Challenge Your Mortgage – Class Actions Part 1

Challenge Your Mortgage  - Class Actions Part 1

hello and welcome to you and your cash I'm joined as usual by our resident information expert Simon Goldberg Simon how are you I'm good thanks how are you wonderful thank you nice of you to well you're welcome you all know what that's about now you might be aware that we've been looking into mortgages over the last few programs and we've actually already done a special series on mortgages our research I should say Simon's research has uncovered a huge amount of very interesting information now I know one of those Funland was on and the way that mortgages have been potentially miss old yeah and more specific to what we're going to be discussing today is the fact that eight in ten mortgages in fact more than eight in ten mortgages have actually been securitized or sold on a signed or transferred to a party that is not in contact with borrowers on a regular daily basis in other words so more than eighty percent of people out there with mortgage products the bank finance company mortgage lender however you want to refer to them that is collecting your payments on a monthly basis is not the company that owns the mortgage and it's probably not the company that you think you're doing business with as well Louis right yeah so at least eight out of ten people are obviously able to do do what about that exactly well this is where our guest comes into play because we've we've invited Stephen Swain from legal quest to come down and explain I think a very important legal challenge which is about to be launched and I know you've been looking at this and discussing it with some of the guys from legal quest for a number of years now mm-hmm it's really more or less come to a head in what the last few months I think that's fair to say I think I think they've been ready to kind of go for some period of time now but it's a question of dotting the is crossing the t's as is always the way in terms of taking these challenges forward and the this is going to be a mum I think a historical in my own opinion a historical moment in the history of the UK mortgage market and for the benefit of the borrower's which is you know you and I or you and us as it might be anyway let's let's give Stephen a grilling shall we in a nice way the reason I say that is because you know having looked at what legal the information and legal quest is put out so far some other stuff they're talking about could be life-changing for people I think so I think so I mean but but rather than just stick you laid about it let this get straight in and ask Stephen some questions now we've got him here with us today yeah so Steve how are you doing I'm fine thank you right that's happy here um so what's it all about what's it's all about well very very briefly very briefly I'll try to as briefly as possible the vast majority of UK mortgages have been as Simon said have been sold using a securitization process now legal quest don't actually have an issue with securitization is it can be a very good thing and can be a very good thing for the UK economy it's also it can we'll also free up additional money to lend to prospective borrowers providing it's done correctly and unfortunately would appear and all the evidence that we've collected over the past 12 years substantiates our view that it hasn't been done correctly it's been done to the detriment of the borrower right and that's the last thing there should have happened okay yeah right okay so we can cover off how it's been done to the detriment of the bottom I guess India in the next show but in terms of so you know Joe Bloggs out there is gonna be watching this now and is gonna be saying right okay so there's something that's potentially wrong yes with my mortgage but Joe Bloggs is going to have to establish and ascertain whether or not his or his or her mortgage has been securitized that's that's the first port of call that we have to that we have to crab salutely fundamentals that was fundamental to the course right you prove that to your mortgage has been securitized if it's been securitized it hasn't been done correctly that substantiates the cause of action that you've got to take your case forward all right so once that's been established let's say for example it's finished that list yes the mortgage has been securitized yeah what's in it for the customer why should Joe Bloggs or mr. mrs. blog's why should they do anything about it what's in it for them what's in it for them well the facts of this providing this goes forward at an extreme correctly by legal request we can potentially have their mortgages written off there is a to establish that there is no longer a liability for the borrower to pay their original lender any any money Wow right okay now I know that there are a lot of caveats that we have to add versus I think we can't discuss it all in one short show and hence the fact that we've got this series of shows and that's important for me to point out to everyone watching out there yeah um so okay so there is a potential just to repeat what you're saying there is a potential if it be found that the more that the mortgage has been securitized yes depending on what else that throws up there is a potential for the mortgage debt as things stand at that point in time there is a potential for the mortgage debt or the liability of the mortgage debt to be extinguished to the original lender to the original length absolutely right okay so that kind of implies that there there may be a claim which could be brought from the new owner of the mortgage right correct yes right but there's gonna be some I would have thought there's gonna be some strict some strict criteria around that as to whether or not that claim is a true claim a valid claim or solutely yes yeah it's that it will be once we've at once we've got through the first stage which is the acceptance by the lender that they no longer have a legal title entitlements and received the monies the third party to whom they've sold then have to prove to our satisfaction or the courts satisfaction or the borrower's satisfaction the dessert that exists a contract between the borrower and the new owner of the mortgage and there's an awful lot and very complex paperwork that has to be disclosed in order to establish that ownership or the liability between the two whether there's privity of contracts between the original borrower and the new lender if you like okay so in concrete terms if I if I wanted to see if my mortgage been securitized well the further in the first first step is to gain sufficient proof the only way of getting sufficient proof is to carry out a data subject access application so you lender you then have to have some fairly basic knowledge on in terms of conditions etc etc and then what's it once you've actually got your DSA are it's to look through the DSA are and pull out any indication that the mortgage has been sold on and to whom now it's extremely difficult the average one industry could potentially do this themselves and we would encourage anybody who doesn't want to use the legal quest process to look into it themselves it's absolutely vital and you really do it to themselves and the family to at least check whether their mortgage has been securitized so an application goes into with a DSA are to the lender with the the statutory ten pounds the lender will give them sufficient information to encourage them to take it a little bit further because I can tell you it will tell you now they will never disclose all the information on the first application in our experience that we've carried out several hundred test cases over the past two years and not one of them has actually supplied to the the information in the first instance but you've got to know what you're asking for yeah and we actually put this onto our website the this is the process this is what you should ask for it is quite complicated but once you've received it the SAR to actually go through and find all the all the menu shaver that Minu shade that so will it put you in the right direction we carried that out for 4m the borrowers and we will then issue a legal opinion either on the resource yeah and that legal opinion will mean either yes they have yeah no they haven't or there are indications that they have despite their denials if they have mm-hmm obviously you're not going to do this for free no so what is the cost well the the borrower has to look at them and they've got some way upper balance for them to do it themselves we build custom ten pounds plus recorded delivery letters etc etc etc once they've received it that then should have a legal opinion and that's not gonna be – no well we've we went to several were sorters high street solicitors you know whether 80 SAR this one was I think it was about three thousand pages so they go there's a DSA are would you read through this and tell us how much it's gonna cost us and they gave this quotes at 4,600 pounds now obviously you're nobody in the right mind would pay out four thousand six hundred pounds just to have a DSA are read in a legal opinion if there was an alternative so we created an alternative which is all based on on software on artificial artificial intelligence and we scan speed DSA else into the system etc all to make this as as competitive and as cheap as possible for the for the members of the public so just a second the cost is two hundred and sixty pounds ain't doing that absolutely yep and that includes the legal opinion just briefly here is that you know you say you've got artificial intelligence yes miss yeah is there a real person involvement perhaps yes at the end of the day once we've done through the the electronic process the the system will create a legal opinion but that legal opinion can't go out until it's run by a solicitor we have we have two solicitors on on the board of directors one of whom is based within our data processing system center in their open leave on the file coast and he'll look through compare the information that's come out of the system with the the the factual documents and he will give his final opinion whether we can issue it or not so it is a bona fide a very highly qualified solicitor who rubber-stamps him to go out right so in essence you've got your expensive artificial intelligence system get all the grunt work to forget the dates illegally absolute solicitor verifies that what the artificial system has found is true correct yeah so just before we wrap up this particular show just to recap on what you've said so we've got anyone out there that has granted a mortgage yeah to a mortgage company yes there's obviously received funds in exchange go buy their home or remortgage or whatever the case may be there's a an 80% or more chance mm-hmm the the mortgage company has securitized is that mortgage if they have then there could be an opportunity to extinguish the liability now there are lots of caveats in that there as well come on – yeah in order to ascertain whether or not there is an actual opportunity or a potential opportunity to make a claim the mortgage borrower the customer has to either use your validation process to ascertain what the facts are in other words yes or no has this mortgage been securitized yes and you mentioned earlier that you've actually put this information on your website sarcastically go and do this themselves absolutely I think it's quite fair absolutely right if somebody doesn't want to spend 260 pounds and feel confident yes they can actually go through this and themselves but is so much PPI Peter they were do some people felt comfortable going to PPI companies to after their claims carried out others felt confident enough to write their own letters well you have to be you have to be confident enough to be able to read the DSA are to do it yourself but we actually give instructions on our websites and how to do it alright so that is fair so so people can either avoid the legwork and get you guys together at 260 quid yeah they can avoid the legwork and get their solicitor or chosen barrister to go and do it because that's probably going to be a lot more expensive or several thousands or they can read up a little bit educate themselves and try and do it themselves yes they can right okay so before we move on to the next part then I guess we'd better close down this show and then we'll be looking at that if that's okay with you Steve oh you're looking at it in a little bit greater detail yeah so thanks for coming in your moles are welcome thank you


