Wrote to my MP - Capstone/Acenden

[stephen25000]

Hello,

 

I've just discovered this forum by chance and need some advice if possible.

 

Me and my wife took out a loan with Southern Pacific in 2007. Just over a year later we got into difficulties after my wife lost her job and my work was reduced. At no time would Capstone agree to reduced payments and eventually this year in July we were evicted, even though we had a buyer for the property.

 

Also, my wife was the deed holder and though I signed for the secured loan, I was not on the deeds of the property.

 

Since then, I have discovered a whole litany of activity on Capstone's and Glenister's parts. Was the loan illegal in 2007 ?

[peterjm]

hi stephen and welcome,for starters post your story here.http://blogs.thisismoney.co.uk/2010/11/capstone.html

Secondly can you provide some more details of your situation as it was.?you had a secured loan with sppl?when in 2007?If your wife was registered as the sole owner of the property the loan could not be secured on the property unless she signed an agreement to this effect?Wish you had come here earlier.

By posting on the mail blog:

Its then in the public domain and yet another shameful story and another case of breach of protocols and regulatory rules.The statements capstone make that they help borrowers are a fantasy,loan modifications can be counted in less than 3 figures in over 80000 loans.The mail want to know your story,you're not the first or the last this has and will happen to.If eveyone who has had this injustice smashed into their lives posted on this mail blog the regulators would be shamed and forced to take action,cases could be re examined and compensation could be claimed,but people just don't bother,seems this company drains the life,fight and resistance out of them.

 

Keep on this site as this is a big developing story,see page 343 for the 3 mail stories this week and i believe it could be ongoing,we have a real champion with clout here for the first time in Richard Dyson ,lets use him to maximum effect and get this lot fully exposed.

[stephen25000]

Hello Peter and thanks for reply.

 

My wife took out the loan in January 2007 and signed as the only person on the deeds, but I was also asked to sign the agreement even though I am not on the deeds.

 

I went to court on several occasions and I do distinctly remember the first time the Judge asking why was my name on the court documents, to which there was no reply from the Capstone representative ( a Glenisters rep ). As you said we got worn down by Capstone and only now are we fighting back.

 

I have e-mailed the FOS and am awaiting a reply.

 

If you want more details I will supply them of course. Also is it worth me writing to my local MP with the details of the case ?

 

Thanks ,

 

Stephen

[peterjm]

steve from what i can gather the loan was a secured loan on the property by sppl.I think you may have a case here based on the preaction protocols in that repossession should be a last resort and neogotiation should be carried out prior to proceedings in order to explore loan modification if possible,something capstone always ignore.The question will be also whether the loan was a regulated agreement which I think depends on the date it was taken out and the amount.I will try and look this up,the fact that your vhome was probably undersold especially when you had a buyer could also give rise to a substantial claim for compensation which it may be possible to pursue painlessly through the fos.The more details you can give the better,eg loan date,amount,house price sold for and received and the price offered by the buyer.Why didn't they just sell it to your buyer or let you complete the sale?

[Crapstone]

I think the earliest date the amendments took place was 6th April 2007 so you are you just outside that Stephen ,if the amount you borrowed was above £25,000.

I don't understand why they would ask you to sign or the legalities of it. My only thought is it's added security as you are married and the house, presumably, would pass to you or you'd have an interest in it if you were to divorce. The name on the deeds doesn't always mean legal ownership. As we've seen with the lenders, the name on the letterhead and with the Land Registry means nothing if they've sold their interest

 

To allow you to sell the house is far too easy. They want a return so will slap you with all the inflated fees and legal costs they can before turfing you out and still leaving you in their debt. Their loan 'modification' is zero and they deny even simple requests such as moving the repayment date by a few days.

 

Make as much fuss now as you can and keep complaining. Make sure you've got everything from them in an SAR, send off for a few if need be as they all come back different depending on who has the black pen. Hold it up to the light and you can see what they tried to delete. Put that all together and you can see they are a lying bunch of rogues.

[stephen25000]

Hello Peter,

 

Thanks for all the information so far.

