iRobot
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Post by iRobot on Aug 28, 2020 19:55:53 GMT
my theory about a credit card debt is mere supposition - care to deny this CG? I've no doubt that, if minded to, CG would be only too happy to confirm that your 'theory' is indeed 'mere supposition'.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 28, 2020 20:01:58 GMT
Well yes but whether these amateur idiots checked for this is another question and I guess is why they need specialist legal advice - wonder what that will cost! I guess the bun fight will be who has the second charge the card company or FS and who has the third charge - as I said there is clearly something very wrong here and my theory about a credit card debt is mere supposition - care to deny this CG? £3 to land registry and you can find out, alternatively you could spend it on ammunition - reckon you could get at least 10 rounds
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adrian77
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Post by adrian77 on Aug 28, 2020 20:14:50 GMT
i know and if I were a major player I would - I find this whole FS con so depressing it would not be a good ideaif I spent it on ammunition
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iRobot
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Post by iRobot on Aug 28, 2020 20:20:37 GMT
you what - this looks like even more FS gross incompletence to me. Tell you what I think is a possibilty, without any evidence whatsoever, this borrower who may well me a very interesting character if our internet research is correct has massive credit card debts and the card company also has a charge on the house and the FS "property experts" missed this - so there may well be the original mortgage company, the card company and FS/CG all wanting a slice. This: might you be getting your loans mixed up, again? My records for this one go back to 2015 and 2548475241: a £600k loan paying 12% secured by first charge in favour of FS. That one got renewed (1327419387). In the meantime a further £100k (9538971427) paying 12% was lent, secured against a second charge in favour of FS, so it ranked junior to the £600k loan(s)) This was also renewed under 4796611100. Dec 2016 saw them both them both consolidated in to 1541925790 - a £700k loan paying 13% secured by a first charge in favour of FS. This was renewed Sep 2017 under 7593910742 which also saw the loan increase to £720k and the rate reduced to 12% - which is where I chose not to renew. The final renewal was 4906730174 and remained at £720k offering 12% and still secured by a first charge in favour of FS. FWIW - " this borrower who may well me a very interesting character if our internet research is correct" made interest payments of £248k on the above loans And where on earth did " massive credit card debts" come from!? Please tell us it wasn't based on the mention of the 'Consumer Credit Act 1974' and that you have something more tangible than that?
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adrian77
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Post by adrian77 on Aug 28, 2020 20:30:26 GMT
As I said just a theory although I am sure I have found this bloke on the internet and nothing about this borrower would surprise me! Thus rather than saying I have my loans mixed up which I havent - have you got a theory you can post in order to nudge a reply from CG? Not sure if this act is relevant to incorrectly perfected charges as were Burnley etc- hopefully FS had learnt their lesson over that one! I also ditched this one at the same time you did.
One chap said he had a great deal of money in this one so I think he,at least, has the right to know what the hell is going on here.
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iRobot
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Post by iRobot on Aug 28, 2020 20:57:19 GMT
As I said just a theory although I am sure I have found this bloke on the internet and nothing about this borrower would surprise me! Thus rather than saying I have my loans mixed up which I havent - have you got a theory you can post in order to nudge a reply from CG? Not sure if this act is relevant to incorrectly perfected charges as were Burnley etc- hopefully FS had learnt their lesson over that one! I also ditched this one at the same time you did. One chap said he had a great deal of money in this one so I think he,at least, has the right to know what the hell is going on here. So where did "the original mortgage company" come from? Who are they and why are they "wanting a slice"? And no, I have no theory as I have insufficient information. I'm not in 4906730174 so feel it would be inappropriate of me to nudge CG&Co for anything. That said, I would wholly understand why those lenders who actually are in this loan may wish to prompt CG&Co as to why these difficulties have arisen as the loan release information suggested FS were sole 'mortgagee' against the security. This: can you post any link in the relevant DD thread?
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cwah
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Post by cwah on Aug 29, 2020 15:40:52 GMT
Could that be because its lent against a person instead of a business?
