Lilly's Repossession

[pezman65]

Re: Lilly's Repossession

Hi Pez
Would you like to email me a copy of what you sent to them re the write off / Lilly's health problems and a scan of their reply and we'll try and figure out the best response. Does Lilly have any medical evidence?
I'll collaborate with PlanB on the housing side if necessary so we can cover all angles. I do think they've had their pound of flesh now!
undercoverelsa@all-about-debt.co.uk

Elsa xx

Hi Elsa, I have sent a copy of the letters you have requested to your email address as above, many thanks Lilly's Dad

[PlanB]

Re: Lilly's Repossession

I'll collaborate with PlanB on the housing side if necessary so we can cover all angles.

I'll be more than happy to collaborate on this one Elsa

[pezman65]

Re: Lilly's Repossession

Hi Elsa, thanks for the reply, I will get that emailed to you this evening, Lilly has been on and off work for the last 3 yrs, she had 9 months off last year due to depression but had to go back as they cut her sick pay, she really struggles but keeps fighting on for the children's sake. This NRAM and GE money is a real pain, she has no way of paying anything off as we have to support her and the children financially to make ends meet now. Will speak later, kind regards Lilly's Dad

Hi again UCE, can I just check if the email in your posts secure or should I remove all personal information, regards Lilly's Dad

[pezman65]

Re: Lilly's Repossession

Hi Pez
Would you like to email me a copy of what you sent to them re the write off / Lilly's health problems and a scan of their reply and we'll try and figure out the best response. Does Lilly have any medical evidence?
I'll collaborate with PlanB on the housing side if necessary so we can cover all angles. I do think they've had their pound of flesh now!
undercoverelsa@all-about-debt.co.uk

Elsa xx

Hi Elsa, thanks for the reply, I will get that emailed to you this evening, Lilly has been on and off work for the last 3 yrs, she had 9 months off last year due to depression but had to go back as they cut her sick pay, she really struggles but keeps fighting on for the children's sake. This NRAM and GE money is a real pain, she has no way of paying anything off as we have to support her and the children financially to make ends meet now. Will speak later, kind regards Lilly's Dad

[Undercover Elsa]

Re: Lilly's Repossession

Hi Pez
Would you like to email me a copy of what you sent to them re the write off / Lilly's health problems and a scan of their reply and we'll try and figure out the best response. Does Lilly have any medical evidence?
I'll collaborate with PlanB on the housing side if necessary so we can cover all angles. I do think they've had their pound of flesh now!
undercoverelsa@all-about-debt.co.uk

Elsa xx

[pezman65]

Re: Lilly's Repossession

Ho pexman

PlanB and Elsa may be the ones to help you here, PlanB on the housing side and Elsa on the health issues. I hope Lilly and the children are keeping well xx

Hi Pixie, Lilly and the children are doing Ok thanks, still struggling at times but getting there. Hope you are well. Thanks for the reply, we will wait to see anyone has any suggestions, NRAM really are the Pitts, been reading they are getting very hard line at times, regards Lilly's Dad

[Pixie]

Re: Lilly's Repossession

Ho pexman

PlanB and Elsa may be the ones to help you here, PlanB on the housing side and Elsa on the health issues. I hope Lilly and the children are keeping well xx

[pezman65]

Re: Lilly's Repossesion

Hi guys, just an update. NRAM have left Lilly alone for the past few months but have just come back on the scene requesting financial statement and DR letter confirming her health issues, I sent a letter requesting them to write off the remaining balance due to them selling the house cheap after they repossessed. Just wondered what to do next, fill in the forms as requested or stick it out and say she owes nothing due to them selling it under value. She Still has GE money balance of 12,000 left as the sale price and valuation should have paid everyone off if they had sold for the correct amount, any suggestions will be gratefully received, many thanks Lilly's Dad

[lilly1203]

Re: Lilly's Repossesion

When did they state the value of the house was £195k? Was this the valuation done when the mortgage was taken out years ago so they could argue that the value has dropped since then? They have a duty to sell it speedily so that the loan doesn't increase, but there's a big difference between a quick sale and giving the house away.

