Jump to content


  • Tweets

  • Posts

    • it is also unlawful to change the ownership of a vehicle [or goods] to avoid enforcement action upon them. and this was done after you had already replied to the council regarding the outstanding ticket(s).   be careful upon pursuing a resolution arguing this point.   you could have quite easily changed ownership to gain a parking permit some months previously when getting the first windscreen ticket.              
    • I would start off by sending the bank an SAR. Which bank is it?
    • I agree with you DX100, but N/W don't want to play ball and send a copy of the agreement after 3 requests.  How will this stand if it goes to Court?
    • Sorry if this is in the wrong section as not sure where exactly its best suited.   So, we got the bank statement the other day & noticed 23 separate Xbox in game credit debits for Fortnite for £7.99 each over a 4 week period.  Now the daughter insists she didn't order anything.  And whilst most will say "of cause she would and just denying it etc" well, I'm not going to say I believe her even though I'm assuming using real cash to buy in game credit comes with a clear notification that your using real money (and stating the amount each time) to buy such in game credit.  And whilst I still need to check the Xbox security settings to see if as I think I did, I did set a security pin for purchases a few things are puzzling me on a legal footing and that mainly what I want to ask about.   As the bank statement indicates the card in question is an old card I had replaced and cancelled a while ago, about the time these transactions started.  When I ordered the new replacement I asked for the previous card to be cancelled.  2 weeks later I had to report the replacement card stolen\lost abroad and ordering another again asking for that card to be cancelled to prevent unauthorized use and money being taken from the bank account.   So, in the first instance I've already contacted the bank to enquire how and why they have allowed payments from an old debit card I had replaced and cancelled?.  They suggest that the card was never cancelled when the replacement was ordered and that the old card would remain valid until the expire date in a couple of years time!!!.  I asked them how on earth this can be the case as the replacement card has a completely different number and ordering the replacement should trigger (as per my request) cancellation and usage of said card.  The bank is suggesting otherwise as because the card was valid when setting up Xbox live that the card can always be used even if replaced regardless of reason it was replaced or if we cancelled the card.  They justified this action by saying the payments are continuous payments (similar to direct debit) and that's why they went through and referred me to Microsoft.   I pushed the issue and said they are not continuous payments but single individual 1 off payments that by nature (in game credit) and the number of payments (23 x £7.99) they could never claim them to have been continuous payments as a pre existing agreement for such payments for the game in question would have to exist and have existed when the card was valid which it doesn't.  And therefore these payments should not have been made because they are neither continuous payments and come from an old debit card that was replaced and cancelled.  The bank sort of agreed that these payments maybe are not continuous payments yet are now unsure where I stand.  So I have been referred to there disputes department.   Feeling I'm going to get the same run around on the rights over taking payments from an old replaced card that was supposed to be cancelled, I'm wanting to know what members think on a legal footing?.  As its like the bank saying I can use the same old & replaced debit card details to order items online because its still in date even if replaced & cancelled which I find highly unlikely!.
    • Update: PE has since sent their defence in the post, quite a few pages, but nothing stands out as unexpected/tricky or beyond some of what I've seen in other standard defenses from them (at least based on a quick glance, going to make time to read it in more detail and prepare a response during xmas hols).
  • Our picks

MacDave

Shortfall turned into 2nd, 3rd, 4th & 5th charges on a property

style="text-align:center;"> Please note that this topic has not had any new posts for the last 506 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hello, i'm new here having only just discovered this site

 

I have a residential property with a mortgage in only my name which is all upto date with no arrears.

there is about £145,000 equity in it.

 

However i have 4 other charges on the property ( so total 5 inc initial lender)

 

these 4 arose out of BTL props that "went wrong",

banks sold the properties off way cheap, leaving shortfall debt which they then turned into secured charges.

 

the total of the shortfall debt is approx £390,000, yes i know , its huge, ( as i said the banks gave the props away)

 

so i have £145k equity v £390k shortfall

 

some questions:

 

If i try and sell the property what will happen?

 

( from a maths point of view if i did sell the property the 1st (Original) and 2nd chargeholder would be paid in full but there would no be anything left for the others)

 

and if i try sell the property, can the 2nd,3rd,4th or 5th chargeholder block it?

 

what else could i do?

 

 

TIA

Share this post


Link to post
Share on other sites

How did they manage to secure the shortfalls on your private residence ? and why not on the BTLs ? After all the mortgages would have been secured already on the individual BTLs?

 

Andy


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

Andy, the BTL props were possessed by the lender after the mortgages were defaulted on. ( Long story (personal), not really relevant now , fact is they all ended up in default)

Then they were sold very quickly at way under market price, hence the shortfall on each BTL property

 

there were actually 2 separate lenders , one had 2 props, the other had 2 props as well

 

How they managed, i'm not sure , i wasnt living in the private residence property at the time, that was rented out, i was living in cheaper (rented) accommodation

 

but they managed to turn unsecured shortfall debt into secured charges ( the courts just rubber stamp almost anything as regards to mortgages/charges i've been told)

Share this post


Link to post
Share on other sites

So basically they issued court claims...you didnt defend for what ever reason...default judgments......now secured on your personal property by way of charging orders ?


