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Catherine A

Mortgage debt settlement

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Ihope someone can help me please, I am slowly going out of my mind with worry onthis. My son and his partner separatedand the house was repossessed approx. 5 or 6 years ago. The house was then sold with an outstandingbalance of around £4,000-£5,000. He isbeing chased by Transcom, they want £28,000 but have offered a deal of £7,000to clear the debt. I sent anincome/expenditure summary clearly showing negative equity, he is also self-employed,struggling and at present of no fixed abode. As a ‘goodwill’ gesture I have offered to pay £1,000 to totally clearany liability on him but haven’t had a response as yet. Am I doing the right thing and how do Iensure they clear his credit file and don’t come back in the future? Any advice would be very welcome.

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Hi and welcome to the cag.

I have moved your thread to the debt forums where you'll get the best help.


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A F&F will not clear his credit file. CRA entries stay there for 6 years and even if marked partially settled it would still be there. F&F are a minefield and should be done only with the correct safeguards. It is common for the debt to resurface so be sure to follow the correct guidelines. Do some research on here and you'll see what I mean.

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twofoot, thank you for your response. As recommended I've started to do the research and already see the minefield.

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If the debt is six or more years old and the creditor is a member of the Council of Mortgage Lenders they will have signed up to a code of practice which states that members will not chase mortgage shortfalls.

 

Page 3 Council of Mortgage Lenders policy

http://www.bdl.org.uk/images/11_EW_NDL_Mortgage%20shortfalls.pdf


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twofoot, thank you for your response. As recommended I've started to do the research and already see the minefield.

 

A relative of mine had a mortgage debt of £30k cleared for an F&F offer of about £2k or £3k.

 

The debt would only be on the credit record for 6 years from the date of the original default on the mortgage, so will not be on there for much longer.

 

If you have made the offer on behalf of your Son, they may not accept it, as you are just a third party. The letter really should have come from your Son or legal representative. I think my relative used the family Solicitor to send the letter. In the letter it pointed out that they had nothing in the way of assets and only enough income to get by to look after family, so the F&F was the only offer available, borrowed from family to help them out.

 

See what the response is and post back. What your Son should do is make a Subject Access Request (SAR) to the mortgage company. In the request he should ask for copies of all statements of account, a copy of the Consumer Credit Agreement and all paperwork relating to the repossession, plus subsequent sale of the property. The sooner this request is made the better, as they have up to 40 days to action. You might need the info, if your F&F is rejected and you need to continue with the fight to stop continued debt collection harassment.


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unclebulgaria67, Transcom has come back to me (I have now had three phone calls), a different person with a stronger attitude. He wants an up to date I&E statement and said it would be reviewed every 6 months. He kept asking for the same information, which has already been given. There was no answer to my offer, from what he said it hasn't even been put to 'his client' (which confused me as I thought they had bought the debt) and he would not listen to me. I again explained that this was a good will gesture, which is now withdrawn. Thank you for your response which has given me a way forward, although I have a horrible feeling this could be a long hard haul.

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Catherine, tell the idiot to go and play on the M25 motorway at peak time, you do not need to send the idiots a I&E only a judge can order you to supply one. As was stated, if it is six years old and they have signed up to the mortgage code they should not be chasing shortfalls after six years. Even if it is not six years,your son need only pay what he can afford. A lot of these companies know that going to court is a waste of time as the judge will only make him pay what he can afford.


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unclebulgaria67, Transcom has come back to me (I have now had three phone calls), a different person with a stronger attitude. He wants an up to date I&E statement and said it would be reviewed every 6 months. He kept asking for the same information, which has already been given. There was no answer to my offer, from what he said it hasn't even been put to 'his client' (which confused me as I thought they had bought the debt) and he would not listen to me. I again explained that this was a good will gesture, which is now withdrawn. Thank you for your response which has given me a way forward, although I have a horrible feeling this could be a long hard haul.

 

Transcom have no entitlement to any information from your son and his ex partner. They should not be phoning you, unless your son has authorised you in writing to deal with this for him. By speaking to you, they are in breach of OFT and Data Protection rules. If they continue to contact you, then make a complaint to Trading Standards/OFT via the Citizens Advice helpline http://www.tradingstandards.gov.uk/extra/contact.cfm?frmAlias=/contact/

 

I would suggest one letter to Transcom, saying that further to your last letter, as you have not had any response, only aggressive phone calls, that you do not wish to be contacted again. If any further communications are directed to your address by post or by telephone, you will make a complaint to Trading Standards, OFT and ICO. Point out to them that you are a third party and have nothing to do with the account they are dealing with. Advise them that your son does not live at your address and that as far as you know he is not permanently resident in one place, as his work takes him around the country.

 

Leave it at that. If your son wants to make enquiries with the mortgage company with an SAR, so he can try to resolve, that is up to him. I think Transcom will pass the account back to whoever owns the debt. It could well still be the mortgage company.

 

You are trying to be helpful, but if your son does not have any assets/money to go after, they will give up. Instead they will go after the ex partner, if they are an easier target.


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