DESPERATE Help needed re a possible mis sold mortgage/loan

nicola7380

Hi all just wondering if anyone would have a clue about my problem. I bought a house with my then partner in 2001 just in his name we remortgaged in 2003/4 (a self cert) and i was added to the property at this point, a few years later we got a further homeowner loan, at that time non high street lenders ... kensington and ge money i still shudder when i mention the names.I had no payment protection and within about 2 months of the final loan i fell ill and stopped working. As you can imagine the money troubles started i got a MAXIMUM of 6 months behind with kensington. So I had a mortgage with G.E for £68000 and a 2nd charge £17000 with kensington,and the house was valued around 93000( i had a few issues with g.e money but nothing major and that debt is since settled) As you can imagine the charges from a company like kensington were horrific so i tried my bank at the time, halifax and they accepted me with an obviously much better mortgage offer, i was over the moon, they wouldnt accept us for joint mortgage but this was no problem as i was the main income he was a househusband. I then got a letter saying they couldnt transfer it just to my name as it only belonged to my partner!! The first company ..G.E money had given me a mortgage but not put my name on the lease or land registry or whoever else needs kn/owing, so I now had 85k of joint mortgages but owned no houses, there was nothing i could do but try and pay i was paying then 150 a week to just kensington then for a 17k loan on top of my normal mortgage but i had to keep it up as it was kensington threatening repossesion, i split with my partner it got worse and worse GE money, the big debt were no trouble but kensington were determined the court said i could pay it off which i was i then tried to get a mortgage with my new partner to pay off my ex and keep my kids home we sold everything to get the mortgage and we stretched to the limit and at the last minute kensington just added another few thousand charges on and the mortgage just couldnt stretch any further so i had to give up and hand them the keys, i ended up in a hostel id given everything to keep the house and i couldnt fighht them anymore. Now.... not happy with this they are chasing me (and i suppose) my ex for £8000 extra charges! the house was sold at auction for 94/95000 69000 max went to GE money so that leaves 25000 ... kensington loan was only 17000 (21000 while i was getting the mortgage) then they said 23000 when id already got the mortgage to cover 21000) The whole thing is made worse that id also been offered a mortgage before i got too deep in debt which would have left a shortfall of 1000 to kensington which i said i would pay off over 3 months they POINT BLANK REFUSED, EVEN THOUGH 3000 OF THIS WAS INTEREST AND ID ONLY HAD THE LOAN A YEAR. I have hardly any paperwork but enough to find information, and until i just sat down and wrote this i didnt realise how much crap ive been through. Ive seen these companies about misselling mortgages and loans but dont know if they are a con as one i asked wanted £80 straight away. Any advice would be greatly appreciated. Its taken me years to get over what they did to me and now i start to get back on my feet they write askin for another 8grand! i can see how these companies drive people to the brink of suicide they are legalised loan sharks

dunstonh

Your post is difficult to read. You should consider editing it with a couple of paragraphs

Ive seen these companies about misselling mortgages and loans

Yes. Quite of lot of them around. Most with no success stats to back up what they say. Some have been honest and said they have had no successes. Most of the mis-sales with success are where people took out PPI and added it as a single premium to the mortgage. You said you didnt take out PPI.

So, why do you think you would be mis-sold?

i can see how these companies drive people to the brink of suicide they are legalised loan sharks

With respect, borrowing money is not risk free. You chose not to insure the risks and when a risk event occurred, you got in trouble. That is not the lender's fault.

If you cant take the risks on board then you shouldnt have borrowed the money or you should have insured the risks.

masmit

nicola7380 wrote: »

