JC and his wife had a mortgage shortfall debt of £54,000 to Bradford & Bingley dating back to the mid 1990s. Drydens acting for B & B had been persistent over the last two years and threatened a Charging Order over their present home. A solicitor acting for JC failed to find any flaws in the case and suggested that JC contact IBAS to negotiate a settlement and resolve the mortgage shortfall.

The paperwork JC provided was limited, but they were adamant they had received nothing whatsoever from B & B prior to 2001. We sought further clarification from Drydens who produced copies of letters sent out at various intervals commencing just a few months after the possession. JC told us that they had never lived in the property where the letters were addressed, having moved to their current home straight after the repossession. Copies of voting registers and utility bills supported this position and after considerable prevarication on the part of B & B and persistent persuasion on our part, they very reluctantly accepted that they had lost their right to claim and the entire debt was written off. JC said "I'm utterly overwhelmed that after so much pressure and absolute arrogance on the part of the building society that you have managed to get this result. We spent large sums of money on our solicitor who found nothing wrong and told us we must pay the debt or lose our house. Your fee was about the same as our solicitor charged for an hours work! We can't thank you enough."

CN handed the keys back to her home (providing voluntary possession) in 1995 when she was unable to maintain the mortgage repayments. Halifax subsequently pursued her for a shortfall and she employed a solicitor, then an accountant to deal with the matter for her. Despite the fact that Halifax had never provided any details qualifying the debt and details of sale, her advisors proceeded to negotiate and offered £5,000, an offer that was later rejected. CN became concerned by her advisers actions and asked them to cease acting for her. All went quiet for a period of time, until the letters started again and Halifax instructed an agent to call at the home she shared with her new husband. This created immediate pressure on the marriage and it was only at this point she turned to IBAS for help.

We initially asked Halifax for the missing information and this established a mortgage shortfall debt of £32,000. Unfortunately, the completion statement did not offer any areas of defence against the claim. This coupled with the involvement of her previous advisors and their acceptance of the debt left only one way forward, which was to negotiate a settlement. As a mother of two small children working only part time and with no financial interest in her new husband's property, her financial position was weak. Based on this position we negotiated a substantial discount to obtain a one off full and final settlement. Afterwards she wrote "Words cannot express the relief that this is giving me and my family after so many years of waiting. Thank you".  

RW had been under increasing pressure from Drydens acting for Bradford & Bingley for some years, for a £41,000 shortfall following repossession in 1995. RW ignored the letters from Drydens and resisted completing the financial declarations. They believed that in doing so, time would fall on their side and limitation would expire. However, B & B had initially written to them within a year of the sale, thus complying with the legal requirements.

Some years later they were shocked to receive a letter stating B & B had carried out standard searches and discovered they had a new home with substantial equity which was adequate to cover the full Mortgage Shortfall Debt claimed. Drydens advised that they were instructed to initiate proceedings without further delay with a view to taking a Charge over the new property. Panic set in - IBAS were then approached for help. Specific paperwork was missing and we contacted Drydens for copies and they agreed to halt proceedings whilst we considered the matter. Unfortunately, there was nothing within the paperwork to suggest the debt was not valid and we proceeded to negotiate a settlement.

We knew B & B would need a financial declaration to support any offer and so we assisted RW in completing our own income and expenditure schedule to ensure it was supportive of the position. The offer we suggested was accepted. Their letter to us said "We thank you for your help with this matter and we can now get on with our lives. You lifted a great weight off our minds".

As a solicitor, Mr K used his knowledge of the law to hold Alliance and Leicester at bay for some years. However, despite arguing an under-sale, excessive fees and inadequate valuations, the best deal he could negotiate was a settlement of 50% of his £27,000 shortfall debt, a figure he was prepared to accept as reasonable. Fully committed on his current mortgage, he could not raise this level of funds. But, he was acutely aware that if he did not settle quickly, as his new home offered equity it was in danger of repossession to satisfy the old mortgage shortfall debt claimed.

He asked IBAS for help. From the paperwork it was clear that there was no defence available against the mortgage shortfall debt claimed. We approached the lender with a view to achieving a more realistic settlement. Within a month we negotiated a lump sum full and final settlement.  Mr K wrote: "Can I thank you for the work you have done. I am very impressed with the way you managed to negotiate a very small payment to conclude this on my behalf without me having to divulge my current financial circumstances."

AB, a trainee nurse contacted IBAS after discovering that her ex-husband was being pursued for a £31,000 mortgage shortfall debt. She felt it was only a matter of time before Paragon/National Home Loans tracked her down as well for the joint and several debts on the home they had owned prior to their divorce. Worried about the strain this would have on her new marriage and also keen to protect her childhood home recently left her by her Father, she asked IBAS to intervene and resolve the problem before it arose.

It was clear from our initial approach to NHL that they were indeed trying to locate her and had instructed an agency to search for her. Without disclosing her whereabouts we negotiated a one off full and final settlement based on her employment status and her liabilities in the matter ceased. She wrote: "My grateful thanks for your help and advice. You offer incredible value for money. Thank you just does not seem enough".

Her ex-husband then also contacted us and we negotiated a settlement with Paragon/NHL in respect of his liabilities in the shortfall. His income and property position was reflected in a higher settlement.

GE maintained a long and drawn out exchange of correspondence with Nationwide, the Data Protection Agency and other bodies using information and advice drawn from numerous sources. Much of this information (whilst well meaning) was irrelevant to his position and only served to inflame the situation. His years of time wasting resulted in the original shortfall debt of £48,000 rising to almost £100,000 with costs and interest by the time he was served with a Writ.

Having obtained Judgment, Nationwide proceeded to obtain a Charging Order over his property for the £120,000 equity. He panicked. The property, which had been his new wife's home for many years, had only recently been jointly re-mortgaged and was now in danger of repossession. Desperate, he sought help from IBAS. Nationwide were prepared to negotiate, but only if a settlement was paid within forty-eight hours. With his Father's help a lump sum was raised. We put this counter proposal forward with a very persuasive argument and it was immediately accepted. GE said, "I cannot believe you've managed to get such an incredible settlement. I was sure I had lost my home and family. Thanks is inadequate".

When Abbey National wrote to JG for a £40,000 mortgage shortfall debt he sought help from a company advertising expert advice on all shortfall debt matters for a fee of £750. He was relieved when they told him that the matter was resolved and that Abbey National had said they would not chase him any more. Accepting the advice to be correct he ignored further letters from Abbey. He also failed to reply to their Summons. As a result Judgment in default was sought and a Charging Order hearing was imminent on the home he owned with his new wife.

Realizing he was given poor advice, he called IBAS to save their home. At this advanced stage we were sceptical on what could be achieved, but agreed to contact Abbey. Based on our involvement, a hold was placed on the proceedings for ten days and Abbey said they would accept a full and final settlement. Both he and his wife, who was seven months pregnant with their second child, were turned down for loans due to their adverse credit rating. Abbey asked for copies of rejection letters and on sight of these, accepted settlement at a lower figure. Their simple email said "Many many thanks. Now we can look forward to the arrival of our new baby without fear for our home".