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one20

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  1. Hello all I'd like to know if once individual liability is settled, can joint liability still be invoked? ie can you still be chased as a 'party' to the debt/loan? so if I was to receive a letter that incoperates: "...our client is prepared to accept the sum of X in full discharge and in conclusion of your individual liability and all sums due to our client in respect of the above mortgage account.." then does that necessarily mean/imply that I am totally not liable anymore? if it helps, the above is regarding a joint mortgage shortfall. thanks all in advance.
  2. If I receive a letter that states: "...our client is prepared to accept the sum of X in full discharge and in conclusion of your individual liability and all sums due to our client in respect of the above mortgage account.." is that enough? Also as a side thought, once individual liability is settled, does that assume joint liability is automatically settled?? or does it still mean you're jointly liable??
  3. Sorry, I think I might have addedd confusion. Yes I have added the "not sell on" in my letter to them, though I think it could have been worded better. As for the idemnity - true say. Although I guess if they refuse that but agree to the 'not selling on', then realistically, with no other guarantors to the mortgage, the only other party that I would potentially need idemnity from would be the (only) other party to the mortgage.
  4. PGH7447: Many thanks for that, I already sent the text from my earlier post to them, will await what they come back with. All in all I realise that without that it leaves them open to be able to sell or pass on the debt to someone else in the future - so almost pointless not having that clause in now.
  5. well I spoke to the lenders, their policy is not to allow guarantors so that settles that.. regarding the indemnification, I have added that, so thanks again. Have forwarded the whole lot to a lawyer now, and so waiting to see what she comes back with. Possibly going to try for a consent order/agreement too, and get the lenders to sign it. Ultimately I just want to know that i'm not going to get chased in years to come by some random dca or anyone else for that matter.. hence making sure that it's all done properly now.
  6. Thanks Stephan56 Apart from that, you don't think its 'excessive' really is it? especially if i've already drafted it for them!
  7. Hi Stephan56 thanks for the reply.. not sure if there was a guarantor to the mortgage..how could i find out? also how would you add that request in.. I've drafted the below.. I wonder if this is any better? We can confirm that our client is prepared to accept a payment of £X in full and final settlement of your (Mr X) liability in the matter. In support of this our client will provide a covenant that, and is of the clear understanding that, on receipt of this amount, neither we, our client nor any associate company, whether acting on our client’s behalf or as a personal endeavou
  8. Ellen/Others, after much negotiation, i've received the below from the solicitors. To me the letter doesn't seem "robust" enough, can anyone advise? when I asked for them to add in "full and final settelement" I was told that they (the solicitors) had been advised by the bank, that they could not ammend the standard letter. Now they're asking me to provide what I want inserting in the letter, and they will 'run it by the bank'. here is what they've sent as the pre-settlement letter: We can confirm that our client is prepared to accept a payment of £x to conclude your liabil
  9. People At the end of settling a mortgage shortfall and this is what i've received from the solicitors. The debt is with the Falihax and there is one other party to the mortgage. To me the letter doesn't seem "robust" enough, can anyone advise? when I asked for them to add in "full and final settelement" I was told that they (the solicitors) had been advised by the bank, that they could not ammend the standard letter. Now they're asking me to provide what I want inserting in the letter, and they will 'run it by the bank'. here is what they've sent as the pre-settlement letter:
  10. Can anyone see any loopholes in the below? Its intended for one party to the mortgage to be cleared of liability.. there's no mention of 3rd party debt collectors? We can confirm that our client is prepared to accept a payment of £x to conclude your liability in this matter. In support of this our client will provide a covenant that on receipt of this amount they will not seek further repayment of any form from you in respect of this account (by which it is meant all monies due to our client under the mortgage formerly charged to the property known as X Address). Please note that t
  11. MW I've been reading this thread with great interest, any updates? did you hear back from the OC? have you made the payment already? Thanks One20.
  12. If the mortgage is in joint names, you are jointly and severely liable - this basically means if payments stop, then the lender can go after either one of you, or both of you. In terms of your children, if you are working and she was to raise this with the CSA, then you would be forced to pay a certain percentage of your net wage. Hope this helps.
  13. I had a similar dealing with the CSA. After continuously paying them their calculated amount without any qualms, I did write to them advising that it was costing me a fair amount every month in travelling for contact (640 miles a month). They said they would re-asses it, and in doing so go in touch with my ex. She claimed that I have never really had contact with our child, and as such the CSA threw my claim out whilst advising me of the same. After that - I never bothered writing back to them. Even though now I have court orders that provide for contact (as short as they are). Yet a
  14. thanks for the reply Ell-enn Do you think that I should do this regardless of the fact that I feel I will make them an offer for full and final settlement? or would you say that they two are unrelated and I should do it anyway? Also if I do make an offer of f+f would I do it on a 'non prejudice' basis? (so they couldn't hold me to it, in case I was unable to get the monies) do I send such an offer letter to the lenders or the solicitors? thanks again.
  15. hi Ell-enn, sorry for being thick here, but do you mean to send the solicitors a SAR or the lenders? I recently wrote back to the solicitors and asked for them to clarify a 'miscellaneous cost' which amounts to over 1400 pounds. Also asked them to clarify whether or not they have contact the other party to the mortgage - ie my ex. I'm considering that I may make them an offer of full and final settlement (maybe 10-12% of the toal amount they claim is owed?) I'm hoping that if they accept, I can then go ahead with the VR and carry on with my life.
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