Home repossessed -topaz now asking for shortfall

[Sirbob00]

Hi

Sorry for the delay in replying.  Still recovering from a chest infection that has wiped me out again.

 

I’ve just read the guidance on a SAR and it mentions excessive.  I’m guessing 6 years since the last one isn’t classed as excessive.

 

Also for some reason I can’t find the agreement which I know I had although over the years with the children in/out of the cupboard where it was it’s likely bits of it have gone missing.

 

I’ll post the SAR request off today asking for all documentation relating to the mortgage from the application to the repossession and everything in between.

 

Many Thanks for your helo

[Sirbob00]

Hi.  Just a quick question.  I’m just sending off the SAR.  Unfortunately due to death of my grandma and the funeral yesterday I’ve been sidetracked.

 

As they have written to both myself and my husband separately do we both send a SAR request or is just one sufficient?

 

Thank you and Happy New Year.

[dx100uk]

you both sign one copy

[Sirbob00]

Thank you.

 

Am I allowed to put in the SAR request to just deal with myself.  Things like this cause a big decline in my husbands mental health and I don’t want to go back to him wanting to consider doing something stupid

 

Thank you

[dx100uk]

You are both on the agreement both have to agree to the sar request. Where it goes from there and from which of you... plays no part 

 

Dx

[Sirbob00]

Hi.

 

I have received the information from the mortgage company (SAR).  

 

You asked me to scan the agreement.

 Would that be the mortgage offer?  

 

For whatever reason there is no mortgage application form.  

 

Apparently they wrote to us in October 2007 saying they can confirm they don’t have our mortgage application form but did enclose the mortgage conditions and a blank copy of the mortgage application form.

[dx100uk]

sounds like dodgy paperwork to me... an application form is not a mortgage agreement! signed by both of you.

 

pers i'd await and see what they do next....

 

or just say stuff 'em, and sit on your hands until/unless (ever)  they are ever brave enough to send a letter of claim with a reply pack.

[unclebulgaria67]

Always tricky for creditors to obtain mortgage shortfall debt repayment.

 

Because as soon as they try, they know many people will go down the bankruptcy route and they will then get very little.

 

As dx says, wait to see what happens, as usually it appears creditors will hassle debtors in writing periodically, just to see if they can gain any response.

 

If your finances have changed for the better over recent years and you have more at risk, then you might want to get further qualified advice. 

[Sirbob00]

Hi.  This is the first letters since around 2015.  Unfortunately finances aren’t better.  My husband receives ESA and PIP, I claim carers allowance, our home is rented and our car is on motability.  From May money will drop by around £700 per month as our daughter with special needs turns 20 so we will receive no tax credits or child benefit for her (she also receives enhanced rate of PIP) and from September we loose another £300 as our youngest daughter is off to University.

 

I did note on their comments a vulnerable marker for my husband.  That hasn’t changed, in fact he’s worse.  Last October I had to quit my job as due to Covid my employer changed all our hours from working Monday - Friday 9-1 to working 5 out of 7 between the hours of 8-6 which initially wasn’t a problem as my daughters were at home doing online learning but then they returned back to education which meant nobody was at home to help my husband.

 

I don’t know if I should just wait for the letters and them saying an agent will call or just write and say we have absolutely nothing to offer and all this just makes my husband worse.

[dx100uk]

It would only ever be a ccj attempt, and you'd be easily able to defend esp with no paperwork!!

 

Let it run.

 

Dx

 

 

[unclebulgaria67]

FCA's Mortgages and Home Finance: Conduct of Business sourcebook (MCOB), says that a lender 'must deal fairly with any customer who has a mortgage shortfall debt'. A lender does not have to recover a shortfall debt, but if they do, they must tell you in writing, within six year of the date your home was sold.

 

So dates of correspondence are important.

 

 

[Sirbob00]

They did write to us in 2015 after the sale of the house saying they were intending to collect repayment but since then nothing until December 2021 so I guess they did make their intentions clear within the 6 year time frame.  

 

I’m unsure of the letter stating they didn’t have the application form as this was in October 2007 which was roughly 10 months after we completed the purchase of the house and I hadn’t asked for the application form.

 

I shall wait and see what happens next.  Thank you for your help.

[dx100uk]

let it run.

 

dx

 

[Sirbob00]

I’ve had a look and don’t think I’ve posted about this.

In 2014 our home was repossessed. No payments made since May/June 2014. Husband became unwell, lost job and everything went wrong.

