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Repossed by SPML now being chased for £103k by a debt collector
I am in a very dissy position now with SPML.
They have re-possed a house that was sold to me, but the mortgage was a mis sold mrtgage, which I tried all my best to tell SPML and the broker when this all initially happened, no one listened, I carried on trying to make payments until I couldnt any more they took me to court and fixed a re--possesion date, I then liaised with them and returned the keys to them by recorded delivery for the day of the repossesion.
I spoke to them and they then confirmed they have the keys.
They went quite on me and then suddenly 3.5 years later they are suddenly chasing me for £103k. and have now sent a debt collector after me in my other house that I own ( direct legal collections wrote me stating I owe the above.) and they want payment immediately.
This is ludicrous!!. I am really scared I am going to loose my home. what can I do please can some one pls advise me.
The chasing letter came from Direct legal Collections as follows
Client : SPML
Client ref:...
Date instructed 15/10/2009
Balance outstanding: £103,729.43
Your account has been referred to us by SPML for collection
The balance of £103,729.43 must be paid immediately
If you have made a payment to SPML within the last 10 days please contact us with the payment details.
Failure to respond to this letter may result in legal action.
I have written Direct legal collection a letter asking them to provide further details and contract of thier inquiry, is this is best way to go by this.
I also intend to write to the broker and or lender on the mortgage miselling issue.
Re: Repossed by SPML now being chased for £103k by a debt collector
Can they by law put a charge on my property or land charge or try force me to sell in order to force the funds out of me.
what about the miselling!!!, they cant just get away with that, this is unfair and I am sure a lot of borrowers have found themselves in this situation too at some point.
Re: Repossed by SPML now being chased for £103k by a debt collector
Please clarify,
I am now writting to the Ombudsman, but I am not sure if there is the time limit issue of 6 years.
It seems to me thsy have waited for the aaount to be just over 6 years before they have now started this so I can be prevented from claim the miselling they did?.
Re: Repossed by SPML now being chased for £103k by a debt collector
Thanks Welshmam2009.
When we say dont acknowledge the debt, how do I ensure that, I have written them saying I cant help them unless they furnish me witht the property details and contract and await thier responce. If and when they respond how do I not acknowledge the debt??.
Yes I do now intend to pursue the miselling, as I am not sure there is any other way out of this. Or is that not such a good idea if I am going to do the above ( not acknowledge the debt) The property was completed in January 2004. land regitsy ammendment was on the 4th March 2005.
Re: Repossed by SPML now being chased for £103k by a debt collector
Allways seem to wait a while then just as you get back on your feet,the shortfall letter arrives,up to 12 years later.Is there much equity in your new house.
Re: Repossed by SPML now being chased for £103k by a debt collector
Not sure there is with the current property climate, the last time I checked I was in negative equity as it is. So dont know what to do next, just awaiting their responce now.
Re: Repossed by SPML now being chased for £103k by a debt collector
I am going to keep a close eye on your thread.I am no expert on misselling of mortgages but know the subprime,self certified say you earn anything was rife.Make no mistake people all over,America included of all races were ruthlessly targeted promising nothing but misery, millions of homes in America have foreclosed,god knows how many here.The Ombudsman seems a good place to start.SPML subprime misery spreaders must be dealt with.
Re: Repossed by SPML now being chased for £103k by a debt collector
Thanks tawnyowl,
You are so right so many people got wrecked and brought down to nothing with this unscrupulous brokers, lead by their greeds and grabbing of huge commissions from both the sub prime lenders and also the borrower who was non the wiser. Ombudsman yes thanks is the way to go next. shall I await their responce 1st or shall I just recontact the ombudsman now before they come back to me with thier crap responce.
Re: Repossed by SPML now being chased for £103k by a debt collector
I think it may be wise to contact the freephone no on the link you were sent---or cccs or cab for advice on this matter.I do like letter m1 on the first link Welshmam 2009 sent you.Before doing to much take their advice as well.I do hope things work in your favour.If you want their numbers just shout bye for now Tawnyowl.
Re: Repossed by SPML now being chased for £103k by a debt collector
I'm moving your thread to the repossessions forum as you may get more advice there.
It is possible that a charge could be put on your new property, but as I understand it, if the property was sold, your current mortgage provider would have first call on the proceeds of sale.
If you are in negative equity there would seem little point in forcing it to be sold as there would be nothing left to meet the shortfall.
Try not to worry about things that may never happen.
Re: Repossed by SPML now being chased for £103k by a debt collector
Hi Caro,
Thanks for your responce, I am awaiting their responce from the letter I sent them asking them for the contract and details of the property in question.
I am yet to hear from them. Once I hear I will post unto the site.
It is not a new property it was the property I had before I bout the one that was re-possed. So the one I am in now is the house I had before I bought the Repossed one.
I will try get a re-valution of the property to confirm what the equity position is. If I am in positive equity what do you advise.
Re: Repossed by SPML now being chased for mortgage shortfall by a debt collector
Many thanks all,
So what does this mean if I had an unregulated mortgage agrement from SPML?? to me an how is this advantangeous or beneficial to me. Sorry I may be sounding really clueless!!. I got dis missoldmortgage from SPML in 2004, the early part before October, when the regulations by the FSA Started.
In the meantime following my letter to the debt collection agency. I got a letter back from the debt collection agency DLC saying
" Thank you for your recent letter
We have referred the matter to our client and we will contact you again when we receive their reply".
Your sincereley.
Name
Team leader.
What do you advise I do.
I did not know that these banks can come after you after they have repossed your home, what on earth is this all about. they shaft u with hefty rates on misold mortgages, steal so much money off u wreck u, then take the house and then also come after u??
Pleas advise!!!.
Just to let u all know - My tread has been moved to repossesions, please update or advise here too, I will be on both here and mine.
Re: Repossed by SPML now being chased for £103k by a debt collector
I think with the above allhave given up on me, I may have to become insolvent or what bankrupcy. this is so sad u know and depressing. but I have to try keep my chin up and leave for my family sake.
Re: Repossed by SPML now being chased for £103k by a debt collector
Originally Posted by MamaG1
I think with the above all have given up on me, I may have to become insolvent or what bankrupcy. this is so sad u know and depressing. but I have to try keep my chin up and leave for my family sake.
where is every body pls!!!!
Hi MamaG1 Nobody has given up on you. No trouble finding your thread. Nearly 400 views. Just stay put and wait for the info, letter to arrive back from SPML, DLC has referred it back to them.Hopefully never There are rumours around that SPML arent doing to well at the moment, such a shame. Many on here fully understand how you feel, sad and depressed, but stay put and lets see what develops.Theres a long way to go. Keep your chin up for yourself and your family. I will put a few links on soon that you may find interesting,and never feel that you are alone, there are many new friends watching.Tawnyowl.
Repossed by SPML now being chased for £103k by a debt collector
was a mis sold mrtgage, which I tried all my best to tell SPML and the broker when this all initially happened, no one listened, I carried on trying to make payments until I couldnt any more they took me to court and fixed a re--possesion date, I then liaised with them and returned the keys to them by recorded delivery for the day of the repossesion.
after me in my other house that I own ( direct legal collections wrote me stating I owe the above.) and they want payment immediately.
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Originally Posted by MamaG1
