Ladidi v Southern Pacific Personal Loans

[grimbell]

Re: Ladidi v Southern Pacific Personal Loans

hi
Do you make your payments to SPML or do you pay through another firm such as CApstone Mortgage Services?

[scoobydoo]

Re: Ladidi v Southern Pacific Personal Loans

Also just checking on your paper work it should say who you can complain to. I bet it is the FOS

Before you went to court was there anything on the letters that set out who would be respnsible for the charges

there is an interesting pdf on national debtline that indicates there are some situations where ifyou can prove they did not prepare the case properly they may have to pay .

but dont get your hopes up yet we have a lot of work to do

http://www.nationaldebtline.co.uk/en...ge_arrears.pdf

[Ladidi]

Re: Ladidi v Southern Pacific Personal Loans

Hi Scooby and everyone else.

First of all let me begin with we took out a secured loan, we have the loan with SPPL or SMPL one of those and we make our payments regularly to Cpastone Mortgages. We are aware from all the information we ahve been digging up over the last few weeks that they are part of the Lehman Brothers! I have to say I cant wait to get shot of them!

Anyway, we fell behind on our payments ended up owing £590 or thereabouts. I telephoned them on 27th Februrary and offered to pay the ouutstanding balance by end of March the guy I sopke to was alright with this and popped me hold while he issued me a letter to this request. When he came back he said , you know Mrs *** you dont have to pay the whole balance with in this time frame if you would like we can give you 6 months to repay this, I asked him to elaborate, he said normal payments plus and extra £94 and few pence. I said lets talk whole numbers and offered £300 per month from 1st March making 1st payment on 29th Feb. This was agreed and we received a letter confirming arrangerment and made paymetn as promised. All paperwork arrives confirms both offers we commit to 6 month plan. By middle or March they write kicking and screaming this is unaccepatable!! I telephoned going nuts by this time informing them it was their offer an we accpeted and have adhered to this. I also make a formal complaint!! On 25th March we make another £300 payment I inform them they are getting paid early again|!!! and nothing due until end of April. We got letters and reference numbers confirming both payments. In the middle of MArch we receive court papers they are taking us to court for the house!! for unaccepetable arrears. I beg work to give me day off on that Monday after we received them as we could not get a solicitor over the weekend. My husband I go knocking on dorrs trying to get a solicitor to see us, we eventually find one, she advises if we can pay off full balcne it would be end of matter and better for us. We go home, scrape the money together and make another full payment of £485 or thereabouts and get a refeence number and confirmation arrears paid in full. I contact their solicitors and inform that we have paid balance therefore we should not need to go to court so solcitors cots would be due. She has the cheek to ask me to put all this writing! I inform her to contact her client!! 23rd April arrears paid in full nothing owed, solcitors still write to us only to the occupier and inform of the courts process etc adn then we get another informing they are going to take our home, sell it and any shortfall still come after us!! We then get further letters from Capstone themselves by 6th May informing we are in arrears yet again!! We are not mays payment due, but I dont get paid until end of month so tell them they get paid when I do, they inform they want their money and it is now in arrears. we scrape the money together again and pay this. We get a letter off the solicitors on 6th MAy asking us to sign their letter and send it back to them stating we agree to them postponing court case on 14th May. Not a chance in hell do we repsond! We turn up at court with all new letters and documentation. They dont bother to turn up at court. We win on a dismissal, but we still have to pay their legal fees and court costs!! Judge informs take it up with CML or FSA nothing he can do. We still have no word on our complaint at this point! Down hearted we didn't feel like we won anything!
I contact teh complaints dept, they inform me they sent a letter informaing it was going to take longer for them to investigate my complaint on 22nd April. They finalised this on 2nd MAy. Sent letters on both occassions. I advised we have received nothing. She advises she has found complaint in our favour!! and awards all courts costs for recently to be removed from our account plus a further £100 fee 2 seperate £50 fees applied incorrectly and offers us £75 for our suffering. By now I am in tears can bearly breathe and telling her about us being at court the day before, she cant believe her ears I repeat and also inform the company has informed me that I put on my credit files when I dont pay them adn when I do and that the ammount on the file is incorerct. I inform her that due to all stress and hassell of this company and left not knowing what right is doing I have been off work my husband took day off work to go to court he also lost wages. We lost wages and sleepless nights and have borrwoed moeny from payday advance companies to pay the 2nd charge to get them off out backs and that didn't work becasue they didn't stop or back off. The lady in compalints was very sorry for everything and she understands in light of everything there was no way we are going to accept her offer and she understood. She has said she is going to investigate further and will come back to me in the next 7 - 10 days. i telephoned her back to inform that I had received the letter she had sent outlining her decision in our favour and she had informed me that she has started to request all details of information from where she ahd ended her conversation in the first investigation. I have contacted FOS and they have said they will write to the company and if i get no satisfactorliy resolve they will want copies of all paper work.

