shortfall : LUSENET : Repossession : One Thread

My parents handed back thier keys to the Halifax last May. They are now being pursued for a shortfall of #55,000. The house sold for #91,500, which we say is a gross under valuation. The Halifax have failed to address our questions regarding the sale of the property, we have asked then to prove they marketed the propery propely and received the best price. They ignore our request for documentation including copy disbutrsemet voucher to sustabciate their completition statement. They have now instructed outside agents. We have aked them who.

My parents were party to a Shared Appreciation Scheme with the Halifax, the Halifax sold their endownment for #600, under the scheme which matured in 2004 my parents had no chance of ever breaking even. Has anyonelse ha dproblems with this type of scheme?

We are arguing that at the moment we have not beenprovided with enough information to assess our liability anything else we can do?

WE have obtained data protection act information but little else have we a right to pre action discovery?

We wish to try a buy the debt off and argue that they have already had #11,000more from the sale than they thougth, Property up for 80,00 sold for 91,500, is this a valid argument?

Please help. Any professional recommendations would be very greatfully received.

-- n/a (, May 09, 2000


Sorry to bang on about this but (a) You should quote: Skipton v Stott (Appeal Court judgement 2000) which states lenders basically cannot just flog off repossessed properties under the market value simply because they are repossessed; and (b) If you would care for some publicity - or would simply like to offer a story or a quote confidentially - contact me, because a number of media outlets - including the Guardian, who are ready to go within the next couple of days - are concerned about all this. Good luck, Eleanor.

-- Eleanor Scott (, July 30, 2000.

Moderation questions? read the FAQ