abbey national shortfall

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I have just received a letter from Halliwell Landau - acting on behalf of Abbey National - enclosing an inc/exp form. I have read on this site that it is advisable not to complete these, but I filled one in last Dec and returned it to AN (HL do not seem aware of this).

I am a single parent currently claiming Income Support, but my boyfriend has been thinking about moving in with us, in which case i would stop claiming benefit and he would support us. I am worried that if that happened then AN would take his income into account and ask for money.

Also the letter I received had an AN sheet enclosed showing ways that AN are prepared to help if I seek a resolution, a section of it reads as follows:-

'In addition, with effect from 9th October 2000, we will only seek to collect outstanding mortgage shortfall debt based on the valuation obtained at posession, irrespective of the sale price, AND FURTHER DISCOUNT THE OVERALL DEBT BY 50% for those customers wishing to seek a resolution.'

The sale of my property was completed on 5th October 2000, does anybody know if the sale must be COMPLETED after the 9th October for this to apply, as it would reduce my debt from 10748 to approx. 2500 (assuming they had a reasonable valuation done) and that is a massive difference (it is to me at least)!

Any advice would be much appeciated.

Sophie

-- sophie ward (omourfi@aol.com), October 21, 2001

Answers

Sophie.

My property was sold by AN in Jan 2000. They calculated the shortfall to 20k and are chasing me for 10k. So it should also apply to you.

Even so, I would still ensure that they have got valuations, not undersold etc before paying up.

With regards to the part about taking your boyfriends incomings in account over your debt - I don't think they can do this as it is not his debt. Hopefully, someone will be able to say more certainly.

-- Bev (bev100@genie.co.uk), November 08, 2001.


Sophie

Before I met my husband he had a mortgage with the Abbey National with his then wife. When the house was repossessed in 1992 the Abbey sold it for 15,000 less than it's value.

He heard nothing from them until November 1998, when via Halliwell Landau they wrote telling him he now owed 40,000.

Over the years we have had various letters and telephone calls from them. The best advice I can give is to file everything they send you and to NEVER respond or admit liability.

In our local branch of AN the manager was astounded when I told him my husband was still being chased.

We have since got a new mortgage ( eventually ). Don't let them get to you.

-- Ness (ness@lionen.fsnet.co.uk), November 21, 2001.


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