Northern Rock Selling House 55k under asking price!!!

10past6

One very important issue needs pointing out here, whilst the debt charities do a very good job, when it comes to any litigation case involving a creditor, they will NOT act in the debtors interest.


I've witnessed countless cases where the defendant has lost their case based on the dubious advice from a debt charity, I would go further and state, if anyone reading this thread becomes involved in a litigation case with a creditor, you're far better off seeking independent advice and leaving the debt charity well out of it.

10past6

gizmo111 wrote: »

NR are one of the most aggressive creditors there is

I fully agree, I've assisted a member on here who shall remain nameless lost their case based on the advice / early intervention from a debt charity, even though they had a winnable case.

fermi

gizmo111 wrote: »

They have also failed to point out that NR are one of the most aggressive creditors there is, and routinely apply for CO's after judgement.

Many here know that only too well.

EDIT: As 10past6 said while I hesitated.

Nargleblast

You could try running the situation past a solicitor ? I believe some will do a half hour appointment free of charge with no obligation? Ring round and find out.

elsie52

Hi

Just thought I would add my views. I worked as a Senior Negotiator for a firm of estate agents for 10 years, and I was always under the impression that when dealing with Repossesions, that the Building society were charged to get the best possible price for the existing borrower. The properties were valued just the same as any others before putting them on the market, and certainly were not put on at ridiculously low prices. As long as the Building Society get what they are owed, then anything over that amount belonged to the borrower. Perhaps things have changed, but I would be very surprised.

geoffky

elsie52 wrote: »

Hi

Just thought I would add my views. I worked as a Senior Negotiator for a firm of estate agents for 10 years, and I was always under the impression that when dealing with Repossesions, that the Building society were charged to get the best possible price for the existing borrower. The properties were valued just the same as any others before putting them on the market, and certainly were not put on at ridiculously low prices. As long as the Building Society get what they are owed, then anything over that amount belonged to the borrower. Perhaps things have changed, but I would be very surprised.

they put mine into a auction and thats what they do now if they do not get any offers for them....the do have to show they tried....but try proving they have not....

Durhamborn

nova wrote: »

Ah, Thanks, we're not paying the full amount but its not as low a £1 token payments that l've heard of. lf they did go for a charging order would this go to court first ie ccj, then default then charging order. Or if we agreed to order (might make things easier) could we negociate a settlement figure?

Yes it would have to be granted by a judge so court.It all depends on how much effort you are making on paying the debt compared to income.Say you owed 20k and were paying £5 a week but earned £400 a week its likely a charging order would be granted.
As time goes on its likely more and more charging orders will be used.If i was you id phone and offer a bit more,even a few pounds a week,then in a few months do it again,offer a few more and keep doing that.
One it will mean they see you as slowly paying it off.Second it would show a judge you were trying by increasing and so as they would know this its doubtfull they go for a charging order.
Usually it happens when they think they are not getting enough.Or if you stop paying,.They then sell the debt and its the buyer who applies for the charging order.
People with unsecured debt and home equity must learn that there is no such thing as unsecured debt when you have an asset.Peope have lost homes from CC debts of a few thousand they defaulted on that were then put on their homes with charging orders.
It really is important to keep paying a half decent amount to the creditors,and as i suggested keep phoning and putting that amount up a bit.

nova

Durhamborn wrote: »

Yes it would have to be granted by a judge so court.It all depends on how much effort you are making on paying the debt compared to income.Say you owed 20k and were paying £5 a week but earned £400 a week its likely a charging order would be granted.
As time goes on its likely more and more charging orders will be used.If i was you id phone and offer a bit more,even a few pounds a week,then in a few months do it again,offer a few more and keep doing that.
One it will mean they see you as slowly paying it off.Second it would show a judge you were trying by increasing and so as they would know this its doubtfull they go for a charging order.
Usually it happens when they think they are not getting enough.Or if you stop paying,.They then sell the debt and its the buyer who applies for the charging order.
People with unsecured debt and home equity must learn that there is no such thing as unsecured debt when you have an asset.Peope have lost homes from CC debts of a few thousand they defaulted on that were then put on their homes with charging orders.
It really is important to keep paying a half decent amount to the creditors,and as i suggested keep phoning and putting that amount up a bit.

