Worried sick!

[Rosie500]

In March 2012
my home was repossessed by Swift Advances. When my property was Upton the market the asking price was £119,995. Swift never told me when the property had been sold I was kept in the dark. They are trying to tell me the property was on the market for £110,000 and sold. For £115,000 this is not true. I saw my. Propertyin the local property paper at the asking price of £119,95 the asset. Management company sent me an email confirming this.swift state that there is a shortfall of £17,500 I feel somebody has messed up big time and that they are trying to cover up what they have done. the asking price of £119,995 would have attracted a higher figure surely. this situation has caused me a lot of sleepless nights and tears. I would appreciate any help and advice on this. These people to me are nothing but Cowboys.

[stevemLS]

Re: Worried sick!

It seems to me that you are perfectly able to ask them for a proper breakdown of how the £17,500 has been arrived at.

The figures, though, don't seem poles apart and I believe they are able to add the costs of the sale to the shortfall although others may be able to confirm this.

[Rosie500]

Re: Worried sick!

Hi thanks for getting back to me so quickly. The figures are poles apart when the asking price was £119,995there is a difference of nearly £10,000! There was a property near me that I found was on for £110,000 and sold for £115,000. I feel the paperwork for. My property and the other one have been mixed up. I told Swift they were wrong about the asking price and asked them to look at all the paperwork again but they have refused. I will not lie down to these people I know they are wrong that is why I refuse to give them any money under false pretences. They seem to think I came up the Clyde on a water biscuit! The completion statement is not itemised like it should be it looks to me like an after thought! I wont rest until things are properly sorted out. If at. The end. Of the day I. Need to get. My. Local MP involved then so be it I will fight these cowboys with every fibre of my. Being.

[nemesis45]

Re: Worried sick!

Make a Subject Access Request under the Data Protection Act 1998, this requires the recipient company to provide all " personal data" is hold relating to the account.
You can ask for specific document to be included but not allow the request to be limited to those specific documents.
This has a statutory fee of £10 Swift have 40 days to comply. The request should addressed to the data controller at the head office
(A template can be found in the forum library)

[wales01man]

Re: Worried sick!

A property is worth what someone will pay for it. repossessed houses usually fetch less than the owners think they are worth.
I know of a property where the valuation before repossession was 725k it sold for 495k which was the best price offered

[stevemLS]

Re: Worried sick!

You beat me to it Wales and in that context, the figures given do seem credible.

Having said that, OP still has an absolute right to a breakdown of how the shortfall is made up.

[Rosie500]

Re: Worried sick!

Hi thanks very much for your advice. I will do that. My point about the asking price is that I saw my property in the paper for £119,995. I will also contact the Citizens Advice with a view to getting an appointment. I am also going to contact my local MP. I am not quibbling about the asking price of my property, what annoys me is Swift saying it was on for £110,000 when that is not the case. Still hopefully eventually this situation will be resolved.

[Rosie500]

Re: Worried sick!

Hi I have been trying to find a link to the forum library but am not having much luck. Can you tell me where I an find the link. Thank you.

[Kati]

Re: Worried sick!

Hi I have been trying to find a link to the forum library but am not having much luck. Can you tell me where I an find the link. Thank you.

Hi Rosie ... The LB library (guides, templates & information) can be found here - http://www.legalbeagles.info/forums/...mp-Information

K x

[ncf355]

Re: Worried sick!

.................They are trying to tell me the property was on the market for £110,000 and sold. For £115,000 this is not true.................

Sorry Rosie, is this is a mistake?

Do you mean they are telling you it was up for £110,000 but actually sold at £105,000 or are you saying they claim they sold it at more than the asking price THEY put it up at (so it actually sold for £115,000?)

[ncf355]

Re: Worried sick!

Also, what was the balance on the debt owed to Swift at the time the property sold?

[Rosie500]

Re: Worried sick!

Hi the property was on the market for £119,995 NOT £110,000 as Swift are claiming. I saw my property in the property paper that comes with the MK Citizen it quite clearly stated £119,995. I can only assume that Swift have been almighty careless with this, they never even told me when the property was sold. The shortfall or alleged shortfall is £17,500. I know very well somebody has made a hell of a blunder. I am going to contact the library to se if they have any back editions for April/May 2012 so that I can take copies of the photo and send it to Swift. I have asked Swift to contact the contractors about my possessions but they have refused. I can't see that I was making an unreasonable request.

[stevemLS]

Re: Worried sick!

It doesn't make the slightest bit of difference what it was advertised for, it is what it actually sold for that is the key figure.

[ncf355]

Re: Worried sick!

Hi,

Well what matters is the price obtained from the sale?

It really doesn't matter what it was advertised at, that really is irrelevant, as it's what it actually sold at (I doubt there are many people pay full price for a [property, even in the current market and this was a distressed sale) that would be deducted from the amount you owed, and also as others have said, they would then also have the right to deduct all the solicitors costs, estate agency fees etc (if any of course)

But given that a lot of estate agents charge 2-3% that would be a good £3k gone straight away, solicitors fees probably at least £1.5 - £2k


I would certainly press ahead as suggested above and ask for paperwork on the sale to prove the price obtained and the deductions made, but until we know the amount you actually owed them at the point the property was sold, its impossible to comment as to whether a £17,500 shortfall is unreasonable.

For instance, if you owed them £130,000 at the point of sale:

(EXAMPLE only!!)

£128,000 owing - Sale price of £115,000 = £13,000 still owing + £2,000 Estate agency fees + £2,500 Solicitors fees = £17,500 owed (bearing in mind that Swift no doubt add their own 'Administration' fees to the standard Estate agency/solicitor fees!)


I have no doubt that as we are talking Swift here, any charges made will be on the VERY high side but I would imagine they would be seen as lawful charges in the eyes of the law (even if people like ourselves may view them as scandalous)

[Rosie500]

Re: Worried sick!

Hi I have been trying to find a link to the forum library but am not having much luck. Can you tell me where I an find the link. Thank you.

Hi SAR letter on its way to Swift. Will keep you posted on how things go. Thank you for your advice.