Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
Ho wmuch is the property worth and how much is outstanding on the mortgages?
Do you still have a copy of the Possession Order?
So after the Order was made how did your persuade the Finance Company not to take action
I am afraid that First Plus do indeed have an open Order - it stays open until all the arrears are cleared.
The interesting point is whether the current company can take advantage of this
That will depend on the wording of the Transfer deed involved in the sale.
They are entitled to withdraw acceptance of the lower payment - as First Plus could do at any time.
However you should write to them and ask on what basis they are arguing that they have the benefit of the Order
I hope that this is of assistance - please ask if you need further dteails
I am sorry - but you are confusing the Original agreement - the mortgage - which is is still in force - with the agreement to accept a lesser sum which the new Creditor is not prepared to agree to
I am afraid that legally you are certainly still bound by the original loan agreement - including the original payment figure.
It is true that First Plus agreed a lower payment figure - but this was a concession and not a binding contract
They are entitled to say that the agreement to accept a lesser sum is no longer binding on them - it was not contractual.
I am afraid that you cannot use the same argument to negate the Original Contract
It is possible to transfer a possession order - BUT they need to have either Registered it at the Land Registry with a HR4 or they have to apply for the Court for permission to transfer it