Southern Pacific Mortgage

cheekyherb

Hi, I wondered if anyone had any success claiming PPI back from Southern Pacific Mortgages? I know they went into liquidation and therefore the company Acenden Limited will deal with some of their past financers but wondered if there had been any feedback good or bad.

Thanks in advance

antrobus

cheekyherb wrote: »

Hi, I wondered if anyone had any success claiming PPI back from Southern Pacific Mortgages? I know they went into liquidation and therefore the company Acenden Limited will deal with some of their past financers but wondered if there had been any feedback good or bad.

Thanks in advance

Southern Pacific Mortgages did not go into liquidation; it's chugging away quite nicely and making profits. Of course, it's ultimate owners, Lehman Bros did go bust, and the intermediate UK holding company is in administration; there is basically an orderly wind down of the assets in progess.

Accenden (formerly Capstone) simply administers the mortgages.

As far as PPI was concerned, you first have to establish whether it was sold by SPML, or by a broker.

magpiecottage

As far as I am aware, Southern Pacific only ever sold through intermediaries.

Therefore you need to address your concerns to that intermediary.

To do this, you need:

1. To establish if you ever had PPI at all. If you did not then you clearly have no case.
2. Establish if the intermediary has a case to answer. If the policy was taken out before 14 January 2005 then it probably does not - the best you could hope for is that it was covered by the Mortgage Code but the applicable rules are stricter. It would also have needed to subsequently come under the jurisdiction of the Financial Ombudsman Service in its own right - rather than as an Appointed Representative of somebody else.
3. Establish why the policy was unsuitable for you and put that to the intermediary.

Mortgage PPI complaints have a low uphold rate because in most instances it is prudent to take it.

cheekyherb

magpiecottage wrote: »

As far as I am aware, Southern Pacific only ever sold through intermediaries.

Therefore you need to address your concerns to that intermediary.

To do this, you need:

1. To establish if you ever had PPI at all. If you did not then you clearly have no case.
2. Establish if the intermediary has a case to answer. If the policy was taken out before 14 January 2005 then it probably does not - the best you could hope for is that it was covered by the Mortgage Code but the applicable rules are stricter. It would also have needed to subsequently come under the jurisdiction of the Financial Ombudsman Service in its own right - rather than as an Appointed Representative of somebody else.
3. Establish why the policy was unsuitable for you and put that to the intermediary.

Mortgage PPI complaints have a low uphold rate because in most instances it is prudent to take it.

Thank you so much I really appreciate the advice