UCI Mortgage Debt Dilemma

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
13 Feb 2016 15:46 by crystall Star rating. 1 posts Send private message

I would like to hear from individuals in similar situations or those that might be able to offer some practical advice.

Used to have a mortgage with UCI. Was unable to keep up repayments. Was threatened with legal action for community fees by the Community. Had no choice but to allow Bank to sell the house below original market value, market was still very depressed when this occured. UCI only wrote down 11.5% off the mortgage. I am still left with a considerable "mortgage" to pay.

Have not paid anything for approx. 3 years as I am still unable to pay them due to family ilness etc.  
Bank attempted to make contact using a collecting debt agency approx 1 year ago. No legal action has taken place.
I get annual statements still showing there is a mortgage (plus mounting arrears).
Have no other assets.

Bankruptcy is not an option due to industry I work in.

Is anyone else in this situation and if so what have they done to get rid of this financial burden?

What are my choices - as I would like to eventually buy my own house in the future (UK) but would not be able to afford two sets of mortgage repayments? Ideally I would like UCI to consider writing down the mortgage further and then I might have the chance to pay toward them. Just not sure how approaching they would be on this matter. Wondering if anyone else thought of this approach and if they had any luck? Of course if I could find a legal solution to eliminate this debt, then this would be the ultimate wish!

Your thoughts and feedback are greatly appreciated!





Like 0      
02 May 2016 11:51 by fazarelli Star rating. 216 posts Send private message

Good news. If a debt collection agency has been in contact then that means that your debt is no longer with bank. Nor is it with the Debt collection agency (DCA). The DCA have 'bought' the debt at a very low price, say 10-20% of the outstanding amount. They have taken a gamble on you paying some or all of this debt to them. DO NOT PAY A SINGLE PENNY NOR AGREE TO PAY ANY, as this will be accepting the debt from the DCA, which legally isn't your debt anymore.

The best policy is to ignore them. This will be difficult as they will basically HARASS you until you agree to accept the debt (by making a payment or agreeing to pay some). They will give up after a few months. But in this time they will try and scare you into paying up, writing about what MIGHT/COULD (not WILL) happen if you ignore these letters etc. If you do feel overwhelmed by the harassment, your best response to them would be to write to them and ask to see your original credit agreement with them. Of course, they don't have one (and this is the basis of this 'defence' for you) but they might try and provide the one from the mortgage company (unlikely due to data protection act etc).

 

The debt is not yours anymore, IT IS THE DEBT AGENCIES now. The mortgage company have signed the debt over to the DCA. And you don't have any agreement with them at all.





Like 0      
03 May 2016 11:07 by mariadecastro Star rating in Algeciras (Cadiz). 8857 posts Send private message

Legal Questions? Speak to Maria Direct

Crystall:

Was it a private agreement between you and UCI by which you gave the house back for a writting off of 11,5% of the mortgage or are you still the owner of the house?



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      

Pages: 1 |

Post reply    Start new thread


Previous Threads

Water supply to rural house - 8 posts
Longterm parking - 2 posts
Hello all - 7 posts
self-drive france to spain - 0 posts
Hi everyone, could do with some advice re:property rental - 4 posts
What does this mean? - 0 posts
Villa to rent on Camposol - 3 posts
Self drive - weight limits and police fining brits - 13 posts
Traffic Law in Spain - 21 posts
Letting in Andalucia, experience from elsewhere - 29 posts
Directive 2015/413/EU - 0 posts
UK car return to UK..tax MOT expired..what to do - 27 posts
la caixa bank charges - 6 posts
filling a swimming pool - 6 posts
Inspector home - 3 posts
Monte zenia - 3 posts
Quality of Photographs Advertising Properties for Sale in Spain. - 5 posts
claims on travel insurance - 9 posts
BREXIT - 7450 posts
2015 SPECIALIZED STUMPJUMPER EXPERT CARBON WORLD CUP - 0 posts
Renting - 2 posts
New law for private rentals in Andalucia - 110 posts
Questions for someone who lives in Corralejo, Fuerteventura. - 0 posts
Looking to buy in Hacienda del Alamo - 15 posts
new to forum - 10 posts

Number of posts in this thread: 3

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 |
Our Weekly Email Digest
Name:  
Email:
   


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x