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cwah
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Post by cwah on Jan 29, 2021 15:45:26 GMT
So first they gave the wrong lending contract and needed to get an advisor... Now the borrower is mentioned dead (no clue whether it's true) and need another advisor.... I feel like even when it's going to be recovered from the sale, a large chunk will be gone to pay the fees...
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adrian77
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Post by adrian77 on Jan 29, 2021 16:07:38 GMT
If this borrower is who I think it is then sadly my research indicates he has indeed passed away
As appears very likely this loan was made to him then with the incorrect contract then I am sorry to say I am concerned this may well be yet another 100% loss.
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cwah
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Post by cwah on Jan 29, 2021 16:13:23 GMT
If this borrower is who I think it is then sadly my research indicates he has indeed passed away As appears very likely this loan was made to him then with the incorrect contract then I am sorry to say I am concerned this may well be yet another 100% loss. There is a first charge against the house. How can that be a 100% loss even with the wrong contract?
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cwah
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Post by cwah on Jan 29, 2021 16:19:37 GMT
I just can't see how a secured loan on first charge could ever be considered as void once the person deceased.
The security should belong to the 1st charge holder until it's paid back normally? What can void that?
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adrian77
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Post by adrian77 on Jan 29, 2021 16:28:01 GMT
I am not convinced there is a first charge against the house - hopefully it is but if a credit agreement or whatever was drawn up then the debts may be wiped clean. If not then I think the widow may be able to appeal and even it goes to court for repossession (currently suspended) she may well defeat any eviction order - especially if there are vulnerable grandchildren in the house . At best I can foresee massive legal fees especaially as he appears to be a foreign national.
If FS can't even perfect charges properly then I wonder if they catered for such a situation as this
Also it appears he was buried in Nigeria
Personally I would hate to sue a widow but met plenty of lawyers who would not give a monkey's
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ilmoro
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Post by ilmoro on Jan 29, 2021 16:31:26 GMT
I just can't see how a secured loan on first charge could ever be considered as void once the person deceased. The security should belong to the 1st charge holder until it's paid back normally? What can void that? AIUI The debt would normal pass to the estate of the deceased which would be required to settle the debt prior to any distribution of the charged asset to beneficiaries. It wont be voided by death unless there is some other reason ie contractural/security issues Few examples on other platforms
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cwah
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Post by cwah on Jan 29, 2021 16:42:43 GMT
I am not convinced there is a first charge against the house - hopefully it is but if a credit agreement or whatever was drawn up then the debts may be wiped clean. If not then I think the widow may be able to appeal and even it goes to court for repossession (currently suspended) she may well defeat any eviction order - especially if there are vulnerable grandchildren in the house . At best I can foresee massive legal fees especaially as he appears to be a foreign national. If FS can't even perfect charges properly then I wonder if they catered for such a situation as this Also it appears he was buried in Nigeria Personally I would hate to sue a widow but met plenty of lawyers who would not give a monkey's I've put my life saving in this one because I knew this house wouldn't tank in value considering its size and location. I couldn't know I would encounter such problem.... Feels like I've been scammed. I've checked land registry and there is a charge for FundingSecure on the house. So it's been secured. And this house is rented as well. So it should be all cleared. The fact that he is "buried" in Nigeria makes it sound like a scam really, and I'm pretty sure he's not dead. I hope there is some justice here...
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cwah
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Post by cwah on Jan 29, 2021 16:49:26 GMT
I am not convinced there is a first charge against the house - hopefully it is but if a credit agreement or whatever was drawn up then the debts may be wiped clean. If not then I think the widow may be able to appeal and even it goes to court for repossession (currently suspended) she may well defeat any eviction order - especially if there are vulnerable grandchildren in the house . At best I can foresee massive legal fees especaially as he appears to be a foreign national. If FS can't even perfect charges properly then I wonder if they catered for such a situation as this Also it appears he was buried in Nigeria Personally I would hate to sue a widow but met plenty of lawyers who would not give a monkey's And what credit agreement would write that debt would be cleared if the borrower is deceased? I just can't see what agreement would lead to the debt being wiped out unless it was intentional by FS
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