SPML Mortgage

janettetristram · 7 August 2018 at 1:16PM

I would be grateful if anyone could give me some advice about a mortgage I still have with SPML, which expires in October 2023 and is an interest only mortgage. The broker I used at the time has now dissolved so I had no redress there but believed that there was a compensation scheme that I could apply for. I pursued a claim via the FSCS for PPI in 2016 and in 2017 was told that I was not successful. I have since been approached by Mortgage.Claims who have said they would take this on and their solicitors felt I would be able to make a claim and that they wouldnt do this unless they thought the claim would be around £30,000. Their charges are 35% plus 20% vat, plus £2000+ for insurance and that they would like a solicitor to call and see me? I thought this kind of thing could usually be handled over the phone, so not entirely sure why a home visit is necessary. My question is should I pursue this or should I be worried if the amount received didnt cover the cost of the insurance, and would I end up owing them this money? Half of me wants to go with it but half of me is thinking I could end up owing them a lot of money. Is it worth progressing with this as the FSCS have already been involved and have made their decision.

JT

[Deleted User] · 7 August 2018 at 1:18PM

A claims company cannot do anything you can't except take your money.

They also cannot make a new PPI complaint as you have already done that.

antrobus · 7 August 2018 at 1:50PM

janettetristram wrote: »

I would be grateful if anyone could give me some advice about a mortgage I still have with SPML, which expires in October 2023 and is an interest only mortgage. The broker I used at the time has now dissolved so I had no redress there but believed that there was a compensation scheme that I could apply for. I pursued a claim via the FSCS for PPI in 2016 and in 2017 was told that I was not successful. ...

As noted, you can't make another PPI complaint.

janettetristram wrote: »

...
I have since been approached by Mortgage.Claims who have said they would take this on and their solicitors felt I would be able to make a claim and that they wouldnt do this unless they thought the claim would be around £30,000. Their charges are 35% plus 20% vat, plus £2000+ for insurance and that they would like a solicitor to call and see me? I thought this kind of thing could usually be handled over the phone, so not entirely sure why a home visit is necessary. My question is should I pursue this or should I be worried if the amount received didnt cover the cost of the insurance, and would I end up owing them this money? Half of me wants to go with it but half of me is thinking I could end up owing them a lot of money. Is it worth progressing with this as the FSCS have already been involved and have made their decision.

JT

Mortgage.Claims "specialise in mortgage assessment" as in mortgage mis-sales, presumably in you case because you have an interest only mortgage.

Of course, Southern Pacific Mortgage Loans was notorious in its day for liar loans etc. But the loan was sold to you by an ex-broker, so I'm not sure who you can claim against.

I suspect it will cost you £2,000 for the insurance.

dunstonh · 7 August 2018 at 1:54PM

I have since been approached by Mortgage.Claims who have said they would take this on

Of course they do. You are an easy mark to make money out of.

and their solicitors felt I would be able to make a claim and that they wouldnt do this unless they thought the claim would be around £30,000.

Spot the advance fee fraud greed inducer.

Their charges are 35% plus 20% vat, plus £2000+ for insurance and that they would like a solicitor to call and see me?

and there is the smaller upfront cost you see in advance fee fraud.

My question is should I pursue this or should I be worried if the amount received didnt cover the cost of the insurance, and would I end up owing them this money?

Don't expect it to succeed. You will end up £2000 out of pocket.

Is it worth progressing with this as the FSCS have already been involved and have made their decision.

You don't get multiple bites of the cherry. You were already rejected. You dont say why you were rejected but the FSCS only uphold around 5% of complaints against mortgage brokers. Mainly as mortgage regulation only started in 2004 and its hard to missell a mortgage. And insurance regulation started in 2005 and most insurance sold by mortgage brokers, including MPPI, is not considered missold.

This company don't have anyone to complain to. The firm no longer exists and the FSCS have already ruled and its case closed. They do have £2000 they can make out of you though.

janettetristram · 7 August 2018 at 3:18PM

Thank you, for confirming my own thoughts.
I will certainly not go ahead with this.
JT

SPML Mortgage

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