Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
THE TREASURY SELECT COMMITTEE WANTS TO HEAR SUBMISSIONS CONCERNING SUB PRIME MORTGAGES DEADLINE IST JULY 2009. MAXIMUM WORDS 3000
If you have a sub prime mortgage and feel the conduct of your provider is unfair or even unlawful now is the time to shine a light, especially if you are subject to possession hearings. The TSC wants to hear submissions. However there are fairly strict rules about the form submission must take. I've already posted elsewhere the following posts but believe this is so important for tens of thousands of homeowners that I've decided on a new thread dedicated to helping us all, whoever we are with, get our submissions in order. Time is tight.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
SUB PRIME MORTGAGES
HOUSE OF COMMONS TREASURY SELECT COMMITTEE CALL FOR SUBMISSIONS OF EVIDENCE
Hi all,
This represents a very important opportunity to raise the public profile of what has been happening to you since you took out one of these mortgages. Whilst our political class has never been held in such low esteem the Treasury select committee is chaired by someone who doesn't pull any punches and wants to get to the bottom of this.
Part of the problem and therefore the cynicism about Westminster is their remoteness from the real world.
This is YOUR opportunity to give it to them. Remember that the bankers will be busy gathering their stuff in order to whitewash the whole inquiry. They will have been faxed with this press release before you and I even knew that the TSC were looking into this. CB did her stuff alone in Feb and look at the impact that had. We can't rely on individual pressure alone and hope that someone can pull it altogether for us.
Massive collective consumer response is the only way to bring these vultures to account.
WE HAVE TO WORK COLLECTIVELY
If you care, not only about yourself, but the state of the world you find yourself in, and the world your kids will grow up in, you should, with all due urgency make your submission.
There are strict rules about how to do so but nonetheless I'd rather submit before the high court of parliament who want to hear what we have to say than the local county court which may or may not give a toss despite the fact that EU law mandates they do.
PLEASE READ CAREFULLY THE FOLLOWING
YOU DO NOT HAVE TO COVER THE WHOLE REMIT JUST THE PARTS THAT APPLY TO YOU
MAINLY I PRESUME THE MIDDLE ONE ON SUB PRIME
DO NOT BE AFRAID OF GIVING YOUR NAME OR ADDRESS
THE BANKS ARE COMING AFTER US ALL ANYWAY AND IN ANY CASE THE SUBMISSIONS ARE SUBJECT TO PARLIAMENTARY PRIVILEGE
If you want to do ths but have any concerns please post on open. Do not PM as if there is a massive take up on this I will not be able to cope and respond adequately or in a timely fashion.
I am putting this together after an exhausting day at work. If there are any errors I will try to correct them at some point tomorrow.
OK Peeps. Here's the link. They want to know from YOU! Just write as you would on open post and list 12345 what they have done. Just one last thing. Nothing, and I mean nothing, that could identify you should be posted on open.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
In making your submission the following format should be observed
1. Give your Name
2. Give your Address
3. Give your Phone Number
4. HEAD THE SUBMISSION - something like
SUBMISSION BEFORE THE HOUSE OF COMMONS DEPARTMENTAL SELECT COMMITTEE FOR THE TREASURY
INQUIRY INTO MORTGAGE ARREARS AND ACCESS TO MORTGAGE FINANCE
CHAIRED BY THE RIGHT HONOROUBLE JOHN MCFALL, M.P.
Next page:
Indicate whether you are willing to be called as a witness before the Treasury Select Committee. This will main making yourself available to go to parliament and you won't get any expenses. I'm guessing that for most of you the answer will be no.
Next page
If your case is currently subject to court proceedings - most of us are - then you MUST make a statement to this effect. THis will not and cannot effect your case but you must let the TSC know.
something like this:
The facts submitted before the treasury select committee in this submission are currently subject to a possession claim (Number) in XXX county court. The current status of this claim is that a suspended possession order has been made by the District Judge in this case.
Main body should go something like this.
Executive Summary
This should be 200-250 words max summarising the main arguments, maybe something along the lines of: (THIS IS NOT PERFECT AND SHOULD NOT BE COPIED AND PASTED. YOU SHOULD PROVIDE YOUR OWN EXECUTIVE SUMMARY)
The following submission, in response to the Treasury Select Committee's call for submissions, made 17th June, 2009 lays before the committee evidence of widespread consumer detriment experienced as a result of practices in the 'sub-prime' mortgage market which are systemic, and more often than not, unlawful. The overall consequence of these widespread practices is that consumers are being harrassed, serially and unlawfully overcharged, treated with contempt and subject to reprisals when making complaint and are then ultimately and often unlawfully repossessed, in addition to which the equity is then stripped from their homes with hugely disproportionate early redemption charges, following on from repossession. Evidence will also be brought forward to show that The FSA has failed in its duty to regulate effectively these firms, that the fos is too slow to act on consumer complaints and enforce the regulations in this area, and that the courts themselves consistently fail in their duty to examine the fairness of standard terms in this contracts as they are mandated by virtue of ECJ ruling whatever the number is! (I'll edit this later!)
Next page.
