Webb Resolutions (Picture) & mortgage problems [Resolved]

[Scrappy Coco]

Evening all,

This is going to be a long story so please bare with me.

We currently have a 2nd charge on our house with Webb Resolutions (Picture)

We managed to get our mortgage provider IF (Intelligent Finance) to allow the porting of our mortgage given our financial circumstances and basically not being able to afford the mortgage within the next 6 months. They have been fantastic about it all given our credit history. It's not that bad but no other lender would entertain us. So hats of to IF.

We sold our house in Jan this year to supposedly a cash buyer. Anyway this all fell through in March. While we thought the sale was proceeding we negotiated with Webb to transfer the 2nd charge to the new smaller property as we would of had £15k excess funds which would have been paid to Webb.

We have this in writing from Webb but it doesn't mention anything about the repayment of excess funds.

Still with me?

Anyway we have found another legitimate buyer but we have taken £25k less than the asking price. This means there will be no excess funds available to pay Webb.

The equity in the new property will be exactly the same as our current property so there is no further risk to Webb. In fact we became less of a risk as we will be on a repayment mortgage instead of our current interest only.

I have sent all the relevant details to Webb and they are in the process of accessing our request.

We have never missed a payment with Webb. In fact we have repaid them nearly £50K over the last 5 years with £30K to go.

There is also a statement on my paperwork "If you move, you can almost certainly take your loan with you. If you're moving to a lower value property, you may need to settle some using the funds from the sale of your current property"

We can't afford to stay living here and by allowing the move we will be £1,200pm better off than we are now.

If Webb block the sale and purchase there will only be one outcome, the bank will take the house and by the time they add their legal fees etc etc there will be absolutely nothing left for Webb. And I will fade away and all trace of me will disappear never to be found in this country anyway

IF have advised me that they wouldn't allow Webb to start repossession proceedings as this be a situation of their own making by not allowing the move when it is quiet clear from the mortgage offer letter and the income and expenditure we are heading for sh*t street if we don't sell. IF also advised that they will provide all information for court proceedings should it be required.

Before anyone tells me why wouldn't they won't their money back, I have put £70k of my savings into this house to keep a roof over my family's head while trying to sell this bloody place. If I have to go then I'm fecked if Webb are going to get a penny out of me when every other party has bent over backwards to accommodate us and to basically walk away with nothing. I will not pay someone else;s mortgage never knowing if we will get notice etc.

I have read online that I can apply to the court for and order of sale and purchase using the Law & Property Act. Can anyone advise or suggest anything else?

I can also prove that Webb are administering our 2nd charge which shows on our credit file as a mortgage when they are not FSA registered. Payments are also made to Webb & all correspondence is from Webb so a little complaint to FOS, FSA & OFT will be on the cards if needed.

I don't think they will decline us but just looking for enough ammo to hit them with should I be wrong.

I think that is it

Thanks as always

Scrappy Coco

[Scrappy Coco]

Re: Webb Resolutions (Picture)

Morning all,

Another interesting point has come to my attention.

When we paid back £50k we were charged a redemption fee. Now I may be wrong here so correct me if I am but I have been advised that because a fee was charged I should have been supplied with a new contract as charging a redemption fee effectively closes that part of the loan.

It should have stated the new balance with monthly repayment figures, interest rate etc. Well I never received one.

I've also noticed that in their letter approving the initial transfer request they are somewhat keen to get me to sign further paperwork so the credit agreement remains in full force. Now to me this sounds like after looking at my account they might have realised they have messed up when we repaid £50k and got charged for it.

As I said I might be wrong so I'm happy to be put right on the matter

Thanks as always

Scrappy Coco

[PlanB]

Re: Webb Resolutions (Picture)

This is a very complicated set-up and a little factual detail would help. Normally Webb Resolutions (formerly Picture) do not deal direct with customers since they are a closed book lender which uses the services of Target Loan Servicing to manage their accounts which may include you. Target is regulated by the FSA.

Did you take out the secured loan through a broker because you could contact him/her to clarify what was/wasn't agreed at the outset. You need to know what was set in stone (the contract) and what may have changed (the company policy on porting) when Webb bought Picture last year.

In reference to the porting of the mortgage you've quoted the contract to say "if you move you can almost certainly take the loan with you". Almost certainly is not the same as definitely so they may not be obliged to co-operate, which means it will all be down to willing negotiation, and consider whether your broker (if you had one) would be the best person to do this for you.

