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

michael1983l

buttons1987 wrote: »

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.

Leave it on the market until you get a reasonable offer. Being on the market since Feb isn't a long time in this climate.

ILW

buttons1987 wrote: »

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.

I house is worth what someone will pay for it.
Is it possible you are just being a little greedy?
After all even £65k is pure free money from your point of view.

elfen

Didn't the OP say that they were taking out the mortgage and that the payments were less than their rent payments? Sure I read that, so in fact they aren't getting in more debt, they are reducing an outgoing and renovating a house...

duncan303

buttons1987 wrote: »

my fiance and i have just gotten a joint mortgage which included money to renovate
the house we were buying..........

The mortgage was given on the basis that we completed the renovation with the money we received..................

buttons1987 wrote: »

We already owned the house we got the mortgage on through inheritance..

and #13

currently renting til the end of the month when our lease runs out and we move into our building site home.

Still trying to make sense of what is happening

You or your partner inherited a house in a will, or did you both inherit? whose name/s are now on the propietorship register. Do you own as tenants in common?

You are still renting but to be able to move the family in you needed money to renovate. so there must have been a point where you decided that it should be a joint mortgage, why was this if one of you had debt problems or do you both have debt problems?

May we ask the value of the house, may we ask the sum secured by way of mortgage.

This is not a remortage... so I thought one had to wait six months before trying to secure money on a property owned outright.(just heresay)

Are there any terms in the mortgage as to what the sum is intended for?

Fishing for clues........ I have to say it's not easy

trying to see if there is a way to ask the mortgage company to persuade Abbey to refund the sum back somewhere, not sure where yet though.



..

Dylanwing

I had similar happen, where a bank took money from a joint account for a sole debt. Talking to the Bank was a waste of time, as they denied any wrongdoing, and were evasive. However, once I contacted the CAB and clarified the legal position, I just followed the complaints procedure, and within a few weeks it was resolved and compensation paid.
Best bet is to make an apointment with the CAB, and check exactly where you stand, and whether you have any comeback on Abbey.

BOB_A_H

Listen to some of you self righteous bu##ers out there! Yes Buttons and her other half have made mistakes. I thought poor financial management was a big part of the reason why we ALL visit this site! Show a bit of humanity for pity sake. There are kids involved here, and just before christmas.

Maybe some of you want to have a go at the kids for being born into a family with financial difficulties! Offer help, or LAY OFF.

AnxiousMum

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 to only comment if they have useful advice on how to go forward and resolve this problem, otherwise go kick someone else.
I mean look at bank charges a few years ago, no one thought they could get their money back for that and look what happened, the banks paid out billions in the end (of course due to recent happening they wont pay any more out) but i bet the people who first started with trying to get their money back felt a bit hopeless and I'm sure they had people telling them they had no chance and it was all their own fault anyway but in the end they won out so please if there's possibly some sort of loop hole someone might know about let me know.

Have to disagree on the purpose of the site - it's not to screw the big guy, it's about assisting each other with responsible use of credit, investments, benefits etc. Your post above is like someone coming on and saying the forum is about 'helping me defraud benefits', not 'what assistance can I get when I'm down on my luck'.

You owe someone money (alot of it), you had money in an account they could legally take it from, and they did. Unfortunately, if you're looking for people to say you were robbed, you were ripped off......etc. etc., I don't think you're going to find that. If you find the truth offensive, well, what can I say?

I find it very hard to believe that someone entering into a debt management program was able to get a mortgage, joint or otherwise, if being totally honest about outstanding debts and how they were going to be dealt with.

Re spoiling the kids Christmas - you don't have to do that - not spoiling ours at all, but refusing to get into debt over it. Do a Christmas within your means, and it will be alot more stress free!

Pitlanepiglet

I'm still confused. I don't understand how if OP's OH was entering a debt management plan, anyone would lend more money even with an asset to secure it against?

Who is managing the DMP?

michael1983l

Dylanwing wrote: »

I had similar happen, where a bank took money from a joint account for a sole debt. Talking to the Bank was a waste of time, as they denied any wrongdoing, and were evasive. However, once I contacted the CAB and clarified the legal position, I just followed the complaints procedure, and within a few weeks it was resolved and compensation paid.
Best bet is to make an apointment with the CAB, and check exactly where you stand, and whether you have any comeback on Abbey.

With all due respect my Mrs is a CAB advisor, I have a CAB booklet about debt managment and it clearly states the bank are well within their rights to cease money in their accounts to clear other debts if you enter any of these plans. Hence the reason they tell you to open another account before you take any action.

Do you really expect a bank to say ok to allowing a customer not to pay a portion of the debt when they can easily and legally take it direct out of their bank account?

stebiz

AnxiousMum wrote: »

Re spoiling the kids Christmas - you don't have to do that - not spoiling ours at all, but refusing to get into debt over it. Do a Christmas within your means, and it will be alot more stress free!

I'm still trying to work out how 'Please help as this is very very close to destroying our children's Christmas' translates into the above.

I'm sorry but I have nothing but contempt the the banking industry which we own. It is built on greed. As for the bank 'allegedly' removing 10k from an account the day after they had received and signed for a letter, informing them that the client is going on a DMP. I'm sure the Banking Ombudsman would love to investigate.

Stebiz