1992 mortgage, repossession mess

t_in_atrance

silvercar wrote: »

Thinking back, I moved home Winter 1992/93. Took an interest only mortgage and the lender insisted on some repayment vehicle being in place. Back then an endowment policy was sufficient. Did your lender require some repayment policy? endowment/ pension/ savings schedule??

Hi, thanks for this. Yes, but see response to above post.
They also made us pay out for an insurance policy to cover part of the mortgage to benefit them in the event that that part of the mortgage wasn't repaid. For all I know they have already collected on that, but as they won't give me the data I require I can't get at the truth. Another issue to our case.

SpiderLegs

t_in_atrance wrote: »

...we're looking for help to handle the situation we find ourseles in...

Sounds like you’re actually looking for a silver bullet to avoid doing what you should. sell the bleeding house.

No amount of wrangling over some vague technicality is going to get you out of the debt and the longer you try draw it out the more it will cost you.

t_in_atrance

TrickyDicky101 wrote: »

You mention about the 'true amount of the debt' - have you not been receiving annual statements from the lender detailing what the debt is?

Hi,

The only statements are annual summary statements with no detail on the figures quoted. Useless when it comes to checking their calculations. Repeated requests for explanations from them has proved fruitless - see my other responses about lender with-holding info. Thanks for your post.

t_in_atrance

SpiderLegs wrote: »

Sounds like you’re actually looking for a silver bullet to avoid doing what you should. sell the bleeding house.

No amount of wrangling over some vague technicality is going to get you out of the debt and the longer you try draw it out the more it will cost you.

I know, I know! That's what we've been trying to do but our health problems mean we can't cope with all this s*** while at the same time getting the house on the market. We've spent the last 4 months trying to get legal help, to learn about CBOBs/MBOBs/ PRIN/ about mortgage contracts -is it regulated / unregulated / deemed regulated, if not regulated - Common Law / Land Law / Court processes / CPRegs,/ DPA/GDPR, and trawling around charity help sites, forums etc. It seem every law in the land has changed,been amended or adended and re-amended and adended.
All we wanted was to be left unmolested for 6-9 months to tart-up the property & sell it. But no they had to act like a bunch of bat wheelding boot-boys and frustrate our attempts.

BoGoF

I think 2 years is more than enough letting you try to frustrate the process. Comparing them to bat wielding thugs is frankly laughable.

t_in_atrance

SpiderLegs wrote: »

Sounds like you’re actually looking for a silver bullet to avoid doing what you should. sell the bleeding house.

No amount of wrangling over some vague technicality is going to get you out of the debt and the longer you try draw it out the more it will cost you.

What I need is a legal profession version of the Equiliser - probably exists but I cannnot afford it. But seriously, it erks me that I cannot easily get justice. And yes house going on the market.
I think maybe get a stay on some of the elements mentioned while we sell. And do the DPA/GDPR stuff to concentrate on the sum due, in parallel.

t_in_atrance

BoGoF wrote: »

I think 2 years is more than enough letting you try to frustrate the process. Comparing them to bat wielding thugs is frankly laughable.

Except they're the ones who have been frustrating the process, I wish you could have had sight of all the correspondence.

Maybe bat wielding thugs was a bit beyond the pail, but it could have been so straight forward. We'd have been free as birds with no responsibilities and a new lease of life - do you think we would have chosen to give that up for all we've been through over the last few years if we had not been driven to it?

Thanks for your post
PS. (I'm glad you could spell wielding, I knew my attempt didn't look correct)

t_in_atrance

Thank you to everyone for the posts. It has been a great help to clarify my next steps. It's a bit lonely out here trying to deal with the situation.
Any further advice will be gratefully received.

silvercar

t_in_atrance wrote: »

Hi, thanks for replying.


In 1992 an endowment was taken out - both fully employed then.

At a point after we'd each become ill and finances became a problem, the policy was thrown in as we couldn't afford it. After that the mis-selling of policies was investigated by FSA/FCA, and as it turned out, our policy wouldn't have covered what they promissed anyway etc. We received some comp for that, but it soon whittled away on bills. We were too ill to cope with selling up and moving, and there was no help available. With no kids or pensioners in our care we didn't qualify for any financial or other help. As i mentioned in another post, we were very relieved that the lender was willing to provide an extention, but it soon all turned sour.

So at the point where you threw in the endowment policy, you knew that you didn't have a plan to pay off the mortgage at completion. So it was always on the cards that you would need to sell in 2017. The extension suited you, but that was an unexpected bonus. Basically you would always have needed to move out in 2017-18, so the fact that the lender was more pushy than you would have liked doesn't alter the situation.

silvercar

Any further advice will be gratefully received.

1. Work with the estate agent to sell up for the max price you can.

2. Find you next home.

3. Sort out whatever else you think you are owed once you have the above done. With ill health you need to prioritise your energy.