You say you've already paid back £50k and were charged a redemption fee. Could this have been an admin fee for part-redemption since you say you didn't redeem the whole loan you simply paid money to reduce the outstanding balance. Or was this an ERC (early redemption charge) which can be a penalty for paying off a loan early during a fixed rate period or an interest discount period. This should be stated in your loan Ts & Cs. And almost certainly in the KFI when you took out the loan.

Without seeing the contract it's difficult to know what the situation is. But if your goal is to move house then if it was me I'd put my energy into finding a way to persuade Webb to co-operate, rather than go on the attack too early and risk alienating them. You can do that after you've got the keys to your next home

[PlanB]

Re: Webb Resolutions (Picture)

.

When we paid back £50k we were charged a redemption fee. Now I may be wrong here so correct me if I am but I have been advised that because a fee was charged I should have been supplied with a new contract as charging a redemption fee effectively closes that part of the loan.

It should have stated the new balance with monthly repayment figures, interest rate etc. Well I never received one.

I've also noticed that in their letter approving the initial transfer request they are somewhat keen to get me to sign further paperwork so the credit agreement remains in full force. Now to me this sounds like after looking at my account they might have realised they have messed up when we repaid £50k and got charged for it.

I would think that there was no need for a new contract since you didn't redeem the whole loan and start a new one. From what you say all that happened was you reduced the balance (part redeemed). Nothing else changed did it?

If you port the mortgage you are in effect simply offering substitute security for the loan. But since it will be secured on a new property and for a different amount I would think you would need to sign a new contract and a new Mortgage Deed which will be filed with Land Registry on the new house. I assume the original contract iwas in the name of Picture which has ceased trading.

[Scrappy Coco]

Re: Webb Resolutions (Picture)

Hi PlanB,

Thanks for getting back to me so quickly. I have answered your questions in blue


Thanks as always

Scrappy Coco

This is a very complicated set-up and a little factual detail would help. Normally Webb Resolutions (formerly Picture) do not deal direct with customers since they are a closed book lender which uses the services of Target Loan Servicing to manage their accounts which may include you. Target is regulated by the FSA.

The land registry clearly states Webb Resolutions and my DD is clearly being paid to Webb Resolutions so I'm at a loss as how Target can be administering the account?

Did you take out the secured loan through a broker because you could contact him/her to clarify what was/wasn't agreed at the outset. You need to know what was set in stone (the contract) and what may have changed (the company policy on porting) when Webb bought Picture last year.

We dealt with Picture direct when taking out the loan. In hindsight a bad move. Just want rid of the bloody thing.

In reference to the porting of the mortgage you've quoted the contract to say "if you move you can almost certainly take the loan with you". Almost certainly is not the same as definitely so they may not be obliged to co-operate, which means it will all be down to willing negotiation, and consider whether your broker (if you had one) would be the best person to do this for you.

This quote is from my Picture contract which according to Webb nothing changes.

The porting is our main mortgage which IF couldn't have been more helpful if they tried. They realise that unless we get out within the next 6 months things are going to go tits up.

You say you've already paid back £50k and were charged a redemption fee. Could this have been an admin fee for part-redemption since you say you didn't redeem the whole loan you simply paid money to reduce the outstanding balance. Or was this an ERC (early redemption charge) which can be a penalty for paying off a loan early during a fixed rate period or an interest discount period. This should be stated in your loan Ts & Cs. And almost certainly in the KFI when you took out the loan.

This was definitely an ERC as I queried it with them when we paid it

Without seeing the contract it's difficult to know what the situation is. But if your goal is to move house then if it was me I'd put my energy into finding a way to persuade Webb to co-operate, rather than go on the attack too early and risk alienating them. You can do that after you've got the keys to your next home

Our goal is to keep them sweet as they have already agreed in writing to transfer the charge back in March before the house sale fell through.
We believe they agreed to this as there would have been £18k being paid off the loan. The circumstances have changed and we have taken £25K less than the asking price just to get out. With the reduction in price the original £18k going to Webb is no longer there.

So all in all I'm hoping that Webb can see the bigger picture and allow the transfer which will see their money safe until completely paid.

If they don't then they are taking a big risk as I have given permission to IF to control the sale which will leave nothing for Webb.

Been offer a job if I want it abroad so worst case I will take it and good luck to Webb tracking me down. Not ideal as kids are about to take exams etc next year and year after.

[Scrappy Coco]

Re: Webb Resolutions (Picture)

If you port the mortgage you are in effect simply offering substitute security for the loan. But since it will be secured on a new property and for a different amount I would think you would need to sign a new contract and a new Mortgage Deed which will be filed with Land Registry on the new house. I assume the original contract iwas in the name of Picture which has ceased trading.

