SPML & Capstone

CRL1978

Hi There,

I am wondering if anyone can offer me advise. I have recently chaged jobs & requested a change in payment date from Capstone.SPML from the 1st tot he 20th of the month, I requested this in October 2008 & have only gotten a response from them this month, in which they have advised me that they cannot change the payment date but will let me pay on the 20th of the month but cannot accept direct debit payments & will not treat this as a default on my mortgage, although I am not entirely convinced of this but they have put it in writing so I guess I have them over a barrel on that?

This in it's self is not a problem, my only concern with them is when I requested a early redemption figure, (my fixed rate is due up in Nov 09 but I am currently in the process of selling the property), they have advised it is the same as the 1st day I took out my mortgage, i.e. nearly £6k, I used to work for a firm of IFAs & never knew of ERC that stayed the same throughout the term of the deal & wonder if this is just Capstone/SPML trying to squeeze as much money out of me as possible, I have tried to query this with them but cannot get through to anyone on the phone, due to the hours I work & email/fax & letters just seem to disappear into a black hole.

Apologies if this topic has already been covered.

_Andy_

From memory more than one subprime lender had fixed ERCS, i.e. that didn't reduce during the fixed term.