Debt collectors Afther 6 years of repossession

[Philipo15]

Please I need help on a letter I received from debt collectors regarding my mortgage that was repossessed on April 2009. I had a mortgage with southern pacific mortgages and I lost my job so I was able to keep up with my mortgage payments for five months and the house was repossessed. I didn't hear anything from southern Pacific up till last month instructing DLC debt collectors to collect £54696.10 from me. I very worried and do know where to turn to . I can also see from zoopla that the house sold since it was repossessed from me. Please I need an advice because I have built my credit after the pass 6 year and want to know what to do.
Thanks

[Kati]

Re: Debt collectors Afther 6 years of repossession

[MENTION=55034]nemesis45[/MENTION] [MENTION=9189]bizzybob[/MENTION] [MENTION=30402]Milo[/MENTION]??

[nemesis45]

Re: Debt collectors Afther 6 years of repossession

Please I need help on a letter I received from debt collectors regarding my mortgage that was repossessed on April 2009. I had a mortgage with southern pacific mortgages and I lost my job so I was able to keep up with my mortgage payments for five months and the house was repossessed. I didn't hear anything from southern Pacific up till last month instructing DLC debt collectors to collect £54696.10 from me. I very worried and do know where to turn to . I can also see from zoopla that the house sold since it was repossessed from me. Please I need an advice because I have built my credit after the pass 6 year and want to know what to do.
Thanks

Hi welcome to LB,

A mortgage shortfall debt!

Now I'm not sure at this point about " Southern Pacific Mortgages" or its status.

I can confirm the Council of Mortgage Lenders (CML) agreed that its members would
not pursue shortfall debts after 6 years had elapsed without contact with the debtor
to bring these debts inline with other credit debts.

Is DLC acting on behalf of Southern Pacific ?

Please if possible post a copy of the letter after removing your name/address / account No's.
If not please type in the letter verbatim.

nem

[Philipo15]

Re: Debt collectors Afther 6 years of repossession

Hi there,
Thanks very much for your response.
Am finding it difficult to send the letter from DLC. Yes DLC are acting on behalf of southern Pacific. I send the the as soon as am able to paste it.
Once again thanks

[meellis]

Re: Debt collectors Afther 6 years of repossession

Sothern Pacific were a sub prime Lehman bros firm so was the mortgage first charge or second charge secured loan?

[Openlaw15]

Re: Debt collectors Afther 6 years of repossession

Please I need help on a letter I received from debt collectors regarding my mortgage that was repossessed on April 2009. I had a mortgage with southern pacific mortgages and I lost my job so I was able to keep up with my mortgage payments for five months and the house was repossessed. I didn't hear anything from southern Pacific up till last month instructing DLC debt collectors to collect £54696.10 from me. I very worried and do know where to turn to . I can also see from zoopla that the house sold since it was repossessed from me. Please I need an advice because I have built my credit after the pass 6 year and want to know what to do.
Thanks

Did you own the property with anyone else? ie was is a joint tenancy (that you know about)?

What type of mortgage was it, ie interest only (paid by an endowment insurance policy)? If so, was that mis-sold to you? If an interest only mortgage, was the underperformance of the endowment to blame for the shortfall? If it were an interest or repayment mortgage, do the shortfalls apply because you fell behind with the payments? Some details would help.

To lose the house over 5 missed payments seems an issue potentially. Do you work currently?

[Openlaw15]

Re: Debt collectors Afther 6 years of repossession

Please I need help on a letter I received from debt collectors regarding my mortgage that was repossessed on April 2009. I had a mortgage with southern pacific mortgages and I lost my job so I was able to keep up with my mortgage payments for five months and the house was repossessed. I didn't hear anything from southern Pacific up till last month instructing DLC debt collectors to collect £54696.10 from me. I very worried and do know where to turn to . I can also see from zoopla that the house sold since it was repossessed from me. Please I need an advice because I have built my credit after the pass 6 year and want to know what to do.
Thanks

I notice English is not your first language by what you type, and your name (Phillipo). Did the bank use terms when threatening you with repossession that you could understand? I am just thinking of the Pre Action Protocol (rules) that they should have followed. Did you attempt to argue against the repossession of the property in 2009, ie by using a lawyer?

[Openlaw15]

Re: Debt collectors Afther 6 years of repossession

Sothern Pacific were a sub prime Lehman bros firm so was the mortgage first charge or second charge secured loan?

It was done by possession order seemingly and mortgagors with even equitable charges (ie charge with no deed, ergo not a legal mortgagee) have the right to apply to the court for an order of possession. If it were done by Receiver it must be legal mortgage. There could be an issue of illegality therefore.

[meellis]

Re: Debt collectors Afther 6 years of repossession

Openlaw, I wasn't interested in who made the repo initially but for anybody to advise on the current problem it would be useful to know whether southern pacific held the first mortgage or a second charge because different rules will apply to the situation. Repo on 5 missed payments sounds like the sort of thing that SPPL would be up to, if you read up on them and other sub-prime crooks you will realise a favourite tactic is to rush repo through before you are able to defend. One of the questions that needs to be asked is how the shortfall has been calculated and how the funds from the repo have been distributed.

[Philipo15]

Re: Debt collectors Afther 6 years of repossession

Hello Nem,sorry am not able to load the letter but am going to type it verbatim.

we are a debt collection agency and have been insyructed by Southern Pacific Mortgage Ltd to collect the outstanding balance of 54696.10.

We would like to agree an affordable arrangement based on your personal circumstances and financial situation. To do this, the following optiins are available to you.

call us on 03443358440.

go online at mydlc.co.uk to view your account and choose payment options, or

we can send you a form to complete by post (upon request).

If you are dealing with a Debt Management Company or have made a payment within the past 10days please let us know.

we want to work with you and we hope that this letter wiill encourage you to contact us within 14 days. We will make attempts to contact you within this period to understand your circumstances.

yours sincerely
Chris Johnson
dlc

[Philipo15]

Re: Debt collectors Afther 6 years of repossession

No i did not own the property with any one.
The mortage was interest only. As to being misold to me i don't understand what that means. Can you clarify please.?
Am currently working.

[Debt Camel]

Re: Debt collectors Afther 6 years of repossession

Southern Pacific are currently authorised by the FCA.

They are not a CML member so probably see no need to abide by the "gentlemen's agreement" about not chasing mortgage shortfalls after 6 years.

They were subject to a FCA "scheme" for excessive charges (see https://www.fca.org.uk/static/docume...e-ltd-vreq.pdf) but the material Period for this appears to start in 2009 so is unlikely to make a significant difference to this situation.

It is of course a great shame that the poster did not go bankrupt when the house was repossessed. But that doesn't help the current situation.

I would guess the chance of being able to make a significant mis-selling claim for an interest only mortgage with a sub prime lender pre 2008 are close to zero. Autres temps, autres mœurs. I am not sure you will be doing the OP any favours by discussing this remote possibility.

If he has no reasonable prospect of making any payments towards this shortfall then he could reply saying this with an income & expenditure sheet.

[nemesis45]

Re: Debt collectors Afther 6 years of repossession

No i did not own the property with any one.
The mortage was interest only. As to being misold to me i don't understand what that means. Can you clarify please.?
Am currently working.

Good morning,

I've just been looking at some data regarding SPML ( Director Lee Sandon) there is much adverse data concerning
its conduct since Lehman Brothers ceased trading.

Reports of irresponsible lending are prominent.
As a subprime mortgage may well have been the only
way you may have had to buy property it would be well
worth reviewing now the suitability/affordability/sustainability
of the mortgage in the first place.

nem