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25k negative equity, made an final offer to cover this and now bank are stalling me

fredsmith55
fredsmith55 Posts: 37 Forumite
edited 8 September 2017 at 7:58PM in Mortgages & endowments
long story cut short, property sold for 25k less than I owed so now I have debt of £25k.

OK so I have no chance to pay that back in my life time so I forwarded the bank a SOF (incoming and outgoing) and a monthly figure (less than £100) that I could realistic pay, done with help from a debt charity so I know it should be correct. My mum also offered £12.5K as a final settlement figure in stead of monthly payments.

Since sending this into the banks I have had no decision and now it is over 8 weeks since sending in the SOF. I have chased 4 times, each time being told we are dealing with its, it will get looked at once it gets looked at. I have logged a complaint and got told just wait longer but sorry for not letting you know it is taking a long time, we change our policies on that.

My question is how long is normal? Guessing the answer might involves a price of string. Now my mum is threatening to now pull out of the deal, she says its too stressful. Is it worth me logging this with the ombudsman? Surely 8 weeks should be enough time to say yes or no to the final settlement figure.

Comments

  • aNom
    aNom Posts: 78 Forumite
    Will the bank remove their charge on the property if they know they're very unlikely to ever see their £25k?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    You owe someone twenty five thousand pounds and are complaining because they wont come to a quick decision about how much, if any, of that money they should write-off?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    aNom wrote: »
    Will the bank remove their charge on the property if they know they're very unlikely to ever see their £25k?

    The OP says they've sold the property. Do you think they havent and they mean its due to be sold when this mess is sorted?
  • fredsmith55
    fredsmith55 Posts: 37 Forumite
    edited 8 September 2017 at 10:31AM
    Property has long been sold and new people own it.

    Just £25k left.

    Issue is my mum threatening to pull out, I'm happy to wait because she is not. Hence the trying to get this moved along or at least say to my mum the good people on Martin lewis say this process should normally complete within 15 weeks.
  • aNom
    aNom Posts: 78 Forumite
    AnotherJoe wrote: »
    The OP says they've sold the property. Do you think they havent and they mean its due to be sold when this mess is sorted?

    I totally overlooked that part, I'm surprised they either didn't have a charge, or removed it without full payment.
  • Caz3121
    Caz3121 Posts: 15,900 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    aNom wrote: »
    I totally overlooked that part, I'm surprised they either didn't have a charge, or removed it without full payment.

    Previous thread may help - OP did not sell the house, they handed the keys back
    https://forums.moneysavingexpert.com/discussion/5612278
  • fredsmith55
    fredsmith55 Posts: 37 Forumite
    yeah handed keys back because they refused to allow me

    a) sell for a loss without a charge being placed on it.
    b) rent it unless I paid off 25% of the deb.

    Couldn't swap mortgage (5.75 ARP which I entered into when young and dumb) because of negative equity, lease hold and management company did a runner aka went bust, crack deals moved into other flat long boring story but yes handed keys back.
  • aNom
    aNom Posts: 78 Forumite
    Caz3121 wrote: »
    Previous thread may help - OP did not sell the house, they handed the keys back
    https://forums.moneysavingexpert.com/discussion/5612278

    Now everything makes sense :)
  • fredsmith55
    fredsmith55 Posts: 37 Forumite
    guessing no one knows the answer on how long it could take.
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