Ive kept them updated each time we have moved and yesterday my husband (was a joint mortgage) received a letter from them chasing the outstanding amount of roughly £50,000.  It was an interest only mortgage.

Im unsure how to deal with this.  

I deal with everything on his behalf due to his physical and mental health problems,  

They are asking for us to pay the outstanding or come to an arrangement to pay.  

They have enclosed an income/expenditure form to complete and if we don’t respond in 14 days they’ll send a field agent to the house.  

They have also said they’ll contact his employer or apply a charge to our property.  

Husband hasn’t worked since becoming unwell and we rent through a housing association.

Could I have some help please in responding to them.  I’d rather nobody called round and we have nothing to offer them.  We live off Universal Credit, ESA and PIP.  
 

Many Thanks

[dx100uk]

you've posted 3 threads before about this very topaz shortfall with gaps in between each new thread and we've merged them before

this time again, ive merged your new thread with the existing ones. 

i suggest you now go read it from post 1 here.

you are only 2yrs away from SB time and thats why they're chancing their arm you might fall for their threat-o-gram.

i doubt very much it says WILL do anything .

ignore them, 

[Sirbob00]

Apologies.

I looked under my Username and I could only see my topics about Picture and Police contacting my daughter about an alleged accident.

Ive read through the post and now I remember they couldn’t supply the actual application form and they sent a blank once and a copy of the T&C’s.

Is it worth me writing to them stating I don’t want any field agents calling and to keep all communications in writing and maybe asking the to supply a copy of the completed application form.

Many Thanks 

[unclebulgaria67]

Don't engage with them at all.  If you do, they may think they have someone who is so anxious that they might start paying something towards the debt.  Which would be a mistake, as that would mean resetting the stature barred clock.

A field agent, is just someone on a commission, who is likely to knock on the door once to see if they can talk to the debtor and encourage them to sign a payment agreement form.  Which of course you should not do.  They have  no powers.

If they attend, they will ask if Mr B Bloggs lives at the address.  Just tell them that you have been advised never to discuss any personal information with anyone just turning up at your doorstep.  Politely ask them to leave and close/lock the door.

[London1971]

Just ignore them, doorstep agents are a nothing burger. Stuff all this can do to you aside going for a CCJ which you should be able bat away without too much bother. Until then it's all just idle threats.

[Sirbob00]

Thank you 

Im just worried about the stress that debt brings.  Apart from a secured loan from Picture all other debt is long statue barred.

Im guessing as they have 12 years to chase they can still try and get a CCJ even after 10 years 

[London1971]

Yup debt can be stressful, but they have done their worst,  taken your house, and your still alive and kicking. Compared with that , what they are threatening you with is laughable. They are just hoping to give you a fright, even if you offer them a fiver they can rub their hands with glee at the thought of the statute barred date being reset to infinity.

If they go down the Claimform Route, it's likely to be very unproductive for them as any judge would take one look at your finances and they would be lucky to get £10 per month from you. Besides it would probably be easy to bat away anyway. These DCA's are never prepared for people actually defending themselves.

 

 

 

[Sirbob00]

It’s the actual mortgage company that’s writing to him.  Will they likely pass to a DCA?

We have had the same letter about 3 times before just stating their intention to claim the money back but we’ve just ignored them.

[unclebulgaria67]

They know that shortfall debts after repossession are mostly never recoverable, because the debtor is never in a position to make any repayment which is worthwhile. The goal is to get a payment which resets the stature barred clock. Then they hope the persons financial circumstances change, so they have something to go after.

Someone I know had a shortfall debt of about £30k and they managed to negotiate a one off full and final settlement of about £2k. They just wanted to move on and not be hassled. But if anyone does this they have to be extremely careful with any communications sent, so get advice about how to negotiate full and final settlements if this is way they want to pursue.

[London1971]

Exactly, it's not worth anyone taking the OP to court because no judge would ever require them to pay more than £50 per month, very likely more like £10, for that level of return it's pointless pursuing.  I'd say differently  if they owned a house or had significant assets, but in their position, they have nothing to lose.

 

 

[Sirbob00]

I was pretty sure I’d updated Topaz when we moved 9 months ago but couldn’t find proof of posting so I wrote again just to make sure.  Husband didn’t sign the letter just putting his initials and surname.

They’ve replied back saying they can’t verify his signature so need to call them.  I’m guessing this is just so they can talk to my husband.  Does he just send another letter informing of our address and sign it.

Thank you

[dx100uk]

no dont have to sign it.

ignore them

dx