and will accumulate if not used;
the aggregate balance of all Loans which are in arrears and which are converted in any given Interest Period is equal to or less than 0.75% of the aggregate principal balance of the Loans in the Mortgage Pool on the Issue Date;
the aggregate balance of all Loans which are converted in any given Interest Period is equal to or less than 1% of the aggregate principal balance of the Loans in the Mortgage Pool on the Issue Date; and
no Enforcement Notice which remains in effect has been given by the Trustee under the General Conditions.
Copies of the amendment agreement in respect of the Mortgage Sale Agreement and Servicing Agreement which contains the full terms of the amendments referred to above may be inspected at the registered office of the Issuer and at the Stated Office of the Principal Paying Agent and the Irish Paying Agent.
These changes are effective as of 3 February 2009.






Enquiries:






NCB Stockbrokers Limited
Ms Lorena Thornton
Phone: +353 1 611 5907






This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange

END

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

Most 'sub-prime lenders' SPVs, which securitise UK borrowers mortgages, can found on the Irish Stock Exchange(ISE);

www.ise.ie

to see the notices from the SPVs about your mortgage loan:
click 'Market Announcements' > type in the name of the SPV in the 'Company Name' box;

http://www.ise.ie/News_and_Media/Market_Announcements/


to find the Prospectus, in which the SPV bought your mortgage loan and then sold it to investors/noteholders:
click the name of the SPV in the 'Debt Search' box- top right of page;
then click 'D' next to the SPV and download the pdf Prospectus;

http://www.ise.ie/Debt-Securities/Individual-Debt-Securities-Data/?action=SEARCH&search_word=eurosail


you can do this for the SPVs of Eurosail, Southern Pacific, Preferred, Mansard, Farringdon etc.

[stephen25000]

Re: Escape from ACENDEN Capstone

Hi I dont have a mortgage with this lot but a lot of people have had and had problems and have been repossessed etc.... any information which will help folk would be absolutely amazing.

Hi Tuttsi

Yes, we took out a 2nd charge loan with this fraudulent evil company in 2006, which was then Capstone now Acenden (SPPL). The loan was for £100.000 plus a PPI of £17.500, which we never asked for.
Unfortunately, about 2 years later, my husband who is self-employed had reduced hours, whilst I suffered bullying at work, which then resulted in me leaving my job.
We asked Capstone for interest only payments, which they flatly refused.
There were several suspended court orders until the final eviction notice in July 2010. By the way, we had a buyer for the property in March 2010, which they obviously knew but they still went ahead with their repossession, part of their profit stream.
I had lived in the property since 1980, but on receiving the SAR, I noticed that their 'shortfall' of approx £64.000 was added. Profit stream once again.
In October 2010, they had their own 'buyer' for the property which was 'sold' for £100.000, then 2 months later it went on the current market for £180.000.
This is just typical of their illegal antics, and getting away with it. Whilst other banks have been heavily fined by their inflated charges and fees. Capstone's charges on top of the arrears were horrendously higher. The FSA are aware of this, but do nothing about it.
My case was highlighted in the Mail on Sunday (September 26 2011).

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

Corporate Manslaughter ?

" Capstone [ACENDEN] Responsible For My Father’s Death

I have just had some sad news over the weekend, two days prior to our court hearing; my father died of a heart attack when he went to bed, and I blame Capstone because he has had two strokes and collapses in the last two months, due to the stress that Capstone have put on our family and especially my mother over £3000 that Capstone lost. His condition has worsened over the last three months and he had a serious collapse in January and another one when he came out of hospital just at the start of February. Capstone knew about his first collapse but they did not stop the pressure only turned it up demanding all sorts of ridiculous information and evidence be sent to them within 7 days, the week of his stroke. They did that on purpose and we refused them, as we had other things to do. We have had to organise all sorts of care for him at home and having just got that in place; I believe as he could not take any more strain, and due to the stress caused by Capstone, my father died; two days prior to the hearing.
I asked them to suspend the hearing and they have not had the courtesy to even respond to our two emails and call informing them of my father’s death. They have not even asked for a copy of the death certificate, and the court have also been informed and expressed their concerns and regret. The hearing was yesterday and thankfully I was actually too exhausted to go or I would have sought out the press and put Capstone in the headlines. I am contemplating a serious litigation and informing the press as this is a direct result of the pressure that Capstone have put us under. They will not get away with this and I will make sure that they do not get one single penny of the £10,000 in missing payments that they have lost or the costs and charges that they continue to pile onto the account even though we are keeping up an agreed payment of £383.00 on the account. The DWP also make up the balance of the contracted payment and they get something to the arrears. They have promised to suspend if they have an agreement on the account, but have not yet done so. I have sent the evidence for this to the court, but I have no idea if this will be taken into consideration or if the court will actually give a damn. Capstone can go to hell and if they try to take the house again, that is exactly were I will send them.
We are putting the house on the market after Easter, but Capstone will not be the first to get paid! I am taking the arrears and the missing payments of it and they can come and find us. I have had enough of these bandits and I am going to make them pay, just were it hurts the most in their lying reputation and in their pockets. "

quote from an ACENDEN victim.



REPOSSESSION FIRST RESORT.

[TUTTSI]

Re: Escape from ACENDEN Capstone

I am really sorry to hear about your dad and the antics of capstone.

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

Anybody requesting a Subject Access Request(SAR) should send it to the SPV(Eurosail/Southern Pacific Securities etc), directly for the attention of the DATA CONTROLLER.
Donot send it to Acenden, they donot own your mortgage.

Include a request for the INVOICES of their legal fees(your 'litigation fees') charged to Acenden by their lawyers(TLT,Lightfoots,Rosling King etc). The costs of the litigation against you are in these invoices, and its is your right to have them under the DPA 1998. Once you have them you can see the extent of the fraudulent billing, which is passed on to you. This includes, 'double billing' of time, unaccounted time(just 'block' time), costs added when a judge has ordered 'no order for costs' in a hearing etc. This is the unseen crime, and a swift complaint to the Solicitors Regulatory Authority should be made upon receipt of the copy invoices.

If the SPV fails to deliver ALL your docs, through the SAR, report the SPV to the Information Commissioner's Office(ICO) via online complaint. They are on notice of any violations in the non-disclosure of YOUR data by these SPVs.

[TUTTSI]

Re: Escape from ACENDEN Capstone

Have you managed to put the case on hold?

How can Acendon take you to court when they do not actually own the mortgage when one of these comapanies like Eurosail/Southern Pacific Securities do.

This is really a matter for the police or some other body to look at the fraud aspect of this case and many others like yours.

I will keep my fingers crossed for you that you can resolve this matter as right now you need to mourn the passing of your father and you should not have to worry about this.