B+B Mortgage shortfall sold to mortgage express now DCA Chasing.

[confusedbunny]

No, i havent. Is it ok to do that without admitting to the debt? Will the SAR include all charges they have applied to my account?

[dx100uk]

Get one running

 

Could be a minefield for them

 

Dx

[confusedbunny]

Is it the lender or the DCA i write to now?

[obiter dictum]

The DSAR will always go to the original creditor, not the DCA

[fkofilee]

Yes; Always goes to the Original Lender.

CCA Requests would go to the DCA if it was a Simple Contract for a Loan, Credit Card or Credit based service.

 

With Mortgages, its different as its a complex contract and is 12 years instead of 6.

Most Debt Purchasers (DP) wont take on these amounts.

[confusedbunny]

Ok, thankyou

[confusedbunny]

I have requested a SAR and await to recieve it.

 

In the interim, the mortgage company have advised me that they have passed my account onto a DCA

and enclosed a copy of the "order of possession" from 2011.

 

It states that the judge awarded the mortgage company possess, also it states:

 

"And it is adjudged that

The claimant recover against the defendant the sum of £xxx,xxx.xx for the debt and interest to date of judgement"

 

Now.......after they sold the house, they are chasing me for approx £65k.

 

Does the above term mean that i cannot dispute the shortfall amount as its been decided at the time of the possession?

 

at the time my house was repossessed so it was all abit of a daze

and didnt know at what point i should/shouldnt of challenged the outstanding debt.

 

If the shortfall is as the judge decided, why has the lender passed it onto a DCA for such a substantial amount and not forced me into court to pay?

 

From the possession to sale was approx seven months (£1100pcm), I have been given a final balance costing which i feel i need to dispute:

 

Interest-£7,719.32 (?? the judge stated "interest to date of judgement")

shouldnt this interest amount have stopped from date of judgement?

 

Insurance-£171.70

Solicitors-£260.40

Conveyancing/searches-£352.00

Management fee's-£319.20

Estate agent fee-£5,880.00

One stop package-£222.00

EPC/HIP-£78.00

Lock change-£144.00

Chattel insurance-£276.00 (?)

Clean & clear-£114.00

Valuation fee-£108.00 (is this not free?)

Gardening-£66.00 (why would they do this?)

Tree removal-£717.60 (No tree was causing a problem)

Removal of white goods-£162.00

Total: £23,000 approx in costs (this seem's outrageous!)

 

Balance owing-£310,752.37

House sold for £280,000

 

Should the shortfall not be around £30k plus an estimated £6k costs?

[dx100uk]

yes the int stopped on the day of judgement.

 

 

If the shortfall is as the judge decided, why has the lender passed it onto a DCA for such a substantial amount and not forced me into court to pay?

 

 

yes totally agree

 

 

something fishy going on here.

[confusedbunny]

It just all seem's odd.......so, will i be able to challenge the £23k "costs" that have been added to the debt at any stage? As the judge has then awarded the debt, does that mean they the lender can just send HCEO's at any point to my house?

[sillygirl1]

Who was the original lender - that will shed a lot of light on this behaviour.

 

A lot of those charges can be challenged and you should request details of all of them.

[confusedbunny]

I just feel i have been ripped off and taken advantage of......The lender is Mortgage Express

[dx100uk]

oh god that lots

 

 

yep they always fleece people blind

 

 

who was the org mortgage with ME are buyers?

[confusedbunny]

I have proof also that i had a buyer nearer the date of possession willing to pay £285k

but the lender refused to consent to the sale 3 days prior to exchange

as i refused to sign one of their documents "sale of shortfall" acknowledging the debt and proposals to pay.

 

 

If they had just let the the purchaser proceed i would have gained £5k more for them

and avoided the £23k "costs" that they have added for the 7 months the property then sat empty/vacant...

 

 

..my debt would have been approx £25k and not £65k

 

I had the house 10 years, was originally Bradford & Bingley (I think!), then it changed to Mortgage express for the last 7 years before repossession.

