Weird mortgage and family death

Rich44 · 11th April 2007, 00:28

My partners nan passed away a little while back and its come to light whilst sorting the will out that there was a small mortgage on the property for £2900 which was being charged at a whopping 14.75%

We have receipts going back about 22 years or so and possibly even 30 years where she was paying £400ish a year but never ever took the top off the capital loaned.

The thing that really piques my interest is that the money was due to be paid to her solicitors yet is passed on each time to a named lady not a company, this lady has now died and the debt has been sold on to another lady.

All of this seems a little fishy to me, her own solicitor acted as introductory agent to this 3rd party who loaned her the money so they must have some interest in this as the person who originally loaned the money is not a financial institution.

Any ideas how best to tackle this? Can you apply for a CCA for someone who has passed away? Can you S.A.R - (Subject Access Request) on the same?

Ideas please peeps, TIA

PriorityOne · 11th April 2007, 13:12

In theory, you could send a S.A.R - (Subject Access Request) to the solicitor who was responsible for handing payments over to the 3rd party. However, because the personal info. is not in relation to yourself.... I'm not sure how to get round this one unless you are the named next of kin ? It might be better if you post this in Legalities.

Very mysterious....

gizmo111 · 11th April 2007, 13:28

You are entitled as executor to all papers relating to debts.
A S.A.R - (Subject Access Request) will only apply to a living person, so you cannot demand that, although you could try.
The CCA probably wouldn't apply as it sounds like a private arrangement where a laon was made and a charge put on the property - is thsi confirmed by the land registry?

Rich44 · 16th April 2007, 20:10

It is actually referred to as a "Mortgage" on this shamble that is an invoice from the solicitors.

What worries me is her solicitor acted as the introducer to this 3rd party who is just listed as Mrs xxxx and later in the agreement as Mrs xxxx deceased and as the debt was part of this ladies estate it was sold on to yet another lady it all seems very odd to me surely if it was a mortgage then they should be registered and hold a consumer credit licence?

Also the same solicitor who arranged this is the executor of my partners nans estate and then claimed they would need a private investigator to trace this debt this despite the fact that they have been quite happily collecting the money and presumably passing it on.

What I am ultimately getting at is I think this stinks paying a £2900 debt for 30 years at 14.5% and paying over £400 a year and never paying off the debt nto to mention I think the solicitor possibly had a conflict of interest, they must have known this private individual? also how can you sell someones mortgage onto another private individual surely this is all wrong?

I will get the beneficiaries of the estate to ask the solicitor to provide proof of this debt before it is paid out, this is after all only fair don't you think?

What do I need to do to check the land registry?

Thanks for your replies most helpful

sequenci · 16th April 2007, 20:25

is this person licenced to lend money in the 1st place?

Rich44 · 16th April 2007, 20:33

Thats what I need to find out, i've got her name but don't know if she was or not and either way would the person who then bought the debt have to have a licence as well?

How do I check? Also if there's no agreement etc that can be produced surely it shouldnt be payable after all the poor woman had paid back over £9000 on a £2900 debt

Rich44 · 21st April 2007, 08:40

Just had a settlement figure of £3170 ffs, I think she'd paid enough grrrr thieving gets, oh when the OH spoke to the solicitor when she said we will want to see the agreement the solicitor went VERY quiet, panic setting in I wonder....

PriorityOne · 21st April 2007, 08:55

Quote:

Originally Posted by Rich44

Just had a settlement figure of £3170 ffs, I think she'd paid enough grrrr thieving gets, oh when the OH spoke to the solicitor when she said we will want to see the agreement the solicitor went VERY quiet, panic setting in I wonder....

They seem very quick to offer you a F & F !.... it may be worth digging a bit deeper on this one.

Rich44 · 21st April 2007, 09:08

Yup i'll write the letter today for the beneficiaries to sign and then pass on to the solicitor and they said the relevant paperwork should be lodged with the deeds so they should be able to find them.

TBH even if they do I intend to challenge it talk about taking an old lady for a ride 14.5% interest on a mortgage its a disgrace and I intend to get to the bottom of it

diskmandave · 22nd April 2007, 12:13

This all sounds very fishy doesn't it?!

I've just spent about 1/2 hour searching for anything remotely similar in the finance industry and come up a complete blank.

But the one thing that is strikingly obvious on every site i've looked at is,
"is authorised and regulated by the Financial Services Authority".

Sorry I couldn't find more.

Regards, Dave.

Rich44 · 22nd April 2007, 20:12

Thanks for looking, I agree it smells more than fishy we'll see what turns up thanks for everyone replies

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