1992 mortgage, repossession mess

t_in_atrance

steampowered wrote: »

Op, what is your situation for paying off the loan?

Are you able to repay part of it? Or none of it?

Surely you must have had some plan in place to pay off this capital?

Hi. Thanks for responding. I think I've picked up these points in response to other posts.

t_in_atrance

TrickyDicky101 wrote: »

Have you raised a complaint with the lender which would give you recourse to the Financial Ombudsman Service after the lender's final response/maximum 8 weeks?

I'm not suggesting this would necessarily change any outcome but it might well help you to get the details of interest and charges accumulated from the lender.

Thanks for this.
No not to FoS, I've been trying to get the necessary info from the lender in order to put a claim to them & as court action commenced they'll not want to look at it until after. Plus, see earlier posts about lender with-holding info & not satisfying SARs. Complaint with ICO at this point. But will start court action as part of this current action, or separate to it.

t_in_atrance

minimike2 wrote: »

Just to throw something in which I can't see having been mentioned, but you are incorrect about the "extension" needing to be advised upon. These rules do not apply - Changes to the contract fall outside of MCOB when someone is classed as being in financial difficulty, which you are. A two-year grace period is both common and generous and gave you plenty of time to sell the property, which is what the lender will have expected.

As that has not happened, they have taken possession, as per the contract. It's pretty straightforward.
Hopefully you will find a solution to your housing situation, which is what you should focus your efforts on, not on trying to blame the lender.

Thanks for this - the question remains about which contract, and when did that contract actually end (see my new post about this). Whether or not MCOB applies is one thing, but the lender is also bound by BCOB etc & FSMA & other regs, I think.

But yes, house is going on the market, whatever happens at this point. We certainly don't trust the lender to undertake this on our behalf which they will do if/when they get their eviction warrant.

t_in_atrance

silvercar wrote: »

You had months after the original end date of May 2017 to tart up the property, though you could have done so in early 2017.

Also, I don't know how much extra the property would fetch by a bot of tarting up. Generally, a property may sell a bit quicker if it is tarted up. Unless you are going to spend large sums of money, it would be unusual for the value to increase by much.

Thanks for this advice. I think that in terms of what we're capable of at this late stage, we're better off selling as-is, and in terms of the contract, lenders behaviour etc. either pick this up with DPA/GDPR action or with FoS, later on. With that in mind:


As it's now 2am in the morning and I can do nothing else at this time, I've posted some questions about the contract itself. If anyone's still awake.

t_in_atrance

Hi
Can anyone advise please as I'm having problems getting a grip of the legislation changes.


Old mortgage contract from June 1992, term end date June 2017.
The contract was unregulated at the start so not under CCA, but as I understand it all mortgages became regulated mortgage Contracts under FSMA 2000 legislation from 21 March 2016, regardless of when they were set-up.

With reference to my other posts - in the case of a possession order, the court was therefore able to call on CCA 1974 Part 9 powers, is that correct?.

Was the conversion to regulated status applicable even sooner than that?.
I think that mortgages entered into after Oct 2004 were CCA regulated Contracts. Mortgages entered into before that date which were Second charge mortgages became regulated CCAs if the amount of the loan was for less than the £25,000 limit. But then in April 2008 that financial limit was removed as was the restriction to Second charge mortgages, bringing First charge mortgages into scope. So did the mortgage become a regulated mortgage Contract from April 2008 & therefore CCA. at that point - I'm confused.

csgohan4

OP stop clutching at straws and sell your house at a reasonable price, a repo is going to be very costly both in costs and on your credit file

BoGoF

To be blunt, you are confused and don't have a clue what you are doing.

You are going round in circles believing that your perception that they have not dealt with SAR requests etc are somehow going to stop any reposession. Even if ICO rules in your favour how is that going to help you?

t_in_atrance

csgohan4 wrote: »

OP stop clutching at straws and sell your house at a reasonable price, a repo is going to be very costly both in costs and on your credit file

ok, thank you.

t_in_atrance

BoGoF wrote: »

To be blunt, you are confused and don't have a clue what you are doing.

You are going round in circles believing that your perception that they have not dealt with SAR requests etc are somehow going to stop any reposession. Even if ICO rules in your favour how is that going to help you?

Ok yes. Thank you.

I have a statement from the ICO that they are only now working on complaints they received in January, so I can take our case to court now if a judge accepts the need an argument that it out not to be delayed.

Caz3121

how does that help you? you said in the first post
"Term was due to end may 2017 but with unofficial agreements it was extended to Dec 2018."
so as per your original contract you were due to pay the full mortgage off May 2017 (if there had been no missed payments) - they expected their money back then but you didn't give them it
then you had an extension to Dec 2018 at which point they expected their money back but you still have not paid them
what will change if they give another extension? It does not sound like extra time is going to help you magic up the funds so selling is the end result....either by you or by them post repossession