can the bank legally take £10,000 out of my fiance's account if half of the money ...

ILW

Why not just sell the house as it is? Pay everyone off and start again.

michael1983l

ILW wrote: »

Why not just sell the house as it is? Pay everyone off and start again.

Yes that is probably what I would do if you have enough equity in the property. It will mean you will have wasted a few grand with your recent re-mortgage though.

duncan303

So what is next, you are due to move into a house with two little children, that is substandard.
Presumably there is still a DMP for the other debts, you have no money to renovate, is this not going from bad to worse?

I would get in touch with the mortgage lender and tell them everything that has happened and ask them before you move into the house what they would like you to do.

If it were me, I would transfer the remainder of the mortgage back ASAP and cancell the house purchase.

You have to deal with your existing debts you not need more problems. Think of the children.


..

michael1983l

duncan303 wrote: »

So what is next, you are due to move into a house with two little children, that is substandard.
Presumably there is still a DMP for the other debts, you have no money to renovate, is this not going from bad to worse?

I would get in touch with the mortgage lender and tell them everything that has happened and ask them before you move into the house what they would like you to do.

If it were me, I would transfer the remainder of the mortgage back ASAP and cancell the house purchase.

You have to deal with your existing debts you not need more problems. Think of the children.


..

Have I read wrong??? I thought the OP said it was a re-mortgage not a house purchase?

ILW

michael1983l wrote: »

Have I read wrong??? I thought the OP said it was a re-mortgage not a house purchase?

You are correct, the OP inherited the house and then took out a mortgage on it.

kingfisherblue

I thought that the house had been inherited and the mortgage was to improve it and bring it up-to-date.

I also thought that this site was to help people, not about consumer revenge and getting back at the banks. Yes, it has informed many people about loopholes, so it could be seen as consumer revenge, but my understanding is that the site is, first and foremost, about helping people to manage their money.

ILW

This is the first time I have heard of someone ending up in financial problems BECAUSE they got a FREE house.
Strange world.

udydudy

buttons1987 wrote: »

no its not fraud, we were upfront, open and probably too honest with bank and mortgage company.
for those who are touting "you got what you deserved" would you really be saying the same thing if you were in my situation??
This site is meant to be about consumer revenge and getting back at "the big guy" (banks ect.) not a free for all on how to kick someone when they're down.
Would appreciate ppl .......... if there's possibly some sort of loop hole someone might know about let me know.

Hey buttons1987, best of luck managing your situation. You will get used to all the idiots who love kicking people who are down, instead of giving plain good advice of help.

I cannot add much to what has already been said above. i.e abbey was within their legal rights. thats the basic reason Santander/Abbey have started the Zero Account for mortgage customers. They want people to take the account and have the banking with them so that they can dip into it as and when they can legally!!

I can to an extent understand your situation as I was in a similar situation quite a few years back due to a mistake I made on my investement!! You are just trying to consilidate debt and ensure you pay back outstanding. Unfortunately the greedy banks do not care a !!!!!!!.

The way they look at it is increase interest rates make an existing troublesome/arrears debt go fully bad so that they can write it off as soon as possible and it goes out of their balance sheet. Simple reasoning being that in these 2 years any losses or extraordinary losses that are written off is put down to recession and after 2 years everything they make is profits!!. Any repayments adds to their bottom line as the debt is written off their books.

I used to be in the investment banking industry so know how the unwritten rule is!!.. Its all about profits and bonuses and nothing else. U the customer are not important!!

anyway coming back to the point, unfortunately as the money was in OHs account the money would be considered as his. Abbey will not easily budge as they took what was your OHs.

Hopefully someone comes along who has more knowledge on the exact legal status to recover atleast half the money.

stebiz

Sorry guys but this is not the way to treat a new (or any member) of the forum. I had a similar thing happen a few years ago. About 2k of child tax credit was paid into an old account with abbey, which I was in dispute with. I was looking to use this for my every day living. A few phone calls and they did the honourable thing.

Stebiz

buttons1987

We've tried to sell the house since feb but all we got were developers trying it on and offering half the market value. We tried every avaialbe option before resorting to a mortgage, but when you know the house is worth £130,000 before any renovation and you have people offering £65k, its just too hard a hit to take.