Advice / opinions appreciated

[poppadom dog]

HI there - been a while since I've visited. I was repossessed about 18 months ago - have had negotiations with lender regarding shortfall but getting no where. I would like your opinions on the nackground to our case and if we can take it further.

 

We had a mortgage will lender (will call it LENDER01) which began in 2003. In 2004 we had approx 2 months arrears and they sold the mortgage debt to LENDER02. Both lenders were at exactly the same address just with two different names. I was quite ill and things got worse for us. I usually handles all the finances but my husband took over as I was too ill to cope. He arranged a remortgage through a broker. We were sent all the paperwork and the mortgage went through. It was only after that I realised the people we were corresponding with (who I thought were the kender) were some sort of package company and our new mortgage was now with LENDER01 who had sold the debt 6 months earlier.

 

At the time I was worried that we were back with the original lender, but find it incrediuble that LENDER01 who sold the debt due to arrears had given us a new mortgage for more money on a higher interest rate (to cover the arrears on the old mortgage). Surely they would have checked our file before approving the mortgage and seen that we had arrears with them?! Wasn't it irresponsible for them to lend when they had already sold a previous debt?

 

I just wonder if it is worth taking this further with the authorities.

 

Many thanks for reading

[poppadom dog]

I guess no advice or opinions then! Cheers

[on*the*case]

I guess no advice or opinions then! Cheers

 

Hi poppadom dog

 

In this area of the site is normally only those people who are fighting a repossession and those that may be able to give support and help. Postings can get overlooked .....

 

Back to your question, first you need to gather all the facts, make up a file of all the letters and applications and agreements. Then you will to get extra information from the the Lenders, remember to ask specifically for the underwriting sheet as well as all available information that they hold on you. This is done by a SAR Subject Access Request (do a search on here for more information and the how to) the cost will be £10 per Lender.

 

The next step is to make a complaint to the two Lenders, they will ignore this or fob you off, but it is an important step.

 

Then your complaint will be to the FOS , who will investigate.

 

Good Luck