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Mortgage Shortfall County Court Claim Defence help needed


Loser4u
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Claimant is claiming for Interest pursant to section 69 of the county court act 1984 at the rate of 8% from when the house was repossessed up to date of judgement.

 

Payments have been made since the repossession and within the last 2 years.

So the limitation of 12 years since payment isn't an option.

 

Can anyone help with the following

If interest is payable should it be from 6 years since the repossession or 6 years since the last payment. Alternatively have the payments made reset the clock for interest as well?.

 

If interest is payable is the rate coverered by regulated agreements and should be charged as the rate as per the agreements terms and conditions?

 

I have tried searching and couldn't find definitive answers

 

Thanks

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Claimant is claiming for Interest pursant to section 69 of the county court act 1984 at the rate of 8% from when the house was repossessed up to date of judgement.

 

Payments have been made since the repossession and within the last 2 years.

So the limitation of 12 years since payment isn't an option.

 

Can anyone help with the following

If interest is payable should it be from 6 years since the repossession or 6 years since the last payment. Alternatively have the payments made reset the clock for interest as well?.

 

If interest is payable is the rate coverered by regulated agreements and should be charged as the rate as per the agreements terms and conditions?

 

I have tried searching and couldn't find definitive answers

 

Thanks

My interpretation of this is

 

under s.69 county courts act 1984 and costs.

(4) Interest in respect of a debt shall not be awarded under this section for a period during which, for whatever reason, interest on the debt already runs.

As mortgages normally have the interest applied up front and are applicable until the mortgage is redeemed or paid off, it would seem correct to assume that s69 (4) applies in your case as the interest stipulated in the agreement would still be applicable

If the Terms and Conditions of the agreement you signed make no mention or allowance for the paying of s69 interest as per the claimants POC then it looks like they have no contractual right to apply interest either and since the statute that they are relying on actually states that they aren't allowed to apply S69 interest

Hope this helps

 

 

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Commercial lenders usually include provisions for compound interest in their

contracts. In fact, so common is this arrangement that the courts have accepted

that bankers are entitled to compound interest even in the absence of a specific

contractual term, on the basis of an implied trade usage

Thus a borrower with a Mortgage, bank loan , credit card or store card debts will usually be required to pay compound interest up until the date of judgment.

Andy

 

 

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Thanks for replies

The agreement is an application form with no reference to the terms and conditions and doesn't contain any clause in relation to interest - this is signed.

The terms and condition suppied are not from the same lender as the above application form and not signed by borrower so not relevant

This was a smaller building society who after a number of changes became part of the RBOS group.

 

Can I also include in my defence the following points in relation to the CML guidelines in relation to obtained the best price.

We had permission to rent the property out by the Leeds and when taken over by the Halifax we needed to reapply as they only give permission for a limited time and permission was refused.

We had an agent lined up along with a tenant and this would have covered the repayments

When they said no to renting out we got a valuation and an offer which although less than the outstanding balance was significantly more than the value they sold the property for.

We made this offer to the Halfax and they refused.

 

In the breakdown there are fees for services that we didn't receive - Counselling

The breakdown has different amounts to the summary for the same items although the totals are the same !!

Edited by Loser4u
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