Mortgage Settlement/unenforceable

[peter]

Hi All,
Nwb here.
Just wondering whether anyone's heard about the 5 letter approach to settling mortgages?
If I understand it correctly (unfortunately I cannot find the original website where I first read this) an offer is made to the bank/building society to settle the outstanding amount on condition of the lender providing the original contract.
The theory goes that the lenders might not/don't have this important document anymore, therefore cannot accept your offer, but the account becomes settled (I think).
Sorry to sound a bit vague.
Anyone heard of this and can explain better than me!?
Thnx.

[helmsman]

Re: Mortgage Settlement/unenforceable

Hi All,
Nwb here.
Just wondering whether anyone's heard about the 5 letter approach to settling mortgages?
If I understand it correctly (unfortunately I cannot find the original website where I first read this) an offer is made to the bank/building society to settle the outstanding amount on condition of the lender providing the original contract.
The theory goes that the lenders might not/don't have this important document anymore, therefore cannot accept your offer, but the account becomes settled (I think).
Sorry to sound a bit vague.
Anyone heard of this and can explain better than me!?
Thnx.

hi peter,
Just googled 5 letter approach to settling mortgage, it takes you to a site for David Icke it shows the 5 letters, but I think the David Icke says it all.

[peter]

Re: Mortgage Settlement/unenforceable

hi peter,
Just googled 5 letter approach to settling mortgage, it takes you to a site for David Icke it shows the 5 letters, but I think the David Icke says it all.

Hi Helmsman
Thats one of them. I hadn't seen all the responses tho! Bit OTT that site!
There were others tho I'm sure. One I remember was being discussed a little bit more maturely . Anyone else has heard of this??

[oscar]

Re: Mortgage Settlement/unenforceable

Hi All,
Nwb here.
Just wondering whether anyone's heard about the 5 letter approach to settling mortgages?
If I understand it correctly (unfortunately I cannot find the original website where I first read this) an offer is made to the bank/building society to settle the outstanding amount on condition of the lender providing the original contract.
The theory goes that the lenders might not/don't have this important document anymore, therefore cannot accept your offer, but the account becomes settled (I think).
Sorry to sound a bit vague.
Anyone heard of this and can explain better than me!?
Thnx.

I really cant see such an agreement being "unenforceable".

To be declared UE - as far as I am aware, it would have to fall under CCA 1974. As the maximum level for unsecured loans is £25K, a mortgage would fall outside of this remit.

I dont really know enough about mortgages to give a definitive answer, and the above is just my opinion.

[Never-In-Doubt]

Re: Mortgage Settlement/unenforceable

There is no maximum anymore mate. All loans are cca protected from the cca 2006 amendments.

[Never-In-Doubt]

Re: Mortgage Settlement/unenforceable

hi peter,
Just googled 5 letter approach to settling mortgage, it takes you to a site for David Icke it shows the 5 letters, but I think the David Icke says it all.

This is the version I'd previously read ---> http://forum.davidicke.com/showthread.php?t=129111

Personally I think it's a croc of crap!!

[helmsman]

Re: Mortgage Settlement/unenforceable

This is the version I'd previously read ---> http://forum.davidicke.com/showthread.php?t=129111

Personally I think it's a croc of crap!!

hi niddy,
that is the one that I got on google. If you say its crap thats goodenough for me.

[oscar]

Re: Mortgage Settlement/unenforceable

There is no maximum anymore mate. All loans are cca protected from the cca 2006 amendments.

Oh right, wasnt aware of that little bit. Bit irrelevant somewhat as because of the amendments UE is not an option for post 2007!

[diddlydee]

Re: Mortgage Settlement/unenforceable

I can't begin to explain the laws on mortgage agreements etc, however what I can tell you is that I used to work for a mortgage lender.

We had an arrears & repossessions dept (which I didn't work in) but I can categorically confirm that they would proceed with repossession enforcement via the courts without having ANY paperwork relating to the mortgage.

Now as outlined above, I do not know the law on such things, but would be vary wary as any mortgages against a property would have been undertaken via a solicitor with charges being placed against a property and lodged in the title deeds.

It is a very dangerous path to tread, and I, for one, would not go down it UNLESS I was already in a position of being repossessed - then, you really have nothing to lose.

[Deepie]

Re: Mortgage Settlement/unenforceable

Hi All
What your view on the above Niddy
About 3 years ago my business bank manager turned up with some papers for me to sign, it was a new secured business loan agreement. I've had the loan since 2002.He said that the bank had made mistakes and wanted to put them right. I never signed them BTW.

[diddlydee]

Re: Mortgage Settlement/unenforceable

A brief explanation of what I presume they are claiming is:

1) offer to settle the loan in return for the original signed loan agreement
2) creditor doesn't have loan agreement and therefore could not enforce a repayment or a repossession in the court of law
3) borrower wins, as lender cannot enforce the loan, so debt is "written off"

See my post above as to why I do not think this would work and is not a good idea!

[Never-In-Doubt]

Re: Mortgage Settlement/unenforceable

Oh right, wasnt aware of that little bit. Bit irrelevant somewhat as because of the amendments UE is not an option for post 2007!

Exactly mate.

[Never-In-Doubt]

Re: Mortgage Settlement/unenforceable

A brief explanation of what I presume they are claiming is:

1) offer to settle the loan in return for the original signed loan agreement
2) creditor doesn't have loan agreement and therefore could not enforce a repayment or a repossession in the court of law
3) borrower wins, as lender cannot enforce the loan, so debt is "written off"

See my post above as to why I do not think this would work and is not a good idea!

Agreed totally. Point of fact; who holds the title deeds! The lender thus it's their property until you pay and get them!