 

The loan was taken out on the 6 th January 2007. To the best of my knowledge it was a regulated loan to the tune of £120,000.

 

The house/maisonette has still not been sold. The price has fluctuated widely from the current £189,950 to a low point of £125,000. I believe a lease extension has been negotiated within the last few months, but since capstone have not replied to any of my communications it is hard to know.

They pulled the plug on the sale days before completion, this being the 30 th July and we were evicted on the 26 th July.

 

N.B. the court gave us 6 days warning before the final notice of eviction and thanks to my father we had a place to go to. I had contacted the local council on the day we received the letter from the court, of eviction, and because I was working, did not have children below the age of 16. etc. we would not be given any help. I also contacted other agencies and no one could help us in rehousing.

 

I also lost my work in moving to my father's residence, but I have restarted now and am now working full time.

 

Also, we lost virtually all of our personal possessions as we had nowhere to put them or the money to store them , and they were worth several thousands when they were bought. We tried selling some, but all second hand shops I contacted were not willing to buy anything as they claimed they were full of goods from similar

circumstances.

 

My wife whose property it had been had been there since 1980 and had never been in problems before with a mortgage.

 

The loan had been used for property refurbishment and for business purposes.

 

Stephen.

[peterjm]

Steve this is important was it a remortgage not a second secured loan if it was a remortgage it would probably be with spml and definetely regulated on this date.

The importance of this being that under FSA RULE 13.

13.6 Repossession

A firm must ensure that, whenever a property is repossessed (whether voluntarily or through legal action) and it administers the regulated mortgage contract in respect of that property, steps are taken to:

(1) market the property for sale as soon as possible; and

(2)

obtain the best price that might reasonably be paid

, taking account of factors such as market conditions as well as the continuing increase in the amount owed by the customer under the regulated mortgage contract.

If this rule is breached under a regulated agreement the borrower is I believe able to seek damages/compensation under fsma 2000,and it looks like depriving you of your buyer could give rise ton such a claim,the fos may be able to sort this out for you but the more detail or evidence you can supply the better chance,has to be worth considering here.

Edited November 20, 2010 by peterjm

[Crapstone]

It's a high LTV so chances are it's a remortgage but, as has been said, more details are needed.

[stephen25000]

Hello Peter and crapstone,

 

It was a remortgage. Initially, it was a loan, but due to the sum involved it was deemed a mortgage.

 

As regards the SAR, I don't want Capstone to know where we live now, so can I use an alternate address ?

 

Stephen.

[peterjm]

Steve we have to be specific here was the loan a first charge/mortgage secured on your property and who was it with spml?

Did you have loans with anyone else secured on the property,if so who?

cannot see why you cannot use another address,is there a shortfall on what they sold it for?

 

 

[stephen25000]

Peter,

 

The remortgage is a second charge on the property with SPML. My wife had a first charge with Abbey National,now Santander of £24,000.

 

N.B. The property is still unsold.

 

Stephen.

[peterjm]

this is unusual steve as spml would normally remortgage the whole property and pay off the first charge to abbey so they were first legal charge on the property especially with the sums involved in fact I think the securitisation contracts absolutely insist on a first fixed charge in spmls case,anyone correct me if I am wrong here.

This is critical as regards regulation are you absolutely positive that the abbey loan was not paid off and the whole remortgage was then registered in the sole name of spml otherwise theres a good chance this falls into the black hole of non regulation.

[peterjm]

Yet another follow up by our new champion the Mail,please,please do not let this opportunity slip,you can see the usual detractors please post your story,the more positive posts the more likely that action must follow.

SHUT 'EM DOWN!

They won't take my flat without a fight, says Capstone Mortgage victim

 

 

By Richard Dyson

Last updated at 10:00 PM on 20th November 2010

 

• Comments (4)
  
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David St Vincent will be in court on Tuesday, determined to stop a mortgage company from repossessing his home.

If it were any High Street mortgage company, lawyers say he would have a good chance. But if it were any other mortgage company, David would probably not be in court at all.

