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How do we respond to shortfall


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Hi

 

I'm looking for some advise.

 

Our home was repossessed last September and was sold at a loss.

 

My husband has received a letter in his name only chasing the £51,000 shortfall even though it was a joint mortgage.

 

They want him to fill in an income and expenditure form and then make an offer of payment. It says if he doesn't respond they will either request payments from his salary, (he doesn't work he's on PIP and ESA) get a charging order on any property he owns (we now rent our home) or take him to court to take an oath about his assets and liabilities.

 

I'm really not sure how to respond. As I say he doesn't work but I do work part time. We have 3 children aged 16, 13 and 11 so money is pretty tight. Can anyone tell me how to proceed.

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Would you consider bankruptcy as an option? You'd have a fresh start without this hanging over you. You'd both need to do it as if only one of you did, they'd just chase the other.

 

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Hi

 

Yes we had considered this but we also have a joint loan of around 25,000 which we couldn't afford to pay so Natwest got a charging order just in my name which I'm sure survives a bankruptcy. Natwest chased both of us individually so even if we included it in the bankruptcy in my husbands name they can still chase me.

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Hi, well if you haven't got the money, they can't have it. I think in the first instance you should be writing to them asking how the shortfall was arrived at - i.e. was the property marketed with your best interests in mind ?

 

I have a letter for this situation somewhere - I'll post back later when I find it.

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Hi, found it quicker than I thought I would - letter affixed. You will need to enclose a postal order for £10.00 - make sure you write on the back of the PO "statutory fee for information - not to be used as payment on account" and also your name and address. Photocopy the front and back before stapling to the letter and send by recorded delivery - keep the receipt for posting somewhere safe with a copy of the letter and PO (just in case they say they didn't get it).

 

Do you know if there was a money judgement at the time of repossesson? If not, they would need to take you to court for the money and as you don't have any, or own another property, they've not much chance of getting any.

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Hi

 

Sorry but is money order and charging order the same? If so then yes when the house was repossessed Natwest had a charging order and I was lead to believe a charging order survives a bankruptcy.

 

I did ring Topaz today and I asked for a breakdown of the charges which they have agreed to send out.

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A money judgement and a charging order are different. Natwest got a charge on your property for a loan. Topaz have repossed your home following a court hearing - sometimes at the hearing the lender asks for a money judgement (CCJ) - have you got a copy of the court order for possession ?

 

They may have agreed to send out a breakdown of the charges, but you need to know how the property was marketed before sale - quite often the seller or estate agent have a builder or developer "buddy" waiting in the wings to grab a bargain.

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Did you receive a copy of the court order ?

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In that case, you should send the letter I affixed to post number 9, that way you will get a copy of everything to do with the repossession - you need to know exactly how the sale etc was conducted and how they arrive at the shortfall figure.

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make sure you write on the back of the PO "statutory fee for information - not to be used as payment on account"

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  • 2 weeks later...

Well sent the letter and they have received it ( according to Royal Mail). I photocopied both sides after writing on the back and stapled the postal order to the letter.

 

I guess it's just a waiting game now.

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  • 4 weeks later...

Hi

 

Well today I received a bunch of papers regarding our repossessed home.

 

They have included nothing that I requested in the SAR. Nothing to do with valuations, marketing, estate agents involved, sale of the house. In fact the reason I heard nothing from them after the house was repossessed was because they continued to send letters to our old address even though they knew our new address as this is where they sent the letter confirming the house had been repossessed.

 

Can I ask what do I do now? Do I write to them again telling them they have included nothing that I requested.

 

Thank you

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Hi

 

Well today I received a bunch of papers regarding our repossessed home.

 

They have included nothing that I requested in the SAR. Nothing to do with valuations, marketing, estate agents involved, sale of the house. In fact the reason I heard nothing from them after the house was repossessed was because they continued to send letters to our old address even though they knew our new address as this is where they sent the letter confirming the house had been repossessed.

 

Can I ask what do I do now? Do I write to them again telling them they have included nothing that I requested.

 

Thank you

 

Yes, they have to provide the documents or explain reasons for not providing them. Advise them that if they fail to answer properly to the SAR, you will complain to the ICO.

We could do with some help from you.

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  • 4 weeks later...

Hi

 

Can I please ask if it's 40 days for response or 40 working days.

 

They received my SAR on the 9th Oct. they sent a load of paperwork on the 2nd Nov but contained nothing with regards the marketing/sale of the house so I wrote to them again asking for all info to be supplied. Would it be another 40 days from them receiving the 2nd letter or still within the 40 from them receiving the 1st letter.

 

Many Thanks

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Hi

 

Can I please ask if it's 40 days for response or 40 working days.

 

They received my SAR on the 9th Oct. they sent a load of paperwork on the 2nd Nov but contained nothing with regards the marketing/sale of the house so I wrote to them again asking for all info to be supplied. Would it be another 40 days from them receiving the 2nd letter or still within the 40 from them receiving the 1st letter.

 

Many Thanks

 

40 working days i.e 8 weeks.

 

They have to fulfill the SAR properly, so the 40 days run from when they received the SAR.

 

You are entitled to all information that relates to you.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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