Old HSBC joint secured Loan - Sold to Lowell, who wrote off debt in 2015 - trying to sell home.

[imratherconfused]

Hi there, 

 

I really need some help please!!

In 2013 HSBC sold a secured loan to Lowell financial services (but bizarrely they didnt transfer the charging order to Lowell). 

 

The title deeds of my house say that the charge is still in favour of HSBC. 

I was never made aware of the sale to Lowell until I went to sell my house last week - when I contacted Lowell I found out two things: 

1. Lowell have absolutely no record whatsoever of my ex-partner who was also a signatory on the secured loan!???

2. In 2015 Lowell financial wrote off the debt as "Unecconomoical to recover" - thats what their internal systems say. 

 

I asked Lowell to send me a letter confirming that the account was closed and settled in full and they very kindly did this!!

I thought that this would be the end of my woes with Lowell however they are saying they wont authorise the removal of the charging order from my house unless I "Agree to reopen the account" (that they closed) and pay it in full??!! (After 7 years of no contact!???)

All this despite me having a letter from them saying it was "settled in full" and a "zero balance".

What are my options? 

Obviously there was an outstanding debt originally but they have closed the account and if they are going to re-open it surely they should be chasing both my ex-partner and me jointly and not just me!?

Any advice would be greatly appreciated!!!

 

Thank you

[mantis shrimp]

Is the property jointly owned?

 

If so, search here for "Restriction K", and read up on what you can do.

[imratherconfused]

Hi there, yes the property is jointly owned by my ex-partner (who also signed the original secured loan agreement). 

Also Lowell have sent me letter stating that the account is closed (it was closed in 2015 by them stating "unecconomical to recover") 

I'm really confused by all this!!

[mantis shrimp]

I have done the search for you. Read this:

 

 

I Want To Sell My Jointly Owned Property With Boydriend Who Has A Restriction Charge Registered Against His Beneficial Interest. - Sale/Purchase

FREECONVEYANCINGADVICE.CO.UK

---

We want to sell our property. And pay back our mortgage in full. But not the other restriction charging order on my boyfriends beneficial in the prope

 

[dx100uk]

Can't be a restriction k ..the charge is as a result of a secured loan taken out by both owners of the property at time.

 

Sadly no other option bar to negotiate a low f&f.

 

Dx

[imratherconfused]

Thanks for this - but what about the fact that Lowell have absolutely no record of my ex-partner who also signed for this loan?? 

Surely they should be amending the account to chase her for the money as well as me?

[dx100uk]

Nope the charge and its wording is all they need and explains everything 

 

Dx

 

 

 

 

[mantis shrimp]

Yes, sorry, dx is right.