Sudden lpa receiver threat after 5 years of regular monthly payments

[The Tech Clerk]

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

Plan B x

& all this time I though Plan B had properties and was a Landlady??? must of been a sleep in all the years of knowing her !

[Disastra]

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

I don't think I'd even have got this far without this site and very particularly Plan B. I have so many thanks to give!

[Pixie]

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

That's a great result Disastra...well done to you and PlanB

Now go and get Barclays!

[Disastra]

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

My first thought was to remortgage, but I guess they had to win some extra time to allow them to do this.

That's exactly right, we needed time to get a lender/broker on our side and gather all the paperwork. Getting credit reports took nearly 2 weeks (We have one of those odd addresses that isn't on all databases). Initially I didn't think we stood any chance of re-financing which was why I tried to get Barclays to come to an agreement. Otherwise I'd have done that immediately.

[JLC]

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

I thought that helper2015 was a bit rude just wading in without reading the full story. My first thought was to remortgage, but I guess they had to win some extra time to allow them to do this. Well done Plan B. Good luck to disastra.

[Never-In-Doubt]

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

^^^ that is a big "ok whatever"

[PlanB]

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

Plan B, why are being so blasé, you're demonstrating that you know little to nothing about property law, which could be to the OP's detriment. She shouldn't have to look for alternative financial product or invite the receiver to tea, as you put it so nonchalantly.

^ ^ ^ ^ sometimes acting nonchalant works

You may think I know "little to nothing about property law" but that's probably because I disguise it well.

Disastra needed a solution to her problem and she's undoubtedly achieved that by bowling underarm not overarm. If she'd gone in guns blazing with legal arguments the Receiver would have let lawyers loose on her.

This way she gets a lower mortgage rate, an increased loan amount so she can have a new kitchen, and best of all she gets the immense satisfaction of screwing over Barclays

Result!

Plan B x

[PlanB]

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

This is excellent news

You should be proud of yourself for not surrendering to the LPA Receiver's bully tactics. Inviting him to tea was the right thing to do because it bought you time to go behind his back and get a mortgage from another source. He was all for issuing possession proceedings before Christmas.

I'd love to be a fly on the wall when he hears about this. He wanted to repossess and sell your home which would probably have generated him a fat commission. He won't get that now. Ha!

Barclays need to be made to suffer too because you've proved that you can, and always could, pay back what they lent you (because you've been accepted by a substitute lender) so there was no need to send in a Receiver.

You've incurred costs as a result (broker fee etc) so let's see if a complaint will help you to recover those plus compensation for the stress and inconvenience caused by thinking you would be made homeless any minute when you were recovering from a serious car accident.

Plan B x

[Disastra]

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

Update on where we are.

We've managed to get an acceptance in principle from a lender, through a broker. It turned out I did have 1 ccj once the full credit reports came back so we're lucky to have it. The broker says we should have the money in a few weeks.


It's cheaper than we're paying now and fixed for 2 years by which time the ccj will have dropped off and our rating should be very much repaired so we can re-finance again at that point for something even more favourable hopefully.

The amount the loan is for will be enough to pay off Barclays and get our kitchen properly renovated (not just a patch up job). All in all an excellent outcome.

Plan B and I are now working on a further complaint to Barclays in the hopes of, at the very least, getting the brokers fee paid.

[Disastra]

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

The subject access request stuff came back from Barclays. It's basically loads of scrap paper and doesn't contain any copies of the agreements or letters or anything.

[Pixie]

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

Wishing you luck xx

[Disastra]

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

Quick update. Receiver has given us until end of Feb to present some acceptances in principle for refinancing or they'll go down route of voluntary handover or repossession. We're frantically trying for finance but I'm 51 with bad credit and hubby earns minimum wage so it's not an easy road.

[Disastra]

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

Of course they're not "unable" to accept payments. They haven't returned them so they have accepted them. Their letter acknowledges your payments which is a good thing.

Since you plan to increase them from next month I'd write and tell them that too. You're building a file of evidence of your willingness to pay and their unreasonableness for non-cooperation.

Depending on what you learn from the Receiver's visit you may want to work towards asking Barclays to recall the loan from the Receiver who will want to hang onto it or even sell it since their business is also an auctioneer. The Receiver gets paid every step of the way.

In order to convince Barclays to recall it you'd need to have a viable financial proposal on the table which demonstrates you can repay the outstanding balance in a reasonable timeframe. What would the monthly repayments be to cover the interest and repay something towards reducing the capital?

Did you look into whether you could raise a mortgage to pay off the bank since both you and your partner are employed?

Have you had three valuations of the property carried out by local estate agents?

Plan B x

Hi, apologies I've had lots of late shifts and then powercuts (no internet) and a flurry of doctor and consultant appointments along with some illness in the family. The receiver is coming on Friday so I'm rather nervous. Any tips would be gladly received.

I've done some research into mortgages and there are some available for people with bad credit that seem affordable. I didn't want to go making applications yet as the aim was to get Barclays to recall the loan.

I've got some time off over Feb/March so can actually be here for estate agents to come. I'm afraid I haven't done that yet.

How do I work out what repayments would be? I seem to remember step change said £499 per month. Would I have to send an updated income/outgoing sheet to Barclays?

Thank you.

[Never-In-Doubt]

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

Plan B, why are being so blasé, you're demonstrating that you know little to nothing about property law,

Posts like this really don't sit well with me.

Calm yourself down or don't login. If I see any more posts like the above I'll make the decision easier for you. We're here to assist - NOT provide advice; legal or otherwise.

Niddy.

[PlanB]

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

Plan B, why are being so blasé, you're demonstrating that you know little to nothing about property law, which could be to the OP's detriment. She shouldn't have to look for alternative financial product or invite the receiver to tea, as you put it so nonchalantly.

Plan B x