Wave mortgage, sold to WEBB, then 1st credit now TBI chasing fraudulant? shortfall

[1234eddie]

I need some advice as to what I should do... here are the details of my situation.

 

I purchased in to a property scheme run by a vendor in Nov 2008 , where you pay the vendor £2000 and for this they find a buy to let property for you where the rent covers the mortgage payment ,

 

the vendor takes care of the purchase of the property,

they take care of the solicitor,

all the management, (renting, any bills)

all bills

 

after two years you have the option to sell the property or to continue to use their services.

 

The Solicitor used was in this with the vendor,

the valuation from the surveyor showed that the property was worth more than what I was paying

 

After three months after purchasing the property,

the rents stopped coming in

 

I started to chase the vendor who told me they were having some cash flow problems and I will get the rents to cover the mortgage,

this went on for a two to three months and soon the vendor had disappeared.

 

I visited the property I had purchased and asked the tenant for the rent and to pay me directly, and found out that that the rent came very short of the monthly mortgage payment

 

, I got a local estate to come and value the property and they valued it less than £120K of the purchase price.

 

I went to the police and told them about this, they said there is nothing they can do as this is a civil case

 

I then instructed a solicitor to investigate and their findings showed that the property was bought and sold in a very short period less than a month, where the price sold at was over inflated by 120k, without any work done to the property.

 

I told the mortgage company and told them there is no way I can afford the to pay the mortgage, this was around June 2009,

 

The mortgage company repossessed the property and sold it in 2010, this is where the shortfall of 110K is.

 

The conveyancing solicitor was part of a fraud,

the solicitor is now no longer around,

 

they were an LLP and I have tried to take them to court and sue them and claim damages from their indemnity insurance, but the indemnity insurers have said they will not cover this as this was a fraudulent act intentionally done by the solicitor.

 

Now the bank has passed the debt to a number of debt collectors

, this is the third one who is contacting me.

 

To make things even worse, at the time, back in 2008

I actually bought three properties via this vendor,

so I actually have three mortgage shortfalls that I need to deal with.

 

I have been living with a lot of stress ever since this has happened,

it is really getting me down,

has affected my whole life, mentally, physically, affecting my family.

 

I feel I have been let down by the whole system,

I purchased these properties in good faith,

thinking this will be an investment for the future

but in reality it has been nothing but a nightmare.

 

I need to find out what I can do to stop the debt

or not pay the shortfall the debt collectors are asking for.

 

Can anyone help and point me in the right direction

Edited September 6, 2016 by 1234eddie

[unclebulgaria67]

Have you enquired with the Law Society whether the Solicitor was registered with them and if so, whether there is any requirement for Insurance or bond to cover fraud against clients ?

 

If the Solicitor was part of a company or partnership, you might be able to issue a court claim for your losses against the company.

 

If there was a fraud, this is something for Police to at least register it and provide a crime referenve number. You should really be demanding that it is investigated, with a complaint to the Chief Constable if necessary.

 

The mortgage companies must hold some or all responsibility as the credit providers. Suggest you look into this. If there was a fraud caused by over inflated property prices, what steps did the mortgage company undertake to check on the risk ? Mortgage companies normally have to work to certain standards.

[dx100uk]

Since 2010 has the mortgage lender themselves, chased the shortfalls

[1234eddie]

The solicitor was registered and has been struck off.

They were involved with other fraudulent activities.

 

My solicitor did try to make a claim against the indemnifying insurers but was told that the insurance does not cover fraudulent activities done knowingly.

 

I will contact the Law society myself and seek advice about any safe guards fro clients against fraud done knowingly.

 

The solicitor's was a LLP and part of no partnership or part of a company.

 

I will contact the FCA and seek advice.

 

I did go to the police when this was discovered and they told me that this was a civil case may ask them to pursue this further.

 

How do I deal with the DCA? they just want payment/settlement of the debt. If they debt company have purchased the debt, do they need me to agree to the debt being purchased? do I need to sign anything ?

 

This debt is really getting me down, I can't sleep. eat, think straight.

Edited September 6, 2016 by 1234eddie

[unclebulgaria67]

You don't respond to the DCA at this stage.

 

a debt can be sold or assigned without consent.

 

What i would do in this case,

is to ensure that there is a crime registered per fraud you have suffered and you just give the mortgage company and DCA the crime reference numbers, without any comment.

 

Demand that the Police investigate.

 

If the Solicitors Insurers are stating it as fraud,

give those details to Police and insist that they investigate.

 

I don't think creditors can bring a civil case against you while there is any criminal issue outstanding.

[dx100uk]

Since 2010 has the mortgage lender themselves, chased the shortfalls?

 

Who are the DCA quoting as their client?

[1234eddie]

Wave lending sold the debt to Webb resolutions in 2010.

 

In July 2012 1st Credit offered on behalf of Web resolutions offered me a discount if I paid the full amount.

 

My solicitor told them that this is not acceptable by me and we will be pursuing the solicitor's indemnifying insurers

- clearly tell them we are in dispute of this debt.

 

This year in August, Webb Resolution sold the debt without asking me if there have been any further progress with this debt,

 

they sold this debt to TBI Financial Services.

 

Can they do this while still in dispute ?

