We've just received, via DLA, Abbey Nats "new policy statement" in relation to mortgage shortfall debt. It states at the bottom that as of 9th October 2000 they will only seek to collect the debt, based on the value obtained at posession, irrespective of sale price, and further discount the debt by 50% for those "customers" wishing to seek a resolution.

We have been "invited" to take advantage of these concessions by DLA, to discuss the "favourable impact" it will have on the debt outstanding.

All comments much appreciated.

Steve Pooley.

p.s. The monkey who wrote this latest, in a chapter of letters from DLA is far better educated than the primates who wrote the previous letters because it includes only 3 spelling errors, including my wife's name.

-- (stephen.pooley@ntlworld.com), November 14, 2000

Answers

I wonder how that will work? We had it valued at B#69k, six months later after repossession the same estate agent valued it at B#51k and it sold for B#45.5k. I hope they,ve got a big abacus!!

-- jacky jones (jackycolin.jones@virgin.net), November 14, 2000.

Is this a public unretractable policy, or a Without Prejudice 'offer'?

In other words, if this is a 'policy', presumably Abbey's lawyers cannot then threaten to go after you, or threaten to go after you, in the future for 'the full amount' if you don't cough up quickly enough. So, are the magic words Without Prejudice visible? Is there some kind of time limit attached to this 'offer'?

And are they not admitting that they sold your repossessed home below the full market value? (In which case surely Skipton v Stott would apply?)

-- Eleanor Scott (eleanor.scott@btinternet.com), November 16, 2000.

In answer to your questions, Eleanor.

Nowhere on this statement appears the words "Without Prejudice".

Is appears to be Abbey's response to the recent publicity regarding mortgage shortfall debt, possibly a response to justify their recent statement about writing off 50% of shortfall debt.

I'd be interested to see how many of you have actually received a copy, I've got the feeling that it's a ploy by DLA to get me to make an offer, thereby admitting liability to the alledged debt.

-- (stephen.pooley@ntlworld.com), November 16, 2000.

We have also received one of these statements from Eversheds and do not know whether to contact or not, It has been ten months since their last letter urging us to contact them immediately

-- stressed out (jkkerrigan@kerriganj23.fsnet.co.uk), November 22, 2000.

All the advice on HRP still applies. Put the lender to 'strict proof' of the debt. This is just a stunt by Abbey - days after sending out their new 'caring' letters to people they've been known to send out letters threatening court action in X number of days.

If this has happened to you, contact the repossessees' champion, Mike Hancock CBE MP, at the House of Commons, London SW1A 0AA, or email him via the House of Commons web site: www.parliament.uk/commons/lib/almsek.htm#h

He is very interested in what Abbey are up to at the moment.

-- Eleanor Scott (eleanor.scott@btinternet.com), November 24, 2000.