GE Money Sold House leaving shortfall

[unclebulgaria67]

Well you know that you don't phone them. It is a standard letter anyway. Wait for them to write with more details.

[sillygirl1]

Write back (or email them) stating everything in writing, and point out you have already told them to remove your phone number from their systems (copy them in on the original letter).

 

They are all as bad as eachother!

[rippedoff15]

Well just had a letter from Capital Recoveries:

 

States the following:

 

with reference to our previous correspondence, you are requested to contact the undersigned within 10 days of receipt of this letter and advise of your current financial situation, proposal and time required for dealing with your debt.

 

It is our sincere wish to resolve this situation amicably without referring the mtter to our client for possible legal legal action and to that end we are prepared to consider significant concessions. This could be a modest repayment plan based on your ability to pay, or a reduced lump sum payment to discharge you from your lability.

 

Failure to respond may result in a claim being raised in the courts, which will be for the full outstanding balance plus costs.

 

LACK OF RESPONSE WILL BE PERCEIVED AS WILFUL AVOIDANCE OF YOUR DEBT

 

YOURS ETC ETC

 

Strange thing as we have wrote to Capital Recoveries stating we are only dealing with the lender and we would not be replying to any letter sent from them, and so far we have hd n reply from the lender directly only.

 

cheers What next

[unclebulgaria67]

Well just had a letter from Capital Recoveries:

 

States the following:

 

with reference to our previous correspondence, you are requested to contact the undersigned within 10 days of receipt of this letter and advise of your current financial situation, proposal and time required for dealing with your debt.

 

It is our sincere wish to resolve this situation amicably without referring the mtter to our client for possible legal legal action and to that end we are prepared to consider significant concessions. This could be a modest repayment plan based on your ability to pay, or a reduced lump sum payment to discharge you from your lability.

 

Failure to respond may result in a claim being raised in the courts, which will be for the full outstanding balance plus costs.

 

LACK OF RESPONSE WILL BE PERCEIVED AS WILFUL AVOIDANCE OF YOUR DEBT

 

YOURS ETC ETC

 

Strange thing as we have wrote to Capital Recoveries stating we are only dealing with the lender and we would not be replying to any letter sent from them, and so far we have hd n reply from the lender directly only.

 

cheers What next

 

To keep a paper trail to show that you are responding to their letters, but they are not responding to yours, you could just send them a letter advising them of the current position.

 

Going back to an earlier point regarding the CML 6 years, this should be clarifed. That agreement was introduced after the massive numbers of repossessions in the early 1990's. It is only meant to be in regard to those cases where people had not been contacted and then suddenly chased for the shortfall. If you have been contacted within the 6 years, this will not apply. So getting into correspondence, so the 6 years passes, will make no difference. I think you know this anyway.

 

You are entitled to information about how the shortfall has been arrived at and you should chase for all the information you require. Unfortunately the mortgage company or current owner of the debt may just see your letters as trying to create a dispute that does not exist and issue a court claim for the full amount. The issues would then be addressed within the legal process.

 

If you have submitted an SAR to the mortgage company, with a request for all of the information and have not had a response within the allowed 40 days, I would suggest a complaint to the ICO.

 

Remember that for mortgage debts, they have 12 years in which they can take you to court for the shortfall. There is a case on here for perplexedofdorset where all the issues about the CML 6 year period is discussed. It is a long thread but may be worth reading. The FOS are currently looking into the shortfall that was created in 1995, which the mortgage company still think is legally due to be paid.

[rippedoff15]

Well just had a letter addressed to myself and my wife, offering a hugh discount of 50% if we make payment asap, i have explained in writing that myself was made bankrupt in 2009 but seems to fall on deaf ears as they still send me demands as well as my wife. We asked the to write the shortfall off as its clear my wife who works 16hrs part time can not repay, and according to the OR i do not have to repay as the shortfall was included in the BR.

 

I will be writing to the ICO over the weekend, but apart from that its a waiting game.

[citizenB]

It sounds like they are becoming increasingly desperate.. I dont think you could have made it much clearer.

[Bandit127]

You seem to have got the sticky end of the stick here.

