Chased for mortgage and secured loan shortfall after repossession

[ShedAnd]

Ok, Hi to all, I am going to keep this brief, back in Dec 2010 me and my wife had our house Repossessed by Platform home lending, They sold it I think April 2011 with a shortfall of £35466.78 including charges and fees. Also we had a secured loan on the house with GE money and they are chasing us for £20664.50.

Please could someone help us on these?

we have not heard from GE money since Dec 2011 and this was with debt collections agency DLC they was trying to get me to agree an arrangement for the debt 50% off with 60 monthly payment of £172.20 I still have the email. Not heard from since as I ignored the email.



Platform, was in talks over the Phone and I offered a token payment to them of £10.00 for the next six months starting Nov 1st this was mid-October but I soon called them back cancelling the direct debit and told them I will be writing to them regarding the claim and I do not acknowledge it (or I will be contesting it). I have managed to get some breathing space till 3rd Jan 2013.

[vint1954]

Re: Making a start to tackle the creditors

The biggest debts are mortgage shortfalls...

Indeed. They have not been in touch for some time

[PlanB]

Re: Making a start to tackle the creditors

Indeed. They have not been in touch for some time

Sadly not. Platform Home Loans who repossessed the OP was in touch three weeks ago about the £35k debt and have agreed to hold off for a a couple of months. Mortgage companies are relentless when they chase mortgage shortfalls and they can lawfully do this for up to 12 years after the repossession

[Undercover Elsa]

Re: ShedAnd Unenforcability Diary

A despicable practice. Ruin someone's life, make them homeless, take everything then keep coming back for more.
Makes my blood boil! If they repossess and choose to sell the house below value, that should be their problem. Why not recoup by renting until the market improves? Blood Suckers!

[PlanB]

Re: ShedAnd Unenforcability Diary

Ok, Hi to all, I am going to keep this brief, back in Dec 2010 me and my wife had our house Repossessed by Platform home lending, They sold it I think April 2011 with a shortfall of £35466.78 including charges and fees. Also we had a secured loan on the house with GE money and they are chasing use for £20664.50.

Please could someone help us on these?

Platform Home Lending are a subsidiary of the Co-operative Bank and in general do treat their customers fairly. But I would want to know why it took them four months to sell your home after it was repossessed and whether they got the best price for it and if all those charges and fees were appropriate. You should have been sent a statement by the lender immediately after the sale. If you think anything was wrong in the way your repossession was handled or the way you are being pressured into paying this £35k debt now when you are in financial difficulty then you can make a complaint to Platform even though the property has been sold.

http://www.platform.co.uk/intermedia...omplaints.aspx

[PlanB]

Re: ShedAnd Unenforcability Diary

A despicable practice. Ruin someone's life, make them homeless, take everything then keep coming back for more.
Makes my blood boil! If they repossess and choose to sell the house below value, that should be their problem. Why not recoup by renting until the market improves? Blood Suckers!

I agree. Platform Home Loans generally make the borrower pay for a Mortgage Indemnity Guarantee policy when they take out the loan which means the insurance company pay the lender direct in the event of any shortfall after repossession so they won't be out-of-pocket which is why they are so quick to repossess. If that is what happened in this case it will be the insurance company which is chasing the OP now not the original lender.

[PlanB]

Re: ShedAnd Unenforcability Diary

Please could someone help us on these?

we have not heard from GE money since Dec 2011 and this was with debt collections agency DLC they was trying to get me to agree an arrangement for the debt 50% off with 60 monthly payment of £172.20 I still have the email. Not heard from since as I ignored the email.

Platform, was in talks over the Phone and I offered a token payment to them of £10.00 for the next six months starting Nov 1st this was mid-October but I soon called them back cancelling the direct debit and told them I will be writing to them regarding the claim and I do not acknowledge it (or I will be contesting it). I have managed to get some breathing space till 3rd Jan 2013.

Both Platform Home Loans and G.E. Money are/were sub-prime lenders which didn't deal direct with the public so these loans would have been arranged for you by a broker or an intermediary. There is a long list of claims against brokers for misselling these types of loans and I think you should look into this as a possible way to get these debts reduced.

Neither of these debts will be considered UE so I think these should be dealt with seperately in the Housing Section and leave everything else in your UE diary

[PriorityOne]

Re: Chased for mortgage and secured loan shortfall after repossession

Ok, Hi to all, I am going to keep this brief, back in Dec 2010 me and my wife had our house Repossessed by Platform home lending, They sold it I think April 2011 with a shortfall of £35466.78 including charges and fees. Also we had a secured loan on the house with GE money and they are chasing use for £20664.50.

Please could someone help us on these?

we have not heard from GE money since Dec 2011 and this was with debt collections agency DLC they was trying to get me to agree an arrangement for the debt 50% off with 60 monthly payment of £172.20 I still have the email. Not heard from since as I ignored the email.

Platform, was in talks over the Phone and I offered a token payment to them of £10.00 for the next six months starting Nov 1st this was mid-October but I soon called them back cancelling the direct debit and told them I will be writing to them regarding the claim and I do not acknowledge it (or I will be contesting it). I have managed to get some breathing space till 3rd Jan 2013.

Both of these companies will have realised that they have no hope in Hell of recovering these amounts from you; hence why you've already been offered a 50% reduction by one of them.

One way forward would be to look at re-claiming the charges/fees but this could put you in a tricky position, in my opinion. Firstly, although it would reduce the debt, it wouldn't reduce it enough for you to be free of it and secondly, it could make them less willing to accept a F&F offer from you (in time), as they would have already refunded you an amount. I can't back this latter statement up with any facts though; it's purely hypothetical thinking.

