Repossesion Sale/ Funds release (scotland)

[mattman21]

Hi everyone,

 

Searched hi and low for advice and eventually came accross this site. I had my property repossesed 6 months ago and the property was sold in december. I had a secured loan on the property and also the bank attached an 'inhabition' order from a defaulted overdraft. Basically, it is now 3/4 months since the sale of the property and yet to have the funds released, i am being hounded by other deptors (who are currently waiting for the funds to be released to be paid in full, and are accepting 'token payments' of 1 gbp).

 

I find this unacceptable and have ended up chasing the mortgage companys' solicitors myself only to find out if i hadn't chased them and then contacted the above secured loan/overdraft deptors to see if the morgage company had been in touch, i feel they would have just kept on stalling. When I contacted my deptors directly it seemed that the mortgage company had only contacted the concerned parties about the same time I chased them on it, coincidence!?!

 

Anyways, I realise they will be making a lot from the interest on this, could this be why they are stalling? Can I claim and expenses/ interest etc? I realise I can claim back penalty charges (how does this work with the test case currently ongoing? I heard claims in scotland aren't being stayed?) but don't want to 'rock the boat' until i have the cash in my hand then persue all these companies for monies owed, of which i will need further advice, such as the unreasonable amounts the secured loan company has requested (11,000 for a 6,000 loan only a year old) of which once i get a breakdown of costs hopefully someone here will be able to advise me further...

 

Anyways, can i 'name and shame' these companies? and thanks everyone for such a great site, its about time we all started to fight back with these institutions...

[stivis]

Re the penalty charges as you are in Scotland you should be able to claim ,as the Sheriffs are looking at cases indidually,as cases were sisted (Scots for stayed,near enough)till what banks said in their application" till the outcome in january" and application for sists are being processed,

You should be able to claim for the interest on your outstanding money after all they are using it

Expenses posssibly but keep a breakdown of these and receipts if possible

I would break everything down and deal with the issues seperately

[mattman21]

Thanks for the reply, so, looking around i cant see exactly what a test case is and what the possible outcomes are and its effects on consumers, anyone have a link?

 

Re the morgage funds release, after making a phonecall to the mortgages repossesion team and talking to a manager and expressed my concerns (thrown in with a mention of making a formal complaint to their parent company) they are chasing their solicitors and will 'call me back tues/wednesday' if not then I will follow through with the complaint, would it be worthwhile to bring it up with the financial ombusman as well?

 

Re interest/expences, thanks for the feedback, ok, bear with me, got more questions

 

when claiming back my charges from the mortgage company should I add the interest/expences to the claim?

 

Has the limit now risen to 5000 for small claims in scotland?

 

Also, when do you recon I should backdate intrest to ie date of sale/ date of when property deeds exchanged etc?....

 

I pressume the interest will only be on the final amount I recieve or would it be inclusive of the secured monies up to the date they were paid off, and do I have to notify them of interest being added and at what rate?

[stivis]

you put all the charges on a spreadsheet this will automatically calculate the interest , wording on the leter before action you can ask at that point for interest , but you are not entitled to the interest till you file a claim

the small claim is up to £3500 and the summary cause is now at £5000 for january this year, cost to claim is the same for both claims form are very similar

date should be the date of the sale

if you have charges the interest will be calculated on a daily basis

the rate is set in by the court at 8% you can ask for the rate you are charged by the other party if higher.

[mattman21]

Ok, thanks for your help and will keep that in mind for when I go to make a claim, but at the moment Im interested in charging interest on the money that is rightfuly mine

 

ie sold the flat for £110,000 outstanding on mortgage was £55,000 1st secured loan was £11,000 and 2nd £5,000. Rightfuly from the date of sale on 10/12/07 they have in their possesion £39,000 of my money, so, at 8% that means im out of pocket on £1170... But the mortgage company keeps advising it's because there is a lot of admin to be taken care of to pay these outstanding sums and release the funds.

 

Oh, btw, one thing I have found interesting is the mortgage company has kept ahold of the funds and paying off the creditors individually rather than passing the full sum on to the creditor for them to take their 'dip from the pot'