All monies charge

edited 30 November -1 at 1:00AM in Mortgages & Endowments
23 replies 2.2K views
masterlumpsmasterlumps Forumite
542 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Not sure i am posting this in the right section,

I took out a mortgae 16 years ago, before I met my wife. Her and I have now been together 11 years and married for 10. Never moved, never remortgaged, never added my wife to the deeds.

We both took out a trust deed back in 2004 which has long since ended, one of the things in the deeds was our rbs current accounts, which were joint accounts.

Anyway fast forward until 2013 and I asked the bank for a redemption figure as I am now in a position to pay off the remainder of the mortgage. An error has been noticed, these joint accounts were only under my trust deed and not my wife's

Rbs are now refusing to give a redemption figure for the mortgage, citing the all monies charge. Now they have confirmed I am not liable for these accounts as they were under my trust deed.

Are they really able to use the all monies charge on MY mortgage to claw back unsecured debt which, as they have said, only my wife is liable for?
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Replies

  • But what I am asking is it only my wife's unsecured debt that they are trying to use the all monies clause on MY mortgage, MY house?
  • I was the borrowers for the house, but only she is liable for these unsecured accounts, sorry if my op didn't make sense there
  • 2 current accounts are joint, but, we entered into trust deeds.

    An error has been flagged by the bank that only my trust deed coved these accounts, so they agree I am not liable, but my wife is

    So the debt is hers and the mortgage mine
  • ThrugelmirThrugelmir Forumite
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    2 current accounts are joint, but, we entered into trust deeds.


    "WE" is the important factor.

    After 8 years why hasn't the unsecured debt been repaid?
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • Thrugelmir wrote: »
    "WE" is the important factor.

    We entered into separate deeds. Mine covered the current accounts and hers didnt, but we didnt realise at the time, being in such a mess I admit we went into it very very blindly and it was the worst option.
    Thrugelmir wrote: »
    After 8 years why hasn't the unsecured debt been repaid?

    Repaid by who? The trustee made payments to all the creditors, RBS included.
  • ThrugelmirThrugelmir Forumite
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    Repaid by who? The trustee made payments to all the creditors, RBS included.

    So all debts are settled?
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • Malcnascar wrote: »
    I am sorry I cant help, I suspect the trust deed relates to Scotland and I am unfamiliar with Scottish law and Banking practice

    The real question is just about liability. Wife is liable for current accounts but the bank are trying to use the all monies charge, however the mortgage isn't hers. Thanks for replying.
  • Thrugelmir wrote: »
    So all debts are settled?

    I don't really know what settled would mean tbh

    Payments were made to the companies, but they were minimal, so there is still a balance which should have been written off. Because the trustee hasn't included these accounts on both trust deeds my wife still has liability where I don't

    RBS seem to think they can use the all monies charge on MY house against what they admit is HER debt
  • ThrugelmirThrugelmir Forumite
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    but they were minimal, so there is still a balance which should have been written off.

    Why?

    My gut instinct is that RBS are playing hardball.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • Thrugelmir wrote: »
    Why?

    My gut instinct is that RBS are playing hardball.

    I don't know why, I thought all trust deeds only paid a percentage to the creditors, I don't know much about it, apart from my wife is liable and I am not, but we are not disputing that, just them tryingto use the charge against my house
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