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Leeds Building Society Mortage Shortfall***Settled***

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Hi,

 

I currently have a mortage shortfall of £70k which is in joint names with my ex wife.

After a difficult divorce she, 2 years after I left the house handed back the keys on a voluntary repossession

We were also in an Iva that failed 2 years ago.

 

To cut a long story short

she is not contacting the Mortage company and they have not been able to contact her.

 

I on the other hand have spoken with them,

they are extremely understanding and are going out of there way to listen to me,

 

we are at the stage where I discussed how I could be removed from any liability and removed from the debt.

Their response after a number of letters and calls was if I paid £20k they would remove my liability and continue to chase her.

 

Well obviously I don't have this money (no where near that) and can only put my hands on a loan from my parents.

Approx £5-7K thousand, they have said it will only be paid if it brings an end to the matter.

 

My questions is,

is there a full and final settlement letter available That details my offer is only for my liability not my ex wife's?

And how do I approach this and make my offer!

They are wanting this by monday after speaking with them on Tuesday

 

I'm really worried as where to start and what to say in my offer?

And is this something anybody else has had success with,

 

obviously we are both liable so is it possible for one party to be removed?

Help please!

Many thanks

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I think you have to be careful here,

by getting the mortgage company to put their offer in writing,

given the complication of your ex-wife being chased.

 

This shortfall debt is not owed 50/50 between your ex-wife and yourself, unless you have a court document saying this.

 

 

If you paid say £7k,

what amount of the debt are they actually writing off.

 

 

Are they writing off £35k for this amount and taking you off the mortgage.

 

 

I am not sure about the legality of doing this, if your ex-wife ever took this to court.

You were both on the mortgage and the debt was joint.

 

A relative of mine had a £30k mortgage debt written off for a £2k F&F settlement.

Fortunately a Solicitor in the family dealt with it and it was just a simple letter setting out basis of offer that the mortgage company had already agreed to.

 

There is a full and final settlement letter in the CAG library.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387498-Mortgage-shortfalls-Full-and-final-settlement-letter-**Correct-as-at-October-2013*

 

Think you really need more advice about the possible legal issues here and not be rushed into any action by Leeeds BS because of some date they have set.

 

Tell Leeds that you won't respond by Monday as you need to obtain more legal advice.


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when were they keys handed back?

 

when did you take the mortgage out?

 

when was it last paid?

 

it always raises my eyebrows when any company offers such a large discount that theres something a bit amiss

and the whole thing needs a closer inspection

 

have you sent them an sar to get ALL the statement and ALL the documents?

 

I would be doing this and telling them so in that letter you are going to write stating that you can never agree to anything without providing the full picture to your legal advisor.

 

that should stall them a bit...


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Hi,

And thanks for your advice much appreciated!

 

 

I totally understand what you have both said and agree with your comments.

 

They have said that it would remove me from the Mortage liability of the debt???

I'm not so sure about this?

 

They have said they are more than happy to accept a token amount monthly but that would take 291 years @ £20 per month!!!!

 

As you say if it went to court then I'm sure my ex wife would have a case to argue this,

the real issue is she is not willing to speak to me or the BS so my hands are tied and I want this to go away!

 

 

Not sure I can afford legal advice

however I will ask them to detail out exactly what the agreement is on me offering the settlement figure, and if the amount is accepted, if I can, I'll run this past a Solicitor for clarity!!!

 

 

It's a nightmare as I'm stuck between a rock and a hard place,

she isn't bothered,

I need this sorting and her lack of communication is leaving everything in limbo!

 

I'll post what the BS say, if I can?

 

Thank you for your advice so far!

and as you say I need to take a step back and not rush! Into this!

 

when were they keys handed back?

 

when did you take the mortgage out?

 

when was it last paid?

 

it always raises my eyebrows when any company offers such a large discount that theres something a bit amiss

and the whole thing needs a closer inspection

 

have you sent them an sar to get ALL the statement and ALL the documents?

 

I would be doing this and telling them so in that letter you are going to write stating that you can never agree to anything without providing the full picture to your legal advisor.

 

that should stall them a bit...

 

Thanks

I haven't the details on me you ask but will post up shortly when I get back,

 

 

I haven't sent a sar but they have provided me with a lot of information,

but I only really asked for details on the marketing and sale costs etc and when my ex handed the keys back!

 

I'll get back shortly.

 

Many thanks

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Thanks

I haven't the details on me you ask but will post up shortly when I get back, I haven't sent a sar but they have provided me with a lot of information, but I only really asked for details on the marketing and sale costs etc and when my ex handed the keys back!

I'll get back shortly.

 

Many thanks

 

I would suggest you send the SAR to get hold of all information on the mortgage file and everything related to repossession.

