ACTION OVER HOME LOANS TRAP

Loans company London Property Investments (UK) Limited has been accused of preying on homeowners in mortgage arrears and facing eviction.

It allegedly snared customers into signing deals for new loans, with small print saying they had to pay fees of up to 35% of the property value if they tried to sell their homes.

When victims couldn’t keep up with loan repayments, another outfit run by the same bunch, NPI Holdings Limited of Birmingham, bought the homes under sell-and-rent-back deals.

Now the Financial Services Authority has obtained an injunction banning the operation and is seeking compensation for the victims involved. “The FCA believes that the defendants’ activities have affected dozens of individuals, some of whom are highly vulnerable and who may have lost hundreds of thousands of pounds,” it says.

The legal action is being taken against the companies and director Daniel Stevens, 26, and his father Anthony Kafetzis, also known as: Anthony Stephens, Tony Stevens, Tony Stephens, George Stasis, Anthonio Georgiou and Andreas Georgiou.