Loancheck/Watsons Solicitors

marshallka

esmerellda wrote: »

Who was loancheck's ''in house barrister'' ?

Steven Turner ? I know David Wilby QC did an opinion for them at the beginning before they secured funding from wakabayashifund

What is this wakabayashifund esmerellda?

THOMAS123

esmerellda wrote: »

Who was loancheck's ''in house barrister'' ?

Steven Turner ? I know David Wilby QC did an opinion for them at the beginning before they secured funding from wakabayashifund

It was a chap called Lee Hull

marshallka

Just noticed this on another document from the Loancheck sa site

http://www.loancheck.eu/pdfs/LoanCheck%20Study.pdf


Loan and Mortgage checks through LoanCheck

Mostly the grievances appear only when clients run into difficulties
with their payments. Using the LoanCheck service, clients can at any
time quickly and without cost find out by answering 16 easy
questions whether their mortgages fulfil the legal requirements. If
inconsistencies become apparent, an audit report can be ordered.
Within 40 days, the bank where the clients have a mortgage or loan
account must disclose all information related to their account. All the
client has to pay is GBP 10 to the concerned lender, which makes the
client’s financial risk very limited.
At this moment the client can, if he or she wishes, commission
LoanCheck with the assessment of the case. The assessment based
on the information from the lender is made by the LoanCheck
subsidiary Severn Administration, which carries out a first internal
audit. On the basis of this audit the decision is taken whether the
client has a potential real claim. If Severn then decides that a case can
be made, the first audit is sent to a solicitor and a legal expenses
insurance. Should both of these come to the same conclusion, then
Severn conducts a comprehensive audit, which is paid by the
solicitor. LoanCheck charges GBP 2,030 plus VAT for this service. To
finance the process, the solicitor borrows money in the name of the
client. The money is also used to pay the legal expenses insurance.

The legal expenses insurance is very important, so that the client
does not pay anything regardless of the outcome. When the case is
closed, LoanCheck receives a further payment for the services of
Severn (back office processing etc) of on average GBP 1,800 plus VAT.
This is also paid from the funds taken up by the solicitor. What is
decisive is the fact that LoanCheck only takes on cases that are
covered by a legal expenses insurance. Regardless of the outcome of
the process, LoanCheck is guaranteed to receive all payments due.
The costs that are incurred for the services of LoanCheck are carried
either by the defendant or by the insurance. This way LoanCheck is
not exposed to any own risk in handling the case.


The thing that is concerning in the above is that it says the "solicitor borrows money in the name of the client? Does this mean that the client is liable for the loans the solicitors take out?

esmerellda

marshallka wrote: »

What is this wakabayashifund esmerellda?

A private equity firm with offices in Tokyo, Japan and New York, NY, provides corporate capitalization and investor relations consulting services.

apparently lol


bit obsessionally but if are interested heres a bunch of docs available on google. Sadly (oh goodness I am sad sometimes) I have all those docs saved as PDF on my hardrive.

Well you never know when they might come in handy.

1. [PDF] WAKABAYASHI FUND LLC TOMBSTONES[URL="javascript:void(0)"][IMG]chrome://searchshield/content/safe.gif[/IMG][/URL]
   
   File Format: PDF/Adobe Acrobat - Quick View
   Last year was a busy and productive year for Wakabayashi Fund, LLC. ... LoanCheck provides a full audit of a mortgage or loan account and ...
   wakabayashifund.com/wfllc_tombstones.pdf
2. [PDF] Solicitors Guide to LoanCheck[URL="javascript:void(0)"][IMG]chrome://searchshield/content/safe.gif[/IMG][/URL]
   
   File Format: PDF/Adobe Acrobat - Quick View
   Work on a LoanCheck case will be undertaken by a Solicitor on the basis of a CFA. ... Moreover, LoanCheck are not acting as a solicitor agent so there is no ...
   wakabayashifund.com/Solicitors_Guide_to_LoanCheck.pdf
3. [PDF] Step by Step Guide to the LoanCheck model ZarWorld Group Structure<a href="javascript:void(0)" id="LXPLSS_1008906047U1">
   
4. [PDF] <h3 class="r">LoanCheck SA Projections Month 1 Month 2 Month 3 Month 4 Month 5 ...[URL="javascript:void(0)"][IMG]chrome://searchshield/content/safe.gif[/IMG][/URL]
   