 

I am not convinced the person dealing with this at Leeds BS has really thought about the legal side of things. I don't think they can reach a separate deal with you, that is unfair on your ex-wife. If this ends up in court, then i am not sure this arrangement with Leeds has any standing.

 

Mortgage lenders usually have some form of contingency insurance and part of this is that they have to chase for shortfalls. This is why they can be open to F&F deais for a fraction of the debt, as they are taking the best lump sum offer of repayment in the circumstances.

 

Have you gone through a financial settlement with your ex-wife ?


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Financial settlement and divorce 2016. Very simple as neither had money!

 

As you say I think I need to start again,

send them a SAR.

 

 

This will also give me the opportunity to sit back and rethink (with the help from here) my next move.

 

Thanks for all your advice to date.

 

I will fill in the missing details on last payment and repossession date etc on my return home.

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Surely the settlement also considered liability for debts ? Were they disclosed ? I would find it strange that the repossession shortfall was not considered at all.


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Sorry, when I settlement there wasn't any legal settlement.

Just a basic split of what was in our joint account agreed between us.

 

She had nothing and so did I other than large debts and negative equity in the house!

 

We divorced and never really spoke again!

 

 

Sounds ridiculous I know especially with all this outstanding

but I wasn't in a good place

and she just buried her head in the sand

and is still doing that to this day!

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In this situation, if it were me, i would seek advice from someone who knows more about debt issues after divorce.

 

I can't see that you can buy off Leeds BS with a reduced settlement and then legally they can just go after your ex wife for half of the shortfall debt.

 

 

There is no legal settlement concerning this mortgage debt.


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I see exactly what you are saying, my thoughts now are that my full and final payment would settle the whole debt if ever agreed?

 

As you say now you mention it,

how could this be fair ex wife then pays nothing?

 

I might just ask them to explain how this works (I'd it does) and run this past a legal person.

 

I will certainly be asking the question.

I will let you know what is said.

Thanks unclebulgaria67

 

They've tried to pull a fast one!

 

I'm actually very annoyed I've fallen fall this!

 

This just shows the value of speaking to people on here!

 

Of course any money I offer would be full and final settlement!

 

It wouldn't be just from me it would be a joint agreement!

 

I suppose so be it! I'm going to speak with them Monday and send the SAR and start again.

Thank you

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It would not be a bad thing for the whole mortgage shortfall debt of £70k to be written off for £5k.

 

If that is what they are offering, then Leeds need to draw up a document with this offer.

 

You have to consider that these mortgage debts can be subject to court action under limitation act for 12 years.

And then after a CCJ, they have 6 years.

 

So in theory a very long time for you to be chased.

There was a case on here a year ago back where a mortgage company were still chasing a debt from about 1998.

Again a divorce sutuation, where one party had made a small payment to debt collectors years later, extending the limitations period further into the future.

 

Leeds BS would probably be in loss situation with a £5k settlement given cost of selling the property and other costs.

If they are willing to offer you full settlement for this amount in writing, you should think about it.

Even if it means you are paying a contribution for your ex-wife.


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I totally agree and have no objections to clearing the whole debt for the both of us if a reasonable amount can be agreed.

 

I understand the length of time this could effectively drag on and I'm mindful of this hence I'm trying to come to some settlement which ever way this works out.

 

I will once again speak with LB on Monday and clarify things.

 

As you say years ahead my ex wife could get in touch with them of a DCA make minimal payments and drag the matter on for years and years!

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Are you sure you actually spoke to the Leeds BS and not one of their DCAs ? I really cant see a mainstream BS offering this get out of your liabilities....infact its impossible being a joint and several Debt.

 

That would be a typical DCA attempt to get money from you.

 

And if it was the Leeds they should be reported to the relevant bodies.

 

Andy


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Yep, LBS a lady from LBS Secure Possessions,

they also record all calls so maybe I should speak to the relevant bodies.

 

Thing is as I've twigged yes it would get rid of my liabilities but also hers!!!!

 

An interesting trick,

because I've been refusing to pay anything until they contact her and I know what she is doing!

 

Obviously they can't get to her!!!

 

I will be pointing out in my next email what was offered to me and see what they say/come back with!

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Well I cant find anything at all on the Internet with regards to LBS Secure Possessions

 

Is this the number you called n (0113) 225 7972 or (0113) 225 7973 ?


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Given what you have just posted yes......as for what they are actually suggesting..very dubious.


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Yep, LBS a lady from LBS Secure Possessions, they also record all calls so maybe I should speak to the relevant bodies.

