House repossessed 19 years ago

[woodmio]

Hi guys,heres my story,hope you can give me some good advice.

 

Approx 20 odd years ago I was self employed with an expanding familly and

took out a loan secured against my house with a firm called J & J Securities to build an extension to my property.

 

A few months later because of the recession my business collapsed leaving me with little income.

 

My main mortgage provider was very helpfull but J & J took me to court suing for repossession.

 

The courts found in their favour and my house was repossessed.

 

I was later contacted by a firm called Knowle Portfolio who claimed there was still a debt outstanding and demanded repayment.

 

I was advised by Citizens advice at that time to make token repayments to them which they agreed to.

 

I have stuck to these repayments despite the severe hardship it caused me initially.

 

I have now been contacted by a firm called Asset Recovery uk demanding an increase of repayments

or they would take me to court to get a charge against my present property

and also they would reinstate interest charges from the date of the debts start.

 

They also want to a financial summary of my present situation

and say that if I do not provide them with the necessary information

they would have to send someone to my present home to discuss my financial situation.

Sorry my story is so long but Ireally would appreciate any advice

[firstship]

Welcome Woodmio,

 

sorry to read about your predicament.

 

Many years ago I had dealings with Asset Recoveries,similar situation to your self.

Have Asset Recoveries UK purchased the debt?

 

Certain amount of guess work,

the house was sold for less than the market value,

so there was a shortfall,

to sell the house I assume they carried out some work to make it easier to sell?

 

Have you all the documentation covering the repossession order

and the further documentation from Knowle Portfolio.

 

It should involve a stream of data such as solicitors fees,interest,decorating work ,locksmith etc,

if so read it all very carefully,

you will probably find each item lacks any detail,

 

it will simply state for EXAMPLE "Solicitors Charge £92.35"

and this will probably be repeated numerous times,

 

Builders Work,£60.00,Decorator £78 etc etc

 

.If this is the case tell Asset Recoveries that you require detailed invoices for each and every charge

(you will need to make a list from the data) and

 

once these have been submitted you will review the payments.

 

I doubt after 19 years that detailed documents exist.

 

At this point in time do not send them any Income and Expenditure details,

in law only a court can demand this

 

ALSO READ THREAD on this site " Asset Recoveries UK Ltd v Firstship" give you plenty of info as well

 

It appears that Asset Recoveries and Knowles Portfolio are the same company

 

FS

Edited August 2, 2013 by firstship

[firstship]

As it appears Asset and Knowles are the same company,did you also receive a Letter of Assignment from anybody?

 

FS

[renegadeimp]

Sounds like a lemon debt thats been sold on. The new owner has seen the big number that they could get their grubby hands on and are trying threats to get you to pay.

 

Perhaps send a prove it letter to see what info they actually have.

 

Id anyone turns up, have a read of the door step collectors letter.

Edited August 2, 2013 by renegadeimp

[woodmio]

I think that they bought the debt as the origonal loan was from J & J Securities

and I dont recall recieving any correspondence from them after the repossession.

 

I never recieved a Letter of assignment from anyone.

 

I also have never received any details of how much the house was sold for and what costs were deducted from or added to the debt.

 

I will have to start trolling through 20 years of correspondence and amass as much information as possible

even down to trying to trace the origonal lender to see if they have anything on file.

 

Thanks for your replies and support.

[renegadeimp]

Send a prove it letter, or SAR the original creditors. If they dont have the info, then the new owners wont and you can be sure they are trying tot rick you into paying a debt that you dont need to.

[firstship]

As there are 2 original creditors involved J&J securities and the Main Mortgage Provider,

 

I would suggest you make Asset Recoveries do all the work, by sending them an SAR,

 

add to the SAR that you require Letters of Assignment, and detailed invoices of every transaction that took place from the start of the repossession.

 

The cost of an SAR is £10, send recorded, Asset have 40 days to reply,

they will without doubt tell you that they need to contact the Original Creditors.

 

In my own fight with Asset I made them do all the work and eventually they wrote off the balance,

due to the complexity of trying to produce all documentation,

all has been quite since,I hope?

and I think with luck you will eventually reach the same situation

 

How much have you paid Knowle Portfolio/Asset Recoveries?

 

Regards FS

[woodmio]

Thanks renegadeimp & firstship,

 

Ive took your advice on board and started composing my sar and will ask for a letter of assignment.

 

Ive also looked up J & J Securities and it appears the company was dissolved approx 1998,

so I dont believe it will be a provider of any information.

 

My bank records that I can find go back to 2002 and show I was making payments to Knowle Portfolio then

and have not missed a payment since so theyve had at leasr £3000 pounds of my money so far.

 

Not bad to say early on they offered me a settlement figure of just over £1000 when i coud not afford or raise it.

 

Also just recieved a letter from them today threatening possible court action

which i will try to download on to the thread tomorrow

[firstship]

There is a very good SAR letter in the site library just add to it that you require all Letters of Assignment and all detailed invoices from the date of repossession.

