Bradford & Bingley Mortgage Rescue Scheme

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I took part in the B & B Mortgage rescue scheme. I have been looking through some old papers and it seems that they didn't claim on the Mortgage Indemnity Guarantee Insurance we took out. Can they choose not to make a claim?

-- Rosemary (rosie123uk@yahoo.com), January 24, 2001

Answers

It would be useful Rosemary, if you could post some details of your case for an overall assessment, e.g. date of possession, alleged arraers, etc. Do you have any old mortgage statements showing what was charged to your account ?

Best wishes, Kenny.

-- Kenneth Haymes (kennyhaymes@aol.com), January 24, 2001.


It may also be useful, if you provided your proper e-mail address - my response just bounced ! Hope you're for real ??

-- Kenneth Haymes (kennyhaymes@aol.com), January 24, 2001.

I'm for real. I have just tried to access my e-mail account and it says there is a problem with it and to try later, so yahoo must be having problems.

I noticed on a statement of payments that the mig column didn't have anything in it. I have today telephoned the Bingley Centre and asked why the mig was not used. They would not comment, but did sound concerned. They told me they would send me the paperwork I have requested and I told them that I would be asking for an explanation as to why they didn't claim on the insurance. I've also stopped my standing order for payments.

This case is a few years old now, I'm not sure that I am going to be able to obtain all the paperwork I need. But, I intend to make as much noise as possible in the hope that they decide it is better to settle with what I've already paid.

-- Rosemary (rosie123uk@yahoo.com), January 24, 2001.


Do you not have any old statements from your own files, rather than rely on B&B to provide you with any alleged copies ?

How did this so called Rescue Scheme operate ?

Kenny

-- Kenneth Haymes (kennyhaymes@aol.com), January 24, 2001.


Your mail just bounced again ! It says that there is no such e-mail account with yahoo.com !

-- Kenneth Haymes (kennyhaymes@aol.com), January 24, 2001.


Sorry, my e-mail address has co.uk on the end, not com.

I have put a message on this board further down the page with reference to another message entitled B & B mortgage rescue scheme. I haven't any of the original paperwork. My ex had it and didn't keep anything. I had thought this matter was done and dusted and I have been paying monthly, it is only that I noticed the mig wasn't claimed and after reading messages on this board that I decided to query it.

-- rosemary (rosie123uk@yahoo.co.uk), January 26, 2001.


You still don't explain how this so called B&B Rescue Scheme works/worked, that you were paying for ? I am puzzled as to why you think that there should be reference to a claim on your MIG policy on apparently current statements,(as you state you have no old paperwork at all), especially if this was 'done & dusted' some years ago ? How strange ?

-- Kenneth Haymes (kennyhaymes@aol.com), January 26, 2001.

My marriage ended and I left and moved out of the house. My husband stayed in it and he was going to pay the mortgage until our planned divorce after two years separation. My husband stopped paying the mortgage after I left and didn't tell me. I eventually found out and contacted B & B. I explained that under no circumstances did I want a repossession as I worked in a government legal department and bad debt was frowned upon etc. They introduced me to the Bradford & Bingley Mortgage Rescue Scheme. They sell the property to English Churches and if it is at a loss you agree to pay the shortfall. English Churches then rent the property back to the person who wishes to stay in the house. My husband stayed in the house and took on a rental agreement with them. The shortfall in our case was 9,800. As I was not in a position to have a repossession I signed the necessary forms. The shortfall was split between my ex and myself. He paid nothing and I paid 50.00 a month by standing order.

I recently found this website and started reading the correspondence and started to wonder if our case was handled properly. I.E. did they get valuations before selling at a shortfall etc. They sent me a letter about two weeks ago asking me to complete an income and expenditure form. They have never done this before. They obviously want to know if I can pay more than 50.00. I did not complete the form but found out a statement of payments that I received from them last year. I made them an offer of just a little below my oustanding balance. They said they would not consider without an I & E form. I was looking again at the statement and there is a column for the MIG insurance. I noticed it was blank so I contacted them and it appears they didn't claim against the insurance. I definitely know we had one. I am waiting to hear from them why they didn't use it.

-- rosemary (rosie123uk@yahoo.co.uk), January 26, 2001.


Thanks for the background Rosemary. It does help people to possibly help you. What do we know about 'English Churches', if anything ? Could you put a date on the sale to English Churches ? Do you have any idea how the shortfall came about ? Who valued the property and hon what basis was the sale rpice to E/Churches agreed by B&B ?

Kenny

-- Kenneth Haymes (kennyhaymes@aol.com), January 26, 2001.


I seems that the English Churches Housing Group is one of the country's largest housing associations. ECHG has grown to include English Churches Housing Mutual - which amongst other things, works with the Bradford & Bingley mortgage rescue scheme. Their web site is:

ECHG has grown to include English Churches Housing Mutual - which also works with the Bradford & Bingley mortgage rescue scheme. Their web site is:

http://www.echg.org.uk/

Isn't the Internet wonderful - just seek and you will find. (90% of the time anyway!)

-- Tony Hayter (Tony@Hayter.com), January 26, 2001.



Looks like my paste button stuttered on my previous posting (Or was it 'User Error' !)

-- Tony Hayter (Tony@Hayter.com), January 26, 2001.

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