SPML/LMC anyone claimed for mis selling and unfair charges?

[eagleforms]

Interesting, just had delivered a letter from SPPL detailing new charges applicable from 1st January 2010. They have added some new charges and it still looks like their litigation management fee of £115, will negate my agreed arrears repayment of £100 a month! Anyone else had this. I also note that the letter has come from SPPL ( the personal loans side of the business, whereas I have a mortgage with them. Any ideas why?

Edited November 3, 2009 by eagleforms
typos

[ryde]

eagleforms

are you saying that they are are charging a monthly litigation fee of £115 on a monthly arrears agreed payment of £100 so you will in fact owe them £15 a month after you have paid your arrears?????!!!!! if so this beggars belief.Thought sppl had been wound up.

GENERAL re proposed action

I am involved with pml over registration of a charge as previously posted.Originally I questioned in court their title to sue as they had securitised the mortgage.PML then denied this and I was asked by them to prove that it had been securitized which is difficult to say the least.

I mention this here because in any planned action against this group of lenders I would assume they will offer the same defence as a delaying tactic if nothing else and because the unfair contract terms contentions depend on securitization.It would therefore as a preliminary precaution be in everyones interest to have some definite proof of securitization of your mortgage which is not that simple or easy.The eurosail prospectuses tie a lot of this in with account numbers and mortgage amounts and location but they are not exhaustive.

Edited November 3, 2009 by ryde

[eagleforms]

Yes Ryde, quote, "Litigation Management Fee. Incurred each month when, at the close of business on the 15th (calender day) of the month, the arrears balance on your loan account is equal to, or greater than, one current monthly payment due and where your account is being managed by our litigation team".

At thye bottom of the letter it says that SPPL is an appointed representative of SPML Group. How can a company that has been wound up represent another company?

[ryde]

eagleforms

companies house says sppl active but with no directors !!!!!!!!!what you say is outrageous they have no right whatsoever to make any such charge.If your agreed monthly arrears payment is through a court order thats it they can,t levy such a fee and I would inform the court and tell sppl first what you are doing see if they back off .Looks like they're trying to push you into repo.Have you threatened them with the fos etc?

[eagleforms]

Ryde

I haven't yet but will now. I don't understand how a limited company can be active without directors, is it because they are in administration? I will ask them when I write to them quering their charges, how they can be trading without directors. They must have a company secretary because someone has to be responsible for their accounts, or is this why they haven't filed any accounts for 2 years. Any other small limited company would have been struck off by now. I will also write to the FSA and point out that a directorless company is trading in mortgages this must be in breach of their rules, however bias they are towards the financial institutions. At the same time I will complain about their charges, and as they seemto be geared to increase my arrears, I will also complain to the OFT.

GR, pleased let me know if this cuts across anything you are doing, because, clearly, co-ordinated action would be much more effective.

[ryde]

FSA Register

eagleforms link to fsa register should take you straight to sppl just click on links names (attia yet again ! who now seems to be charge of the lot!) principles etc or contact them through the ever helpful capstone surprise,surprise.

Edited November 3, 2009 by ryde

[midge61]

Just to say tose charges are the same as SPML's

[eagleforms]

Have looked at FSA register and cannot find anything for SPPL or SPML. Am I looking in the wrong place or are they not registered?

[ryde]

What you have both said is cast iron evidence in support of any proposed action .

eagleforms just click on the link i posted above comes under southern pacific personal loans if it doesnt work tell me and will post another direct link.company number 403923

[midge61]

Have just checked the fees and it is £60 per month arrears management fee and the £115 litigation management fee is ONCE they have instructed solicitors to begin legal proceedings.

[eagleforms]

Midge

Not on my letter it isn't:

They can charge any one of the following where my arrears balance is equal to,or greater than 1/3rd of the current monthly payment due:

Late payment charge: £25 if the arrears balance is equal to,or greater than 1/3rd of the monthly payment due

or

Arrears management fee: £85 if the arrears balance is equal to, or greater that, 1/3rd of the current monthly payment due or if they have received notification from another lender that they have taken possession of the secured property

or

Litigation Management fee: £115 as quoted earlier.

Only being managed by their litigation team seems to be the criterion.

Thanks Ryde. The link worked this time. Isn't this Attai woman a director?

Edited November 3, 2009 by eagleforms
making sense of sentence

[Dangermouse]

I no longer have a mortgage with SPML but they owe me money for charges and an enormous ERC of £20k+. I want this money back so please count me in GR.

 

Dangermouse

[midge61]

Hi Ryde

Thats interesting. What a rip off!

[ryde]

eagleforms

amany attia listed as an individual with sppl but when you click on and search her name not listed as a director?mystery deepens in fact no directors listed,don't understand this.Perhaps someone can shed some light.

[I'm the bad guy?]

