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Bank of Scotland & GE Money - Repossession Query


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Hi,

 

The BOS have recently been granted a possession order on my property, the repossession date has now expired and as I am currently in the late stages of actually selling the property they have said they will allow the sale to complete providing my solicitor can give completion dates.

 

All very straight forward so far, but I also have a 2nd Charge on the property with GE Money and the sale price will not completely clear the combined total of both BOS & GE.

 

I am currently unemployed and have exhausted all possible avenues with regard to completely clearing both debts.

 

I have a repossession hearing for GE Money in a couple of weeks so my question is can they still stop the sale of the property given the fact there is already a possession order granted and the amount I will be able to offer them is less than the total debt but obviously more than if the BOS had taken possession?

 

Many thanks

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It's their tough luck that they started their possession proceedings so late in the day. If you have firm evidence (i.e. a date for exchange of contract from a solicitor, either yours or the buyers) then you will have sufficient evidence for the courts to stay any eviction until the sale goes through (your first charge has clearly already agreed to this). GE Money are out of luck - they will simply get what is left over once the first charge is discharged, and any shortfall will turn into an unsecured debt (unless you have any other property they can get a charge on for it).

 

I am not sure who GE Money are seeking possession from - possession has already been awarded to BOS. Their legal action is too late.

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Thanks for the swift reply, According to the paperwork I've received regarding the court case GE Money would have been seeking possession from me but as you say I also thought they would have been out of luck now BOS have got their order granted first. Thanks again.

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  • 2 weeks later...

Just thought I would give a quick update to this in case anybody else is in a similar situation.

 

I had the GE Money hearing today and they have also been awarded a possession order for the end of September.

The judge understood there would be a shortfall and has basically said I just need to hammer out an agreement with GE over money especially as the sale is going through at the moment but I have also been advised that should they decide to GE can stop the sale.

 

I have no way of increasing the amount they would be left with and, apart from the property being sold, have no assets whatsoever so hopefully they will see I am putting the best offer I can on the table for them.

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  • 1 month later...

Just another update on my situation.

 

The sale of my flat was due to complete on the 30th September as long as GE money agreed to a shortfall, I haven't heard a thing from them up to and including today saying either Yes or No.

 

They have, however, sent two letters requesting payment for a valuation of the property. The letters say exactly the same thing except one letter is requesting approximately £100 for the valuation and the other £140. Suffice to say they won't be getting either amount.

 

The solicitor acting on my behalf has also tried to contact them for a straight Yes or No and his communications are also being ignored, they continue to phone me and I will continue to ignore the calls because I have no way of proving what is or isn't said.

 

I have explained to them my dire financial situation but they choose to ignore it, if this situation continues they will end up with nothing, especially as the BOS has 1st charge on the property.

 

The waiting game continues......

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