Repossession + £96k *update*

TurnaroundSue

I am really sorry to hear your predicament and I am sorry but can't help you with any meaningful advice, but was wondering - is that what they do for ALL people who are repossessed? I mean, if they have done it to you then there must be thousands out there is the same position. It might be (and I don't know how doable this is) if you could find people that this has happened to also and get together a group action. It would be cheaper on costs for barristers/courts etc and is easier to fight a cause in numbers.

Also was wondering how did you ge a mortgage in 1997 if you still owed BS all this money - obviously there was nothing showing on your credit file then as your BS at that time would have seen this and wouldn't have granted you a mortgage - just wondering if the WBBS have been at all legal in what they have done? Definitely not moral anyway.

Good luck in your pursuit for trying to get justice in a really awful situation and sorry once again that I can't really give you any real advice.

ekimnas

Bump.................................................

silvercar

It is standard lender practice after repossession to give you a few years to get back on your feet and then to see if there is a chance of recovering any money. Lenders have 12 years to make contact with you, though there was an agreement in 2000 to reduce this to 6 years (5 in Scotland). Once contact has been made any repayment agreement continues indefinitely.

This should explain why it was possible for you to obtain another mortgage in 1997. Although a lot of lenders require you to declare if you have previously been repossessed, the debt owing from that repossession would not appear on your credit file until the lender takes some action.

The total owed would have been made up of all the arrears, court costs including admin charges and interest owed, the legal and admin costs of repossession, the costs of the sale and the shortfall from the sale. Add to that total interest from the date of repossession to today and the figures quickly mount up.

I wonder whether the judge would have granted repossession of our house if he had known the scale of fines and charges being applied.

He would have and did. The repossession was granted due to breaches in repayments.

Sadly your case seems classic for repossessions where there was an amount not cleared by the sale. Although I can't comment on all the figures, the procedures followed do seem to be correct. You were responsible for the shortfall and now that your circumstances have improved the building society would like its money back.

If you are in a position to raise an amount of cash to settle, I have heard of people being able to make a one off payment to remove this burden. The amount agreed can be as low as 10% of the amount now owed.

flippy178

It sounds like you need to get some expert advice about what to do next and how to solve this issue so it does not rebound again in the future. Have you tried Shelter? http://england.shelter.org.uk/advice/advice-1005.cfm. They have advice centres and a telephone helpline.
Or try calling some local solicitors to see if they deal with housing issues. Even if you have to pay them (and you might not need to) it might be worth it to sort this out.
all the best

ekimnas

Thanks for the advice, I have emailed shelter as you suggest. If anyone else has any advice please get in touch.

The problem I am having is that no matter who I write to (MP, Trading standards, TV, Newspapers etc..) nobody wants to know.

I will not give up so if anybody else can help please please do.

silvercar

The problem I am having is that no matter who I write to (MP, Trading standards, TV, Newspapers etc..) nobody wants to know.

No-one wants to know because (unfortunately for you trying to get on with your lives) standard procedures have been followed and the only story is a "family finds old debts haunt them" story. There may be media interest from someone wanting a story about the current increase in repos, warning people that their debts will stick with them for a long time. There is no story of unfair treatment etc as the rules have been followed.

I would suggest you concentrate your attention on how you are going to deal with the problem rather than trying to prove you have been treated wrongly.

ekimnas

I appreciate your advice. However if you look at the part in my post that refers to charges added to the mortgage you will see that they are unreasonable and excessive and that is what my whole argument is based on. As far as I am concerened the whole affair has not been conducted properly by the building society and that is what I hope to prove.

ekimnas

silvercar wrote: »

If you are in a position to raise an amount of cash to settle, I have heard of people being able to make a one off payment to remove this burden. The amount agreed can be as low as 10% of the amount now owed.

Do you think that a solicitor may be able to help me find out about this? or do you know of any other routes to pursue?

Deep_In_Debt

The above poster has been reported several times on other threads. just ignore them. Clearly got nothing better to do with his time

poppyg_2

Surely a solicitor would have dealt with issues such as this and would be able to advise regarding a settlement, I think if you could something like 10% it'd be so much better than having to pay what is like having a second mortgage for the rest of your life

Until I saw silvercars post I was absolutely horrified, I think like you if I was in your position I would've just thought once the house was reposessed that was the end of the matter, I had no idea something like this could happen so if nothing else this should act as a warning to people, unbelievable that this can happen and be perfectly correct and legal but having read silvercars post I guess in a way it does make sense

There has been a fair bit in the press recently about reposessions so maybe media might be interested in your story now.