His mortgage is administered by notoriously aggressive Capstone Mortgage Services, a secretive operation that oversees 80,000 mortgages advanced by now-defunct lenders such as littleknown Southern Pacific and Preferred.

 

Defiant: David St Vincent is battling with Capstone over his Soho flat, which they are trying to repossess

 

Although Capstone represents less than 0.5 per cent of the British mortgage market, it accounts for a large proportion of repossession orders.

Some court workers allege it is behind more repossession actions than any other company.

There is mounting evidence that Capstone is quick to repossess borrowers’ homes.

 

There is also evidence that Capstone borrowers’ arrears – where Writer prepares for legal battle with mortgage company behind majority of repossession claims they legitimately exist – largely comprise charges and other penalties systematically applied by Capstone, charges that are neither justified nor explained.

Even more worrying is that Capstone’s record-keeping is so poor borrowers cannot easily see how their mortgage balances have been calculated.

Written requests for statements have been ignored. David, 43, a writer with erratic and sometimes low earnings, borrowed £10,545 from Southern Pacific in 2003 against his flat in Soho, central London, which was then worth £240,000.

His loan rate was variable and linked to Libor, the interbank rate. His monthly repayments varied between £130 and £150 and he says he has paid about £12,000 over the years.

The balance stands at just under £5,000. Capstone is seeking to repossess the flat in pursuit of £1,545 of alleged arrears. David admits he is not good at managing money.

But his entire borrowings stand at under £20,000 and he is earning £1,400 a month rent on the flat, which has been let since May, when David moved to Brighton to rent somewhere cheaper.

He has no savings or access to any credit, and currently needs most of the rental income to live on.

But David has calculated that he can afford to pay Capstone £170 a month – that is £38 on top of his repayment – and he wrote offering this on November 4.

Capstone was not satisfied. ‘I’ve offered to increase my monthly repayment to £170, but Capstone is determined to repossess,’ he says.

Capstone claims David has broken promises to clear arrears and that the missed payments go back many months.

But it admitted to Financial Mail that of the £1,545 arrears, only £569 was missed payments.

At risk: Lawyers believe it is unlikely a judge would grant Capstone possession, given the evidence of David¿s efforts to settle matters

 

Almost £1,000 was charges, including the monthly £85 ‘arrears management charge’.

And hundreds of pounds of ‘legal charges’ already incurred are still to be added, Capstone said.

David has alerted his MP, Mark Field, Conservative member for the Cities of London and Westminster, who is taking an interest in the case.

Lawyers believe it is unlikely a judge would grant Capstone possession, given the evidence of David’s efforts to settle matters.

But there is a worry that not all Capstone borrowers are prepared to fight like David.

With Capstone seeking up to 70 repossession orders a week, it is probably securing possessions simply because homeowners do not attend court.

David says: ‘I’m lucky in that I won’t end up homeless – others aren’t so lucky.’

Callous loads were 'designed to fail'

Capstone is the mortgage administration subsidiary established in Britain a decade ago by Lehman Brothers.

The US investment bank wanted to replicate its American model where mortgages were offered to sub-prime borrowers.

The loans were ‘securitised’ immediately, meaning homeowners’ debts were sold to other investors as assets.

Because of this process it is alleged Lehman, which collapsed in 2008, and the brokers it paid to sell the loans (most of which are now out of business) didn’t care whether borrowers could afford the mortgages or not.

Citizens Advice later found some of these sub-prime loans were ‘designed to fail’. Some people already had crippling debts with other lenders when they were offered these loans.

Lehman’s UK operation lent £8 billion to almost 100,000 homeowners. The remnants of its British operations are still being unwound.

Capstone insisted its treatment of borrowers was fair. It told Financial Mail: ‘Capstone, on behalf of the lender, tries to work closely with customers in payment difficulties to help them.

 

‘Wherever possible we try to agree appropriate and affordable arrangements with customers and do our best to try to find alternative options for borrowers who are in genuine distress.’

