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We had a secured loan from Mortgage Top Ups, who we thought were part of GE Money who held our mortgage.
It was an interest only secured loan and became due in 2011. Our property sale had fallen through and our provisions to repay the loan suffered as a result of the recession shortly before this and so we were unable to make repayment in full - £40,000 - but we had never missed a payment and had kept up payments even when we hadn't realized the loan was past due.
Mortgage Top Ups had also missed the fact that the loan was due - I still do not understand how - but they claimed they had overlooked it completely.
At first they took off the payments we'd made between its due date and the date in 2012 when they realized their error. This reduced the amount due to £36,000.
However, when we mentioned that we were still working on selling the house and had interested buyers, they agreed to await their money so long as we kept up the interest only payments we'd beem making, which we agreed to do, but when we got the letter confirming this arrangement from them they had put the debt back up to £40,000.
To make our story as short as possible, the sale fell through, but only after the buyers (a group comprising builder, backer and solicitor) had kept us hanging on with exclusivity agreements, for almost 18 months, whilst negotiations with the council took place about how they wanted to develop the property and its land.
Once the sale fell through we immediately contacted Top Ups people and asked to continue the arrangement until we could find anothe buyer or if they preferred change it into a new repayment loan until we could complete the sale.
They agreed to us continuing the same interest only payments and asked to be kept informed, which we did.
Towards the end of 2015 we let them know that the council, who originally agreed verbally to two additional properties being placed on our plot and the current bungalow being demolished and replaced with a house, went back on their verbal agreement and stated we were in a Green Belt Overwash area and they could not allow our garden to be developed as it would not be in-fill but could affect the green belt area between our village and the next one - but we have properties on both sides, and behind us and behind them too so we could not understand how our garden could impact on the outer edge of the village border.
However, with this outcome the further sale we had organised and were on the point of completing (ready and organising to sign contracts) fell through and when we informed Top Ups of this they did not come back to us immediately but did not advise us things would not be allowed to continue as they were until we could sort things out, yet again.
But within a month or two we received a letter from a company called Alev UK Secured Credit Ltd - and they simply said that they had taken the loan on from Top Ups in August 2015 and that they would be in touch in due course but that nothing had changed and we did not need to worry or be concerned.
We have no written agreement or documentation from Alev with regards to the charge against our property and the payments did not change so we kept on working to sort things out with both the council and prospective buyers.
Then in October 2016 we were advised that we were in arrears and needed to contact them immediatley to resolve the issue. We were also advised that they were entitled to add interest to our loan if we failed to keep it up to date and in order.
We called, feeling quite shaken as no payments had been missed and the threat of repossession left us in shock - we thought we would receive a letter advising us that they wanted to set a time limit for the arrangement (which they stated had not changed from the one set up with Top Ups) to end or for an alternative arrangement to be put in place.
Instead we were hit with - Your are in arrears and must repay the amount outstanding straight away. We called them ready to prove we did not have any arrears but had met every payment in full and on time and they told us we had been in arrears since they took over the loan and they wanted us to arrange repayment.
We asked for options and they said they would consider a repayment plan - in the form a new replacement loan - but would need our financial information within 7 days - we sent the information originally requested but because we are self-employed they came back to us a couple of weeks later and said the wanted our business accounts, and lots of other paperwork within 7 days again.
We explained that 7 days was not time enough for us because it was our busy time and we had people off with injuries and illness and had to cover their work as well as our own and we would comply but would need more time.
They did not respond, and we completed the pack of information they asked for and sent it to them mid December. We heard nothing into the new year and thought that with the disruption that the holidays often cause they would be in touch soon after.
Then on 23rd January 2017 we received notice that unless we repaid the full amount that they now claimed was £40,835.82 within 21 days they would instruct their solicitors to begin repossession action.
We were still coping with illness and injury and so working long hours but began working to find a solution.
