Deed of Assignment

[Imagination75]

Three years ago I settled a mortgage debt with Northern Rock with the help of the CAB. At the time my mental and physical health would not support an application for any type of meaningful job, (more or less the same today) so they eventually asked for £500 in full and final settlement. The letter from their solicitors on 29th April 2004 confirmed that:

 

"Accordingly, subject to you signing and returning to us the enclosed form, we confirm on behalf of Northern Rock plc, that you have paid the sum of £500 in Full and Final Settlement of all claims that the Northern Rock plc may have against you in respect of your personal liability to repay the Mortgage Account specified above."

 

Going on to say: "May we take this opportunity to thank you for your co-operation in bringing this matter to a mutually satisfactory conclusion."

 

Needless to say, the form was duly sent back to the bank via their solicitors. The form was one of those that was signed to end any claims from my end, there being debate over some personal valuables that I was unable to recover from the house before it was repossessed.

 

Then I today receive this letter from Asset Recoveries asking me for £30k, and one from Northern Rock in the same envelope stating that the debt (as of 30th November 2006) has been sold to this recovery company.

 

Rather than give voice to my own suspicions, I will let you draw your own conclusions.

 

Many thanks

[Imagination75]

Hi Mr mmmm and Imagination 75,

 

Ok, I received correspondance from the same company with respect to the same mortgage company as both of you (my debt also sold 30th November 2006!!!) within the last week.

Is this weird or have this company gone and bought a whole load of debt from the Northern Rock and is now chasing everyone at once!?!?

Please read my thread called "DCA approach after 5 years" and read the letter I received. Is it the same??

Thanks.

Your situation was almost identical, except that my mind had gone for a wander while I was supposed to be working to pay the mortgage. The letters are both dated 15th June, referring to a balance as at 30th November 2006. This balance does not reflect the monies passed on to the Bank by their solicitors. It is also clear from their correspondence that Henderson's were fully empowered to act for them.

[Imagination75]

As you have quoted from the letter... I assume that you still have it. If your offer was accepted in Full & Final settlement, then that's the end of it. It sounds as if Northern Rock's solicitors were slack in passing this info. to Northern Rock.... or NR haven't filed their info. away properly. In any case, no-one should be pursuing you for anything.

 

A suggested letter to the DCA would be :

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOUR COMPANY.

 

With reference to your letter of xx/xx/2007, a full and final settlement was accepted by ????? on xx/xx/2007 which ended my lilability with Northern Rock

 

Yours faithfully/sincerely.

 

 

(Attach copy confirmation of the letter you mentioned and send by rec. delivery).

Thank you. That was about the same as my intention, and i am glad of the wording.

 

I will do this on Sunday when I have calmed down a bit!

[Imagination75]

My letters also dated 15th of June, unfortunately I have no agreement. Out of curiosity how much did you have outstanding on your mortgage, if you dont mind me knowing. Also, how did you finally get them to agree to settle at £500.

Thanks.

I went to the Citizen's Advice Bureau. At the time, I was on income support with an incapacity supplement, gradually recovering from my breakdown in November 2002.

 

My house was repossessed in April 2002.

 

In early 2004, I could have declared myself bankrupt for £250 with no court fees, so this was the offer that the CAB made on my behalf. Probably knowing that the 2004 budget raised the bankruptcy charge to £500, they accepted that. They got £500 instead of nothing. I already had the bankruptcy paperwork from the court, and was quite prepared to do it. I still would, if push came to shove.

[Imagination75]

I think that Fairmile Recoveries LLP has only just been formed.

 

This list shows newly incorporated companies on or just before 30th May 2007:

 

http://www.gazettes-online.co.uk/download.asp?docId=1204223

[Imagination75]

An amendment to the last posting.

 

On 12/06/07 Fairmile Recoveries UK Ltd changed their name and Registered Office from Fairmile Lane, Cobham, Surrey, to the present address and name of Fairmile Recoveries LLP, company number: OC320017. This is from: www.companiesgate.co.uk

 

I am not sure about the relevance of information like this, although I can see how the frequency of DCA companies changing names and asset registers would confuse any debtor past or present, and add to the pressure.

 

As to what Northern Rock have done, they certainly wrote my debt off many years ago. So I don't think much of magically reinventing a financial amount, when their profits took a hit at the time as part of the legitimate cost of operating a lending business.

 

Although I in no way am going to be drawn into any argument about how much Fairmile (if indeed it is they) have paid the Bank, it would be interesting to be a fly on the wall at a board meeting where the directors realise what rubbish has been sold them.

 

Personally, I don't think they have yet bought the debt. I think that Fairmile, as an arm of Asset Recoveries, are doing what they can to tweak money out of as many people as they can. A lot of people are ashamed of unpaid debts, even where F & F S's like mine have been reached, and will do anything possible to ease their conscience. After a while, they will have some money, an idea of how much they can get out of the rest, and will then do a deal with Northern Rock.

 

I have no such compunction about my debt, because the house was oversold, overmortgaged, the surveyor didn't believe it was worth the money 12 years after I had bought it, and the way they treated me during the repossession period was scandalous and undoubtedly led to my breakdown.

 

I lost numerous items that were dear to me and will neither forgive or forget.

 

No wonder I am still receiving psychiatric help! :)

[Imagination75]

My letter of reply sent today.

 

Many thanks for your help - I will keep you informed.

 

.................

 

By the way, my parents thought that I had been keeping this from them for ages, without letting them know - in the same way Ikept secret my alcoholism years ago.

 

Great! I have built back up a level of trust in my ability to run my life, and now they think I am losing it again!

Karen GillC Penrose.doc