Living abroad with a little income What can ABBEY NATIONAL/Eversheds do?

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I have been contacted by Eversheds after 6 years saying I owe 17000 on a property they sold for less than a 3rd of the original value. I am now also not with the other person named on the mortgage and am living outside the EU on a small wage. They have sugested a settlement of 8500 which is not in any way affordable.

Any suggestions

-- peter matthews (p_matthews@hotmail.com), January 07, 2002

Answers

Peter, Just been through a similar situation with Eversheds & Nationwide. Owed 35K on a UK property sold in 1996 and currently I'm living in Ireland.

One thing became obvious early on - they did want to settle. I tried to work out why they were so keen as they know I have a house here and good equity in it. I issued a SARN and got tons of information back - Nationwide seemed to have done everything correctly, they hadn't appeared to have made a mess of anything so I don't think they were trying to settle because of any mistakes they had made. Then, I spoke to 2 solicitors and they both suggested that it is a huge amount of trouble for the likes of Eversheds to issue court proceedings in another country and this was the reason they were keen to try to settle.

Eventually, for peace of mind on my side, we settled on 3.5K - still big bucks, but a 90% discount! I didn't want them appearing out of the blue in say 5 years time if I move back to the UK.

I have to believe they would not have agreed to it if they thought they could get more through the courts.

I have now got a letter from Eversheds saying the payment is in 'full and final settlement' and they will write to the credit agencies to take my name off the blacklists.

BTW, thanks to all who contribute to this site - helped me enormously through my 'dark' days.

Brian

-- Brian Party (brianparty@hotmail.com), January 11, 2002.


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