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Response to chased for #50k after 7 years, will i lose my new house?

from Lee (repossession@bigfoot.com)
There's lots of questions in there but the key ones are:

What do I do next? Answer is: read the web-site's repossession section in full. I've brain-dumped everything I know in there. Then serve the two Subject Access Rights notices on the lender.

Debt counsellor v solicitor? Answer: for me personally, neither. I'd fight it myself and go to a solicitor for clarification of issues I don't understand and for court procedure advice, just possibly for court representation too.

Amount they'll settle for? Answer: Varies. 5% isn't unrealistic. Use the shortfall claim advisor in the Help section of the page to get the best estimate as I understand it. Remember that the "advisor" assumes you lose completely, most times cases don't go totally against the alleged debtor.

In my opinion the best thing anyone can do is decide whether to lose by not fighting or to lose (but possibly win) by fighting. (By and large, it doesn't significantly alter the amount you'll pay in the end - because you'll pay what you have).

If you go for the fight: 1. read the Bradford & Bingley sequence of shortfall claim letters, 2. serve SAR's on the lender, 3. absolutely restrict any other responses to politely requesting the same information as the Bradford & Bingley customer did, 4. shrug off threats of court action (civil court is dispute resolution not a criminal prosecution), 5. be prepared to receive a writ, 6. when (if - and it's a big if) you receive a writ, READ IT! (especially the time limits information) 7. Then act: if they flogged the house too cheaply, serve a negligence counterclaim. If they appear to have messed up in another way: serve a negligence counterclaim. If it's over six years, simultaneously "defend" on the six year rule. 8. Prepare for "Discovery" - that part of the pre-hearing process that lenders find so strangely unsettling.

Chances are it will not get beyond point 4 but if it does it's unlikely to get beyond point 8. If you don't understand why, you haven't read the web-site properly.

I am not qualified to give advice. I merely publish the information I have accumulated in the hope that it can be of benefit.

Hope this helps.

Lee

(posted 9017 days ago)

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