Hi all just wondering if anyone would have a clue about my problem. I bought a house with my then partner in 2001 just in his name we remortgaged in 2003/4 (a self cert) and i was added to the property at this point, a few years later we got a further homeowner loan, at that time non high street lenders ... kensington and ge money i still shudder when i mention the names.I had no payment protection and within about 2 months of the final loan i fell ill and stopped working. As you can imagine the money troubles started i got a MAXIMUM of 6 months behind with kensington. So I had a mortgage with G.E for £68000 and a 2nd charge £17000 with kensington,and the house was valued around 93000( i had a few issues with g.e money but nothing major and that debt is since settled) As you can imagine the charges from a company like kensington were horrific so i tried my bank at the time, halifax and they accepted me with an obviously much better mortgage offer, i was over the moon, they wouldnt accept us for joint mortgage but this was no problem as i was the main income he was a househusband. I then got a letter saying they couldnt transfer it just to my name as it only belonged to my partner!! The first company ..G.E money had given me a mortgage but not put my name on the lease or land registry or whoever else needs kn/owing, so I now had 85k of joint mortgages but owned no houses, there was nothing i could do but try and pay i was paying then 150 a week to just kensington then for a 17k loan on top of my normal mortgage but i had to keep it up as it was kensington threatening repossesion, i split with my partner it got worse and worse GE money, the big debt were no trouble but kensington were determined the court said i could pay it off which i was i then tried to get a mortgage with my new partner to pay off my ex and keep my kids home we sold everything to get the mortgage and we stretched to the limit and at the last minute kensington just added another few thousand charges on and the mortgage just couldnt stretch any further so i had to give up and hand them the keys, i ended up in a hostel id given everything to keep the house and i couldnt fighht them anymore. Now.... not happy with this they are chasing me (and i suppose) my ex for £8000 extra charges! the house was sold at auction for 94/95000 69000 max went to GE money so that leaves 25000 ... kensington loan was only 17000 (21000 while i was getting the mortgage) then they said 23000 when id already got the mortgage to cover 21000) The whole thing is made worse that id also been offered a mortgage before i got too deep in debt which would have left a shortfall of 1000 to kensington which i said i would pay off over 3 months they POINT BLANK REFUSED, EVEN THOUGH 3000 OF THIS WAS INTEREST AND ID ONLY HAD THE LOAN A YEAR. I have hardly any paperwork but enough to find information, and until i just sat down and wrote this i didnt realise how much crap ive been through. Ive seen these companies about misselling mortgages and loans but dont know if they are a con as one i asked wanted £80 straight away. Any advice would be greatly appreciated. Its taken me years to get over what they did to me and now i start to get back on my feet they write askin for another 8grand! i can see how these companies drive people to the brink of suicide they are legalised loan sharks

Hi nicola,
go on to the consumer action group CAG.
you will get more help & advice on how to proceed with your problem,
not the response you have had off the above post.

masmit

'Foolish' mortgage charges are forcing struggling borrowers further into debt, says Lord Myners | Mail Online

masmit

Millions of borrowers face unfair fines

fight_the_power_2

dunstonh wrote: »

Your post is difficult to read. You should consider editing it with a couple of paragraphs


Yes. Quite of lot of them around. Most with no success stats to back up what they say. Some have been honest and said they have had no successes. Most of the mis-sales with success are where people took out PPI and added it as a single premium to the mortgage. You said you didnt take out PPI.

So, why do you think you would be mis-sold?



With respect, borrowing money is not risk free. You chose not to insure the risks and when a risk event occurred, you got in trouble. That is not the lender's fault.

If you cant take the risks on board then you shouldnt have borrowed the money or you should have insured the risks.

you make it sound so easy but dont forget not everyone and i add my self myself are clued up on money matters or puctuation :Tif you are going to reply to posts in such an unhelpful manner best not say anything agree

dunstonh

fight_the_power wrote: »

you make it sound so easy but dont forget not everyone and i add my self myself are clued up on money matters or puctuation :Tif you are going to reply to posts in such an unhelpful manner best not say anything agree

At least I made an attempt at answering the questions as well as pointing out it was difficult to read.

You on the other hand decide to resurrect a thread from 2 years ago to criticise and offer no help. I suggest you follow your own advice in future.

roonaldo

fight_the_power wrote: »

you make it sound so easy but dont forget not everyone and i add my self myself are clued up on money matters or puctuation :Tif you are going to reply to posts in such an unhelpful manner best not say anything agree

I think he only politely mentioned it, the font is small too. I really need glasses and the words just merge.

I think the fault of the GE mortgage could be one of the solicitor, they do all the legal work and if you didnt have the property in your name, you should speak to them. The solicitor does all the land registry stuff etc.

roonaldo

Sorry, ive just remembered, I used to do a lot of GE money mortgages (then Igroup). They had this funny thing where if you did not specifically request a transfer of equity (adding someone on, in this case), they would just do the mortgage in joint names but leave the land registry in single name. They had their own in house conveyancers that did the legal work, they were called Simply Law.

You could complain, but your argument is flawed by the fact you would have never signed transfer forms etc. Its also a few years ago now, so could be time barred (I keep saying that today!)

fight_the_power_2

dunstonh wrote: »

At least I made an attempt at answering the questions as well as pointing out it was difficult to read.

You on the other hand decide to resurrect a thread from 2 years ago to criticise and offer no help. I suggest you follow your own advice in future.

i came here looking for some advice on a similar matter but like you said to the other poster my predicament its my own fault i had better look else where sorry to have troubled you

alijay_3

fight_the_power wrote: »

i came here looking for some advice on a similar matter but like you said to the other poster my predicament its my own fault i had better look else where sorry to have troubled you

Agree with FTP - I came here looking for advice & help because I'm in a pickle and believe I was ill-advised. What I need is assistance, not a lecture in what I 'should have done'.

I'm not a financial expert but I followed an 'experts' advice thinking he knew best. Now it's me picking up the pieces & sorting the mess out, while he cruises around town in his new porsche!!

Its hard enough being in such a situation without total strangers having a pop at you for it!