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roscoman

Just a quick long question

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Hi just stumbled on this forum and seen all this advice and wondered if i could claim anything back.

 

I bought a house in feb 2002 for £57,750 and i had a 125% mortgage with northern rock total £63-64,000 approx which was intrest only and i had a isa which cost me & wife £100 p/m and Intrest only at £249 p/m.

 

Every thing was fine till i had my statement for isa and out of £100 p/m we were paying £65 approx on administration and after that we were getting letters every 2 months saying due to an increase in intrest rates of 0.5 to 1.0 etc our intrest only went up,after 2 years it went up by £200 approx so we changed it to a repayment mortgage.

 

The new repayment shot up to £550 a month and we struggled and ended up borrowing on the house.Extra loan was £434 and in 2004 my wife was expecting and had to give up work and in the end we had a loan against the house with london mortgage for £25,000 which they made me pay my car finance with the funding corp(a final settlement fee of nearly £6500 on a car of £4000 approx) after about 6 months finance,we also had a personal loan with northern rock for £12,000 approx,a loan with natwest for £25,000 approx and 2 credit cards

 

We went 2 months in arrears then london mortgage sent for repossesion and in jan 2005 we lost our home which sold for £106,000(we tried selling for 103,000 and our buyer pulled out 2 hr before exchanging)

 

I am wondering that if the house sold for £106,000 and northern rock took £63,000 plus fees,there should be £35,40,000 left.

 

After 1 year northern rock sent a letter to my new home after £12,000 for a personal loan which was secured against the house and an enforcement officer from london mortgage co came to my home after nearly £7,000(in the end i had to go bankrupt in march 2006 to stop them taking the clothes of my back).I am happy renting a lovely house with my wife and 2 children and thought i lost it all but never mind until today when i seen your site and maybe i should find out where nearly £40,000 has gone and have i got any chance of finding out or have i left it to late.

 

What an excellent site,keep up the good work.

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Hello and Welcome, roscoman.

 

I'll move this thread to the appropriate Forum, where hopefully you'll get some help.

 

Regards.

 

Scott.


 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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Hello,so many things have happened to you.Others will advise so dont worry if you dont get help or advice staight away, you will.I have looked 3 times allready and increased temperature in this hot weather thinking of a reply.I allways think after your bankruptcy discharge,which i suppose would have been march 2007 to check all your debts were marked satisfied-if you want to check your credit report now try this,perhaps you have-link here--http://www.annualcreditreport.co.uk/ NOW finding and asking questions about your ex mortgage perhaps a letter along these lines may help---- Dear Sir/Madam Account No.

I should be grateful if you would supply me with answers to the following points;

 

  • when was the house sold?
  • what valuations were made on the property before the sale?
  • what costs were involved in maintaining the property during the period between the repossession and the sale?
  • how was the house marketed and sold and at what price?
  • what costs were involved in selling the property?
  • has a claim been made against the indemnity insurance and how much was recovered?
  • how was interest calculated from the start of the arrears?

Please supply me with a full breakdown of the balance that was claimed under the above account.

I look forward to receiving your reply as soon as possible.

Yours faithfully

(Your signature)

REMEMBER

TO KEEP A COPY OF ALL LETTERS YOU SEND TO YOUR CREDITORS

 

Maybe recorded delivery as well.I hope this has helped slightly-worth a try,alter the letter to fit,Tawnyowl.



Edited by tawnyowl

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Thanks for your reply,contacted northern rock for a statement of costs and they said it would be sent out in a week.

 

I remember having such statement years ago but it never took into account the £12,000 personal loan secured against the house so when i get statement i will update you.Do they have a legal obligation to provide it.I was discharged early in dec 2006.

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At least you are happy now with your family,free from the pressure of debt.I must admit it will be interesting what turns up in the statement.You were discharged quickly which must have been a relief.I dont see any reason why they wont provide it,as for the legal obligation to do so, well i cant answer that personally.Bye for now Tawnyowl.

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I don't see how you saving £100 a month through an ISA comes with £65 admin fees ? please explain ?

 

But as you mention a whole load of extra loans added after you first bought your house, it seems as though you didn't get any change from the sale because all your secured loans (plus all those extra charges) ballooned up to gobble the entire £106 000 sale price.

 

It looks as though you have been taken to the cleaners quite simply because your lenders took advantage of you.

 

This is what they do to everybody. Even quite sophisticated people get tangled up in financial knots and out of control debt because of the dishonestly and deviousness of lenders.

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hi when i bought the house we did it through a broker as nobody would help and he got us the n/r 125% intrest only mortgage and an isa to pay for the house.

 

I had the mortgage on the house,a loan of £25,000 from london mortgage which i paid 2 years off secured against it and i was supposed to have a n/r personal loan secured against it but it was not.

 

So my mortgage was about £57,000 left on it plus just say plus fees £25,000 to l/m where has all the money gone because l/m sent me a bill for £7,000 and n/r wanted there £12,000 personal loan.

 

So when these b######s have ripped everyone off and go pop they go cap in hand to the goverment and now we have to pay there wages through our taxes,but when i go to the wall i have to take it on the chin.

 

It is a wonder this country has'nt gone on a mass riot

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