Shortfall to firstplus. How will this effect my sale?

[lkjmn]

Hi guys,

 

I have a buyer for my property. The exchange etc. is due for the end of this month. Unfortunately there will be a shortfall to FirstPlus, an all to familiar story, so I'm told. Basically, The original mortgage will be paid with about £7k left over. My outstanding balance with FP is around £28k. I made FP aware of the shortfall almost six weeks ago and person on the phone totally dismissed me saying that he could not come to any agreement with me regarding the shortfall (making debt unsecured) because I did not meet the criteria (ie sale proceeds to exceed 60% of outstanding loan) and that nobody else was able to talk to me. I asked to speak to a manager in the shortfalls dept. and was told that I couldn't. Ever since that phone call I haven't even been able to get back through to the shortfalls dept, come to think of it, I haven't spoken to an actual person at FP for over 2 weeks. So, I've left messages, faxed and wrote letters and still haven't had a reply. So what now? Can/will FP halt the sale of the property? Could I pay FP a lump sum in order to appease them. Can I agree with them a sum in order to clear the debt enough so that the sale can progress? Sorry, should habe mentioned that I'm in arrears with both companies. However, the mortgage company have been very helpfull ever since I told them I was selleing over 12 months ago. I've ahd two sales fall through already.

 

Any help would be greatly appreciated

[Bona]

The solicitor dealing with the conveyancing should deal with this for you she /he will not be able to exchange or complete unless they get the go ahead from first plus we had a charge and our solicitor was able to get them to agree to an amount to sign the papers so go to them

sorry I cant be more helpful

[lkjmn]

That's great, thank you. I thought this might be the case but my solicitor hasn't mentioned it once. However, I have told that I have some cash put away but not all of the shortfall. If I could be a bit cheeky and ask how much was your shortfall, who was it with and how much was it reduced by?

[Bona]

I cant remeber about 30 something and they accepted what we had about 23 on the basis have this or nothing as we will get repossessed and then you wont get a penny

[lkjmn]

Was this amount taken as full and final settlement or are you likely to be chased for the rest?

[Bona]

Full and final got rid of them for good

[lkjmn]

Excellent. Well done. So give my Solicitor a boot up the......and tell her to negotiate the outstanding balance. Downwards preferably haha. Thank you for your help Bona

[Bona]

Any time I hope it proves worthwhile keep us posted

[lkjmn]

Spoke to my solicitor this morning. She's going to contact FP in writing to try and come to some sort of agreement. Will keep you posted. Probably going to be this time next week before I hear anything.