GE money.. Mortgage Shortfall

[fabsc]

HI All,

 

Bit of advice,

 

5 years ago i moved out of a property i shared with with my ex partner,

unfortunately, i didnt take my name off the mortgage straight away

and a few months later the mortgage went into default,

 

i asked the company if they would remove the title, but they declined!

ultimately it went to court and an order was made for repossession, which happened.

 

I am know being chased for the shortfall, dont know where my ex partner is and im renting now.

 

The company is GE Money and Capital recoveries are chasing the debt ( the client name is still GE Money),

the shortfall is half the house value which is annoying as clearly it was a quick sale.

 

The problem is may next move, as they are threatening court action, i have never acknowledged the debt ,

and as yet not responded to their demands

-they even offered a big discount (which i cannot pay anyway) Any advice on this would be very much appreciated, thankyou

[Bandit127]

Please call National Debtline or get advice from CAB.

 

What company are claiming you owe?

 

I know a bit about mortgage shortfalls but I am no expert. Based on that I would say the following:

 

Don't worry too much about court proceedings. They will have issued court proceedings for the repossession and that is very likely to have included a money order. They cannot succeed with further proceedings if they are defended properly. You should call the court that dealt with the repossession (if you know which court it was) and get a copy of the judgment - this is crucial.

 

Please do not phone them. This is far too important and must be kept in writing. If they do phone tell them "in writing only" and hang up.

 

Don't be too quick to admit liability or offer a payment. It sounds like they sold the property at undervalue. Don't trust the "by 7 days" this or "48 hours" that. Those timescales are completely made up and designed for one thing only - to get you on the phone where they can bully you in to making (probably) unfair payments.

 

I ask you to get advice on the phone because this looks like it has come as a complete surprise and a big shock. The advice the experts can give here will (of course) be good but will be slowly evolving. I think you would benefit from talking to someone.

[fabsc]

House was worth about £100k and the debt is £57k, they are probably chasing me because i guess they cant find my ex,

im not admitting liability, it annoys me anyway, and there is no way i can offer any reasonable amount anyway if i did.

 

Yes it was a shock, |I have a good idea where the court is, so i could ask for a copy of the judgement.

 

What make me laugh is that they have offered to accept £35k as FFS or £150.00,pmonth, no chance! I cannot anyway.

 

Thank you for your advice, S

[Bandit127]

If you are happy to fend them off for the moment then I would suggest you get some knowledge.

 

Firstly - why you need a copy of the court judgment.

http://www.consumeractiongroup.co.uk/forum/showthread.php?169002-Mortgage-Shortfall-important-new-decision&highlight

 

Secondly the NDL advice for mortgage shortfalls.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

 

It would help us advise further if you can post up the company chasing you and a PDF of the letter with identifying details removed.

[fabsc]

Many thanks for your help,

 

the company is Capital Recoveries (DMS), for GE Money (client) i am not able to scan the letter,

 

But basically it states that if i do not respond in 7 days of the letter dated 2nd Nov and sent by 2nd class!7 then their client has the right to take legal proceedings without notice,

 

They will add costs etc and if a judgement is made then they will be entitled to seek more punitive measures to enforce the order!

[fabsc]

A a footnote to this, i live in rented accom and absolutely no assets, im guessing they will have searched the CRA`s so they will know im worth nothing and have other debts.

[fabsc]

I have contacted the county court, they have records of the order in 2008 but no records of the judgement, she said they are destroyed after 3 years!

[fabsc]

Any help what i need to do next?

[citizenB]

Not sure how you would obtain a copy of the judgment order - which I think you need. The only thing I can advise is to send a Subject Access Request to the original claimant - there should be a copy in their records if they are attempting to collect on it.

 

I will try and find some more help for you.

[dx100uk]

urm......

offering a discount.

 

something smells here.

 

get that sar off

 

 

dx

[fabsc]

urm......

offering a discount.

 

something smells here.

 

get that sar off

 

 

dx

 

yes i was thinking a SAR may be a good idea. thanks

[Bandit127]

OK. The reason you need a copy of the judgment is to see if there was a money order made. Hopefully a copy will turn up in your SAR. There wasn't one in mine - the claiming solicitor just sent a report to my mortgage company. To get an actual copy of the judgment I would need a SAR to the solicitors (luckily in my case the court gave me a copy).

 

If there was a money order made, you have a good case to defend any CCJ claim as abuse of process. See:

http://www.consumeractiongroup.co.uk/forum/showthread.php?169002-Mortgage-Shortfall-important-new-decision&highlight

 

You need to ask GE Money some questions around the sale. As above, it is possible they sold at undervalue. My questions were as follows:

1. Did you carry out valuations on the property? If so, how much were they for? Or even better, please can you supply a copy of these?
   
2. What costs were involved in maintaining the property during the period between the repossession and the sale?
   
3. Please list all offers made on the property.
   
4. If any offers were turned down, what was the reason?
   
5. What costs were accrued in selling the property?
   
6. Has a claim been made against mortgage indemnity insurance? If so, how much was recovered?
   
7. Please supply me with a full Statement of Account for the balance claimed, including all credits, debits and charges, since inception.
   
8. Please explain why it took from my letter dated 02/09/2007 to 09/04/2009 to repossess the flat and conclude the sale.
   
9. Please confirm who the property was sold to and what interest, if any, did you have in the business of the purchaser at the time of sale?
   

You have a right to this information. You have that right so that you can find out if they have treated you unfairly.

 

It might be worth a read through my thread - it might help you to get your head around how you can push back on their demands.

http://www.consumeractiongroup.co.uk/forum/showthread.php?360791-Mortgage-Shortfall-do-I-have-any-rights

[fabsc]

Thank you very much for this valuable advice, yes it looks like a SAR is the way ahead.