 

As far as I can make out, your mortgage was taken out in both you and your wife's name. If so, you are 'joint and severally liable'. This means that they can chase your wife for the whole amount - despite your Bankruptcy.

 

What this does mean is that they should not be chasing you - your liablility was discharged by your BR. They are not treating you fairly by continuing to ask you for money if you have advised them of your BR.

 

You have done the right thing by asking them to write the shortfall off as your wife cannot pay. I truly hope they see teh light of day and agree.

 

However, you have a strong case that they sold your property at undervalue. Should they decline to write the shortfall off you could take the fight to them on that basis.

 

I am a bit behind you in the process but I am starting to push my mortgage company for the same info you have been denied and for the same reasons.

 

The very best of luck and please post back if they write it off. I will personally raise a glass for you if they do.

 

If not then also post back. You probably have enough info now to submit a complaint to the FOS based on the sale at undervalue.

 

Last thought from me - they wouldn't have offered you a 50% discount on a whim. They have looked at your case and realised that they have a slim prospect of getting payment in full. In that respect, they know a lot more about your case than you do...

[unclebulgaria67]

Well just had a letter addressed to myself and my wife, offering a hugh discount of 50% if we make payment asap, i have explained in writing that myself was made bankrupt in 2009 but seems to fall on deaf ears as they still send me demands as well as my wife. We asked the to write the shortfall off as its clear my wife who works 16hrs part time can not repay, and according to the OR i do not have to repay as the shortfall was included in the BR.

 

I will be writing to the ICO over the weekend, but apart from that its a waiting game.

 

I would not respond in anyway, as you have written already saying what you needed to. There was a thread in here recently, where a Judge actually told the CAG poster that they should not have got involved in letter ping pong with the DCA. The DCA was just issuing standard letters and the debtor was getting more fed up/harassed, after they had already written to the DCA. I think the Judge made the point as to why they chose to keep responding to letters, when they had not had any proper response to their letters.

[rippedoff15]

Well had a letter from Opitma Legal today stating the following:

 

As stated in the letter dated 20th Feb 2013, we have referred your comments to our client in relation to the issue. Please note we have provided you with the information as requested. We have alos requested on several occasions a copy of your income and expenditure which has never been received.

 

OUR CLIENT WILL NOT WRITE OFF THE BALANCE OFF AS YOU ARE LIABLE FOR THIS . Your letter also states you have contacted our office, please note that we have received contact from Mr however you have not, We will no longer discuss this matter with Mr .

 

Please also note that we are not a debt collection company but a firm of solicitors appoint to seek an amicable resolution. At this juncture we await the instruction ofour client in relation to the next action on your case as you have not returned the requested income to arrange the repayment.

 

yours etc etc

 

We have todate not had all the information and now unsure what to do next ie just wait

 

any help would be great

[sillygirl1]

Optima Legal are playing hardball here, you need to write back to them stating you have given them all the info they need and an I&E will not produce any other result than you cannot afford to pay this unsubstantiated debt. (It is still unsubstantiated as you haven't had all the information from them.

 

On a side note Optima are no longer handling my alleged GMAC shortfall and have handed back to Paratus who have gone very quiet since I said I would go to the FOS.

[rippedoff15]

Will write again today and send recorded as well, feels like pushing water up hill. I have checked my credit file which is near to zero now that the lender have recorded a mark on the mortgage and the secured loan for the debt. i will state that they can discuss this matter with my husband as well, but what happens if they refuse to dicuss it with him even if a ihave even consent.

 

 

Regarding the I&E they have requested i can send them details which shows iam only earns just over £235.00 per month, but can they request my husbands details as we have a joint bank account.

 

cheers

[sillygirl1]

After reading the thread your husband was made bankrupt, therefore you should tell them this and tell them that you are unable to pay.

 

I really think now is the time to get the CAB to send a letter to them, then if they still persist a solicitors letter stating the bankrupty and low income.

 

In the next letter state you have suffered severe financial hardship because of this and are going to the FOS, that should make them back off.

