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Response to Repossessed 1994 - any way forward?

from Gordon Bennet (arsenewhinger@hotmail.com)
Hi Paul, Sounds like you could have done with visiting this site before. It appears from what you say that you have at some point acknowledged the shortfall liability claimed by NatWest and have been paying them money at irregular intervals. You don't say how often or how much you have paid them, although you state £55k as the residual claim.

General advice / consensus elsewhere on the site suggests that most lenders will settle for a one off lump sum payment of up to 20% of the 'debt' and accept this as full and final settlement.

It would be worthwhile in your case I think to look at the section on repossession and see if you can use any of the advice about putting your lender to work in justifying the claim they are trying to get you to pay. Did they sell your property fairly for example? If it was undersold then you could put pressure on them to reduce the amount they are claiming.

They do seem to have you where they want you though ie. compliant and dutifully coughing up money every so often. If you ultimately decide that they have acted completely correctly in your case and that their claim is valid, I would try offering them a low lump sum FINAL payment of maybe 5% and see if you can negotiate closure. Paying them ongoing amounts will keep you in this mess for years and years as they have plenty of staff and incentive to keep it going.

(posted 8001 days ago)

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