Hi guys I'm new an was recomended to this forum here's my situation. In need of advice

I've got tbi financial services sending letters from a morgage I had with g-mac formally webb resolutions.for the amount of just over £57000.

I had a house lost my job. Could get a job wich covered the bills so I moved out an house was taken off me..just before I went to court to hand keys back my house was ransacked for copper pipes,radiators every thing metal an wrecked the place doing so also flooded it completely...

House sold at auction so I'm aware leaving me with 57k bill.

2007iah I got house an lost it end of 2010/early 2011. I need to go to my old bank an find out wen I got morgage an last payment.for dates on that.

Just had a finial notice from tbi threatening I must pay in full by 13.01.2017 or could take court action will may be taken.

Has any one heard of tbi were should I turn now did I source a local solicitor. Thanks

Speak to to your original mortgage provider and ask for proof that the debt has been assigned to TBI F Services before contacting or making response.....I personally would ignore until they actually issued a court claim.Any court claim would verify they are the legal owners of the debt and able to litigate on the debt.

Andy

Thread moved to Mortgages and Secured Loans.

Dx100 ........... Can you help this guy as I recommended this forum for advice.

So this house reposession shortfall is from about early 2011 ?

What are your current financial circumstances like ?

Is this the only debt that you have ?

Quite often with these mortgage debts, the original mortgage company still owns the debt, but they choose to get companies like TBI to chase them. Mortgage debts don't become statute barred until 12 years have passed without payment or acknowledgement, so you have a long time to go until it is no longer enforceable.

I have seen cases reported online where these mortgage companies appear very reluctant to actually issue court claims. They would have claimed off contingency insurance and a condition of this is that they chase the debt. But given that people have suffered reposession, it is not very likely they would gain repayment of a big debt. They are hardly likely to force people into bankruptcy and get very little.

Would contacting g.mac result acknowledging the debt to them., I've been self employed for a few years now untill recently,wer I don't work at all.i do not claim any thing either.i was working before we had our recent baby

Would contacting g.mac result acknowledging the debt to them., I've been self employed for a few years now untill recently,wer I don't work at all.i do not claim any thing either.i was working before we had our recent baby

No it is not acknowledging the debt.

Not sure why you would contact them.

TBI do chase mortgage shortfall debts on behalf of mortgage companies.

Given that you don't want to share too much information online, as you have not answered questions raised, then i would suggest you phone National Debtline for a confidential chat. How you deal with these large debts is down to your personal circumstances. If this mortgage debt is just one of many, then bankruptcy might be an option to be looked at. But you need to know how that affects your employment, housing etc.

Sorry was andy who suggested speak to gmac. Sorry yes was either late 10 or early 11 an other debts are from not long before I lost the house was water a couple of hundred pounds an 100 to a phone company. Again prior to loosing the house. Just once I lost my job I got another an wasn't enough to cover bills. So I left...an was just paying interest only for a brief time untill it was clear I was stuck in a rut.an wen it got trashed I felt it was game over at the time.

Sorry was andy who suggested speak to gmac. Sorry yes was either late 10 or early 11 an other debts are from not long before I lost the house was water a couple of hundred pounds an 100 to a phone company. Again prior to loosing the house. Just once I lost my job I got another an wasn't enough to cover bills. So I left...an was just paying interest only for a brief time untill it was clear I was stuck in a rut.an wen it got trashed I felt it was game over at the time.

You might want to get hold of your credit report. There are many free providers of these such as noodle.

A relative of mine lost a house due to repossession back in the 1990's and when you are in that position you can forget about debts. Once you leave a house and stop receiving post, you loose track of what is owed to which company.

Basically, you can't pay this debt and you don't own any assets such a house in your name ? If this is the case, there is not much you can do and not worth responding to TBI. As Andy says, if the mortgage company want to take this to court, which is unlikely, then you can deal with it on receiving the court papers.

But you should be looking into your current financial position and getting advice.

That's true their may be the odd other debt. I did owe council tax but I paid that off a while after as that can be trouble.i do have a noodle an is only showing. £101 dept wich is hsbc not phone company my mistake I just logged on to it just now. How'd you mean you own financial position an advice.? Do you mean if they do end up doing a ccj.

You have to remember, we have no idea about what debts you have or your current financial circumstances. It is good that you only have this one other debt registered.

What i meant by get advice, is to consider where you are financially and what you want to do. Given that this mortgage debt is from 2011, it can be subject to court claims re limitations act up to 2023. Do you ride it out until after 2023, hoping they never issue a court claim ? Do you go bankrupt to get rid of this debt ? Do you negotiate a reduced full and final settlement of the debt ? My relative with a mortgage debt of over £30k decided to get shot of it, by offering £2k full and final settlement which was accepted.

I don't know your circumstances, as to whether there are any assets now or likely in the near future. E.g an inheritance.

lets resit this a minute........

look closely at the TBI letter

does it use the words 'our client XXX'

I bet it doesn't?

this will be a mortgage shortfall

so its 6yrs till statute barring not 12yrs.

http://www.consumeractiongroup.co.uk/forum/showthread.php?387506-Mortgage-shortfalls-Lender-should-not-pursue-under-CML-policy

I would suspect the letter doesn't state a client

so the shortfall has been sold on to TBI.

TBI at the best of times only chase lemon debts.

this thread

refers:

http://www.consumeractiongroup.co.uk/forum/showthread.php?472992-Wave-mortgage-sold-to-WEBB-then-1st-credit-now-TBI-chasing-fraudulant-shortfall

Already separate thread running for this.

The 6 years mortgage shortfall period mentioned in council for mortgage lenders policy is not related to statute of limitations. It was brought in because mortgage lenders were chasing debts years after not bothering. So mortgage lenders are required to contact debtors within 6 years of repossession about the shortfall amount. As long as they do write to the debtor, they have the normal 12 years limitations period for mortgage debts.

Dx does have a point that TBI financial do purchase niche (lemon) debts, so they might have bought it.

If you search online about g-mac mortgages, they got into trouble with regulators in 2009 and were fined. They had been applying excessive arrears charges and had to issue refunds.

If g-mac made your financial position worse and partly caused the repossession due to their unfair behaviour, then there may be grounds for complaint.

Duplicate threads merged.

Just added a photo of the letter sent to me

Hope I got dpf right let me no if not,

TBI.pdf

So they have been assigned the benefit. Rights to chase payment but have not purchased the debt ?

Are g-mac still administering mortgages ?

attachment redacted properly.

doesn't say will anywhere

its a simple threat-o-gram

follow andyorch's advise post 2.

do not write back to these fleecers.