What should I do ? Please help!!greenspun.com : LUSENET : Repossession : One Thread
I received a letter from Moorcroft debt recovery agency stating that they have been instucted by The Royal Bank of Scotland to collect my overdue debt of £17,833. They have requested payment in full within 7 days or to contact them with a payment offer. Failure to contact them by 10:00am on 2nd February will result in a claim form being issued against me 'without further notice'. Really I can't afford this amount at all. I did telephone them to ask what exactly this debt entails as there are no details within the letter, really it just details the different procedures they will use to collect this money. I know that this will be a shortfall in the mortgage on my house that was repossessed. The girl asked if I could pay the full amount in 7 days to which I said 'No'. This was all she asked and then told me that she would send a full breakdown of what was involved in this debt. I have requested an urgent meeting with the solicitor who is handling my divorce and also I am trying to get an appointment with CAB to see where I should go from here. Really, the mortgage became too much for me after my wife left and she has contributed nothing at all to any of the matrimonial debts since we split up. The bank always phoned me to make payment proposals and when I asked them what she had proposed they would never say. I don't think they even pursued her at all. This letter I received has been the first contact with the bank for nearly a year and I assume that my ex-wife will have the same letter, right? Please help, I'm a bit worried about this. Thomas.
-- Thomas Clark (email@example.com), January 30, 2001
Okay Thomas - sounds like you're having a bad 'ol time right now.First of all just relax a little (easy to say), you've found this superb site so read the contents thoroughly and get to know your rights. There are also a very alrge number of capable people who also read this site who will offer you kind words of guidance. You are not alone. Make sure this firm provides you with all the necessary paperwork that YOU need/can demand to ensure you are being treated fairly. You should also serve the appropriate SAR(s) on your former lender and the debt collection agency, so that you have all the info that they hold on you. Best wishes, Vic
-- Vic Harper (firstname.lastname@example.org), January 30, 2001.
Firstly, stay off the phone & Don't worry too much about the 7 day 'threat'. Everything needs to be in writing. Secondly, as the previous response recommends, look through the repossesion section of this site. You need to write to them & ask on what grounds they are making their claim - & ask them to supply documentatry evidence (Such as copy of the mortgage deed, marketing material used to sell the property, MIG policy & 2 independent valuations). Also stress that you are taking this matter with the utmost seriousness. A couple of key thing's: was the repossesion more than 6 years ago & did you pay for a MIG ? As previously mentioned, there's plenty more excellent advice on this site.
You're not alone. Vince
-- vincent smile (email@example.com), February 01, 2001.
Thanks for the tips and advice Vic and Vince. The repossession would have been last year I think although I have had no contact with the bank to confirm this. I really don't know if I had a MIG or not. How can I find out? If it helps any I had an endowment mortgage and I know that the bank has already cashed in the endowment policy. I had a letter from the firm that held the endowment to tell me this. What are the SAR(s) that I have to serve on the bank and the debt collection company? I'm sorry but I use the internet at work during my break times and I haven't found the time to get fully through all the brilliant info on this site. Thanks again for your help. Thomas.
-- Thomas Clark (firstname.lastname@example.org), February 06, 2001.