Our ages (67 and 70 in 10 days time) worked against us and although we stated our ages and dates of birth up front on any queries we undertook for funding, we were taken down the road to obtain a replacement secured loan by a broker and thought we had secured the funding and could give Alev and date when it would be through and then just two days ago we got a call from the broker to say they had just checked our ages and could do nothing for us, so we were back at square one and within just 4 days of Alev's deadline.
We wrote today and requested more time, explaining that we were doing all we could but that the company we were dealing with stated they read 49 as 69 and 47 as 67 ???? - we also asked for clarification from them on why, having had our accounts and seen for themselves our track record of not missing payments, they had rejected our request to reassign the loan as a repayment loan and why they had not advised us our request was rejected prior to writing to say they wanted repayment in full or would repossess.
My questions here and requests for help are centred on how they can take on this action without any opportunity for us to either question their taking on the loan from Top Ups and why Top Ups had not advised us of this taking place - and then have Alev claim additional money from us when we have been making payments without a formal or active loan agreement in place and what rights we have to claim that the amount itself should be reduced by all the payments we have made since the loan was legally completed and due for payment.
Do we have any rights or ability to claim the monies already paid since 2011 to be counted off the total due rather than still treated as interest only on the no longer existent loan. If we were in arrears all that time then surely any money paid should be counted as capital against the total outstanding. Payments were £350.81 per month until to Alev from August 2015 until Jun 2016 and then the reduced amount of £345.16 from July 2016 to date.
By our reckoning we have in fact paid £18,943.74 to Top Ups without a legal agreement in place and a further £6275.03 to Alev with another £345.16 due on 19th of this month. Is any of that claimable off the total of the original loan please and as the loan is not cleared but a charge against the property where do we stand and how do we negotiate our way throught this and get a chance to make monthly repayments to clear the total we legally and legitimately owe.
We just want to know what the true picture is, legally, and whether we have any leaway to negotiate a repayment option with Alev at all.
We hope you can help, and sorry for going on so long but I was trying to give a full and accurate picture so you could judge the facts and provide any insight or guidance you can.
Thank you for looking at this and for any help you provide.
Regards,
Jeanne
It was an interest only secured loan and became due in 2011. Our property sale had fallen through and our provisions to repay the loan suffered as a result of the recession shortly before this and so we were unable to make repayment in full - £40,000 - but we had never missed a payment and had kept up payments even when we hadn't realized the loan was past due.
Mortgage Top Ups had also missed the fact that the loan was due - I still do not understand how - but they claimed they had overlooked it completely.
At first they took off the payments we'd made between its due date and the date in 2012 when they realized their error. This reduced the amount due to £36,000.
However, when we mentioned that we were still working on selling the house and had interested buyers, they agreed to await their money so long as we kept up the interest only payments we'd beem making, which we agreed to do, but when we got the letter confirming this arrangement from them they had put the debt back up to £40,000.
To make our story as short as possible, the sale fell through, but only after the buyers (a group comprising builder, backer and solicitor) had kept us hanging on with exclusivity agreements, for almost 18 months, whilst negotiations with the council took place about how they wanted to develop the property and its land.
Once the sale fell through we immediately contacted Top Ups people and asked to continue the arrangement until we could find anothe buyer or if they preferred change it into a new repayment loan until we could complete the sale.
They agreed to us continuing the same interest only payments and asked to be kept informed, which we did.
Towards the end of 2015 we let them know that the council, who originally agreed verbally to two additional properties being placed on our plot and the current bungalow being demolished and replaced with a house, went back on their verbal agreement and stated we were in a Green Belt Overwash area and they could not allow our garden to be developed as it would not be in-fill but could affect the green belt area between our village and the next one - but we have properties on both sides, and behind us and behind them too so we could not understand how our garden could impact on the outer edge of the village border.
However, with this outcome the further sale we had organised and were on the point of completing (ready and organising to sign contracts) fell through and when we informed Top Ups of this they did not come back to us immediately but did not advise us things would not be allowed to continue as they were until we could sort things out, yet again.
