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SPML/Capstone repo, large balance, what are my rights?


piersoa
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Hi all,

 

Having read through hundreds of posts, I thought I'd post myself and see if you wonderful people can help with a bit of advice.

 

I did indeed sign up for an SPML/Capstone mortgage in 2006. In 2008, when I came off fixed rate, I couldn't afford the mortgage anymore and was repossessed. I agree that these companies did nothing to help, were totally ruthless and charged me over the odds wherever they could. However, I admit that probably as I signed up for the thing in the first place with the appalling t's and c's, I am partly to blame.

 

However, since being evicted (Possession order April 2008), I had heard nothing from them and wrongly assumed that they had sold the house and cleared the debts. The mortgage was originally for £195k ... the house, according to Zoopla, is valued at around £235k. Capstone sold it in June of 2009 (14 months after the repo order) for £165k. They are saying by the time they have added fees the total due is £226k, less £158k they recovered from the property sale after fees, leaving me with £67k to pay.

 

To complicate matters, my wife and I divorced just before the sale, and she has now re-married and they are both not working, so despite the mortgage being in joint names, from what I understand, I will be lumbered with the whole debt as they will only go after the wage earner.

 

After contacting the CAB, their advice was go through an IVA. I'm not hugely convinced, hence my post.

 

My main question is what to do now. Do I ignore things, hoping SPML will go under shortly? Do I try and work out a deal with them? Do I try and claim back fees, claim they under sold it etc and attempt to get a lot of it written off? Are there other better options? What have people been successful in doing? I really think these guys are totally out of order in the way they do business so am not keen to give them any more money after they kicked me out of my house ... your thoughts and adivce would be most appreciated.

 

Thanks in advance

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Hi there

If you've been evicted then I'd just tell Capstone to make a sexual move with a Duck -- since what can they do. You don't have a property any more etc etc.

 

If you don't own any property any more they can't go for Charging Orders and the like --if you haven't got any assets then they can't get any.

 

There's a HUGE difference in getting a Court Order and actually Enforcing it -- a fact 99% of solicitors working in this really DISGUSTING business of Re-possesions and Debt Collections seem to forget.

 

Bankruptcy is also another route -- this will KILL any further demand for money STONE DEAD.

 

I wouldn't worry about Credit references either -- I'd imagine in your state you wouldn't want to deal with debt again EVER.

 

I've long since torn up my credit cards -- its not that difficult to live without huge concertina like collections of plastic sitting in your wallet.

 

Cheers

jimbo

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Sooo ... I have a hefty bill after Capstone/SPML repossessed my property in 2008 (at which time sadly I had no knowledge of this forum or things may have been different!). I had no contact since the repossession in 2008, now I have received 2 letter from Capstone and 1 from Copes solicitors (which is a formal notice of intent to issue legal proceedings). We are talking about an outstanding balance of £67,000. Over 50% of this is fees, plus the house was sold well below market value (Zoopla estimates it to be worth £234k and it was sold for £165k).

 

Having read through a lot of the posts, there seem to be some interesting options, as clearly I don't have £67k lying around!

 

It seems that my original contract was with SPML, not Capstone, so should I be asking to see some documentation from the solicitor to prove that SPML have issued these instructions as I believe Capstone have no right to unless SPML have instructed them to?

 

Secondly, should I be arguing about the fees which are outrageous?

 

Thirdly, I'm assuming that neither Capstone or this solicitor are going to be in any way interested, so am I better letting them taking me to court, at which point I may have a chance of a lawful hearing at least?

 

Or are there any better ideas? Thanks in advance

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Piersoa

This truly amazes me in its sheer audacity.Capstone are authorised by SPML so this avenue is closed.

You cannot pay so let them take you to court but in the meantime , arm yourself with a good defence.

Firstly obtain evidence of similar properties being sold in your area for the figure you mention if possible,proof that the property was sold at an undervalue.

I believe you can still make a claim against them through the fos for the original arrears fees which were no doubt added to your original loan and forced repossession and possibly for the fees added after repossession and even the missale,I would get this underway immediately as it will tie them up probably until the fos make a decision(18 + months away).

 

The fact that these lenders usually gave a low loan to value (ltv) mortgage renders it incredulous that they then claim to lose out and then chase their victims after an undersale for yet more money which they have mostly fabricated by totally unrealistic fees.

 

For assistance with the fos complaint google: capstone mortgage services. and look on the first page.

 

There are sites offering free and dedicated help for capstone mortgage services victims with step by step guides as to how to make an fos complaint,you never know you might actually get some money back out of them,what a result that would be and a deserved kick in the teeth for the parasites.

Edited by actionnotwords
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Might I also suggest you get the details of the organisation who undertook the valuation for your file, the people involved who actually did the valuation, the agent who sold it and then do what you can to find as much about the people behind all these transactions, fees etc you can.

 

As I have found out from the work carried out during the past few years, the devil is in the detail, and I mean 'detail' ;) the nitty gritty stuff you wouldn't normally look at like the people and rows of numbers that mean nothing to you - r e s e a r c h !!

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Have you acknowledged the debt?

 

My gut feeling is that you should ignore this until you get some proof about who you owe any money to.

Edited by caro

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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I've merged your posts from another thread to keep all your info together piersoa, but have provided a link so those on that thread can offer their advice and support.

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Have you acknowledged the debt?

 

My gut feeling is that you should ignore this until you get some proof about who you owe any money to.

 

 

No I haven't acknowledged the debt yet. However, it appears that the next step is to take me to court for non-payment, so I will have to turn up to that which I guess is an acknowledgement of the debt?

 

I am in the meantime going doe the FOS complaint route, so that when it gets to court they will postpone any action as advised on this forum

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Piersoa you need to google your problem and find out as much information on this as possible before any action is taken,although the fos complaint is a good start.

What is your current financial position,do you own another home?

If you own little of value it may well be worth considering going bankrupt,it is now only a year before you are discharged and previous debt is wiped away.

As caro says whatever you do do not acknowledge any debt , going to court is not an acknowledgement because you would serve normally a defence claiming the house was grossly undersold and producing evidence of this.

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