[dx100uk]

http://cse.google.co.uk/cse?cx=partner-pub-0964707606882478:652l7hswbgv&ie=UTF-8&q=bradford+%26+bingley+mortgage+express&sa=Search+CAG#gsc.tab=0&gsc.q=bradford%20%26%20bingley%20mortgage%20express&gsc.page=1

[Surfer01]

It may be worth considering the option to go bankrupt as you already have bad credit as the debt will then be written off? Hopefully others can advise on thsi option and if it is viable depending on your circumstances of course.

[confusedbunny]

I am open to the idea of BR, however, i just cannot afford it.....

[Surfer01]

I am open to the idea of BR, however, i just cannot afford it.....

 

Lot cheaper than having to pay thousands of pounds.

[confusedbunny]

Yes, i agree. However, i do not have a lump sum of £750 to apply for this. I guess with the debt, i would have to arrange instalements, i have no assets etc

[confusedbunny]

I have received the SAR request paperwork.

 

 

What do i do now please?

[dx100uk]

re read the thread and prove you were fleeced blind

 

 

dx

[confusedbunny]

Dear Caggers,

 

I raised a complaint with mortgage express, disputing £25k of 'un-necessary' charges

 

an explanation as to why they left the house vacant for 12 months from the date of the repossession before they instructed an estate agent to sell it, which then took a further 6 months,

 

Therefore, I incurred 18 x £1100 worth of interest only payments.

 

They should of rented the property to off-set such charges.

 

They have replied with a final decision to my complaint stating that they disagree with every point I raised.

 

Should I go to the financial ombudsman?

 

I explained that this repossession has had a huge negative impact on my mental health but this fell on deaf ears.

[confusedbunny]

Can anyone advise me here please?

[unclebulgaria67]

Can anyone advise me here please?

 

Have just had a quick read of the thread and would just ask whether there is any hurry needed in resolving this ?

 

If you don't have the means or assets, then it is a case of ignoring the DCA chasing this debt, until you have decided what to do. You might decide to save up for bankruptcy, if this is something that you have decided is worth pursuing after getting advice.

 

Mortgage shortfall debts don't become statute barred for 12 years, so what tends to happen is that a DCA is quite happy to receive very small regular payments, as it just entends the period into the future in which the debt could be subject to a court claim. Also once you start paying the debt is more saleable as an asset. If you look at threads on CAG about mortgage shortfalls, the debts get passed on by mortgage companies to DCA's who no doubt gain from anything they collect. There does not seem to be any rush to obtain a CCJ, as if they wait for the debtors finances to improve, they might get more later. I have seen threads, where 10 years has passed before court claims are threatened.

 

What i would suggest that you do is look into the Council for mortgage lenders handbook details on how repossessions should be dealt with. Their should be industry standards that apply and if you go to the Ombudsman, they will want you to make a case to them, as to how Mortgage Express have failed to meet standards required. You have up to 6 months from the mortgage companies final letter, to go to the FOS to take the complaint further. So plenty of time to gather evidence.

 

If you have not done so, send Mortgage Express a subject access request for a complete copy of the repossession file, as well as all available data on the mortgage file, including statements of account.

[confusedbunny]

I haven't proceeded with the financial ombudsman just yet.

 

 

The mortgage company have asked me to submit medical evidence and three months bank statements before they consider forgiveness.

 

 

I have a car that I pay insurance for each month,

this will be seen in my bank statements,

will this go against me being considered?

 

 

Car value approx. £1200 and needed for work (trade,mobile beautician).

 

 

Also, do I need to give three months of incoming and outgoing,

is just proof of incoming amounts sufficient would you say?

[unclebulgaria67]

What do they mean by forgiveness ?

Writing off the whole mortgage, writing off part of the mortgage or just not requiring payment for a period ?

 

You are under no obligation outside of a court, to provide financial information to a creditor chasing a debt.

 

Not sure they will be interested by car insurance and a low value car. I think they are just wanting to see how much income you have spare after normal living coste to make payments. I suspect after sending bank statements, you will get a letter saying that you can afford to pay them say £100 a month and after 12 months they will review again.

 

It is your choice what information you provide to them. Perhaps they will write the debt off, if you are never really likely to pay the debt off within reasonable time period. If you don't send the information, you will never find out what their intentions were.