All monies on clause mortgages

[scoobydoo]

Re: All monies on clause mortgages

http://www.barprobono.org.uk/

As far as I am aware can be used on cases tha have been in court

Tom could confirm

[Curlyben]

Re: All monies on clause mortgages

Jest, you have noting to apologise for.

[scoobydoo]

Re: All monies on clause mortgages

rant as much as you like Jester.

thats what we are here for

[Jester]

Re: All monies on clause mortgages

For some strange reason, I have an XTC song running in my head at the moment (for those of you old enough to remember the late-70's music scene)

1-2-3-4-5, Senses working overtime ......

[Curlyben]

Re: All monies on clause mortgages

Your wish Jester (1982)



This puts me in mind of this song:

[Jester]

Re: All monies on clause mortgages

Oh gawd. I saw Manowar live back in the days when I was young, foolish, smelly and long-haired LOL

They were awful

[Curlyben]

Re: All monies on clause mortgages

Yep, but the chorus is apt in this case

[Amethyst]

Re: All monies on clause mortgages

manowar arrrrggggggggghhhhhhhhhhhhhhhhhhhhhhhh

and change ur flipping tag line, cause you aren't

[Budgie]

Re: All monies on clause mortgages

Hi All,

Sorry have been busy all day today and only just caught up with all today's posts.

I must say there is some excellent work being done here by everyone, well done.

Ame is definitely right, we have two issues, one is Jester's instant situation which is to my view the most important. The other is of course the wider implications of "all monies" clauses.

I applaud the idea of trying to get some publicity on these issues because I believe that if its done properly and immediately it could actually assist Jester's current situation.

Exc we met with Wendy from MSE at the Test Case didnt we? She ate our sandwiches. Maybe we could possibly ask her to have a word in Martin's ear and see if we can set up a meeting with him to discuss this and use Jester's situation as an example.

Budgie

[enaid]

Re: All monies on clause mortgages

I have put this info here because I think a lot of us are looking at our mortgage details a little more fully now. Don't know how long these mortgages have been going on over here. These rules apply from Oct 2004 as said. I think this may make it a little easier for you to see what should be there, also that what is there should be easy to undertand.

Well I found that we should have a Key Facts Illustration of our mortgages and in there it states about if its linked to a Current Account, which would be your overdraft. I am presuming too that any unsecured borrowing must be mentioned too, in one of these horrid mortgages. So all that is part of these mortgages must be mentioned in your KFI according to the FSA. From the date they were responsible Oct 2004.

The Financial Services Authority (FSA) has been responsible for mortgage compliance since October 31st, 2004.


Mortgage Compliance - The Basics
The FSA lays down rules that information about mortgage products must be complete, transparent, unambiguous and easy to compare with similar products on a 'like for like' basis. Mortgage providers normally make this information available to potential borrowers in the form of a Key Facts Illustration (KFI).

Mortgage Compliance - Key Facts Illustration (KFI)
A Key Facts Illustration (KFI) can be several pages in length and usually follows a standard template:
general description of the KFI;
service being offered by the mortgage broker or lender;
customer's requirements, e.g. amount to be borrowed, type of mortgage, mortgage term, purchase price of the property;
mortgage features, e.g. type of mortgage, mortgage term, interest rate charged, restrictions, linked products;
overall cost of the mortgage and Annual Percentage Rate (APR) charged;
number and amount of monthly payments;
explanation of associated risks, e.g. if interest rates rise or borrower's income falls;
fees payable to lender and broker;
insurance required and whether tied to mortgage provider;
early repayment or transfer options;
overpayment options;
additional features, e.g. options for underpayments or holiday payments, cash-back and other incentive payments, linked current account;
brokers' fees paid by mortgage lender;
additional general information about mortgages;
mortgage provider's contact details.

There are exceptions too, here they are
Mortgage Compliance - Exceptions
Perhaps, surprisingly, some types of mortgage do not come under the auspices of the FSA. Buy to let mortgages and equity release schemes are not covered by the mortgage compliance regulations. The logic for excluding these types of mortgage product is that they are considered to be commercial loans rather than traditional mortgages. However, many mortgage providers will provide KFIs, upon request, for these types of products, which are often more complex to understand than more conventional mortgages

[CYNthesys]

Re: All monies on clause mortgages

This might not be of any help to Jester, but may be of use to others

Retrospective application of the unfair relationships test-

The intentional broad scope of this test gives sweeping powers to the court to examine every aspect of a credit relationship, not just the written terms of any credit agreement. However, of particular concern to mortgage lenders is that the DTI has ensured that the provisions of the new test will have a retrospective effect and will apply to any existing agreements from April 2008. From this date, it will be open to the court to find that a relationship is unfair by reason of conduct or events that have occurred at any time before the provisions came into force and to order the repayment of any payments made.
http://www.mfgonline.co.uk/mortgages...ge_lenders.htm

[calamity jane]

Re: All monies on clause mortgages

Not sure if this is any use,

http://www.courtsni.gov.uk/NR/rdonly...j_GIRE3383.htm

[EXC]

Re: All monies on clause mortgages

Tom will look at it at the weekend. I asked KF about it but she confirmed the obvious - that it's an FSA matter. Still waiting to hear back from Wendy and BCSB.

[Jester]

Re: All monies on clause mortgages

Cheers Exc.

I've started putting together a letter to send to the FSA about this. I guess from what you are saying above that the FOS believe it is not in their hands ?

I'll hang back on completing and sending it until you have heard from the others.

I'll also post the eventual letter here before sending it so everyone can have a say on how it is worded and what should be included/excluded.

I also need to have the court papers in my hands for some of the other salient facts from the court case. I've been told that it is possible that the Judge himself may add stuff to the court papers that maybe he did not say in court.

[TUTTSI]

Re: All monies on clause mortgages

Jester this is from the FSA web site...... go get um.....

http://www.moneymadeclear.fsa.gov.uk...act_terms.html