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

[wfspayback]

Hi, has anybody got a link to the last set of SPPL's accounts that were submitted. I'm sure I've seen them posted but been searching through the posts here for a good while now without any luck

 

Hi Sawyer

 

if you go back onto the main forum

 

Mortgages and Secured Loans - The Consumer Forums

 

and click on the paperclip for this thread, it will let you see all the files that have been attached to this thread.

 

Hope that helps

 

Payback

[sawyer]

Hi Sawyer

 

if you go back onto the main forum

 

Mortgages and Secured Loans - The Consumer Forums

 

and click on the paperclip for this thread, it will let you see all the files that have been attached to this thread.

 

Hope that helps

 

Payback

 

Many thanks for that

[freedomofspeech]

Finally got a letter from Capstone . I quote,

"You Originally applied to SPML for a loan, SPML provided the loan for youon 12th August 2004. Your loan agreement is with SPML as a lender. This loan is secured by way ofa first charge with SPML as the mortgagee(and you executed a mortgage deed to this effect)

SPMl retained legal title to your loan and is the lender of record. Accordingly SPML is the proper party to anyproceedings in relation to your loan.

 

The name of the SPV which includes your mortgage is'SPS04-2 First Charges'Your loan was securitised on 29th November 2004.Capstone Mortgage Services Ltd is appointed as administrator to act on behalf of Southern Pacific Mortgages Ltd in the day to day administration of Loans & Mortgages. Capstone acts in accordance with the terms of its servicing agreement with Southern Pacific Mortgages Ltd. There is therefore no single or individual employee from which Capstone takes instruction, rather it takes instruction from Southern Pacific Mortgage Ltd the company, which is a legal person"

 

This was written by Charlotte McKearnan of the collections department. the same person who told me that SPML & Capstone were the same company!!

Well that is as clear as mud!! Can anyone tell me what this means ?

[enoughisenough]

It tells me that they are trying to have their cake and eat it. Use CPR 31.6 for a copy of the service agreement, if you are already in proceedings.

[iconoclash]

Hi - is SPPL defunct or not? - appears on companies house as active with note "proposal to strike off" and the note to shareholders dtd Dec 2009

Southern Pacific Sec: Notice to Noteholders | Company Announcements | Investegate

 

informs that insolvency is imminent and the notes transferring to the Issuer with permission from Trustee - errrrr the Issuer?? capstone??

[enoughisenough]

Complex stuff this particular securitisation model. Sppl are a busted flush. The issuer is the spv most likely one or other of the Eurosail entities.

[iconoclash]

eie -thanks. Been reading the info re Walker and SPML - see the new appeal is set for May. My agreement has NO total charge for credit whatsoever !

[littledotty27]

wow 9 guests!! Something has their cage rattled today.

[freedomofspeech]

I haerd a rumour that Amany Attia resigned as a director, does anyone know if this is true? Also is what Capstone say in my letter right?

[not another b----- letter]

Complex stuff this particular securitisation model. Sppl are a busted flush. The issuer is the spv most likely one or other of the Eurosail entities.

 

Received at Companies House on the 13/01/2010.

 

Southern Pacific Personal Loans Ltd.

SAIL Address

The address for an alternative location to the company's registered office for the inspection of registers is:

Pellipar House

1st Floor

9 Cloak Lane

London

EC4R 2RU

 

The following was moved to the alternative address:

Register of members. Register of directors (blank page?) Register of secretaries. Records of resolutions and meetings.

Instruments creating charges and register of charges: England, Wales and Northern Ireland.

 

The main occupant of Pellipar House is: Tradelink Worldwide Ltd.

 

Licenced by the OFT, looks as if they are in the securities business ( what a surprise) some of the other names that came up were: Meerbrook Finance and Leek Finance.

 

Two new licences applied for late 2009, at the moment pending.

 

So on the 13/01/2010 SPPL was a shell, no directors and all the company records removed, but thats the date Companies House were told I wonder what the date was of the actual transfer?, so was any repossession action taken in the name of SPPL after the 13/01/10 legal?.

 

What a tangled web they weave.

[ZillaK]

So the FSA register as we know is completely out of date attia having resigned some time ago last year,arent they under an obligation to tell the FSA this.The second point being that they say spml are responsible under the FSA for the actions of their agent and that sppl is therefore not regulated by them which asks the question that any agreement made with sppl is therefore NOT a regulated agreement?.

Aren't all agreements after a certain timeline regulated under some act?

 

..just to clarify on this a little further & so as to avoid confusion..

 

SPPL act(ed) as an appointed representative of the principal SPML.. therefore they achieve(d) their regulatory authorisation via this relationship with SPML..

 

..it's somewhat like acting as a sales agent.. you execute the loan through SPPL but for all intents and purposes it is really with SPML..

 

..SPPL agreements and letterheads etc should state that they act as an appointed representative of SPML..

 

..I believe, in this situation and as far as the courts are concerned, either SPPL or SPML can register title for example, or take legal action against you..

[not another b----- letter]

..just to clarify on this a little further & so as to avoid confusion..

 

SPPL act(ed) as an appointed representative of the principal SPML.. therefore they achieve(d) their regulatory authorisation via this relationship with SPML..

 

..it's somewhat like acting as a sales agent.. you execute the loan through SPPL but for all intents and purposes it is really with SPML..

 

..SPPL agreements and letterheads etc should state that they act as an appointed representative of SPML..

 

..I believe, in this situation and as far as the courts are concerned, either SPPL or SPML can register title for example, or take legal action against you..

 

SPPL only made loans regulated by the CCA,(under £25K) and were a registered company at the OFT, any loan over £25k was unregulated and to make those loans you need an FSA licence.

 

SPML, FSA and OFT regulated.

 

SPPL, OFT regulated only.

