Capstone/SPML

[neverblank]

Hi,

My first ever post on ANY sort of site! I`ve got a new one (Have not read about this so far) I had a good mortgage (Abbey) exchanged with additional lending to SPML. As advised by a broker that disappeared v.shortly after. And on a Buy to let.

Needless to say you know the rest.....It became apparent very early on that Capstone were adding an insurance to the property amounting to £50 p/m, and without my consent. I contacted them and things dragged on forever. I finally got a refund after 9 months or so, but only after I stopped the mortgage payment (with notice) then came there arrears management fees etc etc.

I requested that they give me written confirmation that they would not try to re-insure the property again without my consent. The property (one of 5 I have on buy to let) is block insured with a reputable broker and as per the terms of the loan, I send a copy of the policy to Capstone. Capstone have tried everything in the book to try to add this extra £50, even telling me on taking a card payment (when I stopped the monthly amount again) that hey would only take what was owed in the credit card transaction. But even as the guy was on the phone, he added the extra £50 whilst telling me he wouldnt!! outrageous.

That as you can imagine absolutely fuelled my case. I checked out this insurance to start with, and it turns out that it under insures the property in the event of fire and flood, and suprise.. it was £20 p/m more.

I wrote and wrote and wrote.... meanwhile their arrears were stacking up, I had agreed to pay the stopped payment after I got the refund, and interest on that payment but I have disputed the charges (litigation management fee etc) eversince. Capstone/SPML via TLT solictors tried a possession order, and I presented my case well. The judge was quite considerate of the fact as presented, and struck the case out with liberty to restore. I have been plagued by Capstone dept collection cold callers, even sundays at 8am. I have only answered on two occasions (whilst I was in the office with facts to hand) but generaly allways ignore.

Amazingly for the court evidence, Capstone very rarely reply to my requests or letters, if they do it wil be some mandatory answer that does not address the issue as set out to them. There are many aspects wrong with thier service which is I suppose the reason there is so much venom on sites like this. I have a file as thick as a yellow pages with regards to them, where as I have virtually no problems or correspondence with any of the high street banks that I have loan/mortgage facillitys with. with regards to the insurance, If I had time I swear I would be filing a claim in the SCC for harrasment. they just keep on. I write a letter enclosing the insurance certificate, I request written correspondence that they agree not to apply the insurance, within the month I get a letter trying to set up insurance. Mindless.

The most incompetent letter to date from the `Insurance team` states that as my insurance is for £0.00 they must insure my buildings for £97k and are setting up the payment. They have mis read the policy wording which states CONTENTS £0.00 as that is the tenants obligation! next to it reads Buildings cover £98k! now is that a simple mistake, sheer stupidity or underhand tactics. (How many other mortgages, especially Landlords just except this payment? what happens of the property burnt down? the insurers would add an average and I would receive 50% under Capstones arranged cover, less excess and costs and be left almost £60k out of pocket.) Insurance terms state the owness is on the homeowner to check they are not underinsured)

Anyway, we are due in court again shortly, although I have been extending the time (N244) and this time I will counterclaim for the insurance fees, interest on that amount, and a few other things I`ve spotted along the way. In fact if their solictors actualy took note of the case rather than waste all our time (again) by realising the blunders their client has made only on the day, and having no alternative but to go along with the court rulling to chuck out the claim, then they would realise this time that if you subtract the insurance and an overpayment, then they are actually trying to repossess for £125. And even thats in dispute.

Wouldnt be anything to do with TLTs solictors fee`s added to most mortgage amounts if they were succesful would it?

Anyhow will keep you posted of the events.

Hope everyone read the article in the Mail on sunday last week (now online) about capstone and SPML and others. I emailed the journalist on the spot with my case. And will continue to, until they print some of it. Furthermore, I have logged a complaint with the Financial ombudsmen, FSA -for what they are worth. And the insurance ombudsmen regarding the underinsurance block policy. Thinking aloud, who on earth are Capstone to even arrange the insurance. You dont get a window cleaner to install youre double glazing do you!

[Ell-enn]

Welcome to CAG Excellent post, sounds as if you've got the measure of Capstone, you've certainly done your homework and it showed in the result you got in court - well done. Glad to hear you're still fighting them!

[neverblank]

Hi ELL-enn, thanks for the warm welcome.

