Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Two friends of mine have a mortgage with Northern Rock- to simplify things there is a mortgage remaining of about £60k and its worth about £60k.
One of the two mates is a really really bad payer, horrendous...
The other one is a good payer and always bails out the bad payer.
The bad payer ignores correspondance from Northern Rock, is a nightmare for the good payer to deal with etc etc
The bad payer is now willing to a do a change of parties, letting me take over the mortgage- no money involved just a case of putting half the mortgage and half the deeds in my name... alongside the good payer.
My credit is not great- but has improved massively in the last couple of years. I still have a couple of defaults for a couple of hundred quid (the debt was thousands originally), these debts will be paid off in the next few weeks, and I am disputing my defaults through CAG! My debt is now no more than £4k and going down by the month- and I have a very secure job earning £20k a year. (Remmember that this is only a £65k house, and the "good payer" earns over £25k)
I am attaching a whole dossier of information on myself and the situation to the Change of Parties Application form- justifying why i am a better bet for them, how my credit is better than the existing mortgage holder, how I propose to pay my mortgage, Breakdown of income and expenditure for myself previously, etc
1. How do Change of Parties get viewed for the benefit of credit checks? And particularly where there is a bad payer on the mortgage who is looking to "get out"?
2. What more can I do to make it likely Northern Rock will okay my application?
3. What are the main costs involved in doing the Change of parties? (£175 with Northern Rock, solicitors costs for deeds?)
4. Are there any ways I can cut down the costs involved in the change of parties? Eg DIY conveyancing, cut down the amount of form-filling a solicitor actually has to do
Change of mortgage parties query
with Northern Rock
! My debt is now no more than £4k and going down by the month- and I have a very secure job earning £20k a year. (Remmember that this is only a £65k house, and the "good payer" earns over £25k)
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