Hi from a newbie

[sickasachip]

Hi all...i've read many threads so far and been really impressed with the professionalism of the advice offered, I look forward to reading more and hopefully gaining help with my situation

[sickasachip]

Hello all, i have been in arrears with my ge money (formerly i group) mortgage from day 1 (3 years ago) and have finally given up and decided to sell and move to rented accommodation. GE have indicated that they may be willing to accept a redemption payment in full and final settlement of less than the amount owed. I have to obviously provide details of costs etc and send them an offer in writing. Has anyone out there done this before and what percentage did you offer?

[jowalshy]

Hi there. Let me just say a huuuge welcome to CAG. There are so many friendly people on here ready and willing to help you.

 

Good luck

[Jaz1]

Hi!

I have to agree with you, i've been sat here and i'm hooked, haven't stopped reading yet!

 

Jaz

[jowalshy]

Hi Jaz1. Let me say a huuuge welcome to you too. When you are ready, start your own thread (if you need help finding out where to start it, or just need help in actually sttaring one, just shout). Read up on all the facts and as many threads as poss. (Yes it does get a bit addictive after a while )

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

[jowalshy]

Also here is a quick A to Z of the site:-

 

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/69359-cant-find-what-youre.html

[sickasachip]

many thanks all

[sickasachip]

Hi again, i've just posted 'GE money mortgages and full and final settlement' any comments would be greatly appreciated

[jowalshy]

Did they say this to you in writing or on the phone??? What costs are they asking you to detail? Did they charge you any fees for being in arrears?

[Jaz1]

Thanks, i'd love some help! Can't even work out how to post anything, too busy reading all this good stuff!

[sickasachip]

It was their collections guys who said they 'may' consider this based on the evidence I can supply and the offer I have from a buyer. They wanted everything from solicitors and estate agents fees to moving fees. My original mortgage was for 144,000, and after late payment charges (every month for 3 years) and my six month interest early repayment penalty my redemption figure is 157,000. I was going to supply the info they require and offer the original 144,000. Do you think this is an unreasonable starting point? I forgot to add that i'm on a variable rate interest only mortgage, and my monthly repayment has gone up from 980 to 1250 a month in the time i've had the mortgage

[jowalshy]

You are posting . To start your own thread all you need to do is go to the forum where you want your own thread to be and then find the "new thread" button. Click on it, call it what you like (nothing rude and no swearing please) and voila you have your own thread where you can ask away. The new thread button looks like the one below . You can find it just obove the announcements for that particular forum on the left hand side.

 

 

 

(Don't click on this one though unless you want to start a thread in this forum)

[jowalshy]

Have you got a buyer yet? I'm not quite sure as to what to advise. I think you really need to do some sums and then work out a reasonable offer. Try and calculate it on the basis of what money will be left over once the property has been sold. eg Sale of house = £? less all the fees for selling. If you have had the property for 3 years, you hopefully would of paid off some of the original mortgage. Were you tied into a term with them eg you had to stay with them for 5 years. If poss try and find the original mortgage application and check their figure for early redemption.

[jowalshy]

I've got to pop off for a while, but will check back a bit later. Hopefully someone else can advise as well whilst I'm off.

[sickasachip]

okey doke....the mortgage is interest only so nothing has come off the original amount, in fact we are having to accept an offer for 5000 less than we paid for it due to the horrendous drop in house prices in our area. We have a firm offer of 165,000 (survey done etc). The sticking point is I have second charges applied by the courts for a loan and credit card debt on the property which unless I can pay will apparently stop me from selling at all (worth 24,000), If I can negotiate with everyone concerned I may manage to drag myself out of the mire, but i'm not confident. Will any remaining debt become unsecured?

 

My mortgage provider also uses the interest rate now to calculate my early redemption penalty which makes it 1200 higher than if i'd changed provider immediately upon taking the mortgage out...bummer

[Bona]

Under the possession order you can go back to the court application fee is £30.00 and ask the Judge for an order allowing you to sell . The Judge has to look as to what is best you can then issue a secion 9 application to have your Mortgage company account for all the money they have taken from you once the house is sold. is is a short cut to mmaking them account for all the charges they applied

Bona

[jowalshy]

What usually happens when you sell a property with more than one charge on it is - first off the mortgage gets paid and then the remaining money is used to pay off the other charges in the order they were placed on your property.

 

What Bona has said makes sense ( although I will have to go and do a bit of research as to what section 9 actually is)

[Bona]

Section 9 is a little used application where you can apply for the otherside to address a situation it can only be used where there are proceedings you issue ther application they then have to then reply with in a time it is quiet compicated and I am in the procses of using it but you get a hearing much sooner thanif you issue a summons I got advice to use it but I cant untill we have the outcome of our costs hearing on Friday then we will issue the aplication for the morgtgae company to account for every penny they took on completeon when we sold our property the mortgage comapny then has give an account to the court of evry penny that they have taken and why they are also restricted in what they can do or cant do which from my research is to my benifit

[sickasachip]

I'm not in a position where a posession order has been applied for (not yet anyway) I'm selling to try and make a fresh start and get some quality of life back. Will the second charges stop me selling if I can't negotiate away the negative equity they will cause?

 

Thanks for your previous comments by the way

[Jaz1]

Thanks, i know....i'm a dippy cow sometimes! Thanks for your help, i'm getting the hang of this....I THINK AND HOPE:o!

[Akasha8uk]

Morning All, i am yet another newbie, i am also hooked i have read some valuable information, and probably learned more than i did at school. Thank you x

[Jaz1]

Hi,

 

it's madly addictive on here and yep...very useful stuff! Welcome, from 1 newbie to another. good luck:)

[flybynite]

hi everyone,

joined yesterday and straight away got some great advice. Agree this is addictive but nice to know there are decent people about. how to keep getting good advice and support.

[flybynite]

hi everyone,

joined yesterday and got some great advice straight away, which i put into practice first thing this morning. Hope to get support and advice till my problem is solved.

[MARTIN3030]

2 threads merged.