One thing I`ve not been too successful in finding out as yet... in court (March 2009) the Dj stated `I can not help you further until after April` what legislation changed/came in April or after.? with regards to a possession hearing, property law etc ? any factualy based ideas would be helpfull.

[Andrew66]

I complained to FOS about the charges and they passed it on to Capstone and they responded by sending a complete statement from when I took out the mortgage. No breakdown of costs of course. The FOS said they would take no further action unless I complained again.So I'm going to. They seem fairly toothless. Anyone got any more info on Capstone/SPML and insolvency?

[Guest MamaG1]

As I heard from no one, I have sent this letter to them and I await their reponce, but in the mean time.

They have sent me another letter the DCA. They also called but I didnt respond. They wrote and asked me to contact them by phone. Immediately. A day after I sent them my letter, I dont know if theyve received it or not yet.

 

The letter is in my tread on the repossesion section. please have a look.

 

I have not called them.

Edited May 17, 2010 by MamaG1
edited with lette sent

[Guest MamaG1]

Dear all,

 

Please help.

 

I received a letter from the DCA after sending them a Subject access request.

 

The followign i s what ws sent to me. Only 4 sheets of paper as follows

 

Noe a different DCA name, I think th eoverall company now.

 

My name

 

Account number-

 

Thanks you for your letter dated ... April 2010 and payment of £10.00 for the above account.

 

Furhter to your request of subject access rights under the data protection Act 1998. I am enclosing a copy of the data held on our files about you.

 

If you require any further assistance, please do not hesistate to contact me.

 

Yours sincereley

 

Strange Name

Data Controller.

 

They then included another 3 sheets of paper

1. Database maintained by ... name of DCA

 

Name

 

Address

Account no

 

Client

 

Dates of supposed calls and letters etc. less than one page.

 

2. 2nd page of document- Reads

 

Statement of Account at 30/04/2010

Original balance £103,729.43

Current balance £103,729.43

 

Account no

 

Date Transaction type Description Amount Balance

 

 

 

3. 3rd page

 

A logo for the DCA

 

Personal details for account Ref: 103013960

 

Debtor details like a snap shot of the screen

 

on the snap shopt has name account no and telelohpe no, Address the one they are sending me lettters now at. and a date in 2009.

 

 

HOwever the Subject access request , I sent to Capstaone came bacnk asnd they were asking me to confirm that thi sis now my address I can be contacted at and that I should isgn the letter and return to them.

 

Can some one please advise me.

 

I have a copy of the letter I send them last on my thread,p under repossesion- Reposessed and SPML now asking for £103k please have a look and try advise me.

[Andrew66]

Has anyone tried to make weekly standing order payments to Capstone? I want to go down this route but they say no. Surely if they're getting their money I don't see what the problem is?

[sawyer]

Has anyone tried to make weekly standing order payments to Capstone? I want to go down this route but they say no. Surely if they're getting their money I don't see what the problem is?

 

 

Hi, at one point I had an arrangement to pay them weekly by debit card.

 

They seem to have somehow lost my last monthly payment... (I have receipt)

 

what account did that get paid into ????

[Andrew66]

Sounds interesting.....might call them tomorrow and bug them about it again.

[cher69cher69]

Hi Guys

I read this the other day and wondered how it affected things in court. It was from the fsa website and it stated that not all credit agreements have the protection of the consumer credit act 1974.For example, credit agreements involving limited companies.

On checking my files my original agreement which i signed with SPPL is Ltd and capstone mortgage services is also a limited company. So does this have any bearing on things. I am a little confused because it also says on the original agreement (fixed-sum loan agreement regulated by the consumer credit act 1974) I am confused does anyone know anything about this conflicting information?

Any info would be great thankyou cher69.

[Andrew66]

Been sent an eviction notice for 18th August at 2 pm. have spoken to a specialist who will provide legal representation etc. Costs a bit but hopefully will be worth it.

[Ell-enn]

What sort of specialist? is it a solicitor? and what exactly are they going to do for your money?

 

If you are able to pay towards the arrears each month then you should be able to get the eviction cancelled by filling in an N244 with a good statement?

 

Can you give a bit more details about the events that led up to your receiving the eviction notice.

[Andrew66]

In court tomorrow at 10. Solicitor very positive that we can get this overturned, been through income/expenditure and can offer £100 off the arrears every month. Going to mention the fact that I was on anti depressants for a while in June owing to everything going wrong, but now have steady income and wife is working and has an interview on Thurs. Must work in my favour!

