Sanclare advice

Beckyp1976

Hi

I have been contacted by a DCA (Sanclare Financial) regarding a second mortgage taken out on a house I used to own with my ex.
To give a bit of background - We bought in 2004 for £130000. We split up in 2006 and I transferred the property into his name and left with nothing. At least I thought I did, I was unaware of a £40000 second mortgage on the property. I have done lots of investigation and I cannot find the solicitors I went to to trasfer the property, the land registry have no record of the transfer and my ex has disappeared. It seems the house was repossessed in 2007 and that was when he stopped making payments on the second mortgage. My signature appears to be on the original agreement so I have been advised that I am liable for this loan.
Much as it pains me to consider this (I'm just getting on top of sorting out what I consider my own financial mess) it seems I have no choice - Unless anyone can advise me otherwise?
I rent my house and have no savings or expensive goods (even the car is only worth £1000.
I live with my partner and baby. I work, he doesnt. My income is about £1700 pcm and after making all payments except debts have worked out I have £150 to put towards debts.
Having read loads of threads and had some help with SOA on here I think my best option is to make a F&F as I have no chance of ever paying off this debt.
Has anyone ever dealt with Sanclare? and could maybe suggest where to start with an offer.

Hope someone has a suggestion

Thanks:(

RAS

Is there any outstanding liability from the first mortgage?

Beckyp1976

Hi

Sorry for not replying straight away i'm not being rude, just don't get on here all the time.

I'm not sure what you mean?

Beckyp1976

As I have no property etc would the DCA be likely to accept reducing the total owed and then letting me pay this in installments? Has anyone ever tried this?

Beckyp1976 wrote: »

Hi

I have been contacted by a DCA (Sanclare Financial) regarding a second mortgage taken out on a house I used to own with my ex.
To give a bit of background - We bought in 2004 for £130000. We split up in 2006 and I transferred the property into his name and left with nothing. At least I thought I did, I was unaware of a £40000 second mortgage on the property. I have done lots of investigation and I cannot find the solicitors I went to to trasfer the property, the land registry have no record of the transfer and my ex has disappeared. It seems the house was repossessed in 2007 and that was when he stopped making payments on the second mortgage. My signature appears to be on the original agreement so I have been advised that I am liable for this loan.
Much as it pains me to consider this (I'm just getting on top of sorting out what I consider my own financial mess) it seems I have no choice - Unless anyone can advise me otherwise?
I rent my house and have no savings or expensive goods (even the car is only worth £1000.
I live with my partner and baby. I work, he doesnt. My income is about £1700 pcm and after making all payments except debts have worked out I have £150 to put towards debts.
Having read loads of threads and had some help with SOA on here I think my best option is to make a F&F as I have no chance of ever paying off this debt.
Has anyone ever dealt with Sanclare? and could maybe suggest where to start with an offer.

Hope someone has a suggestion

Thanks:(

churchrat

hi
I'm a bit confused (easily done).

I understand that sanclare are chasing you for the second loan--are you saying that you never signed anything for it at all??. If this is the case it would seem that your ex did this without your knowledge, which is fraud. In this case the debt (and any legal action) would be taken agaisnt him. You will need to get proper legal advice for this.

Did the sale of the propert cover ALL the costs involved? eg mortgage, court costs etc? Do you know of any outstanding costs? This would include the first mortgage, the one you used to purchase the house in 2004? (This is what Ras wanted to know)

Beckyp1976

Hi

What I am saying is that I have no knowledge of the second mortgage. My signature is on the original agreement but I do not remember signing it. All I can think is that because my ex dealt with all things financial he passed to me to sign and I didn't look at what I was signing. (How stupid!!!!)
I didn't even know the property had been sold, he still had it when we split up. From digging I have been doing it seems the house was repossessed but I don't know about any settlements. Is this something I need to find out? I'm completely out of my depth here and have no idea which way to turn.
Thanks for your help.

churchrat

hi becky

it would seem, if you are sure that it is your signature, then you are liable for this debt. I think you could use a bit of professional help here, partly because the amount is quite large compared to your income (and commitments) and also because you may still owe money from the original mortgage.

