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marg41

marg41 - mortgage shortfall

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As i am in a similar position I wondered what happened to the original poster. I have been told there is no point in defending any of it because we would then be liable for court costs. I have until 1st August to decide wether to defend or not. They have added £ 17000 interest now is £37000. Not eligible for legal aid as husband is working but not well paid. The original default was in 1996 and we handed keys back in 1997. I followed most of the thread but is it worth fighting we have been advised to go bankrupt because of this. Anybody anywhere help?

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As i am in a similar position I wondered what happened to the original poster. I have been told there is no point in defending any of it because we would then be liable for court costs. I have until 1st August to decide wether to defend or not. They have added £ 17000 interest now is £37000. Not eligible for legal aid as husband is working but not well paid. The original default was in 1996 and we handed keys back in 1997. I followed most of the thread but is it worth fighting we have been advised to go bankrupt because of this. Anybody anywhere help?

if you can start your own thread it will be interesting to see what can be done,firstly have the company made any order against you since the handing over the keys almost 12 years ago have they instigated any procceedings whatsover since that date


http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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There have been no proceedings at all. The mortgage was orginally from Citibank who are now defunct. It was passed on to Brittania then passed to Wacks Caller then Salans and now Drydens. I was dealing with the National Association of Mortgage Victims who advised me to ignore and doubted they would ever go to court and thet would take legal advice if they did. Well now it has and the NAMV are no more. The advisor said that many mortgage lenders did not have the right paperwork so could not sue for the debt. There has been correspondence over the years and we have been at this address for nine and a half years so they have had plenty of chance to do it. As regards starting my own thread, do you think so. I feel so depressed because we do have other debts and have been manging a debt management plan running for three years. It is them who have said to go bankrupt and because of that it is not worth fighting but I hate to see them get away with £1700 interest. the reason bankruptcy was suggeste d is because i am a pensioner on disability benefit and I would be 93 whan the debts are paid.

Thanks for answering.

Edited by marg41
typo

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Tried to start new thread, keeps going to search.

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they have 12 years in which to try and recover the monies...if no correspondance has been entered into then you would be safe...so firstly you need to sar the company now involved in the recovery of monies...SAR is your best way forward in this instance...

then await for whatever comes from the company involved...you need to see the contracts or mortgage you also need to see if any imdemnity insurance had been paid and had it been claimed..you will need to do a lot of running about to get anywhere with this one since apparently a few companies have dissapeared so it makes you wonder if their is any paperwork left...

let us know stay on here rather than start a new thread for the time being plus hopefully jody comes back online have nt seen her since may this year she has gone quiet ...good luck

patrickq1


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Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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Thanks as you say it is complicated. How would I get hold of one of these SAR although correspondence has been sent so it looks pointless. It's just that we took advice to ignore all claims. Looks like bankruptcy is the only answer.

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Mortgage shortfalls: Please write off the debt

 

 

1 High Street,

Newtown,

Kent

R21 4RH

 

June 28, 2006

The Loan Company

Company House,

Church Street,

Newtown,

Kent,

R1 7HG

 

Dear Sir/Madam

 

Re:− 4563210025897412

 

Further to our recent , We enclose a copy of our Personal Budget sheet which gives details of our present financial circumstances. As you can see our outgoings are more than our income and we are experiencing extreme financial hardship.

 

We would be very grateful if you would consider writing off the outstanding debt owing. We have always taken very seriously our financial responsibilities but unfortunately our circumstances are so bad that we cannot realistically maintain payments of any kind. We understand that under the “FSA Mortgage Conduct of Business Rules” a lender is not required to recover a mortgage shortfall debt where it is considered unviable to do so.

 

Please take the following special information into account when making your decision.

Paragraph outlining the special circumstances you have that you want the creditor to take into account.

 

As you can see our situation is very unlikely to improve in the future, and our continued high debt level may have a serious effect on our physical and mental wellbeing. We would therefore be grateful if you would seriously consider our request for the debt to be written off.

 

We would appreciate any help you can give us.

 

Yours faithfully

Mr A N Other

just adapt to suit ok i will post a few letters for you to consider first ok

patrickq1


http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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Mortgage shortfalls: Breakdown of balance owed

 

 

1 High Street,

Newtown,

Kent

R21 4RH

 

June 28, 2006

 

 

The Loan Company

Company House,

Church Street,

Newtown,

Kent,

R1 7HG

 

 

Dear Sir/Madam

 

Re:− 4563210025897412

 

Thank you for your letter call concerning the above account. We do not acknowledge the claim. Please supply us with a full breakdown of the balance claimed under the above account.

