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Southern Pacific Mortgage Limited

Financial Ombudsman decision DRN-3900068 Not upheld

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Treatment in financial difficulty, Interest and rates

In the Ombudsman’s words

Ms V wrote to SPML to explained that she had become a full-time carer and as such, she couldn’t afford the full monthly payment. She said that she was worried that the arrears and the interest on the account would become uncontrollable. She asked for its help to reduce her payments or payments or to freeze the interest until she was able to afford the payments again.Treatment in financial difficulty

Ms V’s complaint is about a secured loan she has with Southern Pacific Mortgage Limited (SPML). She is unhappy that after paying the loan for more than 16 years, she owes more than the amount she borrowed due to the high interest rate, interest charged on the arrears, fees and charges.Interest and rates

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-3900068.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.