Help - Advice Needed.. 2nd Charge holder / Mortgage repossession - Acenden!!

[PrincessKat213]

Hi..

Advice needed.

We took out a 2nd mortgage / secured loan what ever you want to call it with SPPL in 2006 for 25K... through some issues the repossessed the property without notice, I was never served papers, went to court nothing in 2008, think we owed them 3 months payments so around £900..I literally came home from work to find house locks changed a note in window to contact estate agents... This was sorted we were back in next day.. this isn't my issue buts highlights them for the evil scum they are..

So now (me & hubby have had massive financial issues over years like many others), current arrears with capstone/acenden/ sppl whoever they are is around £9k.. haven't paid in over 36 months as I literally cant afford too.. Me & hubby separated back in sept last year and I get nothing from him.. I only work part time and this pretty much pays for my main mortgage with Halifax ( who I'm currently on suspended repossession act with but they are looking at offering consolidation thanks to clear payments for 16 months). I have 2 kids 8&2 and have to pay childcare for 2 year old so I can work to pay Halifax.
Acenden have started legal proceedings for possession when there is no equity in property.. (next door same house, land sixe etc, cant even sell for £150k.. I owe Halifax £155k and Acenden £41k so I cant see why they would bother as there would be a negative balance of £46k which they would then make me bankrupt over and with no other assessts they still get nothing.

So my question is: - Do you think they can actually repossess or not? -
Their response is well we know you have no disposable income and our 2 field agents and specialist mortgage advice team agree but we have to do something so we are going for repossession. I just don't understand it, it doesn't make any sense to me.. what judge would grant an order when the first charge holder is satisfied and against it, there's no equity and all costs will never get paid, kids involved.. don't get me wrong if it comes to it I will file for bankruptcy myself ( not that I want too as I have been working in insolvency for nearly 2 years now and aim to try and work myself up within this sector, having a bankruptcy charge means my potential career is over)and give house back to Halifax and go council but I don't really want to.. I have been in the house for 10 years, its my children's only home and I have struggled to pay my own way and sort stuff out .. I wouldn't mind if I was off on holidays and out all the time but Im not.. If I had the money to pay it I would (must say this thread has changed my opinion of them lol)

Sorry for the long message, just wanted to provide a bit of background and facts..

Thanking you all for any advice in advanced

Kat xx

[Guest]

Re: Help - Advice Needed.. 2nd Charge holder / Mortgage repossession - Acenden!!

Hi Kate

The problem is that they may well decide to cut their losses and get what ever they can.

I presume that this agreement was unregulated, since they went straight for re-possession in the first instance ?

[PrincessKat213]

Re: Help - Advice Needed.. 2nd Charge holder / Mortgage repossession - Acenden!!

Hi Andy,

Thanks for reply.. When you say agreement unregulated, what do you mean?

Its very unlikely they will get a single penny as with both mortgages house is in 48k negative with 41k currently being owed to Acenden.. neither me or ex partner have any assests..so then it would get all lost in bankruptcy discharge?

It has been suggested as its such a bad debt (not paid for 36 month) to offer a pence in pound final settlement offer to them, similar to dividend from bankruptcy / liquidation , do you think they might go for this? #

Tia

[Guest]

Re: Help - Advice Needed.. 2nd Charge holder / Mortgage repossession - Acenden!!

Hi Andy,

Thanks for reply.. When you say agreement unregulated, what do you mean?

Its very unlikely they will get a single penny as with both mortgages house is in 48k negative with 41k currently being owed to Acenden.. neither me or ex partner have any assests..so then it would get all lost in bankruptcy discharge?

It has been suggested as its such a bad debt (not paid for 36 month) to offer a pence in pound final settlement offer to them, similar to dividend from bankruptcy / liquidation , do you think they might go for this? #

Tia

Second charge lending under 25k for this period should be regulated by the consumer credit act, if so there are certain protections available, among which is that the creditor must apply for an enforcement order before accessing the charge, if the agreement is not regulated they can use the law of property act ot foreclose in shorter order, which seems to me is what they have done in your case. Do you still have the agreement ?