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Repossession + £96k *update*
ekimnas
Posts: 52 Forumite
I posted the following info a week ago and got a lot of replies, which have inspired me to take this further and maybe get some justice !!! So thanks to those who have shown an interest so far and if you have any advice please let me have it.
Since the original post I have sent the information to The Council Of Mortgage Lenders and tha BBCs' 'Don't Get Done Get DOM'. If you have contact info for anyone else I can send it to please let me know.
For anyone who hasn't seen my original post here it is;
House Repossesed + £96,000 !!!
________________________________________
I am placing this post here in the hope that someone may be able to help me. I could write a book about what has happened but think it better to just present the facts as they are (sorry that it is a bit longwinded)
My life has been ruined by this and I am hoping that someone will help me put this right.
Everyones reaction when they hear or read my story is one of disbelief but I swear that every word is true, incredible though it is. Everybody says it isn't right but the only people that have offered any help have only been interested in what they can get out of it and I can't afford to pay a barrister to sort this out!
08/09/1989 Remortgage taken out with West Bromwich Building Society on my house for £50,000. Mortgage was a 5-year capped mortgage which meant that the interest rate was guaranteed not to go above the ‘cap rate’ regardless of prevailing interest rate fluctuations.
November 1989 I defaulted on the mortgage within the first six months, went to talk to WBBS but was met with a brick wall attitude. The WBBS activated a clause in the contract immediately a payment was missed. I went to talk to my local branch and they did not want to help. Clause in contract, which we were unaware of, was that the ‘rate cap’ was lifted and interest rate reverted to the going rate + 2% ie: 16%. This meant that repayments doubled from £444 to £888 per month.
1990 -93 West Bromwich apply for repossession @ six times, on each occasion I applied for a stay of execution which was granted every time until..
09/1994 – House repossession granted by Nuneaton Magistrates Court.
11/02/1994 - Possession order enforced
08/1994 - House is sold by WBBS for £50,000 even though they had valued it 2 years previously at £62,500. (I would estimate that its true value in 1994 would have been @ £85,000.
1994 – 1997 We spend three years living in rented houses until we manage to get another mortgage in 1997 and just as we are beginning to get our lives back together..
1999 - Having heard nothing at all from the West Bromwich since 1994 a letter drops through our door informing us that we still owe £96,000, this being the figure that we would have paid had we continued the mortgage for its’ full term !!!
4/10/2000 – Judgement in favour of WBBS – I could not afford a solicitor to defend myself.
01/2002 – Attachment of earnings orders made. £250 + £75 per month.
A copy of all files relating to our mortgage was requested, the WBBS took every one of the 40 days it has to supply us with the documents, even then vital documents were missing. It took a further year to persuade the WBBS to release these documents, they were finally sent one day before we were due in court for pre-action disclosure.
Documents obtained from the West Bromwich show applied fines & charges totalling £24,000 (£7,000 being charged before possession took place) in connection with the repossession of our house, I wonder whether the judge would have granted repossession of our house if he had known the scale of fines and charges being applied.
Below are some of the fines that were charged before repossession took place (these are fines imposed for missing monthly payments of £444. (The following is exactly as it appears on West Bromwich statements that I first saw TEN YEARS after the fines were imposed!!)
02/04/93 Fine £572.04
02/05/93 Fine £593.14
01/06/93 Fine £614.24
01/07/93 Fine £635.34
03/08/93 Fine £620.44
01/09/93 Fine £641.54
01/10/93 Fine £662.64
01/11/93 Fine £683.72
01/12/93 Fine £704.80
01/01/94 Fine £725.88
01/02/94 Fine £746.96
01/03/94 Fine £770.31
01/04/94 Fine £793.66
The fines are a sample lifted from a WBBS statement, there are more ! and they do not include the increase in payments because of the cap being lifted !
I cannot afford a solicitor and everyone we have spoken to so far has only been interested in what is in it for them even though they are astonished at what has happened.
The West Bromwich Building Society repossessed our house in 1994 and sold it shortly after for a little less than the sum of our outstanding mortgage. We heard nothing until the building society contacted us in 1999 to let us know that they were pursuing a debt of £96,000 made up of £24,000 in charges and £72,000 of lost interest !! The case went to court and was not contested because I could not afford to do so. I would like to state in writing that my belief (and the whole reason for pursuing this matter) is, purely and simply :
How can it be right that a Building Society can get away with doing this ?
I have been unable to pursue this matter as vigorously as I want to because I have been too busy trying to make ends meet and keep my head above water.
I am prepared to do whatever it takes to sort this out but I can’t do it on my own. If you can help me please do. My biggest concern is that I will go to my grave with this issue unresolved, leaving my wife with a frightening debt to deal with.