[unclebulgaria67]

Debts under dispute can be sold and it is usually more of a problem for the company buying a debt without being told by the previous owner that there were issues.

 

Set up a folder with dividers so you can start to keep papers in order. This could go on for a long time and you need to attack it in all fronts as explained in previous answers.

 

But the main one, is that fraud is a crime and Police investigate crime. The Solicitors Insurers confirmed it as a fraud. The Solicitor has been struck off. It is not just a civil issue. Once the crime is registered and notified fo mortgage providers and debt collectors, they should back off. I would be surprised if the mortgage company did not have contigency Insurance to cover this type of situation. The mortgage company must hold some liability as the credit provider.

[dx100uk]

Oh god just seen your post detailing the many hands this has been through

Webb x 2 1st credit. TBI

Every single one of those chase lemon debts no one else will touch with a barge pool

 

The original creditor did not and has not written to you in 6yrs

Under mortgage lending council guidelines

The shortfall should not be chased after 6yrs of no contact from the OC

 

Its sb'd. Tell your sols (or you do it) to write one single letter outlining the reason as above

 

Then ignore them all totally

 

Me thinks you or someone have been sadly allowing and entertaining letter tennis

That's why its dragged on so long.

 

I would let this got to court

But TBI won't ever do that

Then everything will be out in the open

[martin2006]

Does the following not apply here re SB status, is a mortgage not considered a speciality?

 

8 Time limit for actions on a specialty.

 

(1)An action upon a speciality shall not be brought after the expiration of twelve years from the date on which the cause of action accrued.

[unclebulgaria67]

Yes the debts are not statute barred.

 

What dx is referring to is Council for Mortgage Lenders rules which state that if lenders don't chase for shortfalls within 6 years, that they should write them off. The debt has been chased and correspondence entered into.

 

What i think is happening here is that the original creditor was aware of there being problems with the debt and they have got shot of it to bottom feeders.

 

The OP needs to get the Police to register this correctly as a crime and to advise the original creditors, as well as advise DCA's of crime reference numbers. The original creditor is going to be jointly liable for any loss through fraud and they should have some form of contingency Insurance.

[dx100uk]

lender, these aren't the lenders they are a DCA.

[unclebulgaria67]

Yes DCA's have been chasing since repo, but Wave ( part of Merrill Lynch) were the original lender and any DCA actions since still have to comply with CML/FCA standards.

 

From what i have read, Wave stopped offering new mortgages in about 2008 and it is basically a legacy operation. If they go down the repo route, they immediately sell or assign the debt and don't do the chasing work themselves.

[martin2006]

lender, these aren't the lenders they are a DCA.

Thanks dx, this is what i was eluding to for the clarity of not only myself but for others reading aswell

[1234eddie]

I made a SAR request to lender over a disputed debt which has now been sold on to a DCA.

 

I received a lot of paper work, a lot duplicated.

 

The disputed debt is for an over valuation of a mortgage by the lender's surveyor and the fraudulent actions of the conveyancing solicitor.

 

The notes I received, show the following line which I want more information on are -

 

"please close the valuer claim and proceed with possible claim against the solicitor"

 

I asked for more details,

they replied saying

"We cannot comment further on this as this information has been redacted in accordance with our legal privilege , as per the exemptions allowed in the Data Protection Act.

 

I can confirm that we have provided to you all data that we are required to under the right of subject as per the aforementioned legislation"

 

Does anyone know how I can get more information from my lender about the claims against the valuer and solicitor?

 

All help greatly appreciated.

 

Also Is there any questions I can ask indirectly to find out if this mortgage was ever securitised.

Is there any way to find out if this mortgage was securitised ?

 

Kind regards

[dx100uk]

first port of call is name names.

 

are you aware of who the lender's surveyor and the conveyancing solicitor are too?

 

nothing to stop sar to them as well

 

who the DCA as well

 

dx

[BankFodder]

Do you know if a legal claim has been started?

 

Also, could you give us a bit more detail about the whole case. We really don't know anything about the position

[1234eddie]

Hi

 

I do not want to add names of organisations as I know they check this website.

 

History of this can be seen on (can't post the link but if you search posts under my user name you will see)

 

Please if you reply, do not put the names of the organisations.

Lets just say lender A sold by debt to dca B who has now sold the debt to dca C.

 

Dca C now wants to take me to court and have a CCJ put against me,

 

I did a SAR request to dca B and in the reply there was one line

 

"please close the valuer claim and proceed with possible claim against the solicitor"

 

I asked for more details,

they replied saying

 

"We cannot comment further on this as this information has been redacted in accordance with our legal privilege , as per the exemptions allowed in the Data Protection Act.

 

I want to know if there is anyway of getting more information about what happened about the claim against the valuer why they decided to close this and what happen against the possible claim against the solicitor.

 

Also included in the SAR docs I received were retrospective valuations done for the property and these show the property was over valued by 100K.

 

The information received

1. the retrospective surveys - prove the property was overvalued by 100K

2 The notes about the claim against the valuer and possible claim against the solicitor show there was a fraud that took place.

 

Thanks

[dx100uk]

please stop playing secret squirrel

it doesn't help you

 

nor does it help them to see things here.

 

the days of that are long gone.

 

oh god now I remember having merged the threads,

 

webb and TBI

 

two of the biggest fleecers out there.