But within a month or two we received a letter from a company called Alev UK Secured Credit Ltd - and they simply said that they had taken the loan on from Top Ups in August 2015 and that they would be in touch in due course but that nothing had changed and we did not need to worry or be concerned.
We have no written agreement or documentation from Alev with regards to the charge against our property and the payments did not change so we kept on working to sort things out with both the council and prospective buyers.
Then in October 2016 we were advised that we were in arrears and needed to contact them immediatley to resolve the issue. We were also advised that they were entitled to add interest to our loan if we failed to keep it up to date and in order.
We called, feeling quite shaken as no payments had been missed and the threat of repossession left us in shock - we thought we would receive a letter advising us that they wanted to set a time limit for the arrangement (which they stated had not changed from the one set up with Top Ups) to end or for an alternative arrangement to be put in place.
Instead we were hit with - Your are in arrears and must repay the amount outstanding straight away. We called them ready to prove we did not have any arrears but had met every payment in full and on time and they told us we had been in arrears since they took over the loan and they wanted us to arrange repayment.
We asked for options and they said they would consider a repayment plan - in the form a new replacement loan - but would need our financial information within 7 days - we sent the information originally requested but because we are self-employed they came back to us a couple of weeks later and said the wanted our business accounts, and lots of other paperwork within 7 days again.
We explained that 7 days was not time enough for us because it was our busy time and we had people off with injuries and illness and had to cover their work as well as our own and we would comply but would need more time.
They did not respond, and we completed the pack of information they asked for and sent it to them mid December. We heard nothing into the new year and thought that with the disruption that the holidays often cause they would be in touch soon after.
Then on 23rd January 2017 we received notice that unless we repaid the full amount that they now claimed was £40,835.82 within 21 days they would instruct their solicitors to begin repossession action.
We were still coping with illness and injury and so working long hours but began working to find a solution.
Our ages (67 and 70 in 10 days time) worked against us and although we stated our ages and dates of birth up front on any queries we undertook for funding, we were taken down the road to obtain a replacement secured loan by a broker and thought we had secured the funding and could give Alev and date when it would be through and then just two days ago we got a call from the broker to say they had just checked our ages and could do nothing for us, so we were back at square one and within just 4 days of Alev's deadline.
We wrote today and requested more time, explaining that we were doing all we could but that the company we were dealing with stated they read 49 as 69 and 47 as 67 ???? - we also asked for clarification from them on why, having had our accounts and seen for themselves our track record of not missing payments, they had rejected our request to reassign the loan as a repayment loan and why they had not advised us our request was rejected prior to writing to say they wanted repayment in full or would repossess.
My questions here and requests for help are centred on how they can take on this action without any opportunity for us to either question their taking on the loan from Top Ups and why Top Ups had not advised us of this taking place - and then have Alev claim additional money from us when we have been making payments without a formal or active loan agreement in place and what rights we have to claim that the amount itself should be reduced by all the payments we have made since the loan was legally completed and due for payment.
Do we have any rights or ability to claim the monies already paid since 2011 to be counted off the total due rather than still treated as interest only on the no longer existent loan. If we were in arrears all that time then surely any money paid should be counted as capital against the total outstanding. Payments were £350.81 per month until to Alev from August 2015 until Jun 2016 and then the reduced amount of £345.16 from July 2016 to date.
By our reckoning we have in fact paid £18,943.74 to Top Ups without a legal agreement in place and a further £6275.03 to Alev with another £345.16 due on 19th of this month. Is any of that claimable off the total of the original loan please and as the loan is not cleared but a charge against the property where do we stand and how do we negotiate our way throught this and get a chance to make monthly repayments to clear the total we legally and legitimately owe.
We just want to know what the true picture is, legally, and whether we have any leaway to negotiate a repayment option with Alev at all.
We hope you can help, and sorry for going on so long but I was trying to give a full and accurate picture so you could judge the facts and provide any insight or guidance you can.
Thank you for looking at this and for any help you provide.
Regards,
Jeanne
