A Tale of Woe...Two Years On...Repossession.

[Jackie T]

Hi all

 

I'm in a right mess and would be really grateful of any advice.

 

I took out a mortgage 4 years ago for £42k but didn't have enough with just my wages

so was advised by mortgage company to get my son to come on it with me.

 

God how I wish I hadn't!

 

Things changed so quickly about 16 months ago with me losing my job

and my son moving away. After a long battle my home was finally repossessed last April and sold the month later for £45k.

 

I had tried to sell it privately and the original valuation was for £70k

but I dropped it a few times for quick sale but sadly no buyers.

It was an interest only mortgage so nothing had actually been paid off the original debt.

 

I've now had a letter from the solicitors of the mortgage company claiming there was a shortfall of £9,543.18p

and enclosing a form for me and my son to fill in with regarding our income.

 

Due to ill health I'm now claiming ESA and have no idea of my sons income.

I'm renting from a housing association and have nothing.

 

I'm at my wits end as my son knows nothing about this.

I've also started getting letters from various debt collection agencies demanding payments on credit cards ect

and not sure how they have managed to get my address as I haven't registered my name on the council registration form.

 

I did speak to someone about going bankrupt but they said I can't do this as the court wouldn't accept it

because I have more going out than I have coming in?

 

Sorry for such a long post but I'm desperate and don't know where to turn.

Edited January 6, 2014 by slick132

[citizenB]

You need a breakdown of that sum they are requesting before agreeing to any repayment plan.

 

Who did you speak to about bankruptcy ? Have you spoken to National Debtline, I am sure htey would be able to provide you with all the options.

 

The sad thing about this is that if your son was also on the mortgage, they can pursue him as well, so I think you must tell him what is happening.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387500-Mortgage-shortfalls-Request-Breakdown-of-balance-owed

 

The letter above is to send asking them to account for the amount they are pursuing.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387499-Mortgage-shortfalls-Please-write-off-the-debt

 

The letter above is to ask them to acknowledge that you simply do not have the funds to repay this due to your circumstances and asking them to write off the debt.

[Jackie T]

Thanks for your reply citizenB. I spoke to someone from StepChange Debt Charity who said going bankrupt wasn't an option but to offer £1 a month to all creditors until my situation improves.

 

I went to court a couple of times to get the repossession order suspended

and know they added a small fortune for their solicitors costs onto the mortgage each time

but thought the £3,000 surplus from the sale of the house would cover that.

 

My mortgage was only £200 per month so it's shocked me that I still owe them nearly £10,000

especially as it was sold so soon after repossession.

 

I will send the letter asking for a complete breakdown of the sum they are pursuing me for

but know they sold it through the same estate agent I had it up with and their selling fee was £950.

[citizenB]

It is my understanding that some charges and costs might be reclaimable. I will ask others on the site team if they might know more.

[sequenci]

Hello there, an alternative option (depending on your debt level) is a Debt Relief Order:

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=37_debt_relief_orders

[Jackie T]

Hi, I've written on a previous thread about my home repossession just under two years ago,

thought I would update and let off some steam as I don't think there's much else I can do now

and I'm still so angry with the swiftness in which the mortgage company swiped away my home of 25 years.

All for mortgage arrears totalling £560 quid.

 

after losing my job, my son moving away and unable to pay the mortgage the house was repossessed in May 2013.

 

 

I heard nothing until September 2013 when a letter arrived stating the house had been sold and there was (just under) a £10,000 shortfal

l and how would I/we like to pay this back. Also included was the income/expenditure forms to return.

 

 

I was in complete meltdown at this point, not only had I lost my home I had to move away from family/friends in order for me to be rehoused.

 

 

Next thing to arrive was a CCJ for the mortgage shortfall.

 

 

At this stage I contacted the CAB and the young girl told me I should accept liability and offer a small payment of £5 a month which they accepted.

 

 

It was only after the CCJ that I decided to contact the mortgage company and ask for a full breakdown of charges.

 

 

I've tried to attach it on here, hope it works.

 

The house was repossessed and sale completed in a matter of around 90 days. It was sold for £45,000. £25,000 less than I had originally had it up for. The sale was enough to pay off my mortgage debt of £40,500. The other £10,000 (just under) is/was for their charges.

 

 

I've still not paid them a penny, I feel totally pi$$ed off with the whole thing. They have taken my home, I am now living in rented accommodation miles away from my family and have no assets. I've written to them twice asking them to wipe the debt off but they point blank refuse. I'm so annoyed with myself at not taking these ba$tards on when they went for the CCJ. All this heartache and constant hassle for £560 mortgage arrears. They can't have what I haven't got!

 

 

That's about it....rant over, thanks for reading and letting me let off some steam on here. x

[SabreSheep]

How many charges were levelled on the mortgage for late payment and letters and visits?

 

I think you have a way to fight back, especially if their unlawful penalties were more than the mortgage arrears

[Jackie T]

Hi Sabresheep, I'm not sure what the total amount of charges were. The last statement I received was early January 2013 then a redemption figure was sent out in March as I thought I had a sale of the property, sadly it fell through and the suspension of the mortgage repossession was lifted and they went for repossession. I've attached the statements and redemption letter. I heard nothing from them until the September saying the property had been sold then the final breakdown of charges which I've attached above. Thanks for replying x

[SabreSheep]

OK I would do a full subject access request now to the mortgage company.

 

Some of those charges are reclaimable. Direct debit charges, Field Visit fees, Arrears Charges. Along with any interest on those charges.

 

Im not experienced with property but we have site team who are. Will get someone to look in.

[Jackie T]

Thank you so much Sabre. I'll take a look at the Subject Access Request now and get on it. Have they got to send you this information out by law?

[SabreSheep]

Yes. 40 + 2 days

 

Make sure you send the fee and keep proof of postage. Better if you can use recorded delivery and get proof of receipt as well. (But not necessary)

[Jackie T]

Thank you.

 

 

I've attached another couple of letters (sorry there's so many).

 

 

I asked for a full breakdown of their charges in January this year and

received a letter back saying they were charged £1,500 for the sale of the property,

the same agents who were charging me £750 plus 20% VAT?

 

 

They say they had to pay £65 for the EPC,

I had already paid the estate agents this upfront and left the certificate on the side!

 

 

A neighbour told me my bathroom window had been smashed but really...£300 for a tiny bathroom window??

 

 

The house was left in an immaculate condition when I left and everything was removed

so where they are going with such large amounts is beyond me.

I'm still not sure if I have any way fighting this though because of the CCJ that was granted.

 

 

How I wish I was in a better mental state when all this was going on...grrrrrr.

Edited April 13, 2015 by Jackie T

[SabreSheep]

Repossession is a highly traumatic experience, so being in a negative mental state is understandable.

 

Reclaims would not as far as I am aware be effected by the CCJ. Any compensation might be offset against it, reducing or clearing the balance. But that would still be a step in the right direction.