1. Who you are what you do when you took the sub prime garbage out who with, any subsequent closures and transfers and that fact that it is now administered by Crapstone. This is most of us on these threads.
2. Then lay out your paragraphs in numbered fashion. GO for it!
3. Go for it Some More
4. Put in all their charges
5. Put in all their lies
6. Put in all their harrassment
7. Put in their woeful compliance record with SARS
11. JUST THROW THE BLOODY KITCHEN SINK AT THEM WHILE YOUVE STILL GOT A HOUSE WITH A KITCHEN.
If they want our houses they are going to have to work for them and that means putting them under intense public and official scrutiny to justify what they are doing. And what they do is not only a little bit unsavoury it is unlawful across the board
MAKE SURE THE TSC IS AWARE OF THIS
Finally don't worry if you are not confident about how to express yourself. Others can help and ultimately the point is not whether its beautifully written. The point is that you write it at all. Let the TSC what they are doing to you and your family. Make the government ministers squirm when all this is put to them. We don't have second homes and we no longer even enjoy the protection of the courts.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Thank you EIE, for telling us about this. I am certainly going to tell them my story and am already halfway through writing my submission. I am also prepared to go to parliament as a witness if necessary. Let's hope plenty more sub prime victims do the same- apathy will get us nowhere. Something must be done about this outrage.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Hi sub prime victim
Good one you. Only massive pressure will count. They will go all the way to stop you but don't forget they declared war. Post this around to anybody you know in a similar situation. We are looking for a critical mass here. Who's your lender?
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
My "lender" is Redstone (started out with Beacon Homeloans before they sold to Redstone and securitised). They are the most devious company I have ever come across.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
They are all bloody devious bit within that comment lies the possibility that some are more devious than others.
Make sure you get their FSA number to present before the TSC. Towards the middle of this week I will post up a more detailed template BUT it has to be individual by the same token.
Can you give me some examples of sharp practice which act to consumer detriment? By the same token I don't want anything personal. YOU SHOULD NEVER DO THAT ON HERE! prying eyes you see?
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Will support this thread and write about subprime practices here,repossession proceedings,their charges ,councellor fees everything-i will try to hold it to 250 words.Tawnyowl.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Good stuff Tawny owl. I'm sorry to hear the barstewards got you, no doubt unlawfully in which case check out the last 5 or so pages of the spml/ London thread. There is under eu law a real chance that you can sue hmg for damages.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Yes i suppose they did,but in a strange way i got satisfaction in the end.Maybe not for me,but for someone else.Enough of that,just letting you know good luck,and i hope this thread leads to something we all want.The subprimers exsposed for what they are.And perhaps lead to some help and new solutions for people facing repossession.Tawnyowl.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Hi Tawnyowl
thanks for your good wishes. Can you alert as many people as you can to this thread? - I'd be grateful. It is in the common good and the bankers will have already began their whitewash for the committee. Time is tight. Thanks EiE.
Last edited by enoughisenough; 22nd June 2009 at 16:33.
Reason: phrasing altered meaning
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Hi Enoughisenough,
I can give plenty of examples of sharp practice. Where do I start?!
1) Our broker tripled our income figures without our knowledge, in order to obtain this "mortgage". The lender did not check any of it, as they knew they had nothing to lose. They would simply sell it on, securitise it and seize our property when we could no longer afford to pay.
2) They started repossession proceedings last year. I told them several times by letter and telephone that my wife would be starting 2 new jobs in a month's time and we would be able to clear the arrears. They ignored this and continued proceedings.
3) The day before the hearing, my mother in law lent me the money to pay off most of my arrears. I paid it over the phone and they told me that the hearing would not go ahead so I should not attend. As I do not trust this company I phoned the court to check and they told me the same. After complaining to the fos about £550 of solicitor's costs added to my statement, the fos informed me that the hearing DID take place and the judge read a letter from Redstone. This proves that these sub prime vultures are lying and deceitful. To top it all the fos now tells me that the company have done nothing wrong and are entitled to charge these amounts. Even though they deceived me into not attending the hearing!
This is just the tip of the iceberg. I sometimes feel we are fighting a losing battle as even the FOS and FSA are against us. Let's hope something can finally be done now to stop this injustice.
Best of luck,
Subprimevictim
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
This is exactly the kind of practice that needs to stop. The fsa and the fos will rue the day they let this kind of thing get brushed under the carpet. I take it you're still fighting?
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
It is demoralising fighting these vicious scumbags week in week out. But THEY declared war. It wasn't enough to have a highly profitable business model that simply bleeds us dry. Now they want to start eating us as well.
So it's our duty to fight with everything we've got. And that's exactly what we'll do. If they think they're too big to be taken on, they need reminding that the banks charges case has gone to the House of Lords and it was consumer pressure that got it there.
Re: Sub Prime Mortgages Call For Evidence Before The Treasury Select Committee
Hi dotty.
I know you've been through hell with these scumbag predators. Now it's payback time for all their mendacious duplicity. Hit them with waht you've been telling the community and hit them hard. Your style of writing doesn't matter in fact it could help that it's coming from the heart so to speak. There'll be plenty of others making more legalese type contributions. Post this on to anyone you know on the CAG
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