Loan Maker Broker/Advantage/ADV2/Paragon/MARS - Secured 2nd charge debt consolidation Loan May 2007 - still owe more than i borrowed!!

[morgan8080]

I have had so much help on here in the past with Halifax and Paragon.

After my win in court last october with Paragon they sold the debt to Mars Capital.

I haven't had much to do with them yet but i know they are a vulture fund, they buy these loans at a cost. I want rid of it.

The original loan was £35 k and paid in multiple payments to people i owed money to and some to me.

Ive had high levels of arrears for at least 10 years i think .

Are they adding interest to my arrears? does it go on balance - it says i now owe £54 k when i have been paying since 2007.

I have high levels of chargers on there which i need to add up and ask to be deducted.

If i worked out how much i had paid and offered them £12k or less are they no likely at all to take it or will they still expect £54k.  

I want to offer a lump sum to get rid of it this year but there are so many issues with this loan -

i SAR them back when paragon had it but i don't want to rock the boat

- but if they don't have the credit agreement do courts still view this as unenforceable ???

should mars keep to the same rate that the original lender took loan out for??

 I have threads on here going back years - the loan was with Advantage then to ADV2 then paragon now Mars Capital , a company called loan makers sorted out the secured loan - they were not paid by myself the fee was put on the mortgage / loan i think

[ericsbrother]

any improper fees and interest accrued upn those fees is recoverable by you from the people who are the creditors. So if Paragon added unlawful fees you claim them back form Mars.

 

Get your SAR's in to everyone involved in this mess and then note any charges, fees ect and  we can help you calculate the interest accrued. It may well be that Mars paid very little for this account  and when hit with a claim for £35k unlawfuls fees recovery they may just cut thier losses and drop any interest they say  have

[morgan8080]

When I was in court last year with paragon and suspended possession order when they were going for eviction they stated the high levels of arrears and were told off by the judge as to why they let it get so high and only just acting on it now

.. I won by skin of my teeth but I think they sold it off as soon as they could after that. 

If , once I have worked out all fees etc in coming months and interest and I hit them with a figure

- if they refuse it am I in a position to take them to court ?? 

[aesmith]

Just thinking about this from another angle, if I understand this correctly this loan is the only one you have secured on the house. 

If that's correct then £35K is quite small by mortgage standards. 

 

Could you take out a more conventional mortgage at a sensible interest rate, and pay this loan off? 

Or are you tied in for the term? 

 

 Even if there were early repayment penalties it might still be worthwhile given the high interest rate mentioned earlier.

[morgan8080]

Hi no I have a mortgage with Halifax too and my credit rating is terrible so there’s no way I would get a remortgage. 

[aesmith]

If your record with Halifax is good it might still be worth asking if you could take "additional borrowing" (that's what Lloyds called it when we extended our mortgage). 

 That's assuming there's enough equity in the house, and also that your income meets their affordability criteria. 

 When we took additional borrowing we were also allowed to take it on a longer term than the existing mortgage. 

[morgan8080]

Unfortunately our credit is too bad and we have arrears and pay under a possession order for Halifax too 

[dx100uk]

yes you can take them to court for the fees.

here is your agreement extracted from an earlier photobucket link

which you might like to close now as your full name is in the account name there.

 

2007-06-14 Advantage Signed Agreement.pdf

[morgan8080]

Hi am still on with this.

Am wanting to SAR Mars soon and work out charges etc , what I've paid and the balance ..

i know they are saying it is 50k plus over 25k arrears?

i am wondering if they bought it cheap would they perhaps when hit with it all , agree a pay off???

I really need advice here as i want to finally sort it.

I know that going down unenforceable route is a no go but what else can i do them for??

[dx100uk]

you need to get all the info 1st then we know what cards we are playing with.

 

dx

 

[morgan8080]

Thank you .

Is it SAR I need.

 

They are the 4th maybe 5th ( can’t remember off top of my head ) company to have this debt... will they have everything 

[ericsbrother]

they may owe you more than they paid for the debt, wouldnt that be sweet

[morgan8080]

It would be but I won’t know what they paid for the debt

Or will it be under SAR?

[dx100uk]

you've already sent an sar .

you need to await the information.

