Repossesion 8th April 2014

[Peter pistoe]

Re: Repossesion 8th April 2014

It's the only attitude Pixie

Hi PB, hope you're well...
As always I'm looking forward to your input

[PlanB]

Re: Repossesion 8th April 2014

So the house was finally repossessed today

I guess I'm moving on to a different fight with them now....

. . . do I just forget about it untill they've done their bit and they come after me for the shortfall, costs etc

I think you can forget about it while you lick your wounds. You gave it your best shot. It was sunk when your buyer pulled out at the last minute.

If you had been living in the house it may have been a different story because judges don't like to evict people if they can help it. In your case the property was empty and the mortgage repayments weren't being met so the lender took the view that its financial position was getting worse by the day and nobody would be made homeless if they seized it.

One reason why it feels so sad for you is that it was your *home* not just any old house. It was where you had lived together as a family. Maybe with it gone you can start to get some closure and move on with the next chapter of your life.

Did the lender force you to sign that document where you would have agreed to pay any sale shortfall on top of the mortgage repayment arrears ? I wouldn't pay the bastards a penny if you don't have to. You still have a 'live' complaint with the FOS which can be revived to deal with the aftermath of all this.

Chin up, and let us know when you hear anything which may not be for months and months. They've got to find you first

[Peter pistoe]

Re: Repossesion 8th April 2014

Hi PB, thanks, all the stress has gone now, relieved.
Luckily I didn't sign anything in the end
So....say in a year or two they find me, what measures/powers do they have to get errrrrr blood out of a stone 😏

Also is their a limit on the time they have to try and settle it?
Xx

[cymruambyth]

Re: Repossesion 8th April 2014

I think that mortgages can be chased for 12 years.

[PlanB]

Re: Repossesion 8th April 2014

is their a limit on the time they have to try and settle it?

Your lender (Bank of Ireland) is a member of the Council of Mortgage Lenders and will have to abide by its code of practice which is to only chase mortgage shortfalls for 6 years not 12 years.

This link may/may not work http://www.cml.org.uk/cml/membership...ry=0&x=32&y=10

Here is a Cut & Paste from the CML website to put your mind at rest on the timeline.

What will the lender do if there is a shortfall debt?

If there is a shortfall, your lender will contact you as soon as possible after the sale of the property telling you that there is a shortfall debt. They will also let you know that the shortfall debt may be pursued by another company.
If interest is being charged on the shortfall debt, your lender will send you regular, written financial statements which will update you on how much you owe. It is important that you keep your lender informed of your new address after you leave the property so that you receive these statements.
The action that your lender takes will depend on the circumstances. A lender may or may not wish to seek repayment of the shortfall debt, but if they do they must notify you within six years.

[PlanB]

Re: Repossesion 8th April 2014

Luckily I didn't sign anything in the end

I'm happy to hear this

[Enforcer]

Re: Repossesion 8th April 2014

Came after me 10 years later.

[PlanB]

Re: Repossesion 8th April 2014

Came after me 10 years later.

Who was the lender and were they a member of the CML?

[Peter pistoe]

Re: Repossesion 8th April 2014

Thanks PB👍
Tell us more Enforcer.......

[Peter pistoe]

Re: Repossesion 8th April 2014

Hi all,
Back again
So I'm getting letters now for me to contact them to settle the shortfall of the loan.
Last letter threatens going legal if I don't respond.
Not sure what to do at moment so just ignoring, any advice?
Thanks

[cymruambyth]

Re: Repossesion 8th April 2014

Hi, I'm sorry I can't help but I will leave a message for planB as she is still our expert in this field.

[PlanB]

Re: Repossesion 8th April 2014

Back again
So I'm getting letters now for me to contact them to settle the shortfall of the loan.
Last letter threatens going legal if I don't respond.
Not sure what to do at moment so just ignoring

Peter and welcome back

Chasing you for the shortfall is inevitable, but paying them isn't.

How much are they claiming?

You originally had the house under offer at £125k which was more or less the size of the mortgage (£125,500?). That offer fell through at the eleventh hour so they repossessed you instead. Nevertheless you have established the "going rate" so if it was sold for a lot less then you can try to challenge that. What did they sell it for?

Plan B x

[nanna58]

Re: Repossesion 8th April 2014

Only just read through your sad story so sorry xxxx

[Peter pistoe]

Re: Repossesion 8th April 2014

Hey Plan B, hope you're well.

The house sold for £116.000, they want £18,000 more from me.
Technically I owe £9000 as my ex is liable to to half, but that's another story
Now.... I have nothing to give them and the same for my ex.

Should I call them?

@nanna58, yeah a stressful time that was! It's done now, picking up the pieces, feeling positive

Thanks 😘

[Peter pistoe]

Re: Repossesion 8th April 2014

Hi,
Any feedback would be good as to my approach to the situation.
X