All monies charge

Simon_gloster

The above post is correct. All monies charge relates to ALL account holdings within that bank linked to all borrowers on the mortgage.

masterlumps

Yes, this is where we were a few weeks ago. Te question of them not being in the trust deed has been cleared up already, they accept that they were, they accepted payment from trustee and have removed all liability from myself.

They won't give me a redemption statement to pay the mortgage off because of the all monies charge. But they also tell me that only my wife is liable for the debts, her set only, my mortgage only.

masterlumps

Simon_gloster wrote: »

The above post is correct. All monies charge relates to ALL account holdings within that bank linked to all borrowers on the mortgage.

I understand the all monies charge

The question was whether they can use the all monies charge when the debt is my wife's and the house is mine

Simon_gloster

It depends on what was included in the charge at point if registering it. I'd be concerned if they couldn't tell you the red figure........what if you had a massive windfallaand wanted out? I'm sure they'd find a way of producing a figure then.

masterlumps

Simon_gloster wrote: »

It depends on what was included in the charge at point if registering it. I'd be concerned if they couldn't tell you the red figure........what if you had a massive windfallaand wanted out? I'm sure they'd find a way of producing a figure then.

I have the money in the bank waiting to pay it off, but they won't send a redemption statement because they are holding her unsecured debt under the all monies charge on my mortgage

masterlumps

Malcnascar wrote: »

This appears to be the inconsistancy. Are they saying that the debt, and total liability to repay is in your wife name only. Or are they saying the debt and prime liability is in your wifes name but because of the all monies charge should she not repay then the liability fall to you via the all monies charge.

Is the debt you claim is just your wife's still outstanding?

If it is then you will be free to repay your mortgage, however, RBS will not release the all monies charge until her debt has been repaid in full.

This bit here is what I am trying to establish

Her debt, my mortgage. Can they do this??

Thrugelmir

masterlumps wrote: »

This bit here is what I am trying to establish

Her debt, my mortgage. Can they do this??

In summarisation. Your wife had no assets in her own name. So to prevent you and her manipulating the situation as you are now, i.e. defaulting on your her debts alone. The RBS took the precaution of securing the recovery of the debt.

As plain and simple as yet. Nothing new in what they've done. Basic sound lending principles.

masterlumps

Thrugelmir wrote: »

In summarisation. Your wife had no assets in her own name. So to prevent you and her manipulating the situation as you are now, i.e. deafulting on your her debts alone. The RBS took the precaution of securing the recovery of the debt.

As plain and simple as yet. Nothing new in what they've done. Basic sound lending principles.

We are not trying to manipulate anything, we are not now defaulting on her debt. The default happened in 2004, we thought the accounts were under the trust deeds we took out back then.

The bank are refusing to send ME a redemption figure, they are refusing to allow ME to clear the balance on MY mortgage account alone, citing the all monies charge

All I wanted to know is if the bank can in fact do that, since only my wife is liable for these accounts (already confirmed by bank, I am no longer liable)

There was never an intention not to pay here, but the matter in hand is that I want to clear my mortgage and own my house.

My wife's liability for those accounts is a separate issue IMO.

Dave_Ham

Hi there,

Again this is not necessarily my area of expertise, but as the accounts were joint I think they can still go after you.

Given that the debt was joint and was only partially settled being part of your Wife's Deed then I think you may have to stump it up.

Had it been part of your deed as it should have been, then they will still have the charge and you would still be facing this situation.

Not bad though, from trust deed (used to calling it IVA) to mortgage free in 8 years.

masterlumps

Thank you. Like I say, I have no issue paying the debt, although we are slightly miffed at the trustee for not making us aware that joint accounts had to be under both trust deeds.

I would have preffered to redeem the mortgage and then take the issue up with the bank regarding the currents accounts, since they have managed to add on a staggering 7k in interest on these since 2004.