Do you have any paperwork from the sale at all? Did the 1st mortgage company ever try to contact you? It maybe that you owe them nothing, as it has been a while since the sale. Is there any one you can ask? any of his family perhaps, although I do understand that might be difficult. Get together all the paperwork you can find and come back here. I think that it is difficult to help because you have so little information.

I also think that it would be an idea to book a call with cab or cccs. In the meantime, don't make any promises to any company about money, speak to somebody first. I also would not contact the original mortgage company just yet, although thats just my opinion and others might disagree.

If you do not have property to protect or a "sensitive" job would you consider bankruptcy?

goodluck with this

churchrat

Beckyp1976

Hi churchrat

Thanks for your reply. I have been to CAB but they could do no more than suggest I contact the DCA and ask to make lower payments, the trouble is this would never get paid off.
I have no details from the original purchase and no info from the sale as the house was no longer mine when it was repossessed. I'm not sure how to go about getting this information, would I try the original lender? The second mortgage was from a different lender. I cannot believe my ex was able to take out the second mortgage as we bought the house for £130000 and it would never have been worth an additional £40000 but I guess that's the way it goes.
I,m finding this incredibly stressful and don't know how much longer i can keep the DCA at bay, they write every week but thankfully have stopped calling now.
I have thought about bancruptcy but i don't think I could keep my job, I work for a University and have a large budget to control.
I guess looking on here an IVA may be an option it's just so frustrating as i was just starting to make headway with sorting out my other debts and am loathe to ruin my credit score though i guess its already ruined as this must be showing as a default.
If you or anyone has any idea how to move forward I would be really grateful

Thanks

Becky

fatbelly

Becky

Before you start even thinking about making any payments to this bunch you need proper information regarding how this debt came about. I suggest firing off the standard letter M1 at the end of this National Debtline factsheet

Factsheet | Mortgage Shortfalls

Send it to whoever is chasing you for the debt. Notice that it says 'I do not admit the claim' . That should be your position for the moment.

You are in rented accommodation so there's not a lot they can do to you. So don't worry. Are they actually claiming 40k?

Beckyp1976

Hi

Yes they are asking for the full amount at the moment. I will try this letter, thanks for your help.

Beckyp1976

Hi

I've checked through all my paperwork relating to this and have already sent this letter to Sanclare. Their response was:
First Plus is in the process of sending you a statement and a copy of your loan agreement. The former will illustrate the transactions on your loan and the latter will evidence your contractural commitments and agreement to the loan.
The remaining points that you have raised should be addressed to your first mortgage holder at the time.
The contractural monthly installment for your loan is £416.47. I look forward to receiving your payment proposals shortly.

I have not contacted First Plus myself but have just checked the papers from the land registry and when the house was sold in May 2008 (I assume this was the repossession) it was sold for £125000. When we bought in 2004 it was for £135000.
I have a copy of TR1 form from the land registry which srtates that I transferred the property to my ex The transfer is not for money or anything which has a monetary value

It also says and I don't speak legal speak so unsure of what this means:

The transferee covenants with the transferor to observe and peform any obligations affecting the property referred to in the charges register which will remain binding on the Transferor after the date of this transfer and to indemnify the TRansferor from and against any future breach of such obligations

Although I remember going to a solicitor around the time of the transfer and being asked to read out a document in front of the solicitor agreeing to the transfer I can find no record of this happening. I have checked with the original solicitors my ex and I dealt with in the purchase of the property, they have the transfer agreement but it is signed by me and witnessed by a friend. I have tried to find the solicitors I went to but they have moved and internet searches have brought up nothing. Another solicitor I spoke to couldn't imagine what the document would have been that I was asked to read out.
I'm confused - I definitely went to a solicitors and someone must have instructed me to do so as I would have had no idea how to go about transferring a property.

Does anyone have a clue what I might have been doing?

Sorry I sound like I don't have a clue about all this but I have obviously been really stupid in not looking into this more thoroughly at the time. I just did what I was instructed to do and thought that was the end of it!