Repossed by SPML now being chased for £103k by a debt collector

[Guest MamaG1]

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.

 

Please advise.

Edited March 18, 2010 by MamaG1
spelling

[Guest MamaG1]

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.

[GuidoT]

Bump.

[Guest MamaG1]

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?.

 

The completion happened in January 2004.

 

Land registry edition date is March 2005.

 

Can I please be advised.

[GuidoT]

I have asked one of the site team to assist.

[WelshMam2009]

I believe statute of limitations is 12 years for a mortgage and not the usual 6 years.

 

(However, it seems that the 12 year period relates to capital and 6 years to interest.)

 

Just don't acknowledge the debt or the time limit will start all over again I believe.

 

Were you intending to submit a claim regarding the mis-selling of the mortgage? I'm slightly confused...

 

Here's a mortgage shortfall fact sheet at the link below...

 

http://www.insolvencyhelpline.co.uk/debt_factsheets/mortgage_shortfalls.php

Edited March 18, 2010 by WelshMam2009

[Guest MamaG1]

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.

[Tawnyowl]

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.

[Guest MamaG1]

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.

Edited March 18, 2010 by MamaG1

[Tawnyowl]

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.

[Guest MamaG1]

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.

 

MamaG1

[Tawnyowl]

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.

Edited March 20, 2010 by tawnyowl

[caro]

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.

 

BTW, what makes you say the mortgage was mis-sold?

Edited March 19, 2010 by caro

[Guest MamaG1]

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.

 

Thanks

[caro]

Take a look at this link and see what you think.

 

National Debtline England & Wales | Debt Advice | Factsheet 11 Mortgage Shortfalls

 

You could give National Debtline a call too.

[Guest MamaG1]

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 missold mortgage 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.

Edited March 30, 2010 by MamaG1

[Guest MamaG1]

site team, I am not happy with where you have moved my threads, no one seems to be seeing it, even I had a job findfing it myself.

 

The last time any one said anything to me on this tread is the 18th, it is obviously obscure to the rest of the caggers??. pls help urgently!!!

[Guest MamaG1]

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.

 

where is every body pls!!!!

[caro]

Last reply was on 25th. Where do you want the thread moving to?

[Tawnyowl]

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.

[Guest MamaG1]

Many thanks Tawnyowl.

 

I am sure you understand that this is such a stressful experience. What a life. Thanks to all Caggers that have contributed and supported me on this down turning slope. very derpressing ans stressful is an understatement.

 

I dont know how to cope with it all. too much for me. but like you say, I will keep my chin up and fight the buggers, all the way, I know at times it is easier said than done.

 

Tawnyowl, I looked up the link above and have read the templates saved them to send them off. I am awaiting their responce first. and will then send them Form M1. I am sure will reeceive something today, our post is late.

 

Many thanks all.

Edited April 3, 2010 by MamaG1

[Guest MamaG1]

Caro site team,

 

It is fine in the repossesion treads, apologies, I have just been very stressed and confusedabout all this. It is really a nightmare for me, and I am finging out that it is not a dream, it is so real and has to be dealt with so as to go away !!!.

 

Help ls some one. I am sure I will get aresponce tomorrow from the DCA. IF SO WHO DO i WRITE BACK TO PLSA. DCA or SPML??. WITH ALL MY queries.

 

I feel like just giving up fighting, I am so tired of it all and the Saga!!!.

[caro]

For the moment you need to deal with the people chasing you for the money to find out if they are entitled to.

 

This case MAY be of some help to you, although it isn't a precedent which a court would have to follow.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/169002-mortgage-shortfall-important-new.html#post1821881

 

I strongly urge you to contact National Debtline as advised earlier in the thread as they can give you direct advice over the phone, so you can talk through all your questions with them.

[Tawnyowl]

Hi MamaG1, still keeping watch on your thread. Very good advice about phoning National Debtline for advice and help. I could be wrong but it may take some time before you get the letter from the DCA or SPML.Try to relax,stress is bad,when a letter comes thats the time to deal with it,dont wait every day for the postman,Health and family are more important. If you decide to tackle it yourself we will be around to help. It will be interesting to see the breakdown of the 103k. After reading your other thread i know how you feel, i have looked both here and America at the chaos caused by subprime mortgages. Right back to their beginings.Millions of people affected. As the foreclosures,repossessions continue from the subprime years,the problems caused will fade in the mists of time.Such powerful organisations with their resources and contacts will escape from making right terrible wrongs.I think having looked around the two things that got to me was seeing whole streets foreclosed in America and the familys living in tents in fields round the area and the people targeted by the subprimers in Detroit where a church mission was hired out in a partcularly poor area where if people went along with things,for every subprime mortgage granted(rarely failing)so much was given to the mission,and there is much more.Like i have said before,many of us may have been struggling in the desert of life needing a drink,when a stranger offered us a drink,we gratefully took it not knowing it was contaminated,we may and probably would have reached the oasis unaided.Please excuse my ramblings but what i think of subprimers cant be printed.I will try and help,and support you wherever your path is leading,however difficult it gets,Tawnyowl.

[Guest MamaG1]

oh my, they have responded.

 

Thier mail says.

Dear: name

 

Client: SPML

Client ref ...

Balance Outstanding: £10..,000

 

Thank you for your recent contact, Please find enclosed the requested documents.

 

Please contactus ASAP on 08..... ( tel no.) to make payments

Failure to respond to this letter may result in further action.

 

I do not even know if this people are a legal company, they could be anybody. They have not sent the contract I requested for. they just sent along their top letter a statment of the so called mortgage account on just plain paper without a letter head of SPML, capstone or them. with statement date saying the ../3/10.

 

SO CALLED STATEMENT:

 

Mortgage account no, completion date original advance etc. I will have to scann this on the system. it just says all sort of charges, I then see insurance on the line items??. All came to a total of £228,000.....

 

At the end the attached a so called statement of Account. WITH NO LETTER HEAD, DONT KNOW WHO PRODUCED THIS . BUT IT SAYS :

DATE: jANUARY 2009.

PROPERTY ADDRESS... ....

 

To capstone Mortgage servs ltd.

and the name of the affor owner, account no.

 

sale price £130,000.

 

less the following

Allowance in respect of arrears of Service charge -375.65

apportionment of Service charge £38.69

allowance in respect of possible service charge deficit £100.00

 

Monies received on completion £129,485.66

 

Less

Amount paid to Asset managers in settlement of thier invoice ( copy invoice herewith) - £4,525.25 (no copy included to me) so dont know aht this is

 

Our legal cost in connection with the sale ( copy invoice herewith) - None included.

 

Total deductions £5178.00

 

AMOUNT PAID TO REDEM MORTGAGE TO SOUTHERN PACIFIC MORTGAGE LTD.: £124,307.66, at which point the balance on the so statement shows £228,...... leaving a balance of u knw what £103,000....will scann this on as well.

 

Do they have the right. What should I do now. who do I write to. I am preparing to send form M1.

 

This people are Armed robbers, legally, thisis outrageous and the governemtn should stop them.

 

I am sure they are a racket who pray on vulnerable borrowers like me and millions of others, I pray the arm of the law will catch up wiyh them sonner than they think!!!!.

 

PLS. ADVISE WHAT IS THE BEST NEXT STEP TO TAKE CAGGERS

 

Thanks Caro. I looked up the link on the court judgetment.

 

Help pls.

Edited April 6, 2010 by MamaG1
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