Tilly Is Going Bankrupt (here we go again )

[Ell-enn]

Hmm, well it doesn't seem they had your best interests in mind if they sold it for £50k under valuation !

[**Tilly**]

Hmm, well it doesn't seem they had your best interests in mind if they sold it for £50k under valuation !

 

Nope

[johnnymitch]

Hi Tills , as ell-en has said , I think I'd be asking them for evidence that that was the best price available ...... they could have sold it to a 'friend' for knockdown price at your expense ........ (not that I'm suggesting for a moment that they did, of course )

[The GodMother]

thats wrong tills. I can remember u telling us they sold the house at auction for 120k with a start price of arround 14k

[The GodMother]

thought i was rite.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/142793-tilly-mortgage-express-repo-76.html#post1750445

[**Tilly**]

thats wrong tills. I can remember u telling us they sold the house at auction for 120k with a start price of arround 14k

 

 

Yep your right GM tis why i was going through all the paper work, because in the letter they are saying it was sold for £123,000 so someone somewhere has made a

b*lls up scuse the language

 

[The GodMother]

well they balls up is in ur favor in a way i think

 

If they want to charge u 3k less then i dont see why u should argue as in the long run its them that will lose out especially on 3k worth of interest and rites etc.

 

 

Anyway Just a question for the more experianced caggers.

 

If tilly was to go bankrupt on the bases of this wrong information is there any come back on her if say 6 mths later they find out they have gave her faulse info?

 

do they have any rites to claim the extra money or anything?

[johnnymitch]

Having seen the Godmother's link tills , I have to revise my earlier comments - but I think it's still best to make sure they got the best possible price ....... to your advantage .....

[**Tilly**]

Time to do some research me thinks thankoo GM and johnny for your replies

 

 

 

 

 

Tills xx

[The GodMother]

yw

[gizmo111]

well they balls up is in ur favor in a way i think

 

If they want to charge u 3k less then i dont see why u should argue as in the long run its them that will lose out especially on 3k worth of interest and rites etc.

 

 

Anyway Just a question for the more experianced caggers.

 

If tilly was to go bankrupt on the bases of this wrong information is there any come back on her if say 6 mths later they find out they have gave her faulse info?

 

do they have any rites to claim the extra money or anything?

 

No there is no comeback unless she was to go BR and the whole amount was wrong - for £3k out of £65K its not even worth worrying about, it makes no difference whatsoever.

[**Tilly**]

Thanks Giz

 

Gonna sleep on this because one way or another its going to have to be sorted cant be doing with it carrying this for god knows how long.

 

 

Tills

[debtinfo]

When you go bankrupt the official receiver will send a report to all of your creditors, they will ahve a chance to correct the amount that is owed to them. All tilly has to do is to give the information t the best of her knowledge

[Fiscalawareness]

tilly babe

 

i was bankrupt at 21, ive got 7 houses now and no debt, you have probably got defualted and CCGs anyway so they will last for 6 years,

 

so get it done as quickly as possible, i know someone who i trust in if u want some expert advice even if your using someone else. With over 25 years in the business, hes the only person ive met who really knows the business inside out and can give free advice professional advice.

 

good luck with it

 

james

[The GodMother]

Gizmo.

 

So if tillly presents the letter she got from Mortgage company saying this is correct as far as i know then if there is a problem she can say its not my fault u gave me the info.

 

I dont mean to be rude on this tilly but the Official recievers cant expect us to understand the ins and outs of all this stuff can they as it would be hard for a lay person, like tilly, to understand and calculate the interest there fee etc.

 

I dont even understand the interest on my bank account let alone a credit card or mortgage.

[gizmo111]

Gizmo.

 

So if tillly presents the letter she got from Mortgage company saying this is correct as far as i know then if there is a problem she can say its not my fault u gave me the info.

 

I dont mean to be rude on this tilly but the Official recievers cant expect us to understand the ins and outs of all this stuff can they as it would be hard for a lay person, like tilly, to understand and calculate the interest there fee etc.

 

I dont even understand the interest on my bank account let alone a credit card or mortgage.

 

 

It doesn't really matter what the amount is, that is the OR's concern not Tilly's, and it won't really matter as she has no assets to contribute towatds the debt, so the whole amount will be included in the BR and she will have no liability for it. She doesn't need to worry about the interest calculations etc unless she feels that challenging them would reduce the debt to a level she could afford without going BR.

[Dodgy Geezer]

Hi *Lilly*

 

Just caught up.

Do it girl. Get it over with.

Once done not a soul can pester you for toot. If they do, just use the letter as BBQ lighters.

Its really not such a bad thing, and in your case, it would be a sensible move.

 

The way i see it, you have 2 choices, get it over, and be done with, or spend the next 12 years worrying about it.