 

You also need an FSA licence if you offer first charge mortgages regardless of the size of the loan.

Edited March 22, 2010 by not another b----- letter
Something left out.

[TFD123]

lots of great stuff today guys good digging.

the pieces of the Lehman/SPML jigsaw coming together nicely

[not another b----- letter]

Just going off topic for a minute have a look at this item on ebay; read the description of the goods, going to bed with a smile on my face and I have not read it all going to keep some for tomorrow.

 

 

2005 RENAULT CLIO DYNAMIQUE 16V BLUE on eBay (end time 23-Mar-10 15:10:07 GMT)

[ZillaK]

An appointed representative is a firm that conducts regulated business on behalf of a directly FSA authorised firm, who is its principal..

[iconoclash]

Hi - I have a copy of my original application form for an SPPL loan sent by Capstone - it is mostly illegible but cant see anything about being appointed representatives of anyone - I do note however that this printed on Capstone paper with their details rather than SPPL's and a declaration of theirs about transfers, assigns etc., "who may rely upon the truth and accuracy of the information" - hmmmmm

[ZillaK]

@ campari2 - that's a rather suspicious sounding copy of the app. form is it not.. hmmm indeed.. if you can remove identifying information and post it up here then perhaps some useful questions can be raised..

 

..also, have you requested and received a copy of the loan cheque from the bank you deposited it with?.. it will at least confirm which company performed the loan agreement..

[iconoclash]

@ campari2 - that's a rather suspicious sounding copy of the app. form is it not.. hmmm indeed.. if you can remove identifying information and post it up here then perhaps some useful questions can be raised..

 

..also, have you requested and received a copy of the loan cheque from the bank you deposited it with?.. it will at least confirm which company performed the loan agreement..

Zillak: no need - I have the original - just wanted to see theirs!

[actionnotwords]

I have now managed to catch up finally on all the posts I have missed during my absence.

I must relate a rather amusing story that occured yesterday.I was assisting a colleague who had got into difficulties with her mortgage repayments, due to illness, with a reputable company.We attended a court hearing yesterday and at its inception we were seated with the opposing parties in the court room.The judge,a rather priggish, po faced,world weary and crusty elderly gentleman entered the hushed and tense courtroom in headmasterlike fashion and in obedience and subservience befitting his stature we all rose.

The judge on seating himself broke wind in an outrageous thunderclap fashion and then continued oblivious to his actions as though he had just wiped his nose and as though such behaviour was the most natural in the world which made matters for us intolerably worse.The opposing parties sat down without comment,sound or expression.

My colleague and I in utter stunned shock and disbelief sat down nervously and were unable to look at each other at all throughout the proceedings without corpsing violently ,our faces scarlet in attempted futile containment ,our case suffered markedly as a result.

The austere judge looking over his spectacles took notice of our actions and behaviour and stated that he could not understand why we found the proceedings so amusing.!

I leapt to our defence crying "NERVES YOUR HONOUR"

All to no avail as he awarded rather contemptuosly a suspended possession order.

Does anyone think we have any grounds for appeal?

Edited March 23, 2010 by actionnotwords

[iconoclash]

Hi - I cant believe that this is a serious question. It will be noted immediately that the other side 'coped' and there's your answer - I'm sure it was distracting but not a riot eh - not wanting to sound harsh but it really doesnt seem worth consideration, to me anyway.

[enoughisenough]

Hi ANW

 

An amusing anecdote but a less than satisfactory outcome.

 

If you are able immediately request an EX107 which is a transcript of the hearing. I'm afraid it costs a considerable sum of money but is vital...possibly in the region of £150.

 

Next did the judge, AS HE MUST, assess the overall contract for the fairness of the terms? I bet he didn't.

 

I can furnish you with the relevant law later if you want to mount a viable challenge to the SPO.

 

You then appeal and the SPO is overturned. IT HAS TO BE...Otherwise the court is violating Community Law and national courts are pro tanto Community courts. End of.

 

I wish people would take this EU dimension more seriously. It's where the vast majority of our consumer protections lie and our courts are bound to make these assessments. It is a non contested appeal...there are no grounds for challenging such an appeal. There has been a visible and material error in law...

[ZillaK]

Zillak: no need - I have the original - just wanted to see theirs!

 

aha.. that's a good approach..

[TFD123]

Hi ANW

 

An amusing anecdote but a less than satisfactory outcome.

 

If you are able immediately request an EX107 which is a transcript of the hearing. I'm afraid it costs a considerable sum of money but is vital...possibly in the region of £150.

 

Next did the judge, AS HE MUST, assess the overall contract for the fairness of the terms? I bet he didn't.

 

I can furnish you with the relevant law later if you want to mount a viable challenge to the SPO.

 

You then appeal and the SPO is overturned. IT HAS TO BE...Otherwise the court is violating Community Law and national courts are pro tanto Community courts. End of.

 

I wish people would take this EU dimension more seriously. It's where the vast majority of our consumer protections lie and our courts are bound to make these assessments. It is a non contested appeal...there are no grounds for challenging such an appeal. There has been a visible and material error in law...

 

I have just paid £120.00 for a transcript of proceedings in my case, sent cheque 2 weeks ago, not cashed yet and transcript can take up to 28 days but will be worth it in my case

[actionnotwords]

Further to my experience above,the initial expected outcome of the hearing was a suspended repossession order.Fortunately my colleague's loan is not with the people here on this site and is within her limits.

If one can take a moral lesson and a positive from this experience it's to always be prepared for the unexpected.!

One old fart can usually be handled in the frosty and serious confines of the courtroom , two is almost impossible.

[iconoclash]

ANW : so what is your plan/question? - your posting appeared to be frivilous on first reading so i presumed it to be so with no real content about the case itself....off to fix the zimmer frame now