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Response to Repossessed 1994 - any way forward?

from (repossession@home-repo.org)
Paul,

You need to read the Repossession section and the Do's and Don'ts pages within it. It contains the combined experience and suggestions (note that that is experience and suggestions, not legal advice) of many people who have been or still are in positions similar to yours.

With regard to whether you have admitted liability or not - see a lawyer. As far as I know this area of law remains murky in the context of repossession shortfall cases.

I have some research that shows that most settlements that are accepted are between 8.5% and 10%. Most repossessees that offer a settlement *that is rejected* offer around 6%. So there's an argument for saying that your chances of having a settlement accepted greatly increase if that settlement is 10% but remain low if that settlement is 7%. This suggests that you do not need to offer 20%.

Note that people who settle with Halifax and to whom Halifax had sold a MIG provided by RSA (Royal and Sun Assurance) are much more likely to find that RSA subsequently chases them for more money after the repossessee has settled with Halifax.

For this reason, I suggest that:

1. No-one should offer Halifax any shortfall settlement - keep fighting instead.

2. No-one touches, or advises friends/family, to go to Halifax for financial products

3. No-one touches, or advises friends/family, to go to any lender that uses RSA for financial products

4. No-one touches, or advises friends/family, to go to RSA for financial or insurance products

Lee

(posted 8001 days ago)

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