Sorry for the long post

Ladidi

[scoobydoo]

Re: Ladidi v Southern Pacific Personal Loans

No problems - So it sounds as if you may be getting somewhere then.

I think it shows the improtance of keeping meticulous records of all conversations and confirm them by email or post where possible.

It may take time but it looks as if you may get a result here. I think also thatwhen loan companies are sending such important letters they should send by recorded delivery to make sure you know what is going on.

The problem is that if they have a secod charge and equity is small they will be more likely to jump on arrears more quickly. But they still should conduct themselves within the banking code - and if you have problems you should also let them know as soon as possible.


Also there may be something in your contract that you have to pay by a certain date in the month . Although I agree technically you are not n arrears until the end of the onth they may get jumpy if you dont pay by a certain date

I wil keep watching to see how you get on

scooby

[scottishlass]

Re: Ladidi v Southern Pacific Personal Loans

Just want to offer support Ladidi,

I too have Mortgage through SPML and paid to Capstone :cry:

Hopefully my house will be on the market next week (fingers crossed it will sell) and I can be shot of them. They do not try to help at all.



((((((((((((hugs))))))))))))))) SL xx

[Ladidi]

Re: Ladidi v Southern Pacific Personal Loans

Cheers Scooby :tinysmile_grin_t:

I have to ask though, do we have grounds for loss of earnings and undue distress?
I mean the arrears is paid off and all comunication continues even after that date, and then the cheek of their lawyers/solicitors writing to ask of we will agree to an adjournment and then after all the grief caused and they take us to court and dont bother to show up, stinks to high heaven. I mean someone must have relised when they go out the files damn we have messed up big time and no one wanted to go to court to face the wrath!
I thought the judge was not fair and dieregarded us and didn't seem interested in us, all he seemed to care about was there arrears and when the answer was NO he said dismissed! when I queried this, his only argument was he could not get involved! HE advised myself and my husband tot ake it up with the FSA and CML. They both declined to get involved as it was not main mortgage.

I mean if we broke agreement I could see where they were coming from but we adhered to what they offered us. They kick up fuss, take us to court send nasty letters and dont bother to turn up exceptt o write to court on 2nd May and ask for adjournment. We declined this and so did the Judge.

Ladidi

[Ladidi]

Re: Ladidi v Southern Pacific Personal Loans

Many Thanks SL :tinysmile_grin_t:

Good Luck with selling your house. I hate to say it, but I cant sell mine we ares till in redemption, but we are hoping to remortgage and get a better deal once all this fiasco has been sorted out if it ever is and then I can be shot of them or unless I win LOTTO now theres a dream and a half....Lol

[scoobydoo]

Re: Ladidi v Southern Pacific Personal Loans

To be honest if you dont ask you dont get - I would keep trying for what you can . The post I put up frm National debtline links to a pdf and maybe you could quote that saying that even ifyou have an agreement you are recommended to attend any court hearing - and your argeument should be it never hould have got to court in the first place when you had a written agreement to repay the arrears which they cofirmed in writing - so it really looked like a waste of thier time and the courts time.

I would emphasise they have acted in an unprofesional and un- sympathetic way which is not in accordance with the banking code which they advertise that they adhere to.