   File Format: PDF/Adobe Acrobat - Quick View
   LoanCheck SA. Projections. Month 1. Month 2. Month 3. Month 4. Month 5. Month 6. Month 7. Month 8. Month 9. Month 10. Month 11. Month 12. Projected Cases ...
   wakabayashifund.com/C._LoanCheck_Projections_18_Month.pdf
5. [PPT] Folie 1[URL="javascript:void(0)"][IMG]chrome://searchshield/content/safe.gif[/IMG][/URL]
   
   File Format: Microsoft Powerpoint - View as HTML
   LoanCheck revenue comes from the supply of a forensic audit ... Roll-out of the Loancheck-Solution on a larger scale as soon as all the substructures are in ...
   wakabayashifund.com/Loancheck_Powerpoint_Holger_TH_3.ppt
6. [PDF] Appendix 1[URL="javascript:void(0)"][IMG]chrome://searchshield/content/safe.gif[/IMG][/URL]
   
   File Format: PDF/Adobe Acrobat - View as HTML
   passed to us by LoanCheck with regard to the areas of law covered by the scope of ... We have reviewed a completed LoanCheck audit and have prepared this ...
   wakabayashifund.com/2008_06_11_FAS_Audit_Cost_Comparison_Signed_Copy.pdf

maxdp

marshallka wrote: »

Just noticed this on another document from the Loancheck sa site

http://www.loancheck.eu/pdfs/LoanCheck%20Study.pdf


Loan and Mortgage checks through LoanCheck

Mostly the grievances appear only when clients run into difficulties
with their payments. Using the LoanCheck service, clients can at any
time quickly and without cost find out by answering 16 easy
questions whether their mortgages fulfil the legal requirements. If
inconsistencies become apparent, an audit report can be ordered.
Within 40 days, the bank where the clients have a mortgage or loan
account must disclose all information related to their account. All the
client has to pay is GBP 10 to the concerned lender, which makes the
client’s financial risk very limited.
At this moment the client can, if he or she wishes, commission
LoanCheck with the assessment of the case. The assessment based
on the information from the lender is made by the LoanCheck
subsidiary Severn Administration, which carries out a first internal
audit. On the basis of this audit the decision is taken whether the
client has a potential real claim. If Severn then decides that a case can
be made, the first audit is sent to a solicitor and a legal expenses
insurance. Should both of these come to the same conclusion, then
Severn conducts a comprehensive audit, which is paid by the
solicitor. LoanCheck charges GBP 2,030 plus VAT for this service. To
finance the process, the solicitor borrows money in the name of the
client. The money is also used to pay the legal expenses insurance.

The legal expenses insurance is very important, so that the client
does not pay anything regardless of the outcome. When the case is
closed, LoanCheck receives a further payment for the services of
Severn (back office processing etc) of on average GBP 1,800 plus VAT.
This is also paid from the funds taken up by the solicitor. What is
decisive is the fact that LoanCheck only takes on cases that are
covered by a legal expenses insurance. Regardless of the outcome of
the process, LoanCheck is guaranteed to receive all payments due.
The costs that are incurred for the services of LoanCheck are carried
either by the defendant or by the insurance. This way LoanCheck is
not exposed to any own risk in handling the case.


The thing that is concerning in the above is that it says the "solicitor borrows money in the name of the client? Does this mean that the client is liable for the loans the solicitors take out?

Usually as far as I am aware what happens is if the case wins the loans are charged to the Lender. If the client uses the costs are paid by the ATE insurance.

maxdp

esmerellda wrote: »

A private equity firm with offices in Tokyo, Japan and New York, NY, provides corporate capitalization and investor relations consulting services.

apparently lol


bit obsessionally but if are interested heres a bunch of docs available on google. Sadly (oh goodness I am sad sometimes) I have all those docs saved as PDF on my hardrive.

Well you never know when they might come in handy.

1. [PDF] WAKABAYASHI FUND LLC TOMBSTONES[IMG]chrome://searchshield/content/safe.gif[/IMG]
   
   File Format: PDF/Adobe Acrobat - Quick View
   Last year was a busy and productive year for Wakabayashi Fund, LLC. ... LoanCheck provides a full audit of a mortgage or loan account and ...
   wakabayashifund.com/wfllc_tombstones.pdf
2. [PDF] Solicitors Guide to LoanCheck[IMG]chrome://searchshield/content/safe.gif[/IMG]
   
