The FSA the great Mortgage Scam of All time.

Scam that affected thousands of innocent home owners in UK 1988-90

headerimage  The head office of Abbey Life in Bournemouth UK

In the mid years of the 1980s on the announced new Government promise to clean up the industry of insurance and assurance. Abbey Life trained a team of unknowns to sell mortgages to all and everyone.They would be self employed under the banner of Abbey Life and with abbey line identity badges . They could promise what ever they wanted but sell at least four policy a month. The best seller promotion to manager on a set wage .’Go out and prove to me you can sell mortgages transfer pensions sell insurance what ever the need you can cover it. We are only at the other end on your phone if you need help.Go out and sell.’

that was part of the training. Not one of the newly made department of sales had a single clue about any of law on pensions or mortgages but every contact was explained.all they need was name and signature ,the office can do the rest.

Each one of them given an area to comb. Pressure was on them to sell. A call on any home was to say you have been selected for a financial health check. Next was ,”this is a nice house have you lived here long” .Oh! 20 years . “Did you know that you could draw off the equity on your home without any lose of ownership.”

Then they creep into the unsuspecting victim and if they say no thanks get them to sign the thank you sheet as called on you. Tell what ever tale you wish and use that signature on all documents. If they say yes bring instantly in our estimator call him the valuer. Once we know the value of the property you can sell them the idea of say 40,000. pound pay out .Dress it up and signed and out you come. If they have tight questions just tell them there is a slight pay back but we can deffer payments so if on a mortgage you will pay no more than you do now.

This all came from an agent who worked for them. I do have his name to be brought in in part two.  Then a more personal case of being robbed by them. You see Government had told this dodgy industry to clean up its act.The industry came back with yes but give us time to do all the papers to reprint and all that. Result, Government was on the edge of the chair to get this done and so promised a period of so many months.

Fast as one week later hundreds on unemployed sat learning how to fiddle. Once the thing was sold no 14 day cool off time. We avoid them as you sell all policy from many companies and we get a bite of all. Your self employed so get as many in as possible.

This is pretty much what was said To all of the new starters. They had about three months to create hell as nothing could be done once that Financial Services Act came into force. Most tried to stop it all once they spoke with friends who knew lawyers and some who knew real insurance men who saw the scam. Big companies just closed their doors , saying the man you need is in conference trick each time but if you rang back ,it would be, sorry that numbers busy do you wish to hold or ring back. Eventually they all run out of time and tried taking it to court but told by judge what they have done is immoral, evil, greedy, but now not able to be judged.they knew that ,said my judge shaking his head.Financial Service Act covers all sins. Yet with thousands of people homeless through this scam we see the offenders still dealing and surviving. The likes of abbey Life are owned by some one else today been bought and sold so may times since 1990.

 

I could not see them get away totally with all they did in my area of the country of England but some aged never picked life up again. Many I knew with small children had to run and keep running in order to avoid the bailiff. It was the scam of the devils that wanted as much illegally as they could knowing it would be made to vanish once the act covered them.

investigation that deffer payment case is hard. You are given cash out of your equity .No that can never be right. What happens is they sell you a loan. You think that it is out of the figure of equity as that is what an legal person had just told you. Could not be less than lies. Equity is when you buy your home to the date you are visited by scoundrels. It is inflation and the rise in nations wages that sell your property at a higher price than when you first moved in. Yes make equity. Your home could never be the bank but this is what you are conned into believing by commissioned sales persons as not one of them was such as lawful even then. They could not tell you anything like that and be legal so they are there to rob you. A cash loan has its payback and no deffered figure can remain without a massive balloon figure in the last days of mortgage .So instead of retiring with all paid off the house now yours, the mortgage company issue a closing balloon figure of something like 25,000 pounds in interest unpaid. I found that what went wrong with so many was their own banks did not receive the papers until after that final date and so perhaps three day over the mortgage company took you slyly off that deffered agreed payback figure to full pay back amount.

Now you owe the true figure of your loan. One chap owned his home found he had 45000 to pay back in ten working days. Another found 100000 pound he owed but had never signed that papers or asked for a loan but it was in his bank. He then tried to put it back with the lender .No they demanded interest of 25 years based loan. Both men lost the homes they had owned with nothing to show for all that paying out to mortgage societies over 30 years in one case 19 in another. It is an evil web hidden by that Financial Services Act law passed to hide criminals who refused to sign Government green papers to make a dodgy industry legal if no time for them to make waves. In that offered time they went right out to rob and steal anyone to bring home to cash. For all knew that once that date for signing loomed nearer it had to stop but anything they committed in sin would not be against them after that. So Courts all over Britain told their victims . Some rather inventive sales persons rose to managers knew more ropes and cared not about guilt. One such madam forged signatures and changed pensions under hand. This is part one of an article .Next will come names and lies exposed as we close in on the very devil who exists even today. We can name names and  red face all of them but will they care . God knows.

 

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On the 11th May 2018 at 3.54 pm tried to speak with Matthew Allen of Phoenix plc. This was to give them chance to defend before publishing the truth. It came back post failed. I then went on to their compliant form as now Abbey Life is owned by Phoenix Assurance and so in great trouble as so many have complained of Abbey Life scam to new owners of that said firm.

I only hope this helps those who now have a chance at showing up that scam that made thousands homeless in Great Britain.

Yours with respect and thank you all for reading my blogs.

Sir Kevin.

 

copyright Kevin Parr Bt 2018

 

4 thoughts on “The FSA the great Mortgage Scam of All time.”

    1. No i can never forget as I was one of the victims. Judge said all that to me but my way now is to expose them. One voice in the wilderness but my hope is texts from suffers may well help all. i lost a castle 1000 years in my family.OK built another house but had to go abroad to do that. Im not broke Im rich but hard work only paid for all I have. Thank you for caring i care about everyone and we are all Gods children so how could any want to harm us but they exist believe me. Satan has his fan club or wars would not exist. Sorry for my outburst not my way just a fight in words to win against the mighty who thing they own us. Sir Kevin Parr Baronet .

      Liked by 1 person

  1. My dear Friend thank you from the base of my heart.We are not here for long enough to cry about facts but as a qualified historian I went of the tracks a bit. Yes if the truth comes out I have done what was haunting me since 1990 homeless they cared not made a fortune and laughed at the fallen. It made me harder and worked to find a home. I traveled in a car slept in it worked from it and robbed no one. I made a fortune and enough to build a house and retire on good pensions. We care and that is what holds us back in the face of evil. We are spirits only that will live forever if we keep the creed or ask honesty for forgiveness .Most are lost MAYBE.wE SHOULD PITY THEM

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