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Hi,

 

I currently have a suspended possession order on my property. After failing to sell the house for 3 years and being refused the right to rent (which would easily cover the payments) i have decided to hand the keys in.

 

I have been promised the information regarding this twice by capstone in the last month and to date have still not received the letters that they are insisting they have sent.

 

They said they would put any action on hold till 31.8.12 to give me time to receive the letter then they would apply for the warrent to enforce the repossession.

 

What should i do now, i have virtually moved out of the property and moved in with my partner who owns his own property. I have come to terms with losing the house FINALLY :sad: but have some other questions.

 

1. Can i negotiate a monthly payment before the house is sold to repay the shortfall - there will definitely be one.

 

2. How easy is it to arrange a monthly payment without having to be served with a money order or even bankruptcy (which i am terrified of).

 

3. I can afford to repay £150- a month - do you think that will be acceptable - i estimate the shortfall to be about £15.000 that is if they sell the house for £10.000 less than the market value. This would take just over 8 years to pay off which i accept and will gladly pay back the £150.

 

4. My main concern is that they can take action against my partner even though we are not married as this would be awful for him.

 

Do i just wait now and see what happens i really don't want to ring them again as i end up crying and upset.

 

Thanks for all your help

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I have been "repossessed" (LOL - perhaps I need to be excercised now...)

 

You need to know what is in the wording of the suspended possession order regarding the moneys. Mine was "The claimant's money claim be adjourned generally with liberty to restore". So far they have not "restored" - and will need to go back to court if they wish to do so. The money claim was only for the arrears at the time.

 

Given the shortfall for me was the thicker part of £50k, they are unlikely to restore an order for a few months arrears.

 

My advice is to wait. The sale of the property needs to be concluded (in a way that takes your interest in to account) before there is a shortfall debt. That means they have to abide by the Council of Mortgage Lenders rules for selling the property.

Link to a PDF below:

http://www.cml.org.uk/cml/filegrab/final-industry-guidance-october-2011.pdf?ref=8004

 

However, if you want to make payment then offer to pay against the arrears for now. This will reduce the amount of the shortfall directly and makes more sense legally. (Since there is no actual shortfall yet).

 

An alternative would be to put the £150 in to a savings account for a full and final settlement offer when the actual shortfall is presented.

 

Don't hold your breath on that - it took 9 months from the repossession hearing to having a bill for the sale for me.

 

I know you probably want this chapter of your life sorted but these things take time and you really are better waiting for the process to happen.

 

You will not be made bankrupt - at least yet. The chances of that happening are very small and will not happen until the shortfall is realised and a DCA gets hold of the debt and decides that bankruptcy is the best option. Have you got any assets? Another house? £30k in savings? A BMW M3 on the drive? If you don't have assets the approach of the DCA will be to establish a payment plan for whatever they get and then bully you to increase it every 6 months...

Edited by Bandit127
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Hi, thanks so much for replying. Hope you are now sorted. My main concern is that they will not accept the £150 and ask for a lot more or even try and make me bankrupt - which surely if i am happy to pay the debt off however long it might take then they shouldnt be able to.

 

Can i just ask (if you don't mind) did you have a shortfall and are you paying it off monthly or did you manage to get a f and f settlement.

 

I like your idea of saving the money.

 

Thanks again.

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I am way from sorted. Paying mine off at £100 a month which is what I can afford. It is currently with the original lender's in house DCA so has not been sold on yet. (If I miss a payment it might well be). I would love to offer a F&F but don't have the opportunity to do that.

 

I would probably write to Capstone outlining your circumstances and telling them that you have no further interest in the property and that your interest is best served by them concluding the suspended repossession judgment and selling the property for the best price possible. Add that any delay in that will affect your rights under MCOB and CML guidance to look after your interest. Also add that you require all communication to be strictly by letter.

 

Don't sign any forms that they send - these establish a new debt that may well undermine your existing rights. Just tell them (in writing) to get on with it.

 

For something this important you don't want to be talking on the phone where stuff can be said and not recalled when you might need it later. Plus, if you need to cry you can move the keyboard, mop it up and carry on at your own pace.

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  • 2 months later...

Ok so an update property being repossessed 7.12.2012 at 11.00 it is kindof a relief what do I do now all my stuff is out

and I'm staying with my fella

 

my main worry still remaining is bankruptcy if I make an offer to pay would any judge make me bankrupt.

 

Will my partners income be taken into account I reallydreallydont want him to be at a financial disadvantage .

 

This account defaulted Jan 2008 does the repossession 're start the date on my cra and is it true that cml can no longer place an entry on my file

 

Thanks

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I think the only thing that could put your partner at a disadvantage is either marriage or if your partner was named on the deeds or had some other interest in the property.

 

The main thing is would a bankruptcy be such a bad thing?

 

I know there is not so much stigma surrounding bankruptcy nowadays, but a bankruptcy could cause issues with your employer or future employment prospects.

 

It may also cause problems if you ever became married to your partner or applied for future bank accounts.

 

As bank accounts are what credit reference agencies use to link people to others,

as soon as you open a joint bank account your partners credit rating will take a massive dive for the worst.

 

I know for a fact if Acenden ever got their grotty hands on my home,

I would wait for the right time and enter bankruptcy, as bankruptcy would have little effect on my life.