   File Format: PDF/Adobe Acrobat - Quick View
   Work on a LoanCheck case will be undertaken by a Solicitor on the basis of a CFA. ... Moreover, LoanCheck are not acting as a solicitor agent so there is no ...
   wakabayashifund.com/Solicitors_Guide_to_LoanCheck.pdf
3. [PDF] Step by Step Guide to the LoanCheck model ZarWorld Group Structure<a href="javascript:void(0)" id="LXPLSS_1008906047U1">
   
4. [PDF] <h3 class="r">LoanCheck SA Projections Month 1 Month 2 Month 3 Month 4 Month 5 ...[IMG]chrome://searchshield/content/safe.gif[/IMG]
   
   File Format: PDF/Adobe Acrobat - Quick View
   LoanCheck SA. Projections. Month 1. Month 2. Month 3. Month 4. Month 5. Month 6. Month 7. Month 8. Month 9. Month 10. Month 11. Month 12. Projected Cases ...
   wakabayashifund.com/C._LoanCheck_Projections_18_Month.pdf
5. [PPT] Folie 1[IMG]chrome://searchshield/content/safe.gif[/IMG]
   
   File Format: Microsoft Powerpoint - View as HTML
   LoanCheck revenue comes from the supply of a forensic audit ... Roll-out of the Loancheck-Solution on a larger scale as soon as all the substructures are in ...
   wakabayashifund.com/Loancheck_Powerpoint_Holger_TH_3.ppt
6. [PDF] Appendix 1[IMG]chrome://searchshield/content/safe.gif[/IMG]
   
   File Format: PDF/Adobe Acrobat - View as HTML
   passed to us by LoanCheck with regard to the areas of law covered by the scope of ... We have reviewed a completed LoanCheck audit and have prepared this ...
   wakabayashifund.com/2008_06_11_FAS_Audit_Cost_Comparison_Signed_Copy.pdf

Thanks for that Esmerellda very interesting.:D

marshallka

The reason I asked is cause i found this thread
http://caps.fool.com/Blogs/ViewPost.aspx?bpid=137171&t=01000000000103882559

marshallka

maxdp wrote: »

Usually as far as I am aware what happens is if the case wins the loans are charged to the Lender. If the client uses the costs are paid by the ATE insurance.

But do people actually KNOW they have the ATE insurance in place for definate? Do these solicitors give you a copy of the insurance taken out on your behalf if they are actually taking out loans in your name as the loans in the clients name are to pay loancheck for the first audit and legal insurance aren't they? Its confusing really?

The assessment based
on the information from the lender is made by the LoanCheck
subsidiary Severn Administration, which carries out a first internal
audit. On the basis of this audit the decision is taken whether the
client has a potential real claim. If Severn then decides that a case can
be made, the first audit is sent to a solicitor and a legal expenses
insurance. Should both of these come to the same conclusion, then
Severn conducts a comprehensive audit, which is paid by the
solicitor. LoanCheck charges GBP 2,030 plus VAT for this service. To
finance the process, the solicitor borrows money in the name of the
client. The money is also used to pay the legal expenses insurance.


Then from the contract moo cow posted the other day it states about the insurance here (which i assume is the ATE)

The insurance policy.
It is my considered opinion that at this stage there is no requirement for an insurance policy to be incepted as there is no risk on costs until proceedings are issued. therefore, prior to the point of issue or at any given time, an appropriate contract of insurance will be put in place to cover your opponent's charges and disbursements in case you lose.
This is because;
We need to establish that you do not have an existing or satisfactory insurance that would cover the cost of making this claim, following which;

The insurance will cover;
(a) the costs of the other party in the event that the claim fails, to a maximum of £25,000;
(b) all your disbursements if your claim fails.[


So it seems that if cases have not had insurance taken out already then the only thing that has maybe happened is the solicitor has taken out a loan in the clients name?? How do clients stand with this IF loans are in their names?

maxdp

There is a further letter which states

This claim is funded by a CFA dated 17/8/2008

The Policy is assigned to Ascot Legal Services which they keep to settle the loan for the cost of the Insurance Policy if the case should lose.

If they win all costs are settled by the Lender.

The Loan is not stated to be in the clients name.

marshallka

maxdp wrote: »

There is a further letter which states

This claim is funded by a CFA dated 17/8/2008

The Policy is assigned to Ascot Legal Services which they keep to settle the loan for the cost of the Insurance Policy if the case should lose.

If they win all costs are settled by the Lender.

The Loan is not stated to be in the clients name.

Must be completely different then to what they now state in the Loancheck eu document. Also if the policy is assigned to Ascot and Ascot is no more what now? How can you check the policies were actually taken out? Also wonder if moo cow had the same letter.