Tell them it has caused you extreme stress and problems at work , at a time which was difficult for you anyway. You had agreed to all their proposals andthereoe you are very upset t be treated in this way and would not recommend them as a company to anyone else

or words to that effect:tinysmile_grin_t:

[Ladidi]

Re: Ladidi v Southern Pacific Personal Loans

Cheers Scooby, What I will do I think is wait for the complaints lady to come back with findings on the investigation she is currently doing further.
Or, I could throw a spanner in the works and write to them givng details as you described which will enable her to look at this at same time as the futher investigation. Either way I dont want to rock the boat too soon and give them too much too soon which would or could eventually come to my favour some more. After all she has already ruled in my favour and her further investigations is not likely to change that other than hopefully give a more reasonable offering.

What do you think is best? Wait or write?

Ladidi

[grimbell]

Re: Ladidi v Southern Pacific Personal Loans

Hi all

I too have mort with SPML and pay Capstones. Over the last two days there has been some very intersting posts otr by TaffR. below is the title

Sub Prime Mortgages & Repossessions - How it Really Works

You really should read it. There is an awful lot of info but has been gathered over the last 4 years.

Basically our mortgages have been packaged together and sold on (securatized) and Capstone are nothing but a shell company with the responsability to collect payments, basically they are debt collectors. They are not a mortgage company and do not employ mortgage advisors so when you hit bad times there is absolutely nothing they can do to help.
As soon as you miss a payment they will start threatening court action to protect their portfolio.

I sincerely hope your complaint is upheld and that you get some sort of compensation.

All the best
Grimbell

[Ladidi]

Re: Ladidi v Southern Pacific Personal Loans

Hi Grimbell,

Thanks for that information, I was aware they are not really a mortgage company. I think what you will find as well is, when they take you to court for anything it is SPPL who is on the court files and not capstone mortgages. They employed a solicitor firm called Glenisters!! Not much help they were, any queries even when you pay off what is due they state can you put this in writing??/ I informed them to talkt ot heir client thats what they get paid for! They neevr did or else they would never have snet a letter asking us to adjourn the court case. the Judge couldn't quite grasp why they had asked for it either when there was nothing owed. We wa also informed by the courts the adjournment would have been denied anyway becuase they forgot to pay the £30 fee for requesting this...hahaha

[scoobydoo]

Re: Ladidi v Southern Pacific Personal Loans

It might be worth digging out the original terms and conditions that say that they are regulated - as they must have a licence number to trade in this country.

they are advertising as far as I can see that they do adhere to the banking code - and they obviously do not - and as on the press release on here today some banks have been fined by the FSA ( maybe they do have teeth!) for bad record keeping then it may be woth looking in to.

[Ladidi]

Re: Ladidi v Southern Pacific Personal Loans

Will dig out paper work for you for tomorrow as it is late now and hubby needds to sleep for work and if I keep him awake any longer he'll be smacking my a** 4 sure....lol

Gnite all and many thanks for your help, advice and support so far.

Ladidi

[grimbell]

Re: Ladidi v Southern Pacific Personal Loans

The paperwork from SPML will state somewhere that by signing you agree to them passing on your account and all liability to any third party (capstone).

Both are registered companies.

Capstone then become responsible for collecting your payments and making sure you stick with it. But once bundled and placed into a SPV they then get traded in offshore accounts.

This is what Granite is for Northern Rock. These mortgages are then off their balance sheets and why SPML will not have any paperwork relating to your mortgage.

Personally i believe that once your mortgage has been sold on then the origionator (SPML) must surely no longer be the legal owner and therefore should not be able to take you to court but I am not sure how we would actually go about proving it.

I also believe that many of the brokers (and i mean no offence to the many honest ones) responsible for selling these mortgages, especially the tied ones know fully what is going on and therefore guilty of mis selling because when your buy a mortgage you fully believe it is with one compay and that should you have problems you should be able to re negotiate the terms of it if you get into trouble but in these cases you will not be able to do so.

[grimbell]

Re: Ladidi v Southern Pacific Personal Loans

Also from reading the info being posted otr The FSA etc are fully aware of what is going on and it was infact the likes of GMAC and Kensington that acted as advisors when they wanted to start this type of business with their blessing!!

All the major banks have similar offshore accounts such as Granite as it gets debts off their balance sheets and allows them to make a fast and huge profit!!