Everything in this post is factual so I have no problem in naming the West Bromwich Building Society, in fact the figures in this post have come from thier own records.
I have written to the building society ombudsman my M.P and Martin Lewis, I am waiting for replies. I have been so wrapped up in bringing my kids up and keeping my head above water, that the years have just rolled by. But I am not going to let this go. I've started so I will finish !! I am going to bring this to the attention of as many people as I possibly can.
I went to the CAB some years ago and was referred to an unscrupulous firm who talked the talk but did nothing because they realised there was nothing in it for them. I was contacted by a researcher from Trevor McDonalds programme a few years but they never followed up on it. You would have thought that the TV would be interested in my story considering the recent rise in repossesions. So if there is anybody out there who can give this some publicity, please get in touch.
Payments of £325 are taken from our wages every month by court order.The court have been in touch requesting a statement of means. I have refused because the West Brom have refused consistently to reply to my requests for an outstanding balance. I have been told that I may go to prison if I refuse the information - that is fine by me as it would be great publicity !!
Mike.
Since the original post I have sent the information to The Council Of Mortgage Lenders and tha BBCs' 'Don't Get Done Get DOM'. If you have contact info for anyone else I can send it to please let me know.
For anyone who hasn't seen my original post here it is;
House Repossesed + £96,000 !!!
________________________________________
I am placing this post here in the hope that someone may be able to help me. I could write a book about what has happened but think it better to just present the facts as they are (sorry that it is a bit longwinded)
My life has been ruined by this and I am hoping that someone will help me put this right.
Everyones reaction when they hear or read my story is one of disbelief but I swear that every word is true, incredible though it is. Everybody says it isn't right but the only people that have offered any help have only been interested in what they can get out of it and I can't afford to pay a barrister to sort this out!
08/09/1989 Remortgage taken out with West Bromwich Building Society on my house for £50,000. Mortgage was a 5-year capped mortgage which meant that the interest rate was guaranteed not to go above the ‘cap rate’ regardless of prevailing interest rate fluctuations.
November 1989 I defaulted on the mortgage within the first six months, went to talk to WBBS but was met with a brick wall attitude. The WBBS activated a clause in the contract immediately a payment was missed. I went to talk to my local branch and they did not want to help. Clause in contract, which we were unaware of, was that the ‘rate cap’ was lifted and interest rate reverted to the going rate + 2% ie: 16%. This meant that repayments doubled from £444 to £888 per month.
1990 -93 West Bromwich apply for repossession @ six times, on each occasion I applied for a stay of execution which was granted every time until..
09/1994 – House repossession granted by Nuneaton Magistrates Court.
11/02/1994 - Possession order enforced
08/1994 - House is sold by WBBS for £50,000 even though they had valued it 2 years previously at £62,500. (I would estimate that its true value in 1994 would have been @ £85,000.
1994 – 1997 We spend three years living in rented houses until we manage to get another mortgage in 1997 and just as we are beginning to get our lives back together..
1999 - Having heard nothing at all from the West Bromwich since 1994 a letter drops through our door informing us that we still owe £96,000, this being the figure that we would have paid had we continued the mortgage for its’ full term !!!
4/10/2000 – Judgement in favour of WBBS – I could not afford a solicitor to defend myself.
01/2002 – Attachment of earnings orders made. £250 + £75 per month.
A copy of all files relating to our mortgage was requested, the WBBS took every one of the 40 days it has to supply us with the documents, even then vital documents were missing. It took a further year to persuade the WBBS to release these documents, they were finally sent one day before we were due in court for pre-action disclosure.
Documents obtained from the West Bromwich show applied fines & charges totalling £24,000 (£7,000 being charged before possession took place) in connection with the repossession of our house, I wonder whether the judge would have granted repossession of our house if he had known the scale of fines and charges being applied.
Below are some of the fines that were charged before repossession took place (these are fines imposed for missing monthly payments of £444. (The following is exactly as it appears on West Bromwich statements that I first saw TEN YEARS after the fines were imposed!!)
02/04/93 Fine £572.04
02/05/93 Fine £593.14
01/06/93 Fine £614.24
01/07/93 Fine £635.34
03/08/93 Fine £620.44
01/09/93 Fine £641.54
01/10/93 Fine £662.64
01/11/93 Fine £683.72
01/12/93 Fine £704.80
01/01/94 Fine £725.88
01/02/94 Fine £746.96
01/03/94 Fine £770.31
01/04/94 Fine £793.66
The fines are a sample lifted from a WBBS statement, there are more ! and they do not include the increase in payments because of the cap being lifted !