Thing is as I've twigged yes it would get rid of my liabilities but also hers!!!! An interesting trick, because I've been refusing to pay anything until they contact her and I know what she is doing! Obviously they can't get to her!!! I will be pointing out in my next email what was offered to me and see what they say/come back with!

 

What i would suggest you do is send a simple vague email to them. Something like.

 

Further to previous communications, having had the chance to obtain advice, i will need you to confirm full details of your offer to me in writing, so that it can be fully considered.

 

Then see how they respond. Better for them to make the offer with more details. They might not be keen to do this and if so you would respond that it is up to Leeds to confirm the full basis of any offer, so that the details can be looked at, taking any advice needed.


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I agree, will be finding out next week hopefully.

Thanks all for advice so far!

 

Good points,I am planning to do that Monday. Thanks

 

What i would suggest you do is send a simple vague email to them. Something like.

 

Further to previous communications, having had the chance to obtain advice, i will need you to confirm full details of your offer to me in writing, so that it can be fully considered.

 

Then see how they respond. Better for them to make the offer with more details. They might not be keen to do this and if so you would respond that it is up to Leeds to confirm the full basis of any offer, so that the details can be looked at, taking any advice needed.

Thanks

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emailed response from LBS secure, not sure what to make of this?

 

I never discussed £20k payment?

I said I would make an offer of what I could afford which would be nowhere near that amount.

 

What do people think to the response?

 

Good morning

 

Thank you for your email.

 

Please find attached details for you to apply for a Subject Access Request as mentioned in your email.

 

The Society strive to ensure to treat customers fairly and treat each account on an individual basis, where we have a loss with two parties who are no longer together, we try and achieve the best results for all parties involved.

 

As advised on our telephone conversation, whilst the account remains a joint liability, I am able to offer settlement which releases you from personal liability to the account.

 

Upon receipt of agreed funds, we would pursue the remaining balance from the other named party and the account would read as “settled” against your details. You would receive written confirmation that the Society no longer consider you liable for the account and the credit reference agencies are updated on your personal information only.

 

Please note that there is no legal obligation for the Society to accept reduced settlement for any parties to the mortgage.

 

Our offer of £20,000.00 in reduced settlement has been calculated to release you from personal liability only against the outstanding balance of £70,127.97 and our records would reflect this.

 

I trust this clarifies the Society’s position in this matter and confirm the account will be held in abeyance until 28th February in order to allow time to obtain the Subject Access Request.

 

Kind regards

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get the sar done


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They can't release you from liability as a separate deal, as it is a joint debt with your ex wife. I don't think i would respond to this email yet and to take time to think over next step.

 

Agree get the SAR done.


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Hi,

It has been a while since I’ve posted on here,

it’s taken this long for the sar to arrive which it did this Saturday!

 

Due to issues with disclosing my partners information address etc etc.

It’s approximately one door high pile of paper from the beginning of the mortage and includes all information they obviously hold on me and my ex wife (her information and Address is actually only tippexed out!

 

The outstanding shortfall is still the same amount of £70k

they are still stating “in writing” a full and final settlement “individually for me ONLY” can be agreed @ £20k

 

However I believe any agreement I come to settles this for my ex wife too!

I obviously do not have that money but could possibly raise £6-7k from my parents

I have a number of questions to ask. And hopefully somebody can point me in the right direction.

 

1) They will not except £6-7k and an agreed monthly payment for a no of years it has to be £20k all in one lump sum.

how do I approach this?

I haven’t put any offer in writing just spoke briefly on the phone about what my options are moving forward.

 

2) There is a mountain of paperwork that I could really do with a professional looking at,

does anybody know of any Company / Solictor in Leeds I can make an appointment to see?

 

I don’t feel I’m in a position to negotiate this with the Lender on my own.

Obviously I can find Solicitors and have spoken to one but ideally I’d need a company who specialises in this.

I hope somebody can help me!

Many thanks in advance.

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Are you in a position to go bankrupt?

If so I would seriously considered it...why?

 

This will drag on and on, you can't contact your ex directly so how are you going to sort this ?

 

Please note this is my unqualified opinion,

I'm sure the experts will be along to advise.

 

It looks like a good idea to me but of course could be the worst thing.

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Bankruptcy isn’t really an option due to my business!

 

I have a number of trade accounts and these would be affected.

 

I Have considered the pros and cons and wouldn’t really be an option,

I have moved on with a new family and 3 year old child and the impact may be more damage than the current situation

however it may end up being the only option I have.

 

My priority is to try sort this out and move forward as best I can.

 

I understand your comments and thanks, a fresh start with bankruptcy may be the only option I have,

however with no assets and currently renting a property nobody would benefit from sending my Bankrupt it would be a decision I would have to make.

Thanks

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