If you have nothing in terms of assets, then you really don't have much to fear from these people because they can't take what you don't have. If you want to keep them off your back however, then you will need to maintain those token payments until they get pig sick of collecting them from you and want rid of the shortfall debt themselves. So, my advice to you would be to set up that Standing Order (not a Direct Debit) with Platform once again and maintain token payments. That way, the chances of them pursuing you through the courts for a CCJ will remain very slim (whether you decide to re-claim or not) for the simple reason that they will have nothing to gain by doing so. As GE Money are not pursuing you, just forget them for now. They will have realised that they had a 2nd charge and their offer back in 2011 sounds like it was made in desperation, to be honest.

I have been through a repossession many years ago, so speak from experience. My £52K shortfall debt was settled 4 years later for an absolute pittance after the company concerned got sick of collecting £5 a month in token payments.... The only difference was that I owned another property, so it was an incredibly stressful time. You are renting, so don't have that worry.

[ShedAnd]

Re: Chased for mortgage and secured loan shortfall after repossession

Hi All, it's coming up to 3rd Jan, the end of my breathing space I managed to get off Platform is coming to an end, so I need to send them a letter as I promised them back in Oct.

Would my best plan with them is to use the SAR template? (when I can find it).

Or is the a template specific for this type of debt?

I'm not sending a thing to GE Money, as they have not sent anything for over a year.

Any help on Platform would be of great help.

Thanks, Shed.

[Undercover Elsa]

Re: Chased for mortgage and secured loan shortfall after repossession

Hi Shedand,
I'd send them the full SAR here: Our Templates | Unenforceability Templates | Subject Access (SAR) - Advanced Request

You can't really raise your full complaint until you are in possession of the facts, so if it was me I'd just send it by Recorded, addressed to their data controller.
If they write in the meantime just let us know what they say, but the response would probably be that due to grave concerns about the administration of your account you have made a Subject Access Request and will respond fully once they have complied with this and you've had chance to examine the contents.

I agree that letting sleeping dogs lie with GE money is the best plan.

Elsa x

[ShedAnd]

Re: Chased for mortgage and secured loan shortfall after repossession

Hi Shedand,
I'd send them the full SAR here: Our Templates | Unenforceability Templates | Subject Access (SAR) - Advanced Request

You can't really raise your full complaint until you are in possession of the facts, so if it was me I'd just send it by Recorded, addressed to their data controller.
If they write in the meantime just let us know what they say, but the response would probably be that due to grave concerns about the administration of your account you have made a Subject Access Request and will respond fully once they have complied with this and you've had chance to examine the contents.

I agree that letting sleeping dogs lie with GE money is the best plan.

Elsa x

Hi Elsa, Thanks for the reply.

I was Just wondering at this moment rather requesting a SAR would I be better sending this? and see what comes back?

WITHOUT PREJUDICE
Dear Sir/Madam
Re Account No.xxxxxxxxx
Thank you for your letter/telephone call concerning the above account.
I do not acknowledge the claim. Please supply me with a full breakdown of the balance claimed under the above account.
In order for me to deal with the matters you raised, I should be grateful if you would supply me with answers to the following points;
•When did the arrears begin?
• When was the last payment made on the account?
• When was any Possession Order given?
• When was the house sold?
• What valuations were made on the property before the sale?
• What costs were involved in maintaining the property during the period between the repossession and the sale?
• How was the house marketed and sold and at what price?
• What costs were involved in selling the property?
• Has a claim been made against the indemnity insurance and how much was recovered?
• How has interest been calculated from the start of the arrears?
Please supply me with a full breakdown of the balance claimed under the above account.
I look forward to receiving your reply as soon as possible.
Yours faithfully
Signed digitally


My plan is to keep them waiting for as long as poss for any payments, and I will be writing them many letters and asking every possible question askable in order to slow down this prosses and depending on what I receive off them I may even take them to court, if I have to.
After all they took our house off us and they sold it for less than market value so they can scupper half the cost's.

Thanks in Advance.

[Undercover Elsa]

Re: Chased for mortgage and secured loan shortfall after repossession

It's up to you Shedand, but I'd be tempted to get the SAR first via the Data Controller, in case asking awkward questions causes things to mysteriously become lost or amended...then once you have it pull them up on every point, slowly, a bit at a time....

[PriorityOne]

Re: Chased for mortgage and secured loan shortfall after repossession

Agree with Elsa.

Sending a SAR is raising a dispute; not in the same was as putting something "in dispute" in the legal sense but you are disputing something all the same. You can always pin them down to specifics later on if/when they start fannying around with information.

Also and for what it's worth, I wouldn't be sending anything with "without prejudice" on it anyway..... what are you hoping to achieve by using that term?

[ShedAnd]

Re: Chased for mortgage and secured loan shortfall after repossession

Hi, I am going to send a SAR off first, as this was a joint account do I need to send 2 SAR's off? one for aech person or do I just send it In 1 name only (ie mine)?

I don't really want to alter the letter as I think they are best laft alone.

Thanks for any help. Sheds.

[PriorityOne]

Re: Chased for mortgage and secured loan shortfall after repossession

Hi, I am going to send a SAR off first, as this was a joint account do I need to send 2 SAR's off? one for aech person or do I just send it In 1 name only (ie mine)?

I don't really want to alter the letter as I think they are best laft alone.

Thanks for any help. Sheds.

Personally, I would only be sending the one SAR at this stage (by rec. delivery).