mortgage fall strategy help

[credit allergy]

Repossessed aug 2005. Kensington/Optima trying to chase alleged £64,000. However house sale cleared mortgage figure is made up of redemption and charges. Wrote to them explaining unfair contract and common law penalty facts. No reply until last week received court hearing for sept 10th for hearing about assests and earnings etc. I am renting with normal household income and other debts. Spoke to debt line who advised solictor who i saw today. They feel I have a case to vastly reduce figure. The dilemma is do I spend £150.00 an hour for their assistance in trying to negioate with kensington, I do not want a huge bill. My gut feeling is to attend court show expenditure details etc and make a reduced offer. What I need to know is how to work a f & f offer out and pay monthly to make this go away and move on. any advice please.

[old_andrew2007]

IMHO don't waste you time trying to negotiate with kensington,

[Nightmare4banks]

credit allergy,

Did you manage to get a breakdown of the 64,000 pounds that they are

stating that you owe? If not.You should.

Also,you should find out if they had got the best price possible at the time.

You should ask questions like:

Who purchased the property?

How many offers were obtained on the property?

Which estate agent dealt with the sale?

Where is the written breakdown of amount 64,000 pounds?Kindly provide me with this information.


IN BRIEF:

ALWAYS REMEMBER...

1.Any mortgage company has the duty to obtain the best price possible.Failing this,you could sue the mortgage company for negligence.

2.Put your request in writing as outlined above and send it by recorded delivery post.

3.Do not speak to them over the phone.All dealings should be strictly in writing.

This is because they MUST show you that they have done their best in obtaining the highest price possible.If they have not done this,you could end up owing them nowt and them owing you.

4.If they have not responded in say 2 weeks time,you should them a Data DSAR - Subject Aaccess Request under the Data Protection Act 1998 together with the statutory fee of 10 pounds together with your copies og id passport/driving licence and proof of address.They have 40 days to respond.

5.When you get the reply,let us know so we can help you further.

I hope you find this information useful.

If you have any questions,just ask.

[credit allergy]

THanks for replies. Yes national debtline said Subject Access Request and query house sale etc. My problem is that although sale cleared the borrowed amount what about interest on arrears prior to repossesion. So this is why I feel like I should negoiate. If I make a reasonable offer and they go to court then I appear reasonable. I accept Kensington will play hardball which is why I feel it might be better to get an offer in. I do not really feel that the whole lot will be written off so I dont feel happy about a court case. My view is that because the £64,000 is charges and interest and is so high this works in my favour. Also by attempting to resolve it by offering a sensible amount for instance offering arrears prior to repossession then again I appear reasonable. To dat I have received two A4 pages of staements which are incomplete. Also questions and charges have not been answered. I just feel if I can comply with CPR rules and guidance I will stand a fighting chance. Anyway I have decided to have an hours interview with the solictor. Show them our financial position and how the court would view it etc and decide about making an offer.

[Nightmare4banks]

credit allergy,

I would just like to add:

1.The DSAR will reveal everything - charges,interest amounts,late payment fees etc. and who know if you dig further they could have sold the property to a good friend or relative! How can you negotiate if you do not have a complete breakdown of the amount from them that they are chasing you for?

2.I totally disagree with you - if they have sold the house below the market value they have been unreasonable in chasing you for the shortfall where they had a duty to potentially to do better.

3.Finally,I am not trying to be unpleasant but it looks like you have already made up your mind in what to do,so I will not be posting any more guidance notes/suggestions for you to follow as my time is fairly limited and wish you all the best.

[credit allergy]

Thank you for your reply it was not my intention to appear ungrateful in any way whatsoever. Your suggestion about digging deeper is a valid and useful point. However I am in a position where as I am sure you will understand I want to move forward but am unable to with this matter hanging over my head. So accordingly I felt it was better to try and adopt a working strategy in trying to conclude this matter. Obviously though any such plans can be adapted at any stage. Once again thanks for your input.