Second Charge : LUSENET : Repossession : One Thread

I have a second charge on my property, in connection with a loan from NatWest. My first mortgage is up to date with no arrears.

I had an IVA that was completed in Sept 99 and it was accepted by Nat West that they would discharge their security on my property on payment of #20k as they valued their equity at this figure. I could not at that time raise this as it is necessary to wait 6 months before lenders will look at a mortgage application. However in March 2000, they withdrew their offer and in discussions say they have now "revalued their security" and an offer of #102,000 will need to be made. At the same time I have had a letter from their solicitors saying that in the absence of any agreement they will start possession proceedings, can they do this? Can I complain to anyone that an arrangement acceptable 3 months ago surely cannot increase by 500% They value the house at #180k I think it is nearer #140k, therefore the most I can get is 85% of this = 119k less the first mortgage of #78 gives #41k. I have offerred this but the solicitors say it is not enough and they are instructed to go to court. Do I have any leg to stand on? The last letter from the solicitors asked me to settle this on an "amicable,reasonable and acceptable terms" is this wording important?

Sorry for all the questions.

-- Chris Trevett (, June 13, 2000

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