I think there is some confusion. The porting is our main mortgage with IF. We are hoping to transfer the charge (Webb) to the new property so you are correct, we would have to sign a new contract.

The equity also stays the same with the new property so fingers crossed.

If they do deny the transfer and negotiations get us nowhere is there a LEGAL route we could take?

As already pointed out we have never once missed a payment or requested help & they have already agreed once in writing.

Thanks as always
Scrappy Coco

[PlanB]

Re: Webb Resolutions (Picture)

So Webb haven't actually said "No" to transferring (which is the same thing as porting) your secured loan which means there's still hope You've reached an agreement once (Jaunary) and you may reach another (August) even though there may have been a policy shift within Webb in the interim

I agree that your secured loan is with Webb Resolutions which use Target to deal with the admin. They're probably an in-house department set up for tax reasons by Webb. It's very common with closed book lenders. They've got a good FAQs

http://78.136.57.178/sbrwebbresoluti...d-loan/faq.htm

[PlanB]

Re: Webb Resolutions (Picture)

If they do deny the transfer and negotiations get us nowhere is there a LEGAL route we could take?

As already pointed out we have never once missed a payment or requested help & they have already agreed once in writing.

I can't think of any legal route. What has Webb done wrong? The lender agreed a deal with you in principle in January to transfer (port) the loan on the condition you reduced the overall balance as part of that agreement. This was a voluntary agreement since they are not obliged to do anything under the terms of your current contract (from what you have said). Did they actually issue you with a loan offer to sign or was it a DIP?

However this time (8 months later) you're asking the lender to agree to a completely different deal because you won't be reducing the balance when you transfer. Have they broken the first deal? I can't say that they have, and if you were to ask for the same deal again (where you'll be reducing the original sum borrowed) they may well say "Yes".

If your next house purchase is frustrated by any refusal to transfer the secured loan will you be made homeless? From what you say when you sell you will have enough capital/equity to purchase another property with the help of IF's mortgage port. The stumbling block for you is that you don't want to pay Webb back the loan at the moment or buy a cheaper property than the one you want. Tranferring the loan may be ideal for you, but I fear they don't see it as ideal for them. The FOS could well say that they don't interfere in "commercial decisions" because this doesn't seem to be a breach of contract or treating you unfairly.

If you look at your current financial situation (in a DMP so presumably with defaults on your credit file) I think it's a miracle they're even willing to consider a transfer of the loan, so if it was me I would be looking to sweet-talk them into something that suits you both in preference to threatening legal action against them.

See what others have to say on this issue because I'm not the only one with an opinion Wait for one of the Mods to come along and help you

[PlanB]

Re: Webb Resolutions (Picture)

Would it make sense to rent out your current home to cover the mortgage (and loan) while you and your family rent elsewhere for two or three years (no CGT due in the last three years of ownership when you sell) using your self-employed income to cover that rent. By then the market may have improved and you could get the same higher offer you had on your house in January when you come to sell

Or if you fancy taking that overseas job offer if you rent your house out you'd have a home to come back to if things didn't work out

[Scrappy Coco]

Re: Webb Resolutions (Picture)

Afternoon,

Good news. Webb (Picture) have agreed the transfer

Relief I'll tell you. Thought I might be in for a long hard fight with them.

Cheers
Scrappy Coco

[Scrappy Coco]

Re: Webb Resolutions (Picture)

Cheers FP,

My heart was in my mouth when they called this morning. Always expecting the worse to be greeted with "We have some good news" like I ever doubted it

Thanks for everyone's comments and views. Really puts your mind at rest knowing there's people out there willing to help.

Thanks as always

Scrappy Coco

P.S. Can someone point me the right direction for PPI reclaim templates please?

[Scrappy Coco]

Re: Webb Resolutions (Picture)

Oh and a big thanks to PlanB for his help

Much appreciated

Cheers
Scrappy Coco

[PlanB]

Re: Webb Resolutions (Picture)

Brilliant news

Get it in writing this time too !!

[PlanB]

Re: Webb Resolutions (Picture)

Oh and a big thanks to PlanB for his help

Much appreciated

Cheers
Scrappy Coco

Actually Plan B is a 'her' not a 'his'

Not all blondes are dumb you know

[Scrappy Coco]

Re: Webb Resolutions (Picture)

Sorry I'm bad

They are sending confirmation out today

Cheers again

Scrappy Coco