 

yes ofcourse they must hold everything

else how can they so confidently rook you upon supposed arrears.

now you'll never get to see the deed of assignment sadly 

 

lots of threads here 

get reading up

 

mortgage charges reclaiming.

 

dx

 

[morgan8080]

I had a SAR about 6 years ago from paragon. I havent sent for one from Mars yet.

 

not sure what you mean about what they hold about me hence ‘rooking me on arrears ‘

sorry xx

[dx100uk]

good so get all the info from mars and see if it matches the old sar data.

wouldn't hurt you too sar advantage too.

get every piece of info you can then hit back

this cash only? secured 2nd charge loan will be mostly unlawful penalty fees and bogus insurances.

tha'st called rooking.....the arrears are false.

[morgan8080]

They said I have a shortfall of £25k what does that mean .:: Is that the arrears 

[dx100uk]

not it's not arrears.

just they trying to be cleaver by using words and terms that do not apply to the crap they are going on about.

 

a shortfall is where a secured loan or mortgage fails to be settled after the property that it was secured against has been repossessed and the latter sale figure failed to meet the remaining outstanding debt it had secured against.

 

in you case neither are true.

 

sadly throughout this whole 10yrs thread

other than the agreement I did earlier, we haven't seen any paperwork like a previous SAR returned scanned up in full

so we don't really know anything of this 10yrs debacle, you just repeatedly disappear for a few years, then comeback again.

 

have you ever checked who's name is now on the charge on your deeds of the current property??

did

adavantage

advantage2

paragon

mars

 

...all successfully apply to have it changed to their name with land registry?

did you ever get a notice of assignment each time the owner of the loan sold it on.??

 

 

 

[morgan8080]

well .. i certainly don't understand saying that theres a shortfall

- my house isn't repossessed just has the terms on it as suspended. ??

i feel like calling and asking where this comes from but ill save it..

i wonder how they can call it that and lie???

also i still have equity 

in the ten years I've had a suspended possession I've always put a n244 in and fought with your help and last time the judge was not happy with them that they had let the arrears get so large so sided with me.. month later they had sold it on to Mars.

I fought them in 2014 after some errors on their part and had a solicitor but i had a serious mental breakdown so my dad agreed that i pay interest only for 6 months to which they agreed after we lodged official complaints of their conduct while i was in hospital 

I had then in 2014 paid £24595.20, charges £3874.42 ,

i have another 6 years of charges which i started getting more of and i think my payments are higher than they were too.

years ago i think it was paragon on my charging order - i may need to check

also yes they informed me of new owners of the debt each time

[dx100uk]

well time to take control and not be controlled.

send anyone/everyone an sar today

get every piece of info you can from everywhere.

then get reclaiming. hit back and hard.

get your deeds copy from the .gov.uk site ONLY (£3) 

and lastly one last time, as you appear to 'forget'...

you never ever ever ring or use email...

[morgan8080]

I have called and done payments over phone and spoke to them as I have been scared to rock boat again but we want to sell and move in the next few years and I want this out the way it’s ruled my life and finances too long.

When I do call though I ask if calls are recorded and I could request them.

what will I get with SAR..

I just got payment history and letters send last time I think 

Also just ordered my deeds to see the charging orders

[dx100uk]

well i'm not sure how many times we've said never ever call them in the 10yrs of this thread?

you don't have to be scared to rock any boat by not complying to their demands because they state crap to you to make you scared...

and you wont get any call recordings ever as they distort them afte 10 weeks.

 

stop ringing them ....never use the phone ever again in or out..even to pay them....now

you can pay by bacs transfer 

 

so find all you existing sar from before

get it all scanned up and put it up here so we can HELP YOU...

read upload carefully...

 

 

 

 

 

 

[morgan8080]

Checked the charges on property and Mars are listed so they must have changed it - nevermind 

 

another thing

- say that I've paid back £50k of the 35k loan - they will expect me to pay 148k in total as thats what it would be with interest am sure i read years ago??

 

how do i even try and get a low full and final payment figure when they can hit me with that.

.. i don't really understand it all

[dx100uk]

well i'd get all the info 

then we can help

without it..

as with the above post.

.it's mere this and that speculation...

 

 

[dx100uk]

open