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settlement figure from kensington .....


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hi, hope someone can give me some helpful advice :)

 

ok, i have a mortgage with capstone & a secured loan with kensington.

i have fallen behind with my payments on both. anyway, with some amazing luck i had an offer on my property after a year of trying to sell, it is going through at the moment. kensington have me in court or the 3rd time on sept 11th for possession of my property , as they say we owe over 2000 in arrears, ...1400 is charges i might add...& ourp[ayments were always more than normal payment, but as our last 2 payments were 1 day late they went straight for possession. first time judge threw it out. second time was adjourned ...coming up for the third time. so i phoned them & explained that i want the court date canceled & i want a settlement figure, i said i wouldnt be paying the charges ...they said they would send me out the early settlement.

recieved it today....its bull**** they also charge 145 quid for sending you this letter for the settlement fee. anyway what i want to know is, can i offer them a settlement fee or do i have to pay what they say???....help lol. thanks

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sorry that sounds silly lol...i mean do i have to pay what they say is an settlement fee, ..which includes charges & also it is more than it was when i requested one last year ...how can my bill go up..???......want to get it sorted but dont want to pay what they are asking for . any help ??? thanks in advance :)

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My parents are in a similar situation. What I've suggested to them (I'm not a solicitor but just applying some logic) is that they pay the settlement figure minus any amounts they disagree with. Example ? 150k loan, they disagree with 4k in charges. If they continue with their dispute Capstone are taking them to court for reposession based on being owed 150k. If my parents pay them 146k then Capstone are unlikely to be allowed to reposess based on a debt of 4k. The debt of 4k will be means tested. The risk here is that Capstone won't remove the charge on the property until the disputed 4k is resolved.

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hi anuvid , thanks for your reply, not done too well with replies tonight lol.

they said my settlement figure is 15k+ which is 1000 more than it was last year??....so i am only willing to pay them 13000 to clear the debt, we didnt even get 13000 when we took out the loan it was more like 9,000. yet the full amount repayable over the full term is 20,000 + ....i think they are tryin to have my pants down, i am disputing 2000. 13,000 is all theyre getting, just hope i can get it to that, any one any suggestions of what to say or to write ????.

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Hi there. I've since found out alot more about this situation, but would be happy if someone else on here could verify. Firstly they can't just keep adding these charges on, they're trying it on. To be on the safe side when you do send the settlement (congrats on the house sale by the way) send the principle sum plus any interest owed minus any charges you dispute, and accompany with a letter asking for justification of the charges. Send this all recorded delivery.

 

Also send a recorded delivery letter to them confirming that you would like an explanation of the charges added to your account as you do not recall agreeing to such charges, and that the lender is required to justify the charges which must be representative of the actual cost of the service e.g. a letter would never have cost 145 to produce and in any case they can't charge you for asking for an answer to a question.

 

Were the parties involved the parties with whom you orginally dealt ? I hear alot of stories of people like Halifax selling their debt to other parties and in some case not doing the paperwork correctly.

 

But I would say if you were only expecting to continue monthly installments a different situation would present itself but since you're considering settling you should play hardball - pay the principle debt and interest agreed in your contract off, and let them prove the additional sums.

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If it helps, despite you having been to court for this before, I doubt that any court would grant reposession if your sale was about to go through. Do the lender have a charge on your property ?

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hi anuvid ...this was just a secured loan , a second charge maybe , but not my mortgage. they admitted to me that almost 1400 was charges which made my arrears enough to put me in the category of quick lets reposess... these charges can be reclaimed, like bank charges but faster. kensington are a joke, & i have told my solicitor to only pay them 13000 & not a penny more. just wanted to see if its something i could do , or if there was a letter i could write telling them i wasnt paying another penny more...thanks for your reply & also thanks, haD a lot of bad luck...think with selling my house (eventually) things might be looking up. :))

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Back in November 2007 we required some paper work from Kensington but they never sent it. It was holding up our next mortgage going through. Anyway, my wife actually drove to Skipton where they have an office and confronted them face to face. They didnt know what to do. After about 10 mins explaining to someone about it we finally got what we wanted. I sincerely hope you dont have to go through that fiasco.

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