The Financial Services Authority has fined several sub-prime lenders for their harsh treatment of borrowers in arrears and says investigations into other firms, which it refuses to name, are ongoing.

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Since the debts were securitised, it probably means that capstone is not actually the company to whom the mortgage is actually owed.

 

Could be interesting if the defendant asks capstone for proof that the mortgage is actually owed to them.

- John Wood, hull, 21/11/2010 20:55

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"The loans were 'securitised' immediately, meaning homeowners' debts were sold to other investors as assets.

 

Because of this process it is alleged Lehman, which collapsed in 2008, and the brokers it paid to sell the loans (most of which are now out of business) didn't care whether borrowers could afford the mortgages or not."

 

This process - being securitisation is a process used by the majority of lenders including main stream high street lenders and is by no mean specific to any of the Lehman lender.

 

"His monthly repayments varied between £130 and £150"

"But David has calculated that he can afford to pay Capstone £170 a month - that is £38 on top of his repayment - and he wrote offering this on November 4."

 

If David did not make the payments required between £130 - £150 what reason would Capstone have to believe that he will now make payments of £170.00

- peter, BIRMINGHAM, 21/11/2010 11:46

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This article sums up the sorry state of the UK today. Borrowers seem to think they can renegade on their credit obligations and not be punished. The lender should therefore have to foot the bill for the borrowers problems. Maybe people should start to take responsibility for their own actions and stop looking for other people to blame. Why doesn't the borrower in this case sell the flat himself if he only has £20k worth of debt and get Capstone off his back. Something tells me the author is only giving us a small part of the story that fits in with his own anti financial services agenda.

- Frank, Newcastle, 21/11/2010 10:17

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Thank you for bringing Capstone's behaviour to the attention of a wider audience. There are some parallels between the individual in your story and my own problems with this company.

 

1. At no point in taking out my loan or even subsequent to it being finalized was I aware that capstone would administer it. They simply announced themselves about 3 months later.

 

2. My bank statements would show payments to Eurosail, not SPPL.

 

3. Capstone warned me within about 6 months in December 2006 that my direct debit had failed. It had not. In fact they had collected it twice refunded one of the payments and refused to give me any explanation after complaint.

 

4. I am a responsible payer of my loan but have had to pay way over the odds in order to keep myself out of court. Their charges have cost me thousands just to avoid repossession. They are an atrocious company to deal with and I'm still waiting for reply to a complaint raised in February. What a disgrace. Truly unbelievable.

- Dennis, Middlesex, 21/11/2010 08:21

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Read more: http://www.dailymail.co.uk/money/article-1331580/They-wont-flat-fight-says-Capstone-Mortgage-victim.html#ixzz15xG0FB79

Edited November 21, 2010 by peterjm

[peterjm]

AOTHER VERSION ON THIS IS MONEY,PLEASE POST YOUR COMMENTS THERE ARE MANY ADVERSE AS ITS NOT KNOWN THAT THE VICTIM HAS A SITTING TENANT ON A FIXED RENT FROM WHAT IS UNDERSTOOD.

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=518583&in_page_id=8

 

 

 

Capstone won’t take home without a fight

 

By Richard Dyson

21 November 2010 Reader comments (9)

David St Vincent will be in court on Tuesday, determined to stop a mortgage company from repossessing his home.

Defiant: David St Vincent is battling with Capstone over his Soho flat

WANT TO KNOW MORE?

 

 

• Capstone - Richard Dyson's probe
  
• Capstone accused on repossessions
  
• How to avoid mortgage arrears
  

 

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If it were any High Street mortgage company, lawyers say he would have a good chance. But if it were any other mortgage company, David would probably not be in court at all.

 

His mortgage is administered by notoriously aggressive Capstone Mortgage Services, a secretive operation that oversees 80,000 mortgages advanced by now-defunct lenders such as little-known Southern Pacific and Preferred.

 

Although Capstone represents less than 0.5% of the British mortgage market, it accounts for a large proportion of repossession orders.

 

Some court workers allege it is behind more repossession actions than any other firm. There is mounting evidence that Capstone is quick to repossess borrowers' homes.

