Is this Illegal?

soccernights

Hi All,

I recieved an anonymous letter through the post recently saying that my mortgage company had broken the rules and that i dont have to pay my mortgage. Basically i did have a mortgage with SPML and they sold this to future mortgages without my knowledge or consent. Is this breaking mortgage codes and can i truly turn around and say to Future that i dont want their product and not pay? apparently spml have sold it and wont take it back so it would leave them up !!!!!! creek i guess?

anyone else heard of these shananigans?

Cheers

Carl

beecher

I would urge you to continue paying your mortgage, and to ignore this anonymous lettter.

Noz

I wouldn't any any attention to an anonymous letter whatsoever

soccernights

i was intending too and currently am....but the question remains was this an illegal takeover? I was not consulted at all just told that my new company is and they will be taking my money from now on? so are they breaking mortgage codes and if so what can be done about it and effectively will i get my house for free ...lol.

Seriously though surely all this is a breach of my privacy rights?

cheers

carl

mrsplinter

Isn't this what the credit crunch is all about mortgage debt being sold on to other parties. I doubt if it is illegal. This is what they've done in the past with some student loans, sold them to private companies with no change in terms and conditions.

soccernights

So why would mr anonymous want to send out random letters at expense to himself to people informing them of this breach? But i too would have thought that it would be fine as long as nothing changes in th T&C's

beecher

soccernights wrote: »

So why would mr anonymous want to send out random letters at expense to himself to people informing them of this breach? But i too would have thought that it would be fine as long as nothing changes in th T&C's

Who knows what goes on in the minds of others - maybe an attempt to get back at the company if he's been made redundant, or had his house repossessed, or maybe he's got an eye on your house and wants you to be repossessed. I've given up trying to work out what makes people do such things, but I'd hazard a guess they don't have your best interests as a priority.

danm

this is normal practise in the non-conforming and sub-prime lending markets.

the t&c's of your loan would have given SPML consent to sell the loan. Your product and terms and conditions will be exactly the same.

turbobob

soccernights wrote: »

So why would mr anonymous want to send out random letters at expense to himself to people informing them of this breach? But i too would have thought that it would be fine as long as nothing changes in th T&C's

Could it be something to do with one of these companies that buys your house and rents it back to you (after you get into arrears with your mortgage assuming you take this anonymous "advice")? No idea, just a thought that crossed my mind.

dunstonh

Or it could be that a follow up letter will arrive soon telling you that you can use a claims company where you pay money upfront and they will get your mortgage paid off.

soccernights

Thanks guys n dolls! Needless to say i wont be taking anonymous 's advice and will be still paying my mortgage.

Tis a shame i can't get a free house though and tell my mortgage company where to go.

Cheers