[rippedoff15]

We have just spoekn to the FOS regarding this matter and they confirm that the way the lender GE Money are operating is not to guidelines. They confirm no action can be taken as the debt is clearly in dispute. They will write to GE Money and Opitma regarding this mater. The FOS were very helpful lets hope it all gets sorted soon, but will confirm the outcome once we have had replies from FOS

 

cheers

[unclebulgaria67]

Send back a complaint letter in response by recorded, pointing out the issues which you feel are outstanding. Ask them for their clients final response letter within 21 days in writing, as you now intend to place the matter in the hands of the FOS. Once you pass this to the FOS, then they should not chase you further until the FOS have ruled on this and not take any court action.

 

Don't send them any I&E information, as this is an indication that you are looking to offer affordable repayments. You should not do that, until all matters have been resolved to your satisfaction. If you start making payments at a low level, this won't impact much on the balance and if you ever stopped repayments, they would probably use the admission of debt caused by repayments, as a basis to go to court and try to enforce the debt in some way.

[unclebulgaria67]

Ah good, you have contacted the FOS. As it will be a few weeks before the FOS write out, I would suggest that you write back advising that you have contacted the FOS and they will now be dealing with the matter.

[rippedoff15]

I have wrote to the FOS and had a standard reply back from them today, They have asked for all information relating to the issue in question from start to date. so we are coping every letter which has been sent etc etc.

 

I have attached the letter which Opitma sent this week

 

Any help would be great

 

cheers

[unclebulgaria67]

I would suggest sending the FOS a timeline document stating what has happened from a point before the house was repossessed up to the current point. Where you have any document make a note of these by the timeline entry and enclose a copy. Do a covering letter, telling the FOS what issues you have with the shortfall and how this has been chased, plus how you think this is unfair, unclear, wrong etc.

 

A timeline document is basically a date list of events that have happened. It enables someone reading it to understand what has happened throughout the whole period, making it easier than reading throught loads of documents and trying to fathom out what has happened.

 

e.g

 

1/1/05 Mortgage value £x taken out with X mortgage company in the joint names of Mr A & Mrs B Jones for purchase of x address

1/1/09 Stopped repayment of mortgage repayment due to xxxxxxx reasons

 

If you get all your documents out and put them in date order and then try to create a timeline. It will take some time to do this, but it will help the FOS and when you are working through it, you might find aspects that you wish to query with the FOS.

 

 

Once you start the FOS process, they may come back to you for more information, if the need to and they will also write to the mortgage company to request information from them. It could take many months before you hear anything about whether the FOS think you have a case or no and then it will only be a preliminary response. Both sides can challenge, depending on what it says. There is someone else on CAG, who have had their shortfall complaint with the FOS for about 18 months.

[citizenB]

Do you have an agent/friend/relative contacting Optima on your behalf? I dont think they are permitted to refuse to deal with your appointed agent if you have given your written permission.

 

You should just advise them that you have now made an official complaint to the Financial Ombudsman and any further correspondence from them, Optima, will be forwarded to the FOS to be added to yoru complaint.

 

You should let Optima have the FOS reference number.

[rippedoff15]

On checking my wifes credit file the lender GE Money have listed 2 files the mortgage shortfall default 07/12/09 , and the old secured loan marked mortgage as well marked default on the same date

My question will the old secured loan which has not been paid since 2007/8 ever become statue barred, as its classed as unsecured since Dec 2009 as the proptery was sold

[unclebulgaria67]

I would think that the default date is wrong, as the debt went into default when mortgage payments were not made and the mortgage terms dictated that the account was in default. This I would have thought would have been within 3 months of non payment. If you phone National Debtline about default dates on mortgages they should be able to confirm the situation.

 

The shortfall debt is just an additional aspect to the mortgage not being paid. The 12 years statute barring would run from the date you missed payment on the due date causing the account to go into default. The debt should come off the credit record within the normal 6 years.

 

Speak to National Debtline about the default date and you could challenge the accuracy of the data GE have applied to the credit record. If they are pursuing you anyway, if they have inccurate details which is proven, then it may help if this ever goes to court, as it something you could mention to a Judge and question what other information held is inaccurate.