Final Negotiation : LUSENET : Repossession : One Thread

I would rather not reveal the lender at this stage and the amounts negotiated, in case my situation is jepardised. I will of course once completed. The original mortgage was with another party, whom I lost contact with. To cut a long story short and having had my offer accepted there is a condition regarding co-debtors. The payment I make will not release the liability of any remaining co-debtors. This I understand, but there is another part which states " Acceptance of the agreed sum in full and final settlement of the debt is in respect of such sums due to the bank after realisation of any security held by the lender, whether heritable or collateral, at the time of acceptence or at any time over the duration of the mortgage, unless specifically agreed otherwise in writing"

Is this actually releasing me totaly from any liablity or can they still pursue me further?

-- Simon (, November 01, 2001


I would strongly suggest that you take the agreement and get it explained by a solicitor, so you can be absolutely sure what it means. I have heard of people who have made a payment in "full and final settlement" only to have the lender come back at a later date asking for more, or their ex-spouse is chased for the remainder.

You've done well to get as far as you have, don't spoil it by assuming or taking the word of someone who seems like they know - see an expert - see a solicitor - and if there is any doubt, even get a barrister's opinion - it will be worth it.

-- pendle (, November 01, 2001.

This means that if you inherit money, win the lottery, hold assets which appreciate..they can come back for more money up to an including the last day of the last year your mortgage amortisation period would have run, had you not been repossesed. Agree with Pendle - get a solicitor to confirm this interpretation and DO NOT sign anything yet!

-- Too scared to say (, November 01, 2001.

Yes, I fully agree with these two replies - go to a reputable solicitor however,and whatever you do, don't rely on the CAB for advice. The advice they gave me totally goes against what this wonderful site recommends. For example, I was told that, as I had replied to all letters sent to me,and not just ignored them, that I had 'ruined any chance I had of winning any possible legal hearing'.

-- (, November 02, 2001.

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