Sudden lpa receiver threat after 5 years of regular monthly payments

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Still no contact from receivers or bank. I've had to order copy house insurance docs and council tax statement so copies of those will go as soon as I receive them. Just copying an old council tax notice, electricity statement & water bill to send to the receivers now.

Should I tell them I'm getting estate agents valuations etc?

I'm still trying to catch up after I lost my parents a couple of years ago, this is why everything is so disorganised. 3 weeks after my dad passed away from a heart attack my mum was struck with something called vascillitis which caused bleeds in the brain. I spent a year going back and forth from home to hospital to work to hospital to home. Add to that the social fund lost my mum's application for funeral help for my dad's funeral so I had to appeal to a tribunal, plus I was in a car accident in 2013 (Other driver's fault) and got frozen shoulder (it's more painful and debilitating than it sounds) had to have an operation, got given 3 weeks to empty my parents flat (I have a 2 seater car and live 20 miles from there) and have developed another frozen shoulder in the other side. Well, everything went to pot really. My commute means I'm often away from the house 12 hours a day too.

So, apologies if I seem a bit slow to get things together, and utterly useless with the paperwork. I am trying.

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Ok, hairdresser is a good idea as there isn't one here. There is a cafe that people come miles to eat at

I can't access the old plan as don't have a floppy drive any more lol. Will put something together though.

I have written to Barclays to ask who to pay, and to the receivers asking the same question. Waiting for replies. As we can afford to pay extra now I wondered if that would 'show willing.' I'll wait to see what they come back with then maybe up the payments. We'll be able to pay within the remaining term of the loan, definitely.

I've asked my compensation lawyers if they're willing to provide me with a letter that gives an estimate of what monies I might receive also. Thought maybe if we could show that there'd be some sort of lump sum coming as well it'd be helpful..

We do want to keep the house if we can. Emotionally attached and there's no rental accommodation in the village so we'd have to move away from our community.

xx

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

It'll take me some time to put a business plan together. I've come so far away from all that I will have to learn it all again. The last one was on floppy disc. Plus I have no ideas on what sort of business I'd do it for. There's already a grocery store in the village.

Did you provide a Business Plan to Barclays when you took out the original loan? If so you can use that as a starting point. If the business made a profit at the beginning then you can use that to demonstrate that it can be a viable business (again) which only took a downturn when the Credit Crunch struck.

Since you say there's another grocery store in the area you could think about what other kind of business could thrive in the space (for someone else to run on a lease) such as a cafe (which it was for years) or even a poodle parlour

I once lived in a village where the local shop/newsagent became a hairdressers. It was hard to conceive that the business would survive in village of 30 thatched cottages but it became a roaring success with trade from other villages due to free parking (unlike town centres) and free village gossip (the main attraction) since all women tell their hairdressers everything.

The idea is to give the LPA Receiver a reason to see the money Barclays leant you is not at risk so he doesn't decide to attempt to repossess your home. If it does go to court (possession proceedings) you will be able to tell the Judge that you can pay back Barclays within a reasonable timescale. If the DJ is convinced then the worst case scenario could be a Suspended Possession Order with no threat of eviction if you carry on paying off the debt at an agreed amount.

Plan B x

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

The payment has gone to Barclays this month as usual. Should we increase the payment to our proposed amount or leave it as is for the moment?

I can't really answer that question because I know nothing about your financial situation. If you're intent on holding on to your home with the aim of the LPA Receiver returning it to Barclays then paying as much as you can afford may be wise.

Even though you've paid Barclays you should still write to them for the sake of building a paper trail. Tell them you've paid this month and ask them who to pay next month. Copy the letter to the LPA Receiver.

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

The payment has gone to Barclays this month as usual. Should we increase the payment to our proposed amount or leave it as is for the moment?

When you say get valuations, do you mean get estate agents in to advise what they would market it for?

Also, regarding leasing the shop area, would that be similar,asking a commercial estate agent?

It'll take me some time to put a business plan together. I've come so far away from all that I will have to learn it all again. The last one was on floppy disc. Plus I have no ideas on what sort of business I'd do it for. There's already a grocery store in the village. Would I have to cost in all the modernisation/renovation needed for change of use planning? I'll try though.

I'll have a look around for brokers. I didn't know they could quote without a credit check. Would online quotes (Screenshots etc) be acceptable?

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

I do have the tracking receipt, they've not written back yet though.

Whatever happens don't miss any payment due this month (last month?).

Write to Barclays and ask them whether you should be paying them or paying the Receiver (they will tell you to pay the Receiver). You need a paper trail.

Get three valuations on your property so you can demonstrate that you have ample equity so Barclays loaned amount is not at risk. Hopefully your monthly payments cover the interest on the loan and at least some of the capital.

It may make sense to draw up a business plan to demonstrate the shop could be a viable business again even if you have no intention of running it. Maybe get quotes for leasing it even if you have no intention of doing that. The object of the exercise is to convince the LPA Receiver that Barclays money is not at risk.

Finally I see no harm in you asking a broker to provide a quote for a remortgage (without running a credit check unless you give them permission). You owe Barclays £44k and your house is worth £130k. If you were to seek a remortgage to replace Barclays then you would only require one at about 35% LTV so the interest rate should be low.

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Ah, I see. I'm sure they made me have it witnessed by a solicitor, so I wouldn't call it my choice, but then they're not going to be fair.

I do have the tracking receipt, they've not written back yet though.
x

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

The solicitor was someone recommended to me by a friend. I seem to remember it was go in, sign, leave.

If push comes to shove Barclays (or the LPA receiver) may say that you took independent legal advice however brief your visit to your friend's solicitor. Barclays had no control over that event.

Maybe/maybe not that solicitor had a duty of care to advise you of the good news and/or bad news of whatever deal you were entering into.

Plan B x

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Posted by me on 28th October 2015

Immediately write back a holding letter informing them that the property is residential and has been your home since 1999. Enclose a copy of your current Council Tax bill to support this. (Are you on the electoral roll?)

Tell them that you have been paying £xx per month to Barclays and the next payment is due on xx October. Ask them if they would prefer you to make the payments direct to them in future and to provide you with their bank details.

Keep it short and finish by saying that you will write again within the next 14 days with further information.

Posted by you on 28th November

I shall write it now.

So did you get a Royal Mail Track & Trace proof of delivery of your letter?

Did the LPA Receiver acknowledge your letter and send a reply?

Never underestimate the power of a LPA Receiver. This is no time to be complacent. You need to engage with these guys so you can retain control of the situation.

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

I've just seen your question. Yes the Estate agent blurb was commercial property.

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

To be honest I don't know why there's no date on it.

The solicitor was someone recommended to me by a friend. I seem to remember it was go in, sign, leave.

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Two quick questions on the Barclays charge documents:

1. There's no date on the copy you've signed, why was that?

2. Your signature was witnessed by a solicitor, was that your own personal/business solicitor who may have advised you at the time?

Pan B x

[The Tech Clerk]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

They've all arrived safely

The not so good news is they're all upside down so you may need to read the instructions on that new scanner of yours before sending me any more or I'll be standing on my head all night long!

And yes I would like to see the charge document please.

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Oops sorry

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Scans on the way.

They've all arrived safely

The not so good news is they're all upside down so you may need to read the instructions on that new scanner of yours before sending me any more or I'll be standing on my head all night long!

And yes I would like to see the charge document please.

Plan B x