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

yes correct,

Share this post


Link to post
Share on other sites

Roughly when did the repossessions happen...over 6 years ago or recently?


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

The actual possessions were over 6 years ago, not sure exactly.

 

I would have to check as to when they finally sold/completed

, but the charges only appeared 18 months ago

Edited by dx100uk
Spacing

Share this post


Link to post
Share on other sites

"Some people tell us the mortgage company didn’t get in touch at all about the shortfall until months or years after the repossession - or has suddenly got back in contact. We’ll consider whether it’s fair for the lender to continue to recover the money - taking into account the time limits that apply and any contact that’s been made in the meantime."

 

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/mortgages-shortfall.html


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

thanks for that..

 

what i dont know at this time is all the dates involved ,

 

all i know was that

a) the props were taken after default,

b) they were then up for sale and

c) i ended up with charges to do with the shortfall

 

for sure i've had no contact with them for over 6 years now

Edited by dx100uk
Format

Share this post


Link to post
Share on other sites

also, is there anything else i can do ( see original post) as i really just want to sell this property now

 

( in case the ombudsman service can't do much for me)

Share this post


Link to post
Share on other sites

And you didnt do anything when you received notification of the charge from the Land Registry re Interim Charging Order ?

 

With regards to your initial question...the first mortgage always takes priority and is the main charge.

 

If there not enough left after sale...tough they should have done their due diligence and checked the equity.

 

But there are still further options open (subject to the age of the CCJs) for the Judgment claimant to execute the judgment...Attachment of Earnings (unless your self employed) Warrant of control to recover personal goods to sell...or..Third Party Debts Orders or even Bankruptcy.

 

See what the OB advise.

 

 

Andy


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites
And you didnt do anything when you received notification of the charge from the Land Registry re Interim Charging Order ?

 

Answer: no i did not

 

With regards to your initial question...the first mortgage always takes priority and is the main charge.

 

If there not enough left after sale...tough they should have done their due diligence and checked the equity.

 

Answer: yes that i understand but can they ( 2nd/3rd/4th) stop a sale initiated by me? because if they can then only way out then is to default on the first mortgage to force the sale, which may create more shortfall ( but it shoudn't as there is enough equity) but it will remove all the charges for the new buyer, and turn all the secured charges back into unsecured debt

 

But there are still further options open (subject to the age of the CCJs) for the Judgment claimant to execute the judgment...Attachment of Earnings (unless your self employed) Warrant of control to recover personal goods to sell...or..Third Party Debts Orders or even Bankruptcy.

 

See what the OB advise.

 

 

Andy

 

 

see above for my answers

Share this post


Link to post
Share on other sites

They could make it difficult...shouldn't stop the sale if an agreement can be reached with the others..but you need a good conveyance solicitor and research primary mortgage lender....and priority.

 

Saves me typing the following out......

 

https://beatmydebt.com/self-help-guides-resources/charging-orders/selling-your-property-with-a-charging-order


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

Final word......out of interest ...was it the banks who got judgment.... placed the Charging Orders or DCA numpties ?


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites
Final word......out of interest ...was it the banks who got judgment.... placed the Charging Orders or DCA numpties ?

 

it was the banks

Share this post


Link to post
Share on other sites
They could make it difficult...shouldn't stop the sale if an agreement can be reached with the others..but you need a good conveyance solicitor and research primary mortgage lender....and priority.

 

Saves me typing the following out......

 

https://beatmydebt.com/self-help-guides-resources/charging-orders/selling-your-property-with-a-charging-order

 

Not sure how an agreement can be made with the others, if the property is sold at market price, the other charge holders stand to receive almost nothing so why would they agree? i/they can't make the property worth more than its market value.

 

On the other hand, if i just stop paying , hand the keys back (as in go down the Voluntary Repossession route) the primary mortgage holder can sell the property without recourse to the other chargeholders so they (the other chargeholders) will end with nothing anyway, i would imagine.

Share this post


Link to post
Share on other sites

It is possible...if you can get the " others " to accept a payment arrangement and explain the alternative option if they dont..they may agree by consent order to remove the charges....they always have further options if you failed to honor the agreements as stated in post #11 above.

 

But see what the OB advise if you can show that the judgments were placed after 6 years from the repossessions.


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

would i have to apply to the court to get the " consent order to remove the charges." ? ( assuming i can get them to agree )

 

and yes i will be contacting OB about you pointed out

Share this post


Link to post
Share on other sites

No the Judgment claimant facilitates the Order.


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

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...