 

In order for us to deal with the matters you raised, we should be grateful if you would supply we with answers to the following points:

  • when did the arrears begin?
  • when was the last payment made on the account?
  • when was any Possession Order given?
  • 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 has interest been calculated from the start of the arrears?

Please supply us with a full breakdown of the balance claimed under the above account. We look forward to receiving your reply as soon as possible.

 

Yours faithfully

Mr A N Other


http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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Mortgage shortfalls: Lender should not pursue under CML policy

 

 

1 High Street,

Newtown,

Kent

R21 4RH

 

June 28, 2006

 

 

The Loan Company

Company House,

Church Street,

Newtown,

Kent,

R1 7HG

 

 

Dear Sir/Madam

 

Re Account No/Reference No:− 4563210025897412

 

You have contacted us regarding the amount you claim is owed as a shortfall on the mortgage following the sale of our property.

 

We understand you are a member of The Council of Mortgage Lenders. As you will be aware, The Council of Mortgage Lenders has the following policy on obtaining repayment of shortfall debts. This applies to all Council of Mortgage Lenders members.

 

“Lenders are committed to fair and sympathetic treatment of people who have suffered repossession, and accept that individuals should not face long delays before lenders contact them to discuss repayment of the shortfall”.

“From 11th February 2000 lenders who are members of The Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years following the sale of a property in repossession. Anyone whose property was taken into possession and sold more than 6 years ago, and who has not been contacted by their lender about recovering any outstanding debt will not now be asked to pay the shortfall”.

 

We would point out that the property in question was sold on 01−01−2000. Also the first contact we had from yourselves was by in writing on 23−06−2006. We therefore suggest that under The Council of Mortgage Lenders policy our property was sold more than 6 years and we have not been contacted by yourselves within that time. Therefore we should not be asked to pay any shortfall debt outstanding.

 

We would also point out that from 31st October 2004 the Financial Services Authority have issued “The Mortgage Conduct of Business Rules” which say that if a lender decides to recover a mortgage shortfall debt they must make sure the borrower is informed of this within 6 years of the date of sale.

 

We look forward to your confirmation in writing that any outstanding shortfall debt will not be pursued against us any further.


http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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As i am in a similar position I wondered what happened to the original poster. I have been told there is no point in defending any of it because we would then be liable for court costs. I have until 1st August to decide wether to defend or not. They have added £ 17000 interest now is £37000. Not eligible for legal aid as husband is working but not well paid. The original default was in 1996 and we handed keys back in 1997. I followed most of the thread but is it worth fighting we have been advised to go bankrupt because of this. Anybody anywhere help?

 

Can I just clarify that they have served a court claimform to you?

 

Thanks

 

Seq

 

PS you may wish to start your own thread on this as you are likely to get more assistance.

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Sequenci,

 

I didnt realise this OP had posted on someone elses thread. This is now a new thread and yes, a claim has been issued.

Edited by citizenB
correction made. Claim form has been issued.

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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for you margi you must send this letter SAR AS FOLLOWS

EDIT TO SUIT YOUR SITUATION OK

Subject Access Request - Debt & DCA

 

emailButton.png printButton.png pdf_button.png User Rating:rating_star.pngrating_star.pngrating_star.pngrating_star.pngrating_star.png / 14

PoorBest

Written by 42man

 

A subject access request which is an alternative to one being made for a charge reclaim. Geared more towards

debt collection...You should send a £10 postal order with each one and address it to the Data Controller at each company (send recorded or guaranteed) they have to respond in 40 days

 

 

 

Data Protection Act 1998

 

 

 

Subject Access Request

Dear Sir/Madam

 

Please supply me with all data that you hold on me. This includes in particular, but is not limited to, the following:-

 

1. The original signed, executed credit agreement/s and any terms and conditions that applied to the account/s at the time of default and at the time the account/s was/were opened.

2. Where there has been any event in my account history over this period which has required manual intervention by any person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my account formerly held with ORIGINAL CREDITOR. - delete or add this depending on whether you are sending this to the original creditor/or a debt collection agency

 

3. True copies of any notice of assignment and default notices or enforcement notice that you/or name of the original creditor sent me, with a copy of any proof of postage that you hold.

 

4. Documents relating to any insurance added to the account/s, including the insurance contract and terms and conditions, date/s they were/ it was added and deleted. (if applicable).

 

5. Details of any collection charges added to the account/s; specifically, the date they were/it was levied, the amount of the charge, a detailed financial breakdown of how the charge was/charges were calculated, and what the charge covers/charges cover.

