Repossession paperwork Help please

[seduraed]

G E Money stopped lending in 2015 so that may be the time your loan was assigned to Promontoria Vantage.

If Promontoria Vantage is the Claimant in these proceedings (are they?) then they would need to prove that they own the debt and that the Deed of Assignment was correct at the time.

Promontoria has its roots in Ireland so you need to establish whether there are any potential jurisdiction issues with this claim.

Promontoria is not authorised or regulated by the FCA so that may cause them difficulties.

According to Companies House Promontoria Vantage is a "non trading" company. > https://beta.companieshouse.gov.uk/company/09578284


They may need to get their house in order before they can take away yours.

(Can you give me a little more information about the assignment please - Promontoria has many different 'names'.)

Di

The receiving account is company called Pepper who trade as Engage Credit. I've got no idea about the deed of assignment. The transfer was September 2015. The account was opened October 2008 for 15 years by which time i will be 64. We took the mortgage as an emergency when the company i worked for went bust and my wife got ill at he same time. We have never really got ahead of ourselves and we should hve sold up several years ago. I know there was a broker involved and we were't given a choice we were just told that this was the only mortgage available. Definitely no PPI involved at the time. We have already had one suspended possession order but it expired.

[Diana M]

The receiving account is company called Pepper who trade as Engage Credit. I've got no idea about the deed of assignment. The transfer was September 2015

Who is named as the Claimant in these possession proceedings regardless of who you've been paying?

I would like to think that only the owner of the loan can be granted possession (or not).

Di

[Diana M]

We have already had one suspended possession order but it expired.

Did that Suspended Possession Order 'expire' because you satisfied the terms of the Order?

When was that?

Di

[Diana M]

We took the mortgage as an emergency when the company i worked for went bust and my wife got ill at he same time. . . . . I know there was a broker involved and we were't given a choice we were just told that this was the only mortgage available.

Could this loan have been a remortgage not a loan to purchase the property?

Could the broker have been a 'tied agent' (for G E Money) so couldn't advise you on your whole-of-market options?

How were you introduced to the broker? Did you pay them commission? Were you aware of the commission you may have paid (if any)?

Di

[Diana M]

we have recievd a notice of repossession with a hearing date of june 4th and im not sure what to do next.

It may be wise to send a Subject Access Request to G E Money to establish the history of this account >

http://www.gemoney.co.uk/

It may also make sense to send a SAR to the current 'debt owner' once that's been established.

Was the previous SPO with the current owner or with G E Money?

You say your Hearing is listed for the 4th June so hopefully you have time to establish your legal position and file a Defence or maybe even a Counterclaim if appropriate.

Di

[Diana M]

we let rooms should i enter the income on both income and expenditure from the court of do it once so that it is only on one persons income sheet.

One more thing (for now ) there may be a term in your residential mortgage (is it?) Ts & Cs which says you can't sublet etc so be careful how you respond to this court claim.

You don't want them to argue in court that you've breached your loan Ts & Cs even if the arrears are paid up to date prior to the Hearing.

Di

[Crazy council]

Hi

2 Points

I spoke to my friend, he mentioned a number of the points that Diana M has above, but he also said, a lot less room is given in some courts to arrears on interest only morgagess currently, He suggested go with a full plan that includeds the npayment of arrears in as short a time as possible, and a plan that shows the eventual repayment of the morgagee, or a set plan to sell in 24 months.

Some of the other questions @Dinana asked my be much more imnportant depending on the curcs arouns when you got this moprgagee

Post ~7 question 11 and all questiojs in post ~14

who advised an interest only morgagee, and was it in there favour

[seduraed]

I cannot for the life ofme remember whom i ussed. I aswered an ad on the internert .As isaid earlier i was told this was the only mortgage available to me. #The broker refused to even look a second time and i waas desperate. Actually a mistake we should have sold then.

[Crazy council]

Its worth phoneing/emailing around to get this figures asap, I have a nack for being able to plot these figures into lists that make the charges more understandable,

[seduraed]

Just to clarify .
The original Mortgage was with GE money. They were told at the time that my main source of income would be from the lettings. I have a letter from GE money's lending manager of the time approving this. It was actually fortuitous at the second or third month i had a call from the lending team telling me that I couldn't have the mortgage and that it had to be repaid in a month. Showing them a copy of the letter meant that they went away.
Th suspended order was dealt with by paying a chunk off the arrears and entering an arrangement.

The claime is in the name of Promontoria (Vantage) Ltd. The company I deal with is Engage Credit which is a trading name of Pepper UK LTD. a private limited company registerd in Uxbridge Co Reg. No. 06548489Their FCA registration No. is 484078.

I've paid them a £1000 from the arrears and will pay onther£1000 soon.

[seduraed]

Could this loan have been a remortgage not a loan to purchase the property?

Could the broker have been a 'tied agent' (for G E Money) so couldn't advise you on your whole-of-market options?

How were you introduced to the broker? Did you pay them commission? Were you aware of the commission you may have paid (if any)?

Di

yes it was a remortgage. i think we are marginally better off as the previous mortgage company was south pacific mortgage services. of whom i have not heard good things.

[seduraed]

Its worth phoneing/emailing around to get this figures asap, I have a nack for being able to plot these figures into lists that make the charges more understandable,

sorry which figures?

[Crazy council]

hi

was your origional moragee repayment or interst only , waht was the term, the interst rate and other detals

Your current morgagee, what the term, the rate over the years you have had it.
What repayment viecle was agreed when you took it out and whatthe details of that
What were the charges, and were they added on to the morgagee outstanding.

[Crazy council]

Hi

Some of the questions Diana M asked, are ways to protect yourself durinjg the court action and goiong forward. The questions i asked are just to do with understanding the fincial sides of your morgagee and charges, am good at putting them into an understandable format. Sometimes its hard to see how some changes affect you, and morgage advosors used to be good at hidig this info behind all the blurb.

Some things am not sure of.

Your origional morgagee, was it repayment or interest only, or are the other curcs involved. If possible, detail the apr%
Your current Morgage, whats the term/rate and DID they make sure you had viable ways to repay the capital, not just the interest.

Understanding the brokers chargess, fees and payment from the mrgagee co.

Dig out as much as you can on this, but its an easyer argument to say you were miss advised by the broker duew tothe payments he recived from the morgage co for intertst only morgagess.,

I have read through the thread again, all of the questions Diana M asked are important, it may be worth you doing a copy and past into one respopnce to answer them as good as you can.

( sorry about the spelling )

[seduraed]

the original mortgage with ge money was interst only self cert.
term180 m0nths from October 2007. Intrest 5.29%
No idea who the brokers were.
I did and internet serch for the loan.
Got charged a fee then i think they paid him comission on top.
Just need space to sell up and move.