 

The fact that J&J securities no longer exist,is good as hopefully when they where dissolved much of their data went missing

 

If you have paid Knowle Portfolio £3000 ,what is the balance they consider outstanding? and are you still being charged interest?

 

FS

[woodmio]

Hi again firstship

They reckon I still owe them £11700 although they arent charging interest at the moment

 

they have threatened to charge interest again from the start of the debt.

 

Can they do that?

 

Ive already started trawling the library for suitable forms and anything else that I may have overlooked,

 

My biggest problem is that I can only find very little correspondence prior to 2002.

 

We moved house about this time and it appears letters/ statements etc may have dissapeared around then.

[woodmio]

Sorry Correction. I said 2012.I mean 2002

[firstship]

The SAR is then really important as you are missing all of the really important data,

 

Keep us in the picture as things progress

 

FS

[citizenB]

Why not ask them for the details of the repossession and how they have arrived at the shortfall figure. You will probably need to adapt the following, but it is a start !

 

 

 

[Your address]

 

 

[Their address]

 

[Date]

 

 

Dear Sir/Madam

 

Re:− 4563210025897412

 

We are in receipt of your letter concerning the above account. We do not acknowledge the claim. Please supply us with a full breakdown of the amount being claimed under the above account.

 

In order for us to deal with the matters you raised, we should be grateful if you would supply us with answers to the following points:

 

* when did the arrears begin?

 

* when was the last payment made on the account?

 

* when was any Possession Order given?

 

* when was the house sold?

 

* what valuations were made on the property before the sale?

 

* what costs were involved in maintaining the property during the period between the repossession and the sale?

 

* how was the house marketed and sold and at what price?

 

* what costs were involved in selling the property?

 

* has a claim been made against the indemnity insurance and how much was recovered?

 

* how has interest been calculated from the start of the arrears?

 

We look forward to receiving your reply as soon as possible.

 

Yours faithfully

 

PRINT OR SIGN YOUR NAME DIGITALLY

 

[woodmio]

Hi citizen B

Thanks for that.Its a great start.The letter will be typed and posted tomorrow.Following up with a sar when I have formulated the questions and information I require.Cheers.

[citizenB]

[woodmio]

Hi folks

Letter posted by recorded delivery,sar form compiled ready for posting but will give them a couple of days to reply to my letter first.Will keep you all updated.Watch this space.

[woodmio]

Hi team,

I recieved a reply from Asset recovery UK.

 

They provided some of the info I asked for but not all.

 

They have not proceeded with the courts yet but I'm not sure they wont.

 

I'm not posting the sar yet because I want to be sure I've got it right.

 

What do you think my next step should be?

 

I asked for a letter of assignment which they have not sent.

 

they also sent a copy of payments recieved dating from 01/10/2000 showing I have not missed a due payment.

[renegadeimp]

Theyre calling your bluff.

 

First, they are only acting on behalf of a creditor,

so they cannot tell you what to do or make demands.

 

I also had to laugh at them saying you not increasing your payments is not realistic.

 

Sorry to burst their bubble, but you have a legal right to keep it at £1 a month if you wanted to.

 

It is up to the OC, not some half brained DCA to decide what to do to up the payments.

[caro]

Get that sar sent. They are legally required to provide all information they hold about you within 40 days, not pick and choose what they want you to have.

[woodmio]

Thanks Guys,

Sar completed and posted today so fingers crossed and see what happens. Tried to upload a copy for file reference but computer not playing.Will try again tommorrow.

[woodmio]

Hi Guys.

I received a letter from Assett Recoveries yesterday complete with very little information which I will try to upload so you can see what I recieved.

 

Ican only add 5 items per post so I will add the final one next.

 

I expected a lot more correspondence from them but when you read their letter they do not believe they have to provide any more information

they have about me.

 

Also an eye opener for me is that I took out the loan origonally with J & J Securities

but they have sent a copy of a loan application form with a firm called Midland and General Securities.

[citizenB]

woodmio, can you convert your documents to pdf format they will be much easier to read Follow the instructions below.

 

 

 

Dx100 – Instructions on uploading pdfs

Scan the required letters/agreements/sheets

as a picture file

remove all personal info including barcodes etc. using paint

but leave all figures and dates.

Go to one of the many free online pdf converter websites

convert the image to pdf format.

or if you have PDF as an installed printer drive use that

open a new message box here

hit go advanced below the message box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB: you can set where it goes in the post by hitting insert inline.

Then hit reply button

 

[firstship]

When you have enlarged your uploads,it will be very interesting to see their response,Having dealt with ARUK myself,I also found they could only supply a minimal amount of information.I demanded all information in very full detail,they could not comply and eventually they wrote of the amount involved.

 

To date no other company has chased the debt.

 

FS

[woodmio]

Oops!!! Sorry guys .Will now try again and see what happens.

Edited September 27, 2013 by citizenB
formatting

[Surfer01]

BTW do you have any idea if PPI was sold with the mortgage originally as it may have been common many years ago.