Yorkshire Bank Mortgage/Vol. Repossession/Outstanding Balance

HayleyJ_2

Sorry Guys, this is a little complex so I will try to be concise!!

In 1998 I had a mortgage for a flat. I was moving home (another city) and knew that the flat would never sell - it was a donkey purchase, in an awful area with crime, drugs, etc. I had bought it on the advice of my ex-boyfriend, with a view to renting it out, but ended up living in it - very unhappily - myself.

I decided that the best course of action was to hand the keys back to the Yorkshire Bank. My mortgage was for £28,000 and they sold it at auction for just over £8,000!!! That left me with a deficit of nearly £20k. I am not convinced that they tried that hard to sell the property for a good price, but this would be very hard to prove.

For the last 10+ years, I have been paying a nominal amount back to the Yorkshire, but as you will appreciate, the overall balance is still pretty hefty even after all this time.

I wanted to ask some questions about the appropriateness of this arrangement. I don't have a credit agreement - to my knowledge - that I signed regarding the deficit repayment. I don't know what, if any, interest is being applied to the outstanding balance and they NEVER provide me with any statements to show the outstanding balance or payments made.

Is this right? I would have thought that the Yorkshire Bank would be obligated, under the Credit Consumer Act, to have a signed agreement with me and also provide regular statements of account. Am I right?

I don't want to be fleeced here.
I'd appreciate any advice.
Kind Regards
H

theartfullodger

My mortgage was for £28,000 and they sold it at auction for just over £8,000!!! That left me with a deficit of nearly £20k. I am not convinced that they tried that hard to sell the property for a good price, but this would be very hard to prove.

For the last 10+ years, I have been paying a nominal amount back to the Yorkshire

I think as you surrendered the property to Yorkshire and let them do the selling you've handed to control to them. As long as they can show they sold it in an open market (eg at an Auction or via. an estate agent over a period of months) then they will be accepted as having done enough.

Sorry, but if you wanted a better price you'd have had to find a way of flogging it yourself..

The agreement that governs the repayment will be the original mortgage deal..(a form of credit agreement I think you'll acknowlegde) Unless there is a loophole there (very unlikely) you will have to keep paying.

As you've been paying regularly you've clearly accepted this situation.

If you need better advice I suggest you contact a solicitor that specialises in these matters....

Alternatively, if you have no other assets, declare yourself bankrupt & start afresh with a clean sheet.

Cheers!

Lodger

Trollfever

AFAIK a mortgage taken out in 1998 falls outside the remit of the CCA.



.

Thrugelmir

What's the nominal sum you pay ? How did you arrive at paying this sum?

Chase the lender up for a statement of account.

The debt exists and is very much due for repayment. So better to tackle it now.

opinions4u

The debt is real enough.

When you have found out exactly how much is owing make them a nominal offer in full and final settlement.

e.g if you owe £20k ask them if they would accept £2k and write the rest off without any mark against your name.

They sold a property you said "would never sell". So to imply that they should have got more is a tad harsh on the lender.