I cannot afford a solicitor and everyone we have spoken to so far has only been interested in what is in it for them even though they are astonished at what has happened.
The West Bromwich Building Society repossessed our house in 1994 and sold it shortly after for a little less than the sum of our outstanding mortgage. We heard nothing until the building society contacted us in 1999 to let us know that they were pursuing a debt of £96,000 made up of £24,000 in charges and £72,000 of lost interest !! The case went to court and was not contested because I could not afford to do so. I would like to state in writing that my belief (and the whole reason for pursuing this matter) is, purely and simply :
How can it be right that a Building Society can get away with doing this ?
I have been unable to pursue this matter as vigorously as I want to because I have been too busy trying to make ends meet and keep my head above water.
I am prepared to do whatever it takes to sort this out but I can’t do it on my own. If you can help me please do. My biggest concern is that I will go to my grave with this issue unresolved, leaving my wife with a frightening debt to deal with.
Everything in this post is factual so I have no problem in naming the West Bromwich Building Society, in fact the figures in this post have come from thier own records.
I have written to the building society ombudsman my M.P and Martin Lewis, I am waiting for replies. I have been so wrapped up in bringing my kids up and keeping my head above water, that the years have just rolled by. But I am not going to let this go. I've started so I will finish !! I am going to bring this to the attention of as many people as I possibly can.
I went to the CAB some years ago and was referred to an unscrupulous firm who talked the talk but did nothing because they realised there was nothing in it for them. I was contacted by a researcher from Trevor McDonalds programme a few years but they never followed up on it. You would have thought that the TV would be interested in my story considering the recent rise in repossesions. So if there is anybody out there who can give this some publicity, please get in touch.
Payments of £325 are taken from our wages every month by court order.The court have been in touch requesting a statement of means. I have refused because the West Brom have refused consistently to reply to my requests for an outstanding balance. I have been told that I may go to prison if I refuse the information - that is fine by me as it would be great publicity !!
Mike.
0
Comments
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:j bump!!!!!!!!!!!!!!!0
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Nothing to add other than this sounds terrible, I'm not sure how they can charge for lost interest over the full term of the mortgage when you could have transferred provider at any time, albeit with some repayment fees?0
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Just another comment, I'm not an expert at all but it might be worth looking at going Bankrupt to get out of this, you would need to investigate the implications (and whether or not it would resolve this) fully though.0
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can anybody else help? MP has just referred us to the C.A.B & the building society ombudsman say they can't help because it has already gone through court.0
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Ekimnas, sorry to read the ombudsman can't/won't help, I do think you need to speak to a solicitor, you can get 1/2 hour free consultation usually, I don't think anyone on here is going to be able to offer you real advice on this, it needs a legal professional person and someone highly qualified, you are dealing with a major building society, and your MP knows that.
Having said the above, I do hope you turn a corner in your life soon, this is an awful situation to be in and very worrying for you, please seek professional advice.
Merlot.x."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
just a bump0
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I dont get it
Why didnt you go bankrupt when you got repossessed because im assuming only that you had other debts unsecured?? so what did you do with them??
What did you think would happen after they repossessed your house? Surely you must have gone to court and then spoken to the bank regarding if you owe them money..i.e. My first question would be...so what happens next in the process and what are we still liable for and how do we close it all and finish it now so i can move on with my life??0 -
We thought that it was all done with. We were not told that there was still a debt until 6 years after the house was repossesed. With all due respect I am after help and advice not ifs buts and maybes, I can't change the past. Are you telling me that you think what happened is right, legal or morally correct?:mad:0
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the only thing i can add is my story .. lost my house to repossesion in 96 after bitter divorce moved back in with my mum and dad with my 2 girls ,building society sold house at a massive loss and added 1000s in charges (wasnt notified of this),then no contact from them for 10 years then it started debt sold to an agency and all hell breaks lose wont leave me alone,made me ill , chasing me for £20,000 so as i had no assetts i went bankrupt after taking professional advice . best thing i ever did personally speaking ! your story is disgusting and should be illegal ! my question was why did it take them 10 years to contact me about debt oweing they had my parents address and i have always been on electoral role so not hard to find me ? but thats history now , good luck xpaula x0
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Hi -
This is really just a message of support; your story horrifies me.
I am certain that it every different kind of morally wrong but am not clever enough to know if it is legally correct........ it kind of worries me that the Court has sanctioned it and the Ombudsman has proved to be ineffectual.
If it has taken so long for the "debt" to be brought to your attention, had they not passed the statute of limitations?
Wishing you lots of luck.
G2cBlonde: Unemployed: Bankrupt.
What do I know?
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