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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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in 2012 we were bankrupt a mortgage company repossed a property

Resolved Question:

in 2012 we were bankrupt a mortgage company repossed a property we had with them on an interest only mortgage at the time there was £51.00 owing to them and a charge of £42.00 by Lloyds bank as security against a loan
Lloyds wrote to us and the official receiver to say they no longer wished to pursue thier claim the property was subsequently sold by mortgage company for £78.00 do they have the right to keep the £27.00 above which we owed on the property
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

You mean you had equity of £27,000 in the property? Who is keeping that, the mortgage company?

Customer:

yes the mortgage company and will not answer emails

Alex Watts :

Ok - the mortgage Company can't keep that. However you are NOT entitled to it either.

Alex Watts :

It needs to be sent to the official receiver who will use it to pay your creditors.

Alex Watts :

If there is a balance left then you are entitled to that.

Alex Watts :

But your receiver or supervisor is entitled to that equity which is at the time of the bankruptcy.

Alex Watts :

If there is equity AFTER you have been made bankrupt, then you are entitled to THAT portion 100%

Alex Watts :

Can I clarify anything for you?

Customer:

i have already settled with the receiver and am discharged i sold my second property and paid him £20.00

Alex Watts :

Ok - then you are entitled to the balance.

Alex Watts :

What you may have to do is sue for the balance.

Alex Watts :

You should first though complain to the Ombudsman

Alex Watts :

They can investigate your complaint against the bank for free

Alex Watts :

Their website is: www.financial-ombudsman.org.uk

Alex Watts :

But you must make sure you have formally WRITTEN (not emailed) the bank first and gotten no reply or their final reply.

Customer:

can you help please

Alex Watts :

I can not be instructed, it is against site rules.

Alex Watts :

I can only tell you what to do which is:

Alex Watts :

1) Formally write and complain

Alex Watts :

2) Go to the Ombudsman

Alex Watts :

3) Sue

Alex Watts :

In that order.

Alex Watts :

Can I clarify anything else for you?

Customer:

no thats fine you have been very helpful

Alex Watts :

Try and rate now, the buttons should work

Alex Watts :

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.


 


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