Hi PlanB Yes this was at the original valuation but there are properties sold in 2013 for the Price that was quoted by the estate agent for Lilly's house, these houses were exactly the same and sold for £15,ooo more only 2 months earlier. Zoopla value the house at 205,000, I know that can be a bit high but still the sale price of £152 seems low, cheers Lillys dad

[PlanB]

Re: Lilly's Repossesion

When did they state the value of the house was £195k? Was this the valuation done when the mortgage was taken out years ago so they could argue that the value has dropped since then? They have a duty to sell it speedily so that the loan doesn't increase, but there's a big difference between a quick sale and giving the house away.

[lilly1203]

Re: Lilly's Repossesion

[QUOTE=planB;355184]Did the SAR to NRAM provide you with the original mortgage offer, Key Facts Illustration and loan Ts & Cs? Was there any reference to a Higher Lending Charge which is sometimes known as a Mortgage Indemnity Guarantee? This is an insurance policy taken out by the lender but paid for by the borrower. In the event of a short-sale following repossession the lender claims the shortfall off the insurer. When that happens then the insurer chases the borrower for the shortfall. I'll explain why this matters when I get your answer to my question.

You don't say anything about NRAM chasing Lilly for the £3.5k shortfall.

Hi Plan B, wow that was certainly at task and a half, I am sure that is what they hope for in sending me over 500 pages to plow through most of them duplicates but still had to check to make sure. It took far longer that first thought but we finally got to the end, they also sent another load of papers with telephone transcripts on but did not specify any issues raised re asking for her deceased husband or asking the children where their dad was. So to start from the beginning. There was several pages relating to the original "Offer of loan" but no mention of "terms and conditions" as such and no mention of any "Higher lending charge" there were a few minor mistakes such as putting female instead of male and no dependent children instead of 2 children but they are only minor issues. I can not find any mention of any "Mortgage Indemnity Guarantee" The interesting thing is that they have written that the value of the house is £195,000 but still sold it for £152,000. They state that the amount owed in Jan 2013 was £147,336.30, this was also the figure that was presented at court and this included the arrears but they have taken £152,000 when it was sold and still want another £3500 from Lilly. They have not given us a breakdown of charges etc so not sure how they got to this. There are lots of charges such as Valuation fees, commission of £405 that was added to the mortgage, £990 as a product fee added and their solicitor fee of £200, other non descriptive charges of £25 here and there and other "legal fees" there is a discharge of mortgage fee of £250. I know that this is not much help as there does not appear to be any thing we can use but and suggestions of what to do next would really help.
As far as them chasing the money they have only sent one letter on 09.09.13 stating "as they don't have an update on her financial situation they will monitor her account while they determine what to do next, they may instruct a debt collector or take legal action or petition for bankruptcy or take it to court. They are asking for an up to date I&E to be sent. Hope to hear from you soon, kind regards Lillys dad

[lilly1203]

Re: Lilly's Repossesion

Not at all, that thread now starts this thread due to the date of the posts, ie it is at the beginning (post-1)

To clarify, the following threads are now in this ONE thread:

1. Repo posts from your Diary - your diary is still separate and can be found HERE
2. Merged the Daughter thread into the new Repo thread
3. Merged the Secured Loans thread into this new Repo thread

So now you only have your diary and this repo thread - easier to manage

Thanks Niddy, appreciate all you do, kindest regards Lillys Dad

[lilly1203]

Re: Lilly's Repossesion

Did the SAR to NRAM provide you with the original mortgage offer, Key Facts Illustration and loan Ts & Cs? Was there any reference to a Higher Lending Charge which is sometimes known as a Mortgage Indemnity Guarantee? This is an insurance policy taken out by the lender but paid for by the borrower. In the event of a short-sale following repossession the lender claims the shortfall off the insurer. When that happens then the insurer chases the borrower for the shortfall. I'll explain why this matters when I get your answer to my question.

You don't say anything about NRAM chasing Lilly for the £3.5k shortfall.

Can we keep NRAM and GE Money issues in separate posts. This is because it's not GE Money's fault that NRAM sold the house cheap. We'll find something else to blame them for in due course

Hi Plan B, thanks for getting back to us. Now I have an idea what to look for Lilly and I will go through the 473 pages they have sent and look for the issues you talk about. will do that this evening when Lilly and the children come for tea and I will get back to you asap, once again words are not enough to you guys, you give us hope and wonderful support, thanks to you all, speak soon Lillys Dad

[Undercover Elsa]

Re: Lilly's Repossession

Thanks for finishing the job Niddy

[Never-In-Doubt]

Re: Lilly's Repossession

If things get juicy let a mod know and they'll put it in Legal Protected Section for you