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I wonder if anyone has any ideas regards the following.

 

 

I have a friend who was repossessed quite a few years ago.

There remains a shortfall on two mortgages which are being repaid at £5.00 a month.

One will take 380 years, the other 425 years .

 

Approaching 70 years of age and the repayments taken from an already stretched pension,

is it not unrealistic of the lenders to continue to insist these token payments are made ?

 

He has already used pretty much everything within the CAG library

to persuade the lenders to understand there is no hope of them ever being repaid but it is falling on deaf ears.

 

The only good thing currently is that they have ceased the relentless telephone calls and letters.

 

Is there anything that can be done that hasn't already been tried, to remove this burden.

 

I thank you :)

Edited by Andyorch
Removed Bankruptcy reference

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He should stop paying them, and set a counter challenge asking for all the paperwork relating to the alleged shortfall, especially if it was a sub-prime mortgage.

 

I think that if it went back to court the Judge would say the company had had enough time to try and collect and as he is now retired there is little chance of an increase in payment, and in fact might even decrease the payment.

 

It is a difficult decision but if you stick to your point that when the property was repossessed it was sold at a shortfall - which repossessing was supposed to stop in the first place.

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Thanks SG, I will pass that on.

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3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

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BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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I suspect the shortfall was not known at time of bankruptcy and it was not included. The mortgage company waited until later before asking for money.

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Wouldn't the bankruptcy have already taken care of the shortfalls, or were papers signed keeping the shortfalls active?

 

I suspect the shortfall was not known at time of bankruptcy and it was not included. The mortgage company waited until later before asking for money.

 

 

Now this was my thinking - I will try and get some more information regarding the bankruptcy. Thanks :)

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Uploading documents to CAG ** Instructions **

 

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2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Information in the first post is incorrect - there was no bankruptcy - only the repossession. My apologies.

 

Apparently BR was considered but advised against.

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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