 

Good Luck.

[babybear39]

Tilly, I've been through it but I didn't own a property otherwise everything is the same and I can tell yoiu I feel much better now and it's nearly 2 years since I did it

[**Tilly**]

Thanks DG and BB

 

Been putting the old brain through it'spaces last few days will keep you all updated as soon as it registers

[sequenci]

Hey Tilly.

 

[Taken from the NDL fact-sheet on mortgage shortfalls]

 

CAN I DISPUTE THE AMOUNT BEING CLAIMED?

 

Building societies have an obligation to find the‘best price which can be reasonably obtained’ whilst banks have a ‘duty of care’ to a borrower.

 

From 31 October 2004 the FSA mortgage rules say that all lenders must obtain the ‘best price that might reasonably be paid’. It is possible to dispute the amount being claimed by the mortgage lender in some cases. You have six years from the date of sale to make a claim against the lender. You will need proof to support any case, such as valuations for your house at the time.

 

If you can show that the house was sold for substantially below the proper market price taking into account the market conditions at the time of sale.

If the house was not marketed sufficiently to obtain a good price.

If you arranged a sale which was refused by the lender, but after repossession the house was sold by the lender for a much lower price.

If the house stood empty for a very long time you may be able to argue that the mortgage company should have rented it out and therefore off set possible rental income against the shortfall balance.

If the lender decides to leave the house empty and not sell it either, then you may have an argument for asking the court to order a sale.

Check who bought the property. Your lender should not have sold it to a related company.

 

 

WHO DO I COMPLAIN TO?

 

From 31 October 2004 the Financial Services Authority (FSA) has taken over the regulation of mortgage lending and problems with existing mortgages. This applies to all mortgages where the lender had a first charge over the property and at least 40% of the property is occupied by you and/or your immediate family. It does not apply to secured loans regulated by the Consumer Credit Act. If you are not sure what type of loan you have, phone us for advice.

 

The new rules say that the lender must market the property as soon as possible and obtain the ‘best price that might reasonably be paid’ taking into account factors such as market conditions and the increasing amount you owe on the mortgage debt.

 

If you are not happy with the way in which your lender has dealt with your mortgage shortfall, you can complain to the Financial Ombudsman. The contact details are in the ‘Useful addresses’ section.

 

 

If you need a hand with anything or have any questions drop me a line.

 

I help dozens of people through bankruptcy every week at the moment in the day job

[**Tilly**]

Hiya sequenci

 

Thankyou for the info

if its one thing im good at if nowt else is keeping all paperwork

 

If you need a hand with anything or have any questions drop me a line.

 

I help dozens of people through bankruptcy every week at the moment in the day job

You just may regret saying that

 

Seriously though will deffo give you shout

[sequenci]

You just may regret saying that

 

nah! it's what i do

[Spamalot]

Hi **Lily** **Billy** **Tilly**

 

Hope you don't mind me gatecrashing your thread . I had a bit of time to kill last night cause one of my daughters was off on her hols with her boyfriend and I was 'Flight tracking' so I was having a trawl around in between, having a read of some threads and this one popped up on the front page. Having read this one I went back to the original and....

 

OMG you have been to hell and back in a handbag

 

The post about the day you moved out really had me blubbing

 

I just wanted to offer my 'virtual support' and admiration, I have no advice 'cause I've never been there... so my post is a bit of a waste of space really but it is sincerely meant.

 

I must confess though, there is one thing I do want to ask , and I hope you don't think I'm prying.. but did you get housed ok? I must admit I was getting a little sleepy when I was reading the thread in the early hours of the morning so I coulda missed the post ....sorry but it seemed you were at the top of the list and then..... nothing. Please tell me to mind my own business if you think I'm being too nosey and it's not something you wish to put on the open forum.

 

Anyhoo, I hope you and the family are OK and as I said mega support for whatever you decide to do and in the meantime... see you in the Bear garden

 

Spammie. x

Edited July 17, 2009 by Spamalot
missed a word out and it didn't make sense.

[**Tilly**]

For Spammie

 

First off i hope your daughter got there safetly

 

Noooo i don't mind you gratecrashing and thankyou for reading my threads takes some doing that soz if it made you blubber

Thankyou for your support means a lot.All the family are good:rolleyes:

I was rehoused in january :grin:

 

 

hell and back in a handbag pmsl

 

**LBT** lol

 

[Spamalot]

**LBT**

First off i hope your daughter got there safetly

Yes she did thank you sunning herself in Menorca while I'm watching an electric storm...

 

 

I was rehoused in january :grin:

 

As Mrs Overall would say....' Ooh I am Pleased' .. I hope you are happy there and it's given you the fresh start that you needed and deserved..

 

Good Luck and best wishes,

 

Spammie.