Sothern Pacific Mortgages - SETTLING IN FULL

[Marian Burnip]

We had to take a mortgage with Southern Pacific when our Business Got into trouble during Foot and Mouth. We ended up with poor credit and had little choice than to mortgage with them for a year. We paid excrutiatingly high repayments for one year (interest only) and then had to pay in excess of £10,000 redemption to move to another mortgage company. I wrote to them but they didn't seem interested to do anything. Does anybody know if there is anything I can do about this. It really hurt at a time when we really didn't need it (who ever needs a 10 grand plus) bill. Talk about being kicked when you are down.

[susanmom]

Hi

I am trying to tackle outregeous redemption penalty from Pacifc Home loans - is this a redemption penalty you are claiming?

 

Regards

 

Susan

[Marian Burnip]

Hi Susan

 

Yes it is a redemption figure!

 

We really had no choice but to go with them (other than rent or be homeless, but what good would that have done our credit). I cannot believe we had to pay so much. What makes it worse is that it wasn't our fault we were in that position in the first place (Foot and Mouth etc.) We had to pay between £700 to £970 at the end) per month on an interest ONLY mortgage of £115,000.00 then got slapped with the £10,000 + redemption at the end of it. How do these companies get away with it. How far are you with your fight? What steps are you taking? Do you know if we have any rights to fight this?

 

Thanks for your reply

Marian

[Marian Burnip]

Sorry Susan Mean't Interest Only Mortgage Not Interest Free!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Seminole]

Just a quick update. SPML have filed their defence and we have both completed allocation questionaires. This one looks as if it's heading into court.

[susanmom]

HI

 

We only have about £2000 to claim on redemption penalities. And I am just getting started on making claims, have just over £3000 to claim against various banks/credit card companies over the last 2/3 years as well. Found this site as a result of a chance conversation with someone in the lift at work. We got into debt when my husband was made redundant at work while i was pregnant with my first about 4 years ago, he started work again just before my son was born and we bought alarger house, then interest rates went mad, couldn't make payments on credit card debt incurred while living on one salary, discount rate on mortgage ended and credit was too bad to get another mortgage so took out secured second load to payoff credit cards but then needed to sell as we couldn't afford mortgage and then got screwed over on penalties when we sold so had to take out an unsecured loan to pay the agents commission and then had to rent. Luckily our luck has slightly turned as I changed jobs and got a relocation package so we could buy again, the house we bought was a part exchange so the developer gave us "cash back" so we cleared the most pressing debts, bought cars which actually went and did some essential repairs on the house. Am now trying to claw back some of the charges so that we can start giving our two very young children some sort of life!

Now, if I may ask some advise, which letter did you use to approach the redemption penalty issue? The normal preliminary approach one?

 

Thanks and GOOD LUCK

Susan

[Seminole]

I'm not tackling them over redemption penalties, just their monthly charges. The jury is very much out on charges for early redemption. They are certainly unreasonable from the point of view of the customer but they may not be unfair in law.

[Marian Burnip]

I am new to all this. Can anybody tell me how I should start to go about objecting to the high redemption fees charged by Southern Pacific. Who can offer me on advice on how to approach it etc.

[BankFodder]

I am new to all this. Can anybody tell me how I should start to go about objecting to the high redemption fees charged by Southern Pacific. Who can offer me on advice on how to approach it etc.

please could you post your question a separate thread and it will be dealt with. However the first thing that anybody will tell you is to read the FAQ and the forum material. We should take two or three days. Once you've done that then come back

[Seminole]

SPML have agreed to settle my claim in full. Now just waiting for the cheque

[joneshousehold]

Way to go Seminole!

[dolly]

That is fantastic news.

[Seminole]

This topic was closed on 03/05/19.

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