[patrickq1]

if 100 per month is leaving you dry then reduce the arears to 50 or even forty ,you need to be able to save some monies just in case you have a mis hap or something so i would advise only pay just what you feel you can comfortably afford,especially if you have kids cause they will cost a packet in clothes etc....

patrickq1

[sawyer]

In court tomorrow at 10. Solicitor very positive that we can get this overturned, been through income/expenditure and can offer £100 off the arrears every month. Going to mention the fact that I was on anti depressants for a while in June owing to everything going wrong, but now have steady income and wife is working and has an interview on Thurs. Must work in my favour!

 

Good luck

Let us know how you get on

[letsdothis]

Good luck mate.

[patrickq1]

good luck

hi sawer how are you, did you get paid from hfo ?

patrickq1

[Andrew66]

Hello all, well eviction was suspended, got to carry on paying £50 per month extra. The SPML solicitor didn't show up, so I was in and out in about 2 mins! My sister said I should send Capstone a bill for stress caused etc.

[Guest MamaG1]

Well done, that is fantastic news, you waded them off.KIeep up the faith and the good fight please!!.Dont give up.

[Andrew66]

Got to go back to court on Dec 7th. Capstone solicitor says they were not informed of new hearing. Has anyone got any more info on the current trading status of SPML/Capstone? I sent them a letter a month or more back and have had no reply at all! Furthermore, not sure if I like the way this site is now set out, find it harder to look around.

[cher69cher69]

Yes andrew I have i set up a standing order for the date i wanted to pay and the amount i wanted to pay and as far as i am concerned they are getting their money in the month they are due to get it the monthly payment plus an amount off the arrears. There is jack poo they can do about it if u can prove u are paying them an also they can not dictate how yu should pay them it is up to you as long as it is paid. they are *******s treat them as such!!

[Andrew66]

Well,had on offer of£125k for the house, mortgage balance is £126,500 plus agents fee of £3k. Anyone know if SPML/Capstone might do a deal on the mortgage of£120k? The original mortgage was £114k, their fees and charges and arrears have put it up to the above amount. I'm desperate to get shot of this lot and rent for a while.

[Andrew66]

Capstone said the other day that I was 32 months in arrears! They've divided £12000 by my monthly payment to get that figure. I've had the mortgage for 52 months, and I know I've made more than 20 payments! And about £4000 is fees, charges and interest! Does anyone know if SPML are trading while insolvent?

[nicolee2931]

If you want shot of this issue me personally I would do the deal as if capstone get their way they will sell and accept alot less. Once you are cut and shut of the property go after capstone for their charges they have added to the account quoting the FSA are not happy with the sub prime market and have fined 3 lenders for poor conduct and their charging regime.

[lou7603]

London Personal Loans ( LMC/Capstone/Acenden ) have a second charge on our house. We originally borrowed £45000. We fell into arrears with them to the tune of £4800. We decided to put our house on the market. Advised them that this was the case and that we had accepted an offer and that we were exchanging just before xmas. They have raised a possession order and are due to take us to court on 10jan. We are actually completing on 7jan. I sent all the paperwork they asked for when we originally accepted the offer on the house, also informing them of my solicitors details. When he wrote to them for a redemption figure, they eventually wrote back saying that I had not given them written permission to release the figure. I called them on 31dec and they confirmed that they had my solicitors details and that they would fax over the figure. As of this morning they still hadn't done it, so I called them yet again and they promised to do it, but it would have to go to Lightfoots first ( their solicitors) so they could add their fees. I have told them to jog on and that I'm not paying them as they knew when they raised the possession order that we had sold the house. The thing is, they have given me a redemption figure of £52000. Bearing in mind that we only borrowed £45000 4 and a half years ago, plus we have made payments totalling £18000 over that time. so we are actually paying them £70000 which is daylight robbery. It is now too late for us to try and fight this as we complete in 3 days, so we will have to give them the money and try and claim it back afterwards. They have never sent me a copy of my original contract and never any notification of charges, so now I will have to fight them through my solicitor. Does anyone have any idea about the best way to deal with this? Thanks Lou

 

 

Also, I can't get onto the capstone action group's website. Does anyone know what's wrong with it?