  1. Traudi Lepse

    Hi. Does this apply to Australia as well? Does Legal Quest work with overseas clients?What is DSAR and does it operate inAustralia?

  2. JuicyVeganDwarf

    Such great content and videos that so many need to see. Uploaded way back in february of this year, yet only 1,050 views as of time writing this comment (9pm 16th October 2017)???? This is google / youtube working to hide this information from the masses. 

    Keep doing great work guys, thanks 🙂

  3. bob question

    With the DSAR the company has an obligation to pass copies of ALL documents with personal data on that exist within the company. They have a data tzar who is given the job of knowing where all data exists with personal data thereon. If they fail to pass on any data that exists, they are in breach of the data protection act. The signature is personal data and therefor included in the DSAR. Does that not mean that if no copies of contracts or signed agreements exist within the DSAR returned data, that we can safely assume that they don't have one? Especially if we send a second letter saying that there is no copies of signed documents within their paper bundle, please make sure you send them. If they then fail, yet again to substantiate the debt, then there automatically is no debt.

    In order for a sold debt to be enforceable, there would have to be a contractual tie signed in the original contract that you agree that the debt can be sold on. IE the original "lender" would still be required to hold a binding contract.

    If the original lender fails to provide a copy of this contract, then it can be safely assumed that there is no contract.

    Since the mortgage is a slight of hand shenanigan, the best they could ever hold is an "agreement" and although a contract is an agreement, an agreement is not necessarily a contract. For an agreement to be a contract, all terms and conditions must be stated up front. If all terms and conditions are not divulged then you may have an agreement, however, an agreement is not legally binding since it only lasts whilst both parties agree.

    Is that about the size of it??

  4. King Brilliant

    i remember El Spaniardo discussing this very issue years ago…In fact, didn't Simon take Santander to court??

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