Abbey National won't pay surplus to repo sale

greenspun.com : LUSENET : Repossession : One Thread

I had my house repo'd in Dec 2001 whilst I was ill (still am and Abbey's antics aren't helping me recover).

They processed the sale very quickly, at under the market value, amazingly before Xmas the selling agent Cubitt & West sold in within a few days of it going on the market. The sale was completed on Jan 31 2002.

Abbey national calculate that the net surplus is about 100K but refuse to release this unless I sign a "receipt" - this it transpires is no such thing but a note to the effect that I will accept this amount as full and final settlement - something I will not do. Does anyone know if they can withold this money on that basis?

Also how do I locate a good lawyer to pursue this further. Since Abbey have most of my money I cannot pay the lawyer until I extract the money from Abbey - will a lawyer take the case knowing this?

Help, please.

Their trixster lawyers are Tucker Turner Kingsley and Wood.

-- Richard (DucatiJohn900@hotmail.com), July 11, 2002

Answers

A question...if the Grabbey had a possession order and sold your property - which it sounds like they did, on what basis would you not accept this as the only full and final settlement you are entitled to? I don't doubt for a single minute they undersold your property, but if you want a good lawyer (read barrister) to pursue this you can kiss goodbye to a good chunk of the 100k. I do sympathise with your position, but you may be wise to take the money and run.

-- Too scared to say (iwasduped@yahoo.com), July 11, 2002.

PS. Their lawyers - are they a Kent firm?

-- Too scared to say (iwasduped@yahoo.com), July 11, 2002.

Lawyers are based in London.

-- Richard (DucatiJohn900@hotmail.com), July 12, 2002.

They undersold the property by 50K. They are unable to demonstrate that they made any reasonable attempt to attain a fair market value.

And sometimes principles have their cost. There are other areas in which they failed to act properly or legally.

They are trying to coerce acquiesence.

The money spent taking them to court will be money well worth spending.

-- Richard (DucatiJohn900@hotmail.com), July 12, 2002.


Will the money spent on a lawyer be worth it, if you end up losing your case, having all the stress of a court case, and end up with possibly nothing? Why if you could get an extra 50k for the property and you weren't in negative equity, didn't you just sell the property yourself? Think about what your contemplating seriously. I know of people who have spent tens of thousands of pounds on solicitors and barrister fees. They have been told they had a good case, only for the solictor to recommend just before the court hearing that they should settle out of court. They ended up gaining nothing extra and at a huge cost to themselves. We all have principals but don't forget commonsense should always prevail. Good Luck

-- (von6@uboot.com), July 25, 2002.


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