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Letter of explanation


kilkenny
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Hi

after six years from a repossession I'm now hoping to get a mortgage.

 

 

The underwriter has asked me to write a letter explaining why I was in difficulties.

 

 

Also my partner needs to do the same.

We have both moved on.

My credit rating is excellent now but worried that even though the lender had given us a decision in principle and is aware of our past history, we could fall at the last hurdle.

 

 

Does anyone have a template or know what the Underwriter is looking to see?

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No template.

 

What they really want to know is that you are in a totally different position now to that you were in that led to the repossession. If the repossession was caused by circumstances that were beyond your control and since the repossession you have had a stable financial, employment and personal life, then they might judge that tbe repossession was just bad luck and you are now a better risk.

 

Another possible issue they might want reassurance on, is that there is no mortage shortfall debt following repossession that will come back to cause you problems. If you had a debt that has just not been subject to a CCJ, but still exists, there is potential for the debt owner to require payment of the debt and you therefore struggle to pay the new mortgage.

We could do with some help from you.

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for what

your old thread is here:

http://www.consumeractiongroup.co.uk/forum/showthread.php?303486-Warrant-applied-for-please-help-CANCELLED

 

 

IMHO you should mention you won

and that the company got reprimanded !!

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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for what

your old thread is here:

http://www.consumeractiongroup.co.uk/forum/showthread.php?303486-Warrant-applied-for-please-help-CANCELLED

 

 

IMHO you should mention you won

and that the company got reprimanded !!

 

At the end of the old thread, it would seem the previous house was repossessed leaving a mortgage shortfall debt of over £300k.

 

If this information is correct, any new mortgage lender must be given full information, otherwise there is a risk of getting into problems again. If the old mortgage debt has been chased to any address within 6 years, then the current debt owner has 12 years to enforce the actual mortgage debt ( not the interest added which is only 6 years limitation period). If you are subject to court action on this old debt, it would obviously cause you problems with any current/new credit obligations. Failure to advise any new creditors of this risk, might just cause you more trouble than it is worth.

 

My advice is unless you are totally clear of this old mortgage debt is not to apply for a new mortgage. If there is an old debt, it is doubtful a new mortgage lender would agree a mortgage.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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