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Response to Eversheds collection of Abbey National mortgage shortfall debts

from Lee Hyde (leehyde@cwcom.net)
Hi

I just received my second chasing letter from Eversheds chasing arrears. Complicated story but here goes :

I was employed by Scottish Mutual Assurance Society and had a staff mortgage. When I was forced to resign, unfortunately within the two year employment term, the mortgage rate automatically went upto 15%. This despite the fact that ScotMut is a fully owned subsidiary of Abbey National. Obviously arrears built up until a Possesion Order was granted in '93 although at least the mortgage rate reverted to the Abbeys variable rate.

I managed to suspend the Posession Order,

1) Sale of the property would not have repaid the mortgage 2) DHSS were paying interest on the loan anyway 3) I offered a monthly payment on top to reduce the arrears

Scotmut suspended the order themselves without me having to go to court.

Since 1993 I have continued to make monthly payments to the arrears without fail. The DHSS has continued to make Interest payments.

However, I also obtained employment with Abbey National as a Mortgage Advisor but did not tell them of my arrears. They didn't check. When I had to go to Court when first notified of the Possesion proceedings I was told by the magistrate to inform ScotMut whom my employers were despite offering #100 pm reductions. Not surprisingly, six weeks after the case Abbey dismissed me, although I have continued monthly payments at initially #80 pm, but now #40 pm.

Everthing has been quiet until Eversheds first letter Christmas week '99 which I responded to within a few days. They acknowledged my letter, and this week have sent a reply requiring repayment, remortgage or sale. I might add that prior to Eversheds letter, Scotmut had not contacted me in anyway for some two years.

I have requested details of the actual arrears so that I can at least have some idea of the position I am in, but the arrears are going to be lower than when the Possesion order was suspended.

I would really like to continue the current repayment programme. I have not been able to obtain employment since '96 due to extensive surgery for which I am still receiving nursing attention.

Regards Lee

(posted 8748 days ago)

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