Sapphire v Natwest - SORTED !

[Sapphire]

Re: Sapphire v Natwest

Hi Ame, yes the remortgage option was to release some equity and pay off Nat West and probably a couple of other debts if possible. But as the current climate stands I am loathe to go down that route as it looks like Mortgage Companies and the like are going to be hiking up the interest rates etc. I know that we are paying over the top at the moment, but I'd rather try to keep paying Nat West as we are and in a year or so when we are more straight with the debts etc then think about transferring to another Mortgage Company when the climate has settled and they start offering better deals again if that all makes sense.
I did ask them about the interest in Nov 27 letter and have had no reply so I shall mention it again in my next letter that I shall send to cobblers with the next cheque and also ask them if they have had any response to my proposals etc.
Like I said before I think this is going to descent into a 'stricly come dancing' class with us both dancing round each others questions, just hope that we can keep it up for quite a while, rather than Nat West trying to pull the plug on us.
If all else fails and Cobblers keep asking about the remortgage route then I will have to tell them that what with the current climate and our horrendous credit score we are having trouble getting sorted out, that should hold them off for a while hopefully.

sapphire

[Amethyst]

Re: Sapphire v Natwest

Aye sounds like a plan hun. I would make approaches to some lenders for remortgages - if they are offering it as a proposal as opposed to a sale order - then they put that to the court ....... if you see how I mean. Won't hurt to make enquiries and get a few bits of paper to show the judge your efforts

[Sapphire]

Re: Sapphire v Natwest

That sounds like a good plan hun will do that.
Thanks hun.

saffy

[Tools]

Re: Sapphire v Natwest

Also Sapphy , if you say that your credit rating is as shot as you think it is , by illustrating to Cobbetts and the Judge that this option is not financially viable they may back off.

If you get some mortgage quotes , make sure they are at rates that will show how ridiculous an idea it would be for you to take this route.

On the flip side , you may be surprised and get a really good deal that would work out better for you , a long shot , but worth looking into for nothing.

[Sapphire]

Re: Sapphire v Natwest

Just got this letter I'm not sure if its good news, what do you all think ? They mention £250 per month but we have been sending £300 per month and plan to increase again in April hopefully to £500.

Dear Mr Saffy

We refer to our letter of 12 December 2007 and await hearing from you regarding your enquiries in relation to re-mortgaging your property.
In the meantime we would ask that any future payment are forwarded direct to our client at the address and reference quoted below.........................

Although our client is prepared to accept payments of £250 per month in reduction of your outstanding liability until April 2008, it trusts that, by this date, you will have made the relevant enquiries into re-mortgaging your property to repay the outstanding amount in full together with further interest and costs. Out client will review its position at that stage.
In any event, the level of your payment will be subject to periodic review at the instigation of our client. As you will appreciate, our client is not bound to continue accepting monthly payments until such time as the indebtedness is discharged.
Your payment will be accepted by out client in reduction of the outstanding liability. You will remain liable to Nat West until such time as the outstanding indebtedness (including costs) is discharged in full.
Until such time as the outstanding indebtedness is discharged in full, our client will retain its Charging Order over your property.
If default of any one payment our client reserves the right to proceed with any further enforcement action that is deems appropriate without any warning or notice to you.


Nat West

[enaid]

Re: Sapphire v Natwest

So they are asking for £250 a month till April, this giving you time to sort out or enquire about a remortgage.
They are still adding interest? and can add any further costs?
Their client is not bound to accept monthly payments, (don't understand that bit) what is the alternative make you pay up, even if you have made all the payments?

[Amy]

Re: Sapphire v Natwest

Not sure if it's good news to you Sapph, they are saying that they do not have to accept your monthly payments, but they are are being very nice to you(!) and are prepared to accept them until April 2008. They will also enforce the order if you default on even one installment.

After April 2008 they expect that you will have sorted out a remortgage on your property so you can pay the debt in full.

[Sapphire]

Re: Sapphire v Natwest

Yes I think that Amy, we are going to make enquiries re a remortgage once my mum has gone home, not that we intend signing up for one really (although if the deal was great then never say never), but as the financial climate stands and as I said before the interest etc would probably be a killer in our case, if we did manage to get any offers, but at least if it went back before a judge we would have the paperwork to show that we did try, and that can only be good for us couldn't it.
I think the April 2008 signficance is because in our last offer letter we have said that we will increase the payments to £500 a month in April 2008 and we fully intend to as long as we are able, and thats probably what they will be waiting for, also we are paying £300 month (not £250) so thats got to be good for us as well hasn't it.
Somehow I feel that this is going to be a situation whereas they won't necessarily agree to the payments but will accept this going on as long as its regular and no hiccups etc.
I hope thats the case anyway.