 

There is also evidence that Capstone borrowers' arrears – where they legitimately exist – largely comprise charges and other penalties systematically applied by Capstone, charges that are neither justified nor explained.

 

Even more worrying is that Capstone's record-keeping is so poor borrowers cannot easily see how their mortgage balances have been calculated. Written requests for statements have been ignored.

 

David, 43, a writer with erratic and sometimes low earnings, borrowed £10,545 from Southern Pacific in 2003 against his flat in Soho, central London, which was then worth £240,000. His loan rate was variable and linked to Libor, the interbank rate.

 

His monthly repayments varied between £130 and £150 and he says he has paid about £12,000 over the years. The balance stands at just under £5,000. Capstone is seeking to repossess the flat in pursuit of £1,545 of alleged arrears.

 

David admits he is not good at managing money. But his entire borrowings stand at under £20,000 and he is earning £1,400 a month rent on the flat, which has been let since May, when David moved to Brighton to rent somewhere cheaper.

 

He has no savings or access to any credit, and currently needs most of the rental income to live on.

 

But David has calculated that he can afford to pay Capstone £170 a month – that is £38 on top of his repayment – and he wrote offering this on November 4. Capstone was not satisfied. 'I've offered to increase my monthly repayment to £170, but Capstone is determined to repossess,' he says.

 

Investigation: How Richard Dyson probed Capstone's mortgage activity

 

 

Capstone claims David has broken promises to clear arrears and that the missed payments go back many months. But it admitted to Financial Mail that of the £1,545 arrears, only £569 was missed payments. Almost £1,000 was charges, including the monthly £85 'arrears management charge'. And hundreds of pounds of 'legal charges' already incurred are still to be added, Capstone said.

 

David has alerted his MP, Mark Field, Conservative member for the Cities of London and Westminster, who is taking an interest in the case.

 

Lawyers believe it is unlikely a judge would grant Capstone possession, given the evidence of David's efforts to settle matters.

 

But there is a worry that not all Capstone borrowers are prepared to fight like David. With Capstone seeking up to 70 repossession orders a week, it is probably securing possessions simply because homeowners do not attend court.

 

David says: 'I'm lucky in that I won't end up homeless – others aren't so lucky.'

 

 

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Callous: Loans were 'designed to fail'

 

Captone is the mortgage administration subsidiary established in Britain a decade ago by Lehman Brothers.

 

The US investment bank wanted to replicate its American model where mortgages were offered to sub-prime borrowers.

 

The loans were 'securitised' immediately, meaning homeowners' debts were sold to other investors as assets.

 

Because of this process it is alleged Lehman, which collapsed in 2008, and the brokers it paid to sell the loans (most of which are now out of business) didn't care whether borrowers could afford the mortgages or not.

 

Citizens Advice later found some of these sub-prime loans were 'designed to fail'. Some people already had crippling debts with other lenders when they were offered these loans.

 

Lehman's UK operation lent £8 n to almost 100,000 homeowners. The remnants of its British operations are still being unwound.

 

Capstone insisted its treatment of borrowers was fair. It told Financial Mail: 'Capstone, on behalf of the lender, tries to work closely with customers in payment difficulties to help them.

 

'Wherever possible we try to agree appropriate and affordable arrangements with customers and do our best to try to find alternative options for borrowers who are in genuine distress.'

 

The Financial Services Authority has fined several sub-prime lenders for their harsh treatment of borrowers in arrears and says investigations into other firms, which it refuses to name, are ongoing.

Other stories:

Capstone accused on repossessions

CML: Low interest rates cut home repossessions

Fall in number of repossessions

Repossessions down due to low rates

Repossessions hitting poor hardest

FSA: Home repossessions fall to two-year low

Repossessions 'for the best', claims minister

Home repossessions at highest since 1995

How to avoid mortgage arrears

How do I get out of mortgage arrears?

