Eversheds collection of Abbey National mortgage shortfall debtsgreenspun.com : LUSENET : Repossession : One Thread
I am looking for information from people who have been pursued by Eversheds solicitors, acting on behalf of Abbey National, when collecting mortgage shortfall debts. I am particularly interested in how Eversheds handled negoatiations related to lump sum full and final settlement arangements.
I am due o be meeting with Abbey/Eversheds in March to discuss these problems and would welcome any information from readers of the home-repo pages.
Nick Pearson Federation of Independent Advice Centres.
-- Nick Pearson (email@example.com), February 18, 2000
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.
-- Lee Hyde (firstname.lastname@example.org), April 16, 2000.