had a conversation with my mortgage and now i'm a bit confused about the br

JCS1

HOLIDAYMAD wrote: »

Lenders do not take any motice of MSE.

I read it as the OP should make a complaint, not anyone at MSE Towers.

Ineedaname

JCS1 has it on the nose.

dojoman

It is unbelievable how they can try and get away with this !!!!:mad::mad::mad:

silvercar

NeverAgain wrote: »

Perhaps the advisor was deliberately splitting hairs to scare the OP.

The advisor can say the mortgage is not included in the bankruptcy because it is a secured debt.

When the security is sold for less than the sum outstanding, the shortfall falls into the bankruptcy, as we all know.

The bit about 'from April' may have been made up on the spur of the moment.

Maybe it was an April Fool joke?

tickled_pink

Bit of an update - I called the mortgage back this morning and spoke to someone else from the financial difficulties department. I explained our situation and that we would be handing the keys back next week for vol repo as we were going down the br route. I explained that I was concerned after the conversation I had yesterday with another of their collegues about the shortfall no longer being included in br from april this year.

The guy I spoke to told me that was correct... I then asked him to tell me where he had this info and if he could send me a written copy detaling this so that I could pass it to the official reciever dealing with my case. After being on hold for about 20 mins he came back and said, they have been told to say this to customers who go bankrupt and go for vol repo to try and deter them from handing the keys back but to go for a more sensible route of selling their property.

I'm honestly shocked cos as someone said above if I didn't know about mse I would definatly consider changing my mind about going br and struggling on and on, but as I told the guy on the phone being on a variable rate if the rates jump they would be repossessing the house not me handing the keys back.

I suppose that's mortgage express for you! X

fermi

So they've been instructed to lie to customers as a matter of company policy?

tickled_pink

I don't know I suppose so. I asked for a written letter to be sent saying that the shortfall is no longer included in br from april so I could show this to my or and he asked me to wait while he spoke to someone more senior, when he came back he said they had been told to say this and they had nothing definate in writing to send out. I didn't know what to say apart from so the shortfall is still included then, to which he replied I suppose!

fermi

Well, we've always known that mortgage company staff tell porkie pies regarding the shortfalls.

It's also not a surprise that they have been told to do this by their line management.

It's just unusual to hear a (semi) direct admission of that.

Just goes to prove that you shouldn't believe one word your lender tells you without checking it and double checking it.

Ineedaname

"All calls are recorded" - isn't that the message you get when you ring up? Maybe a DPA request for an audio copy of the conversation would help if you wanted to make a complaint to the Financial Services Ombudsman?

lisa88mph

can i ask a question which is semi-related.

If you are accepted for an IVA and then you have a shortfall on a mortgage for whatever reason will the shortfall be "rolled" into the IVA as it is done with opting for BR?

Many thanks