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B+B Mortgage sold to Engage - end of Term Problems


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Hi everyone -

I have an interest only mortgage made up of several loans (totaling approx £225k)

the largest of which (£90k) finished its term about 8months ago.

 

Bradford and Bingley sold me to Engage credit about 18mts ago.

The endowment was cashed in about 10 years ago as a bad performer

I used the money to pay the mortgage during a difficult time.

 

B&B were aware of this but were happy to allow me to sell the property to eventually redeem the mortgage.

 

At the end of term, Engage allowed me 6 weeks to get the property on the market and it has been ever since.

 

My estate agent has been diligent,

we have priced the property carefully

- we have had viewings but as yet no buyer.

 

We are doing are very best to sell ,

we have no arrears and Engage have seamlessly been collecting the monthly interest.

 

My wife and I are both pensioners in our 60s with no chance of remortgaging

- we are desperate to sell at the reasonable price we want

- to acquire another smaller property mortgage free.

 

I understand that Engage could start repossession proceedings any time.

 

I had a phone call yesterday telling me that they had been very patient

(even though they were collecting the interest)

and my case now needed to go before management for a further decision.

 

What are the chances that,

if it comes to it,

the County Court will allow me an extension to sell the property?

 

Can Engage really want to chuck a couple of pensioners out on the street

-could that really be part of their corporate manifesto?

Edited by Eddystone28
typo in first para.
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Hello and Welcome, Eddystone28.

 

I have moved your thread to the appropriate Forum, please continue to post here regarding this issue

Sorry it's not something I can help you with but hopefully you will get some advice shortly.

 

Regards,

 

Scott.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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sadly don't be under any illusion engage will help you

they are purely interested in the money they can make out of this.

for the minimum outlay

but you are obviously in a strong position given their current attitude.

I would suspect they will want too or have already charged you debt management fees

and will send a financial advisor out or want too

REFUSE IT, these cost £100 ago and do NOTHING to help

purely a money making exercise

so will arrears fees be levied

all to bump up what you 'appears' to owe

to give them an excuse to escalate this.

funding it from your pocket

 

 

I know, from your point of view to date

you are happy everything has gone as it should

and that nothing untoward has been charged or levied.

 

 

BUT..

B&B were wolves concerning things like unnecessary insurance and PPI and charges

I bet you had building and contents as others.

all that is necessary is building and that's only if you didnt have it elsewhere.

engage will be doing the same?

 

it would not hurt you to get an SAR off to them and get every statement

from day one

and look at reclaiming.

 

that should put them on the back foot.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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