Capstone/Acenden/SPML

[Happyhippy1959]

Thought that was the one Baby Clanger,,, have the same problem with a secured loan from First Plus.... Worst days work I did, ( under pressure from ex-Mrs Hippy ) In the end it comes to a point where you just can't keep up the repayments...... They will quote LIBOR to you hmmmmm just a con to make money me thinks.

[Bonzoid]

I have had very few problems with Ascenden although I did insist that they had no right to charge a fee of £25pa to read my insurance policy. They promptly stopped doing so.

 

However, I think they are now attempting to change the terms and conditions of their contracts, to avoid using the LIBOR rate and impose what they call the Base Rate. This, as they point out in their latest (yesterday) letter explaining their terms and conditions, is NOT the Bank base rate but a rate that they will determine themselves. They will continue to add an administrative chagre on top of this.

 

I would welcome thoughts on this latest development but I believe that they would be in breach of their contract (as set out in their 2006 terms and conditions) with lenders if they attempted to change the basis on which they charge interest.

 

I can see that they will be struggling to make any money on the current LIBOR rate but as I know from my reading, they have no qualms at all in taking borrowers to the cleaners if they miss payments. I have no sympathy for them at all.

 

If this practice becomes widespread it may be necessary to go to law for breach of contract.

 

The letter also explains that they may transfer loans to another agency, without apparently making any contact with the borrower. Can anyone tell me who exactly we are paying? Where is the money going? How can we be sure that it is not going to a disreputable agency?

 

Can anyone explain, by the way, why the online Ascenden Action Group websites have all been taken down..... and by whom?

 

B

[Sappho54]

In answer to your post. you need to post what originator you were with - SPPL, SPML, London, Preferred or whatever. And then post what the current owner is, you will have been told when they finally transferred the loan- probably a Eurosail company or Southern Pacific Securities.

 

The answer will probably be that Eurosail "owns" the loan; and the loan is held in trust by the Bank of New York Corporate Trustees Ltd. It's up to you whether you think this is disreputable!!!

 

the originator can sell the loan without telling you but must tell you if the sale is registered with the Land Registry. all this was of course on the website.

[Bonzoid]

Thank you for the reply.

 

My mortgage is with SPML and the most recent letter came on their letterhead. The loan is managed by Ascenden. The payments are made to Eurosail.

 

B

[Sappho54]

OK, so SPML sold your loan to Eurosail before the ink was dry. Eurosail floated the notes as part of a portfolio on Irish Stock Exchange and used money raised to pay off SPML, who retained the legal title. All that you have ever paid eventually ended up in the Eurosail company. SPML may not yet have transferred the loan to Eurosail. If they do you will be told and the registration at the Land Registry will be changed. SPML are a shell company. Don't bother trying to contact them, or the Eurosail company, you will just get through to Acenden. This issue of "who owns my loan" is a bit of a red herring and my advice to you is do not allow yourself to get sidetracked. Everything they do is inside the law.

[Bonzoid]

Thanks for that. It is at least helpful to understand the workings.

 

Since writing I have re-read the letter and I think[!] it is probably not as threatening as I suspected. I think they are just tinkering with the wording and the interest rate is still linked to the LIBOR 3 month rate plus a %.

 

The problem with this company is that they encourage confusion because they are so opaque in their dealings.

 

Just out of interest, who is the Bank of New York holding the money in trust for? Do we know?

 

I can send a copy of my 2006 terms and conditions with the new "supplementary" notes, if that would be of interest. Not sure I can do this by PDF etc. as requested.

 

B

[BabyClanger]

Just a quick update on this. Well, it's still all going on, and still going round and round in circles. Arsenden keep sending me thinly veiled 'legal action' letters, with the threat of passing this over to their solicitors if I don't clear my 'arrears'. To my way of thinking, and given how long this has now been going on for, if these 'arrears' were legally enforcable, they would have taken me to court long before now.

 

So, i've finally had enough of all the BS, and i'm taking the bull by the horns. I've got a mountain of correspondence which i am going to present to a legal bod at the CAB when i have a couple of days off in August. Everything is there in black and white, bank statements outlining all my payments, various letters from Arsenden including the original letter from July 2009 which started all this and one which admits to sending a misleading letter.

 

I'm going to go through the whole story with whoever is it i get to talk to and see where the land lies with regard to getting these 'arrears' legally removed from my account. Have to point out these are not payment arrears - all my actual mortgage payments have been made in full and on time by Direct Debit. These 'arrears' are their so called administration charges (admin fees) which they keep piling on ad infinitum.

 

So, what do you think? Anyone out there have any ideas as to how this might possibly pan out?

 

Thanks

Edited July 26, 2013 by BabyClanger