Self BR or let bank BR me

piglet74

tony_baduk wrote: »

Apart from hassling or forced BR, is there anything else the bank can do recoup the shortfall in legal terms?

has this happened?

By law, if you do have a repossession shortfall your lender has to inform you that the shortfall exists and to lodge a claim for its payment. They have to do this within 28 days of selling your home. The letter that they send you should also give you a range of other details and information including:

• Details of the original mortgage deed.
• The address of the property.
• A description of the property.
• The names and addresses of the seller and buyer of the property.
• The amount that the property was sold for.
• How the property was sold – i.e. via auction or a private sale.
• The date that the property was sold.

i would say their key tactic is hassling you!

pelirocco

I'm not an expert , but I thought i read that some charities/ businesses will pay the fees?

I hope someone will come along shortly to help

tony_baduk

piglet74 wrote: »

has this happened?

By law, if you do have a repossession shortfall your lender has to inform you that the shortfall exists and to lodge a claim for its payment. They have to do this within 28 days of selling your home. The letter that they send you should also give you a range of other details and information including:

It's nearly been a year and the first contact about the shortfall from the bank has been last week. And a couple of calls this week. We've not received any letters, but that's probably because they don't have details of my parents new rented house.

fermi

Charities who help with BR Fees

piglet74

tony_baduk wrote: »

It's nearly been a year and the first contact about the shortfall from the bank has been last week. And a couple of calls this week. We've not received any letters, but that's probably because they don't have details of my parents new rented house.

well, if it was me, i would get them to change their phone number, at the mo, its the only way they have of contacting your parents,

fermi

Re the previous link: You may find much of that is not current now. The companies and charities that grant fees have cut back their support greatly over the last few years if anecdotal evidence is to be believed.

arcon5

Don't be under any illusion that the bank will make them bankrupt op. it's not that common, and even when it does happen its because they know the individual has assets.

alastairq

A county court judgment. Although, again, if the have no property etc then that would be futile as well.

- Perhaps set off debt against credit balances held with the same bank/group if T&C's allow?

Apart from those, really is nothing much the bank can do apart from make a pain of themselves with letters and phone calls.

Could the bank [or other creditors] also eventually go for an 'attachment of earnings?'

- Perhaps set off debt against credit balances held with the same bank/group if T&C's allow?

Maybe a good suggestion is to get Mum & Dad to shift to an entirely different bank altogether? [standard advice from CAB as an early move on 'dealing with debt?']

piglet74

^^ good advice if they bank with the mortgage lender.

alastairq

PS...don't 'close' the old accounts......simply open new ones elsewhere [see suggestions...forward-planning an' all that?]...and have incomes paid into the new account.......just leave the old one empty?