Eagle forms, all

 

Since the new October 2006 Companies Act, is now in force. You no longer need a company secretary, BUT you do need at least 1 director. I have posted before(OP), what the situation with SPPL Ltd- its dust.

 

 

ITBG?

[ohitsonlyme]

Whats going on??????????? with Mars capital/ Oakwood HL

 

I have a repossesion hearing very soon which they are going for a suspended posssesion order I know I can beat it but today they have offered me a discount of............... Wait for it.......£40000 ....25% for redemtion of the loan by end of Decemeber

 

Clearly they are as desperate to get out of it as spml /lmc and are not getting the repo's that they expected to, their financial model is falling apart

 

Any ideas how I can take advantage of this???

Or maybe tactics to use to hold on to this limited offer

I have a worse than bad credit rating and this is a buy to let

 

Ohitsonlyme

Edited November 3, 2009 by ohitsonlyme
additional info

[42man]

I think they may well be afraid of what the judge might say in light of the FSA/GMAC case...

[enoughisenough]

SPPL is most certainly dust. Can anyone clarify whether they any longer retain title to sue. Immediate strike out if I haven't been notified/consented to a transfer of the legal charge from SPPL to SPML? Anyone?

[enoughisenough]

Hello guests...

[ryde]

Whats going on??????????? with Mars capital/ Oakwood HL

 

I have a repossesion hearing very soon which they are going for a suspended posssesion order I know I can beat it but today they have offered me a discount of............... Wait for it.......£40000 ....25% for redemtion of the loan by end of Decemeber

 

Clearly they are as desperate to get out of it as spml /lmc and are not getting the repo's that they expected to, their financial model is falling apart

 

Any ideas how I can take advantage of this???

Or maybe tactics to use to hold on to this limited offer

I have a worse than bad credit rating and this is a buy to let

 

Ohitsonlyme

 

Personally I would thank them for their kind offer and tell them (don't ask )

that you are giving it consideration and exploring alternative ways of raising the finance and in the light of this you suggest that the repossession hearing is temporarily vacated.You could then perhaps see a broker give him some baloney as he's only after his commission and get him to write to them confirming you're seeking refinance.In other words delaying tactics.Keep your options open.Could you get a binding offer from them?

 

Looks like all this lot are going bottoms up and December might be crunch time.Early redemption discounts of 25% are unheard of. see this link which will be of interest to you.

Gray1509

Re: Oakwood Homeloans posession order...

Edited November 3, 2009 by ryde

[I'm the bad guy?]

EiE,

 

SPPL is 'technically' a live company, because it is listed as active. So CH will be alerted from their system, that they are no directors. CH will then write to SPPL for its status, if no director is appointed it will be struck off.

 

I assume the situation will the same as an assigned debt to a DCA or similiar, with all the relevant defences that entails. Could be lucky for some?

 

 

ITBG?

[on*the*case]

Whats going on??????????? with Mars capital/ Oakwood HL

I have a repossession hearing very soon which they are going for a suspended possession order I know I can beat it but today they have offered me a discount of............... Wait for it.......£40000 ....25% for redemption of the loan by end of December

Clearly they are as desperate to get out of it as spml /lmc and are not getting the repo's that they expected to, their financial model is falling apart

Any ideas how I can take advantage of this???

Or maybe tactics to use to hold on to this limited offer

I have a worse than bad credit rating and this is a buy to let.Ohitsonlyme

 

Is the property saleable? Let and producing rental income? Have you had a recent valuation? Do you have equity? Do some serious calculations.

1. Negotiate a bigger discount for redemption. Get your Solicitor on the case, so that the discount offer is rock solid.

2. Fight the repossession, ask for an adjournment on the grounds that you are selling (show evidence HIP etc).

3. Talk to the big Auctioneers about sell-ability, costs and reserve price. Allsops etc, at least 6 Auctions between now and year end.

Good Luck

[gustavius rex]

SPPL is most certainly dust. Can anyone clarify whether they any longer retain title to sue. Immediate strike out if I haven't been notified/consented to a transfer of the legal charge from SPPL to SPML? Anyone?

 

The Consumer Protection Act 1999, 5 (5), Schedule 2 (p) is clear that a seller cannot transfer his rights and/or obligations without the consumers agreement.

GR

[DanDesperate]

Nice to put a face to a name even if it is from 2002 lehman Bros Holdings Annual Report This is the person who is in most cases the sole director....

 

“We at Lehman

Brothers all share

the same value

system, which is

one of integrity,

respect for one

another, hard

work and a complete

focus on

our clients.”

Amany Attia

[ryde]

wouldn't it be intruiging to know of all the machinations going on on the other side,looks a nice girl as well and single!wonder whats she's been promised for taking care of all this s..t came direct from lehmans it would appear.Perhaps she and mr marek are an item in which case her name should be patsy?They certainly focus on their clients.

Edited November 4, 2009 by ryde