 

6. Specific details of the fees/charges levied by any other agency in respect of this account/these accounts and a detailed breakdown of said fees/charges and what each charge relates to and on what date said fees/charges were levied.

 

7. A genuine copy of any notice of fair use of my data as required by the Data Protection Act 1998

 

8. A list of third party agencies to whom you have disclosed my personal data and a summary of the nature of the information you have disclosed.

 

9. Copies of statements for the entire duration of the credit agreement/s.

 

10.Termination notices

 

PLEASE NOTE that unless otherwise stated by yourselves and if the above documents are NOT provided, it will be CONFIRMED that you are unable to reproduce/provide in any way shape or form any copies of the above requested documents. You are reminded that you have a duty to inform me if you do not have the above documents. This is confirmed in High Court Law - Ezsias v Welsh Ministers - [2007] All ER (D) 65 (Dec)

 

You are reminded that you are obliged to supply all the above documents in line with the Information Commissioners Technical Guidance update (Dated August 2007)

 

I enclose the statutory maximum fee of £10. You have 40 days in which to comply.

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.

 

Yours faithfully,

 

sign your name but put crosses through it so it can't be 'lifted'

 

progress.gif

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Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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I don't know where I am. Do I follow this thread or the other one. I am confused.

Marg

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There has been a county court claim issued but no proceedings in the past

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Would part 18 be any good seeing as it is a mortgage not a debt

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There has been a county court claim issued but no proceedings in the past

 

When did you receive the court paperwork?

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Hi, thanks for helping,

Tuesday 30th June. It is in both our names so there was a bit of confusion as they only sent one set of paperwork. Court said it was invalid ring Drydens. They asked me if i was addmitting the debt and I said no they then said one lot of paperwork was ok and the court later confirmed this by e-mail. I have sent acknowledgement of service which gives me til beginning of August. It was posted on last Friday.

Marg

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Just to confirm you have not made any payments since the repossession and you've not acknowledged the debt in writing to the creditor?

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No we have made no payments on the property since the end 1996 we moved in 1997 and we were told to never admit the debt from the National Association of Victims nor to enclose income and expenditure

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Just to add the company actually taking us to court are Mortgage Agency Services Number Two Limited who are part of Brittania and members of FSA with Drydens as their law side.

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Any advice on this would be most welcome as I am beginning to panic as I don't know what to do.

Thanks Marg

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Sorry, exactly what is your question. What do you need to know:)


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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What to do next. Questions haver been asked and answered. No further advice has been given. Again what do I do?

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Just to make it clear I was under the impression that the questions that I had been asked from Sequenci were for a purpose and I expected some sort of basic advice as to were to go or do next. I know from reading the post on the forum that there has been real help for other people and I realise that we have got ourselves into this mess, perhaps that's the problem,I don't know. Why ask the questions if the answers are are of little interest. I have waited for an answer fo over two days and then you ask me what am I asking. I would have thought from the posts it was very clear. Maybe I am naive but I did say at the beginning that I had been advised to admit the debt and go bankrupt and I really thought that I might get some advice, given that it is over the limit to claim this kind of debt. I was advised to ask for SAR then another site member asked questions and I asked what to next then another question. Still no answer then you ask why I am asking. How confusing is that after waiting for an answer checking every few mins.

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Just to make it clear I was under the impression that the questions that I had been asked from Sequenci were for a purpose and I expected some sort of basic advice as to were to go or do next.

 

They were, it's important for us to ascertain the precise situation involved with your query.

 

I know from reading the post on the forum that there has been real help for other people and I realise that we have got ourselves into this mess, perhaps that's the problem,I don't know. Why ask the questions if the answers are are of little interest. I have waited for an answer fo over two days and then you ask me what am I asking.

 

I appreciate that you have deadlines and I'm sorry that it's been a while since you have had a reply. Please note that the site team are simply volunteers and have other commitments too. I've not been around as much as usually revently as I'm looking after my other half who currently has Swine Flu and no doubt I'm about to come down with it too.

 

Maybe I am naive but I did say at the beginning that I had been advised to admit the debt and go bankrupt and I really thought that I might get some advice, given that it is over the limit to claim this kind of debt.

 

If you have not made a payment or acknowledged the debt in over 12 years then the entire debt is subject to the limitation act and by virtue you need to file a defence stating that the creditor is too late in bringing action against you. I'll see if I can find a member of the site team to assist you in formulating a defence. It may be that you really need representation for this and I strongly suggest you seek legal advice; where do you live? I'll see if there is a law centre near you.

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