 

 

 

 

 

WANT TO KNOW MORE

 

 

• Capstone - Richard Dyson's probe
  
• Capstone accused on repossessions
  
• How to avoid mortgage arrears
  

 

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READER COMMENTS

 

 

Comments so far (9)

 

 

1. If it was valued at £240K in 2003 surely it most be worth close £500K by now.Why not sell it as he only owes £5K? He'd be quids in a could afford to pay cash for a house in Brighton and still have a tidy sum left over to clear his other debts.

 

- Me Again, France Posted: 21 November 2010, 8:23am

2. Perhaps I have missed something but why doesn't David just sell the place? He is not living there as he is renting in Brighton, the Central London property market is reasonably strong compared to much of the country and if it was valued at 240k in 2003 then its worth a small fortune now. He could pay his debts off and still have plenty to spare to buy a small place in Brighton. I really do have some sympathy with the bank in this case - their thinking is surely why should we support this guy to be a landlord of a prime London property?

 

- Justin, london Posted: 21 November 2010, 9:07am

3. This is outrageous but not uncommon. I work in this industry (but i dont know for how much longer?) and the FSA are inconsistent, biased, and in 90% of cases, useless.

They come down in a draconian way on advisors over petty form filling (money laundering over a £10 per month life policy as an example) yet introduce a treating customers fairly policy which does just the opposite. Its a form filling exercise to protect THEM and to hell with the "customer".

 

- Bluebeard, dorset Posted: 21 November 2010, 9:59am

4. This article sums up the sorry state of the UK today. Borrowers seem to think they can renegade on their credit obligations and not be punished. The lender should therefore have to foot the bill for the borrowers problems. Maybe people should start to take responsibility for their own actions and stop looking for other people to blame. Why doesn't the borrower in this case sell the flat himself if he only has £20k worth of debt and get Capstone off his back. Something tells me the author is only giving us a small part of the story that fits in with his own anti financial services agenda.

 

- Frank, Newcastle Posted: 21 November 2010, 11:15am

5. Why has this bloke "alerted his MP?"

 

What does he expect him to do about it?

 

 

 

Contract:- A lends money to B.

 

B pays back loan plus interest to A.

 

It's a simple system. Works well for those that need it.

 

 

 

B fails to pay as and when required. A gets annoyed, rightly so and adds charges to the outstanding loan.

 

A gets annoyed, but it's his own fault. He has failed to keep to the terms of the contract.

 

 

"David admits he is not good at managing money."

 

Conclusion:- Learn.

 

- Mel. P, West Sussex Posted: 21 November 2010, 2:59pm

6. If David did not make the payments required between £130 - £150 what reason would Capstone have to believe that he will now make payments of £170.00.

 

The I will I promise argument, does not hold much water

 

- Peter, BIRMINGHAM Posted: 21 November 2010, 3:45pm

7. Brighton is an expensive place for property and everything else, so you won't save that much by moving there. Up North or in the Midlands would be where to go to really save on outgoings. Whilst Capstone appear highly unreasonable and opportunistic with their extra admin charges, I don't think the borrower is doing himself any favours either. If he really wanted to clear £5k he could do it pretty quickly by living in very cheap accommodation for a year and not spending anything except on bare essentials like food. Presumably he's self-employed which means he hasn't got to pay to commute to work and can easily stay in and not spend anything if he really wants to.

 

- John, London Posted: 21 November 2010, 4:02pm

8. David is trying to say that He is a victim and poor with cash..........grow up David, your sitting on a rent of £1400 per month a if you sold it you'd have hundreds of thousands in the bank, you basically want your cake and cherry too. Well sort yourself out, sell off the flat which your not even living in and pay off your small loan, yes small loan. You are certainly not a Victim as you are being chased for payment because your blagging it, and spending your cash elsewhere, wait till you get to court and the judge hears your story, good luck because you'll be ripped apart, you'll have to declare all your worth and then this £5k owing will look shameful in the scheme of things.

 

- Roy, Carmarthen Posted: 21 November 2010, 4:44pm

9. since you do not have a mortgage with Capstone FRANK you have no idea what this company does to family's.I

do and also have a mortgage with is being adminstered

by them, Ours is nearly 200k and 20k of that is made up in there charges. The FSA and FOS are both

lender friendly. The courts are only just coming around to fact that Capstone has more repossessions cases filed on a weekly basis that any other company.