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Any more thoughts please been to remove the last of my things today apart from the things I have no way of storing anywhere broke my heart but kindof relieved too just would like a crystal ball to see what the future holds :(

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Hi all :) need Some clarification on the wording of the sro

 

The money claim be adjourned generally

 

Costs be added to security

 

 

Can someone explain exactly what these means I cannot find my original agreement but does anyone know if preferred generally added any kind of mortgage insurance that would limit my shortfall amount and what's my next step regarding claiming the 4000 + charges made on the account Thankyou

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I am no legal expert, but money being adjourned means that they can return to the CCJ once the shortfall is realised and get judgment for the outstanding. I don't know if they can proceed directly to enforcement - perhaps someone else can help on this point?

 

Also - check the particulars of claim - it is likely that they have judgement for only the arrears.

 

I had a similar judgment on my CCJ - monies adjourned with liberty to restore. My shortfall was the thick end of £50k and they haven't attempted to restore. Judgment was Apr 2009.

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Thanks for replying I know I will have a shortfall and I am happy to pay this off at £150 a month do you think they will accept that or what else might they do to me

 

What about the charges etc

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It very much depends on who is chasing the shortfall.

 

My mortgage was with HSBC and they passed it on to their in house DCA (Metropolitan) as soon as the sale was complete. They accepted what I offered over the phone and I have been paying reliably ever since. (I did not enter in to correspondence about I & E = I just told them plainly that I can reliably afford £XX.XX a month and they accepted).

 

They write every 6 months saying my agreement has come to an end. I write back telling them that they did not tell me that my agreement was periodical and that circumstances have not changed and I can only afford my current payments.

 

I don't hear anything else from them in between.

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  • 1 month later...

hi I could really for with some advice my property was repossessed on 7.12.12 it's gone on the market today at £10.000 LESS THAN NEXT DOOR EVEN THOUGH MINE IS EXTENDED AND IS IN THE SAME DECORATIVE ORDER AND A MUCH BETTER KITCHEN also with the same estate agent !!!!! what should I do I know the mortgage company has to get the best figure for it but they are not even trying. I am gutted :(

 

thanks all

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Has next door sold? I suspect not.

 

If yours sells immediately then you might have a case for a sale at undervalue. I suspect it will not.

 

Just because next door is up for £10k more than yours does not mean either house is worth what it is up for sale for.

 

The only constructive advice I would offer is to get a surveyors valuation of your own. It should cost about £75 and will give you good evidence if they sell at undervalue.

 

Apart from that I am afraid that you are on a roller coaster here until the completion statement comes in. The mortgage company do have to look after your interest in this but they (or their agents) now have complete control over the sale process.

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Thanks Bandit did you claim any charges etc off them at all ?

Apologies Uneverdid, I didn't realise that I was outstanding a reply to you on this question.

 

No, I haven't claimed any charges back. TBH I am concentrating on the shortfall - a few hundred in charges falls by the wayside when the shortfall is £50k.

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thanks Bandit I'm looking at a shortfall if at least £20, 000 plus charges obviously I was hoping it would be nearer £10, 000 I guess it could run into £30, 000 I'm completely in shock at mo really just want to offer £100 a month and hope they accept that otherwise I really could thinking of bankruptcy which I really did not want :( :( :(

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I really would get yourself a valuation - the estate agent will probably let you do that.

 

Other than that, all you can do is sit and watch. It is a horrible process I know. But one that you should feel like you have some balance to - and that is you no longer have the mortgage to find every month. There is benefit there...

 

Pay the £100 a month by all means. Personally I would put it in a savings fund instead. Right now the house and mortgage are lost. Start putting together a fund for a full & final settlement offer. They might take a BIG discount for the shortfall once it comes in.

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thanks so much for replying its relief in one way but I'm worried about the future I don't want my partner to end up penalised if I thought I could pay £100 a month for ever I would settle for that. I am just so concerned about them making me bankrupt which I'm sure I've read somewhere as long as I'm able to pay the shortfall off even over a long period of time this won't happen. Do you know anything about bankruptcy ?

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Knowing what I do now, I probably wouldn't have offered to pay when the demands and debt collector letters came in. However, I didn't know better so I offered £100 and they accepted without any resistance.

 

I do know a bit about bankruptcy because I seriously considered it. But I am in a fairly well paid job and they have been getting £100 a month since, which I am able to afford. Yes, they have put pressure on to increase it but my circumstances have not changed so their payment hasn't either.

 

It isn't the end of the world. It IS just money. Yes, a lot. But nothing you can't learn to cope with given some time.

 

Wait for the bill and put your £100 in a savings account in the meantime...

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Why would they make you bankrupt when that would in all likelihood stop them getting back any shortfall. That said, if you decide to make yourself bankrupt after the house is sorted you'll have a clean start although it will obviously affect your ability to get credit for some time to come.

 

Excellent idea to start saving for a f&f offer.

 

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Unless your partner is financially connected to the property he won't have to pay. It's only your income and assets they can look at. You need to know what the full amount you are liable for is and try to get back any unfair.....I say unfair..but I mean illegal charges that they have piled on your account to make it fail as it was set up to. Put the money aside for when you need it and concentrate on working out your account with them and how much you actually owe them and not what they say it is.

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Hi thanks for replies I will put the £100 away each month. I have numerous charges every month I get charges if £100 for arrears over the course of the account there are charges amounting to nearly £5000 so I will challenge them when the final accounts come through. My partner has no financial connection we have nothing together to link us. One other question how will the repossession be reflected in my credit file I thought I had read somewhere that CML had stopped recording repossession s on cras my mortgage default date means this debt will fall off next Feb if it's passed on to a dca they cannot make a new entry with a new default date can they?

Thanks everyone :)

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