Mortgage Accounts/Shotfall accounts Auditing ( TLT Article)

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Dear all concerned,

Just being browsing through latest legal updates on (TLT) website and came across this article,looks very interesting and worth pursuing as you will note from the contents.

Lenders beware of LoanCheckLenders beware of LoanCheck

LoanCheck, a company based in Leicestershire is targeting all mortgage customers and in particular those of sub prime lenders. It is promoting itself as offering “a fast and efficient service to pursue claims against financial institutions” on behalf of customers who believe they “have mis-sold/mis-administered mortgages and other financial services”.

Through its website - www.loancheck.co.uk, LoanCheck claims to be able to provide an on-line assessment of whether “you are likely to have been overcharged by your lender”. For a fee of £115 the customer is then referred to a panel solicitor who will take on the case on a “no win, no fee” basis. LoanCheck is currently approaching a number of law firms to add to its panel.

The first indication lenders are likely to receive of LoanCheck’s interest, is an approach from an associated company which is more discreetly named, Audit Marketing Limited (AML). To gain details of an account, AML will submit a Subject Access Request Notification. Before responding to such a request extreme care should be taken, particularly where the request is made through a 3rd party such as AML.

The prospect of being able to challenge the accuracy of a mortgage account at nominal cost to the customer supported by a solicitor on a no win no fee basis, is likely to lead to a proliferation of disputes as the services of LoanCheck become more widely known.

LoanCheck, a company based in Leicestershire is targeting all mortgage customers and in particular those of sub prime lenders. It is promoting itself as offering “a fast and efficient service to pursue claims against financial institutions” on behalf of customers who believe they “have mis-sold/mis-administered mortgages and other financial services”.

Through its website - www.loancheck.co.uk, LoanCheck claims to be able to provide an on-line assessment of whether “you are likely to have been overcharged by your lender”. For a fee of £115 the customer is then referred to a panel solicitor who will take on the case on a “no win, no fee” basis. LoanCheck is currently approaching a number of law firms to add to its panel.

The first indication lenders are likely to receive of LoanCheck’s interest, is an approach from an associated company which is more discreetly named, Audit Marketing Limited (AML). To gain details of an account, AML will submit a Subject Access Request Notification. Before responding to such a request extreme care should be taken, particularly where the request is made through a 3rd party such as AML.

The prospect of being able to challenge the accuracy of a mortgage account at nominal cost to the customer supported by a solicitor on a no win no fee basis, is likely to lead to a proliferation of disputes as the services of LoanCheck become more widely known.

Mohammed

ps:i look forward for your responses

-- Mohammed Aleem (abuzahara@aol.com), July 21, 2003

Answers

A Subject Access Rights Notice is the document/letter to a data controller requesting information held about oneself (data subject) and can only be acted upon by the data controller if the data subject has made the request and can identify the information being requested. Subject also to paying a maximum fee of £10.

A third party cannot request a data file from a data controller. If LoanCheck or their associates request information via a SARN all they are likely to get is the material with which to audit the account. A Data File is made of much more information than accounting material.

Access to ones own data file is the same as access to ones own credit file from Experian or Equifax. It is not provided to anyone else.

Anyone who wishes to view the relevant section of the Data Protection Act 1998 can find it on the website of the information commissioner.

www.informationcommissioner.gov.uk

-- Lexie (lexie.fabriane@ntlworld.com), July 21, 2003.


How many cases have they won?

Sounds like claims direct and look how they ended up!

Masses of claims unprocessed when they went into liquidation and innocent people only getting a fraction of the payout money.

-- Steve Sanderson (stevesanderson458@hotmail.com), July 21, 2003.


the posting was put up to make all aware and in relation to how their doing etc on general enquiries they seem to have a lot of success so they claim and have even pursued a recent case of a freind on a protocol of a issue similar to the one discussed on money box programme with mary wards legal debt specialist Ahmed Butt in relation to deferred costs ( ie:indemnity/legal cost payment).

further more in relation to SARNS when you official assign duties of care or power of attorney to a individual or institution, they have the legal right to obtain information on your behalf as the data subject, not everything is black and white as you might read of.

Also note when these bast***** are chasing you, what law protects us the victims of repossesions when it comes to human rights, ringing you at work,calling on you ,bombarding you with threating letters and not providing you with information to substatiate their alleged claim and from experience of recent settlement just negotiated, openly flout the civil procedures rules with the court and on complaint even the sitting judge was oblivious of protocol or ethics.

It's all well and good to duck and dive,resolute are those that look to take the bull by the horn and pursue all avenues to move on.

mohammed

-- Mohammed Aleem (abuzahara@aol.com), July 22, 2003.


Your comments regarding third party access to SARNS is incorrect.

A data controller is entitled to refuse to supply a SARN to any third party it so wishes and send the data file directly to the data subject.

If legal representation want information they can either get the Data File from the subject or seek disclosure through the court.

Also 'they claim' is not exactly independant praise is it.

It is good that your friend was helped by them but I really would question as a percentage of people how many have actually helped?

I am very synical of this company and a friend of mine has also had dealings with them with little success.