Since we have spoken to the supervisory section of the FSA more that once and provide proof of this companys actions. Richards comments are well founded

and not his own anti financial services agenda.

 

- John, surrey

 

 

 

 

 

Read more: http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=518583&in_page_id=8#ixzz15xxiZZ7R

[caro]

How about posting these stories in the media forum too. With a thread linking to each story they can easily be found in the future.

[Crapstone]

this is unusual steve as spml would normally remortgage the whole property and pay off the first charge to Abbey

so they were first legal charge on the property especially with the sums involved in fact I think the securitisation contracts absolutely insist on a first fixed charge in spmls case,anyone correct me if I am wrong here.

This is critical as regards regulation are you absolutely positive that the abbey loan was not paid off and the whole remortgage was then registered in the sole name of spml otherwise theres a good chance this falls into the black hole of non regulation.

 

I would agree that they take first charge, for such a large amount and would pay off the Abbey small amount owing. I think Stephen has to be a lot more specific as it could have been a charging-order pending during the application or any amount of other scenarios. I don't know what everyone else thinks but to my knowledge you have to be honest and get it all down in writing before people can help. One line answers and not knowing the facts aren't going to produce much of a solution even though we'd love to help.

[Crapstone]

With regards to the article, it does seem silly comparing the debt to the value of the property and the fact he doesn't live there. It highlights the large amount of charges but does no favours for an ordinary family that don't have the option to move. You know, the ones that have to fight just to keep one roof over their heads.

[stephen25000]

Hello Peter and crapstone,

 

I am arranging getting all the documentation together as regards the mortgage with Southern Pacific. I do understand the need for you to have all relevant information before you can help and I will do this a.s.a.p..

 

I have checked with my wife, as it was her property from a previous marriage, that the Abbey National Mortgage was still in place, at the time of the agreement with Southern Pacific and I will inform you as soon as I know for sure whether Southern Pacific had become the first charge or not.

 

Stephen

[peterjm]

thanks steve,the devil is in the detail here.Your story posted on these 2 latest articles would go some way to getting capstone bought to book.

PLEASE POST A COMMENT. http://www.dailymail.co.uk/money/article-1331580/They-wont-flat-fight-says-Capstone-Mortgage-victim.html#ixzz15xG0FB79

 

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=518583&in_page_id=8

[stephen25000]

Thanks Peter,

 

I think you may have told me before, but where can I obtain a copy of the loan agreement other than Capstone a.s.a.p.

 

My wife has contacted Companies House and they state verbatim that Southern Pacific is now a dissolved company.

 

Stephen

[peterjm]

Steve,you may be able to get a copy of the mortgage deed from the land registry.The mortgage agreement may be a standard document you can google,if theres anything specific post it up as I am sure people can help.

The websearch shows that all the lenders ie spml/sppl/pml are all still fully active so someone has given you incorrect info. here,unless they know something we don't.

[jasperpad]

Hi

if you check on companies house on the internet it shows southern pacific mortgage limited as being active!!

george

Thanks Peter,

 

I think you may have told me before, but where can I obtain a copy of the loan agreement other than Capstone a.s.a.p.

 

My wife has contacted Companies House and they state verbatim that Southern Pacific is now a dissolved company.

 

Stephen

[Crapstone]

The broker may have a copy but usually you'd ask for it from the lender. SPML still operate although their admin. is through Capstone for borrowers.

Are you looking for a copy of what would have been filled in on this as an application?

 

http://www.metrofinance.co.uk/applications/spml.pdf

[zither]

Did everyone get their letter from capstone informing us of their change of name?. Pity they wont change their tactics.

[littledotty27]

Yes I did,but i'm still waiting for the letter stating I will be receiving a annual statement instead of quarterly one.

Then again since the change over to Capstone oops sorry Ascenden, I've never received a statement at all.