GMAC, Paratus capital recoveries and a short fall after vol repo.

[gibster1957]

Hi, everyone,

my case started in 2006 when i remortgaged with gmac.

I had a well paid job and all was fine.

 

Shortly after this i was made redundant and had to take a much lesser paid job.

I also had a secured loan with gmac.

 

I admit i buried my head in the sand trying to keep the family together but i knew that the inevitable would come one day.

 

In nov 2010 i decided to hand back the keys to the property as all my children were up and gone and i knew the time had arrived.

While all this was going on,gmac had handed over to paratus.

 

In dec 2011 the house was sold well under the value of the mortgage.

At this moment in time i am living between my sisters,daughters and parents houses as i can not afford to rent anywhere.

 

I came to an arrangement with black horse and i am paying £50 per month to clear the secured loan but this is going to take years to clear (i probably wont be here).

I sent a letter to capital securities offering £50 per month for 5 years in full and final settlement but they have refused stating that they will accept the offer for 6 months but then want i/ex updates and to increase the amount as time goes on.

 

Again i will be paying the amount for more years than i will be here!!.

I am thinking about making myself bankrupt but if anyone can give me some advice of any alternative i would appreciate it.

 

Sorry for the long winded post.

[gibster1957]

Hi all,

I did a voluntary repossession approx. 2 years ago and the house sold with a shortfall.

 

I have received a letter offering a MASSIVE discount by capital recoveries to clear the balance or increase my payments to £75 but I cant afford to do even that.

 

I have been paying them £50 per month.

 

I have received nothing from paratus informing me of any assignment to capital recoveries.

 

The question I would like advice on is should I SAR paratus and if I here nothing tell capital recoveries the account is in dispute

 

I know paratus alias gmac are a pain to deal with but I need to get some closure on this as I would be paying instalments to them for the rest of my life!!.

 

I have no assets and live now in a rented property so they cant do much in that respect.

 

Any advice would be much appreciated.

[dx100uk]

if someone is offering a massive discount

 

this means there is something WRONG with the shortfall amount they are charging you.

 

you need to gather as much info as possible from everywhere.

 

yes an sar would be a very good idea.

 

something smells here

 

dx

[gibster1957]

Thanks dx, will get that off soon. Will be interesting to see the figures they come back with. In the meantime any suggestions on what to do with capital recoveries.

[dx100uk]

nothing they are a dca with no legal powers.

 

what does if anything your cra file say about this shortfall.

 

that sar will be interesting

 

dx

[gibster1957]

Thanks again dx- checked my credit report and it is showing with paratus-nothing with capital recoveries. Do I continue to make the payments with them?.

[dx100uk]

so its been sold to them then.

 

for the min I would.

 

but you need to findout what is going on

 

has the shortfall got a default date on the summary of the debt.?

 

and are you payment reducing the figure

 

 

dx

[gibster1957]

Default date is 16/11/2010.

 

The default is with paratus , no mention of capital recoveries on my file.

 

I will check opening balance with amount currently outstanding but im pretty sure the amount is coming down.

 

I will send c/recoveries a letter stating I can not afford to increase payments and will sar paratus to see what they come up with.

 

Will keep updating.

 

Many thanks.

[gibster1957]

Well surprise surprise, capital recoveries have accepted that I continue with my current payments and will review in 6 months. Nothing forthcoming from my sar to paratus as yet.