Thanks, thats a really bit of useful advice. l know you dont want to hear my sob story but OH used to earn the funds to cover these things no problem but now, we're on benefits (hopefully short term) as he's got to have an unexpected op.Obviously lm willing to work to take over as it were, but thats easier said than done at the moment, its not that we dont want to pay its just finding a solution for the moment when hopefully things will pick up.

Miss_Madam

I think there is some seriously good advice on this thread. And SNM go easy on yourself, I think there could be some hormones adding to the mix too. Also for others viewing this, I am sure SNM would rather not be in this horrible situation but this really is a salutory lesson for everyone that when you are considering buying a house of the importance of doing a stress test of whether you can really afford it considering up to double digit interest rates - we have had historically low rates - they haven't gone crazy in the last decade - just reverted a couple of times to the historical average. If you can't afford to buy a house assuming interest rates of up to 8%, or with one of you unemployed for six months - then you should wait until you are in a better position to buy (not being harsh to the OP as I am sure she is wise after the event). Private renting exists for a reason - just ignore all of the property ladder rubbish on the telly and if your folks are pushing you to get on the ladder - stick by your guns - this is the biggest decision of your life and buying at the wrong time can cost you a fortune and years of stress. The guy in the bank signing you up for a mortgage isn't your friend and it is not their job to make sure you can afford the payments under a different climate of interest rates (but they won't tell you that!) - unfortunately that's your job. I know its so hard, as house hunting is an emotional time - but take care of yourselves folks. I think this is particularly pertinent in our current climate of historically low interest rates - if you are thinking of buying now, make sure you can afford to make the payments when rates return to historical norms.

tomterm8

The problem is the law is changing with regards to charging orders, so that even if a payment arrangement is in place, in a couple of years time a charging order will be obtainable.

I think you do need specialist legal advice with regards to a few areas:

1. If the house is reposessed and sold at under its fair market value, then a cause of action arises against the mortgage company. But you need legal advice quickly to establish the ability to prove that it was sold undervalue.

2. You need a qualified solicitor to investigate the terms of the guarantee. English law is complicated, and you should not assume the guarantee is legitimate. There are cases where guarantees have been invalidated because the correct advice was not given at the time the guarantee was made.

3. You need qualified advice (not legal advice) as to whether bankruptcy is the correct option for yourself and your husband.

4. I think CCCS's advice on the charging order front is wrong, if your mother gets a CCJ issued it is highly likely a charging order will be granted. However, there is a long distance between a charging order being granted and being repossessed. - this is nowhere near as easy for the creditor to do as some people think on this thread.

It is not always the case that you need to declare yourself bankrupt, it is often possible for you to do a full & final settlement after repossession. There are cases where a £100,000 debt has been written off for under £1,000. It's all in knowing how to negotiate. The threat of bankruptcy can work wonders, if you call them up very distressed and say you've been advised by national debt line to declare bankruptcy, and you ask them if they could take XXXX from your sister in full and final settlement instead... well, that's worked for some people. Paying a couple of quid a month - well that helps.

Ultimatly, if no settlement is possible, bankruptcy is better than letting them come against you for 12 years.

You have not provided us with a statement of affairs (i.e. a budget with your debts and repayments), or a list of your & your husbands debts etc. That's important.

With regard to the specialist legal advice, I would recommend contacting citizens advice for a list of solicitors with 30 minutes free consultation, or the bar probono unit http://www.barprobono.org.uk/ .

Finally, if you are depressed, it is very, very important to see your doctor. If you had a cold you'd go to your doctor, and depression is a potentially life threatening disease.