Bit like a mexican standoff isn't it.

[Tools]

Re: Sapphire v Natwest

I agree , in any case , keep making those payments .

The longer it drags out without you having to remortgage or put the house up for sale ,the more you will have paid off .

Have they clarified the rate of interest they are charging you at?
Keep a record of any payments you make to them ,if you are posting off a cheque ,ask them for written confirmation they have received it and a statement of the outstanding amount .

As for the remortgaging , do you actually think anyone would be willing to give you a mortgage , it will take you aaaaages to find some one that will :okay:.In the meantime keep making the payments and increase when you can.

[Sapphire]

Re: Sapphire v Natwest

My feeling exactly, it will take absolutely aaaaaaaaages to get any kind of remortgage done (as if we wan't one anyway, personally i'd rather stick pins in my eyes).
Yes am getting receipts for payments, and I have asked on letters that go with the cheques to clarify about interest but they are ignoring it as usual, as far as i'm concerned thats all to our good because its showing that 'they' are not playing the game properly are they, and that wouldn't go down at all well with a judge would it. We are going to play this absolutely straight down the line and let them be the baddies from now on, all good for us don't you think.

saffy

[Sapphire]

Re: Sapphire v Natwest

Got this from the court today dated 16th November 2007: (crikey how long does it take to type a letter and send it out).

On 16 November 2007 DISTRICT JUDGE COLLIER sitting at ........... County Court............................................. .............. heard the Solicitor for the Claimant and the Defendant in person
and the court orders that
1. The charge created by the order made on the 26 September 2007 shall continue.

2. The interest of the defendant in the asset described in the schedule below stand charged with payment of the sum of £54,957.74 the amount now owing under a judgment or order given on 20 August 2007 by the Manchester County Court in claim No. 7MA........, together with any further interest becoming due and £208.00 the costs of the application.

3. The costs are to be added to the judgment debt.

THE SCHEDULE

The address of the land or charged property is .............................................. the title to which is registered at H.M. Land Registry under Title No. ....................

[Sapphire]

Re: Sapphire v Natwest

Letter from Cobblers received today:

We refer to our letter of 2 January 2008 and await hearing from you by return in response to the first paragraph.

Looks like they arn't going to give up on the remortgage option are they. Need to put a letter together hmmmmm:

Dear Cobblers,

Thank you for your communication received earlier today, the contents of which I note.

For your information I have contacted a Mortgage consultant with a view of remortgaging my property. Unfortunately due to the current financial climate and my less than favourable credit rating, I am having a struggle obtaining a suitable remortgage.
Please be assured that I am continuing to find a suitable option.

Need to get this checked before I send it, where is Amy ?

[Amy]

Re: Sapphire v Natwest

They do not care where you get a mortgage from or how much over the odds you have to pay, they only want their money.

I've reworded it slightly for you, how's this?

Dear Cobblers,

Thank you for your communication received earlier today, the contents of which are noted.

I would like to advise you that I have contacted a Mortgage Consultant (put a name in if you have one) and supplied him with all the necessary information with which to source a remortgage. This is proving extremely difficult for me to achieve due to the current financial climate and my less than favourable credit rating.

However, I would like to assure you that I am continuing to seek a solution so that this issue may be settled as soon as possible.

[Guest]

Re: Sapphire v Natwest

They do not care where you get a mortgage from or how much over the odds you have to pay, they only want their money.

I've reworded it slightly for you, how's this?

Dear Cobblers,

Thank you for your communication received earlier today, the contents of which are noted.

I would like to advise you that I have contacted a Mortgage Consultant (put a name in if you have one) and supplied him with all the necessary information with which to source a remortgage. This is proving extremely difficult for me to achieve due to the current financial climate and my less than favourable credit rating.

However, I would like to assure you that I am continuing to seek a solution so that this issue may be settled as soon as possible.

Surely, "in order that this issue...etc" rather than "so that...."

It is more formal and more clearly demonstrates the epistemic interpretation of the modal verb.

Honestly Amy...

[Amy]

Re: Sapphire v Natwest

Surely, "in order that this issue...etc" rather than "so that...."

It is more formal and more clearly demonstrates the epistemic interpretation of the modal verb.

Honestly Amy...

Would you like to have a guess............?