-- STeve Sanderson (stevesanderson458@hotmail.com), July 22, 2003.


A good posting as i have also read the article,and it seems the building society and their sub cronies are worried. ( about time to,as the normal lay men can not possibly check the completion statements thrown at us facing these THIEVES.

by the way steve you are totally against this approach and are you a building society/banking agent and who are you in dispute with for the shortfall and how far down the line is your case?

Liam

-- Liam (Q&A786@aol.com), July 23, 2003.



I think it is worth remembering that not everyone who reads and posts messages to these boards are themselves facing an “alleged shortfall”. Lenders often read and post messages to these boards as do solicitors, money/debt advisers and companies such as LoanCheck.

Sometimes it is not possible to establish who’s who, and there are a number or reasons why someone who posts here would wish to remain anonymous, or would post careful or selective comments.

I understand that those facing “alleged shortfall debt” would cling to any nugget of information in the hope that this was the answer to their problem and would end years of misery and pain. That’s a normal response. But what I urge you to do is not see companies such as LoanCheck as the messiah, but as a commercial organisation.

Don’t take what you read here as the truth, ask questions of that company, before you part with any money.

Make sure you know what it is they can do and be prepared for the outcome. It may not be all you had hoped. They do not have a magic wand.

Ask them if their system has been accredited or is recognised by the finance industry. Ask them what happens if your lender takes you to court – will they represent you with their findings? Or will this cost you extra? Ask them for proof of their successes or a list of satisfied customers who are willing to recommend them. Ask them how much it will cost you if they “win”.

There are other companies out there which undertake the same type of work. Maybe you should shop around if you want this type of service.

The TLT article was a warning to lenders about issuing a Data File to a third party upon request of a SARN. This is the wrong procedure to use and may eventually put at risk all our rights in obtaining information that companies hold on us. The costs of issuing a data file is often far in excess of the £10 fee. If loanCheck target mortgage customers and then issue a SARN upon the lender, potentially thousands of cases – how long do you think it will only cost you £10 to get your data file?

I hope this helps

-- Lexie (lexie.fabriane@ntlworld.com), July 23, 2003.


Spot on Lexie!

Liam you sound as though you are conducting a witch hunt or something! (incidentally I have never seen a post from you before, do you work for Loancheck?)

It is irrelevant who I am and it is my business how my 'shortfall' is proceeding - not yours

However, as I stated it was good that Mohammeds' friend had been helped out I fail to see why you assume i am an 'agent'

As Lexie says there are plenty of other companies who do the same service as Loancheck and all should be checked out.

I can only speak from my and others personal experiences - My friend got badly let down by them and had to attend court on his own!

-- steve sanderson (stevesanderson458@hotmail.com), July 23, 2003.


Hi,

You are absolutely right steve in relation to personal recommendations and dealings with in relation to outcome in this situation(shortfall cases etc) and i agree that we are not here for recreminations against anyone individual here in response to postings or their personal shortfall case history,until asked for advise .

so keep personal vendetta's and superimposing your views on others as we are all entiled to our opinions and can freely relate our experiences with solicitors and mortgage lenders etc.

Some have had good dealings with their shortfall case's and others not, personally i would not entertain any solicitors at all from experience in my case,others would.

please lets be constructive and not destructive and respect each other,we all have a common denominator on this forum and its the financial sector and their hatchet men ( solicitors)

Mohammed

Mohammed

-- Mohammed (abuzahara@aol.com), July 23, 2003.


I have been looking at the loancheck website and from my dealings with the company , it looks to be a very simple and effective way of recovering some of the overpayments that many of us have made to various mortgage companies. The concept looks great and when they have a sucessful claim ( only a matter of time ) the mortgage lenders will be really c******g themselves.I have paid my £115 and fully expect in excess of £6000 within 6 weeks Alan Azelia

-- alan azelia (actecs@btconnect.com), July 23, 2003.

Mohammed,

Just seen this....

"Killer-turned-solicitor prompts Law Society inquiry An Old Bailey judge last week called on Chancery Lane to launch an inquiry into how a convicted killer came to work as a solicitor."

wasn't your solicitor by any chance, was he ??

Mark.

-- M Amos (idgroms@hotmail.com), July 23, 2003.



Hi mark,

Please let me know when the identification parade takes place or the be-heading as i would like to let go of the guillotine.

Anyway who needs one when we have you, thats why i am telling them to be warey of them.

Mohammed

Mohammed

-- Mohammed Aleem (abuzahara @ aol. com), July 23, 2003.


I have been looking at the loancheck website and from my dealings with the company , it looks to be a very simple and effective way of recovering some of the overpayments that many of us have made to various mortgage companies. The concept looks great and when they have a sucessful claim ( only a matter of time ) the mortgage lenders will be really c******g themselves.I have paid my £115 and fully expect in excess of £6000 within 6 weeks Alan Azelia

-- alan azelia (actecs@btconnect.com), July 23, 2003.

Alan,

I was just going through some older postings and wondered if you could update us as to whether your expectations have been fulfilled?

-- Lexie (lexie.fabriane@ntlworld.com), September 24, 2003.


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