beware of sub prime lenders and mortgage brookers

homer_j_3

jeff.

I dont think SPML are at fault here, I think that your wife has purposefully gone out of the way to defraud the lender, you and commited various crimes along the way.

If no payments are received by a lender then I guess that they clearly saw that there was a huge risk of losing their money so they took appropriate actions to recoup the money they were owed. Whilst you were say that you are not responsible for the debt, it deosnt take much of an argument to reason why the lender would want their money back.

Who was your broker and who did they work for? Maybe we can try and suggest an alternate way of resolve this.

jeff12345659

I have joined this website as a start of my campaign to a wider audience for my cause and some advise. I am not a member of any similar sites, in fact this is the first bullitin/chat forum I have ever used.The I Group mortgage was redeemed by the SPML loan and original loan amount to about 75% of the property value but with arrears and exepenses it amounts to near 90%.
I have not got a suspended possesion order and the property is registered to my Trustee, I think.
Is SPML still owned by Leman Bros. The way SPML behave is very typical of hard nosed American business.

MortgageMamma

Jeff,

Why does your post title say "beware of sub prime lenders" instead of "beware of SPML" SPML actually do a bit of prime stuff too.

sunflower_2

hi

seems i have had a very lucky escape

i took out a secured loan with SPML for £10k (I Group also rings a bell - are they connected?)

at the time i was really struggling with the payments, even though i missed on my main mortgage for some reason i always paid SPML each month (womens intuition maybe)

luckily i was able to pay off this loan at the end of last year

phew

MortgageMamma

jeff12345659 wrote:

I have joined this website as a start of my campaign to a wider audience for my cause and some advise. I am not a member of any similar sites, in fact this is the first bullitin/chat forum I have ever used.The I Group mortgage was redeemed by the SPML loan and original loan amount to about 75% of the property value but with arrears and exepenses it amounts to near 90%.
I have not got a suspended possesion order and the property is registered to my Trustee, I think.
Is SPML still owned by Leman Bros. The way SPML behave is very typical of hard nosed American business.

Jeff, I think before you "campaign" for wider awareness of these issues you should first concentrate on resolving your situation. I cannot belief that the fraud unit and police have not become involved in this, and there is not a public court case against the solicitor and broker concerned. You fail to mention the whereabouts of them?

jeff12345659

Yes, I agree that some monies are owed but I also believe that the bear some responsibiltiy for allowing this to happen, as follows:
1 SPML did not issue adequate instructions to solicitors regarding identity checks.
2 SPML made no effort to contact me with the exeption of sending a debt counsellor to the house. Unfortunalty this counsellor lied about his visit, he said he had become confused about his visit?
3 SPML would not talk to me and called me a liar. I was to prove them wrong on this matter.
The broker was Mortgage Monitor, now in liqidation.

jeff12345659

It was SPML's attitude and their actions. I eployede counsel at one stage and they were astouned by the attiude of SPML.

payless

there's 2 similiar named companies - one of which is not in liquidation , I suggest you quote the full name of the broker involved to avoid confusion

HelpWhereIcan

jeff12345659 wrote:

Yes, I agree that some monies are owed but I also believe that the bear some responsibiltiy for allowing this to happen, as follows:
1 SPML did not issue adequate instructions to solicitors regarding identity checks.

The checks that SPML do into ID at application stage are no different (and can be more stringent) than those carried out by a Prime lender. The checks done by the solicitor are laid down by the Law Society and both have to take into account Money Laundering Regulations.

Again, I would be interested to know what action has been taken against the solicitor in this matter.

jeff12345659 wrote:

2 SPML made no effort to contact me with the exeption of sending a debt counsellor to the house. Unfortunalty this counsellor lied about his visit, he said he had become confused about his visit?

Not sure what you mean by this - how did he become confused. Did your wife intercept all the post and phone calls on this matter - where is she? Is action being taken against her in the courts?

jeff12345659 wrote:

3 SPML would not talk to me and called me a liar. I was to prove them wrong on this matter.
The broker was Mortgage Monitor, now in liqidation.

Why would SPML not talk to you?

The broker may be insolvent, but they will still be subject to criminal law (fraud) - what has happened to them on this front?

Arch-Angel

homer_j wrote:

jeff.

I dont think SPML are at fault here, I think that your wife has purposefully gone out of the way to defraud the lender, you and commited various crimes along the way.

If no payments are received by a lender then I guess that they clearly saw that there was a huge risk of losing their money so they took appropriate actions to recoup the money they were owed. Whilst you were say that you are not responsible for the debt, it deosnt take much of an argument to reason why the lender would want their money back.

A decent sum-up. You (Jeff) say that you've proven (via a handwriting expert) that your signature does not match the relevant mortage documents. SPML are right to chase you - they think you owe them money after all - however, once you've proven that you didn't take out the mortgage, I wouldn't have thought you were liable for any debt or expense incurred as a result of this application.

Bottom line - this is identity theft and fraud. More importantly, you're a victim as are SPML. If the activities of SPML - after you have proved beyond reasonable doubt that you didn't get the mortgage - have pushed you into bankrupcy, you have (I would have thought) a right to compensation. Legal advise for this would be essential (I note that you have dealt with a solititor already).

However, as MortgageMamma said, get yourself sorted first being starting the campaign! Having said that approaching Watchdog (and the like) could help your case. I have no idea if you can have your bankruptcy order revoked (as the key element that caused it was you being a fraud victim), but that would be worth exploring as well.

Fingers crossed for you mate!