Help....Reposession letter received.....

[julian01]

Hi

 

Received a repo letter this morning regarding missed payments on a secured loan.A little history.................

 

I missed 2 payments earlier this year and agreed to pay extra to catch up.

I have now missed a further 1 for september and as yet not been able to pay octobers.

I have been told the court case will be Nov 9th so need to really get onto this.

If they do succeed to close the loan i will have to pay the erc i guess and all the charges they have applied.Can i stall this repo at the court hearing,would the judge look at these charges unfavourable.The wife is due to finish her masters degree by xmas and the employment front for her looks positive,so things could change quickly.

I am shortly claiming 2 thousand from IF which will be used to clear any arrears and outstanding issues i have.Prelim going asap..

Incidentally i have about 10 claims to work through ,and i know the amount will be substantial.

If i can keep going for only a few more months i know i`ll be out of the woods...

ANY advice would be welcomed,this one has me worried.

[lookinforinfo]

The only charges I imagine you will be able to reclaim from your house loan are

the {probably] monthly £25 's for writing to you advising you that you have not paid.

As if you didn't know you hadn't paid!

The charges for the court case, solicitors fees, closing a/c fees etc will not be

classed as unlawful, so not reclaimable.

 

Work out how much you have been charged for the letters and see if it comes to

at least one months loan payment. If yes, you could try going to your loan company

pointing this out- that you shouldn't be taken to Court as you aren't sufficiently

in arrears to merit this treatment. Without thier unlawful charges, you could have

paid one of their payments at least.

 

You should try and negotiate with them with a view to getting them to at least defer the court case until next year, when for the reasons you mentioned here, you

should be well positioned to repay the outstanding payments, and then continue

without problem from then on. [if they call off the court case, you save £1000+

in solicitors fees etc.]

 

All is not lost even if they continue their court case. If you repeat to the judge

what you have just said here, the judge will, more than likely give you time to

sort out your finances. Of course, should you miss a payment in the meantime,

it could well result in you losing possession, following a further court case. The

idea will be then for you to get the judge to start the clock ticking from February,

say, to give you time to collect some funds. Though Feb might be a bit too

ambitious. Point out to the judge how long and how much you have already paid,

and you feel it would be inequitable that it is all taken away from you, plus

losing the equity in the house, for a few hundred pounds that you should soon be able to repay.

 

In the meantime, send off your £10 asking them to supply you with all that they

have charged you, as you have now found that their charges are unlawful...

With luck that might defer the court case, and will certainly be added ammunition

for you in court.

[julian01]

Thanks for the reply,lookinforinfo,

 

its a good point you raise ,regarding the charges,i need to look into this.

I will be sending an S A R to these,but i am expecting a negative response from Swift,they are not very easy.I could say in the court that i have done this,but the court hearing will be well within the 40 days they have to comply,doing this may well make them more determined to proceed.

I have a clean sheet with the mortgage lender for at least 2 yrs,but alas they are the company i also have my current account with,who have charged me substantial penalties and yes im claiming them back,so i may well be aggrevating these too.

I have 10+cases that i will be trying to win in relation to charges,some small and some substantial.

The point that i was trying to make regarding the ERC is that they have been shown to be unlawful http://www.consumeractiongroup.co.uk/forum/mortgage-companies/19501-zoot-halifax-mortgages.html?highlight=zootscoot

If others can claim these back i was just wondering whether the judge would agree with my suposition that they just want to make lots of money and have no will to see that i play back my loan under the original agreement anyway.When you think of it ,why would they.They are a subprime lender whos clientel are already stuggling and like me, mostly uneducated in the field of `money making at all costs`They are waiting for us to slip up because they are making big bucks out of charges and repo`s. Add to this the scams that have been highlighted lately`namely `the one where they apply for repo,its granted and an estate agent buys the property at the reduced rate only to sell it at top dollar,which they quite nicely split between them.

I guess im just thinking out loud now,thanks again for your post it is very welcomed,lots of good info and lots for me to chase.

[zootscoot]

Hi Juliano1,

 

They are certainly quick of the mark in seeking possession but don't panic.

 

You can rely on s.36(2)(b) of the Administration of Justice Act 1970 which allows the court to suspend the possession order for such a term as the court considers reasonable. If the debtor can repay with in the reaonable time no possession order is granted.

 

Under s8 AJA 1973 in exercising the powers under s.36(2)(b) the court only has to consider the sums payable in arrears not any term which may render the full amount repayable.

 

What amounts to a reasonable period will depend on the circumstances of the case and can include the whole remaining term of the mortgage as occured in Cheltenham & Gloucester v Norgan. This case also stated the factors the court will take into account when deciding what is reasonable:

 

Ability to make payments now and in the future

Likely duration of financial difficulty

Reason for arrears

The period of agreement remaining

 

So basically if you can show you can pay off the arrears over the remaining period the court will not order possession. As you seem to be getting on your feet again its unlikely the court will order possession.

 

You could also put in a counter claim for the charges and ask for the case to be stayed until they have provided you with the information you need to raise your counter claim. This could be a good tactical move for you as it will delay the court date by which time you might be able to pay off the arrears alternatively it may make the mortgage company back off altogether if they feel they are going to be forced to reveal their costs in court in order to pursue you for your arrears.

 

So hopefully the issue of whether the redemption is unlawful will not arise.

 

All the best

 

You will get there in the end

 

Zoot

[julian01]

Thanks Zoot,

great reply.

Im gonna send an S.A.R to them.I hope i get a good judge got lots to tell him regarding my financial position,caused partly by unlawful charges.Whether he accepts this i dont know.Im starting to cclaim back now ,i have loads so my position will change without doubt whithin the next 6 months,even without the wife working.Do you think it`s worth mentioning the charges issue and the number of cases i have to proceed with + an estimate of the refunds....?

Can i suspent a case to another date if i dispute their charges,i know they have charged me.Is it sufficiant information (disputing charges) for the court to suspend this hearing.....?

Thanks for your help, and all that post here..

[julian01]

edit

[julian01]

Sorry zoot ,

you have already answered part of my last question,can`t see the woods for the trees at the moment.