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Independent Banking Advisory Service |
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Mortgage Shortfall Debt Claim Advice Need Mortgage shortfall debt claim advice? Struggling with mortgage shortfall debt claim or demand? Searched everywhere online for advice you can trust? We know it’s difficult, so much information is available online - but also so much of it is completely ‘out of date’ and unreliable - that makes it even more confusing and even more dangerous for your own position. How can you pick out good advice from bad advice? IBAS has been around since 1992 and our advisors are very experienced - we are also completely independent and unique. Banks and lenders do not provide IBAS with any financial support neither does government. IBAS is a non profit making organization with a dedicated and experienced team - which provides a unique, totally independent low priced, professional and confidential service. We know it’s difficult to tell somebody else your problem. But, from our experience we know that once you can do that you get past the problem and onto the solution. It’s only then that you can get on with ‘the rest of your life’. Our Mortgage Shortfall Debt Claim advice has helped a great many with mortgage shortfall debt problems to 'get on with their life' and 'move on' to better things. Please note: Lenders will always recommend CCCS and PayPlan for free DMP's (Debt Management Plans) to their customer because they will always attempt to produce payments on the debt claimed - However, DMP's are merely 'management of the debt' which has or is being claimed by the lender it is not negotiating or questioning the legality of the debt or whether it should be paid - these are companies 'managing' your payments for a full debt collection on all debt claimed as being owed. If a DMP is entered into and accepted by the borrower all debts claimed will then continue to be 'chased' for payment - until they are fully repaid. Mortgage Shortfall
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Mortgage Shortfall Debt Frequently asked questions (FAQ's)-
Q. My partner has just received a mortgage shortfall debt claim for an old mortgage debt of £32,000 - what should we do? A. The worst thing you can do is attempt to speak or communicate with the lender or their agents until you have been properly advised. By advice we do not mean using or adopting Forum type information as a basis for your "facts" - because much of the information provided on Forums is inaccurate and extremely dangerous for any individual to follow. Our mortgage shortfall membership is low cost and we look at all the information to find out firstly, whether the debt being claimed can be avoided - some can be. We assess the individual position and individual lender (because all lenders are not the same in attitude or expectation) on those which prove to be legally claimable mortgage shortfall debts. Q. Why shouldn't I continue to defend and make bigger problems for the lender using the 'free help' and 'advice' posted on a website debt forum ? A. Each individual situation needs to be considered properly with all the complete facts. We make sure that we obtain all the necessary facts and information to assess your position under our membership. Simply using 'free help' and advice may mean your situation is not properly assessed. Which means you may then make the wrong decision and end up paying even more or worse still force the lender into issuing a court claim immediately. Often, those who defend a mortgage shortfall debt claim do not realize that in some cases the debt can almost double when a court claim is eventually issued.
A. Substantial equity in a new property can 'trigger' the lender's debt recovery action and provoke a mortgage shortfall debt claim. Having a shared ownership will not prevent an action or court claim on the home from an outstanding debt. Q. Why is my lender so difficult? A. Lenders change their tactics regularly and a 'new broom' in the debt recovery department may well try 'dubious' tactics to obtain higher levels of repayment to help the lender's profits or improve their own status. Lenders may also adopt a much higher pressure on the individual because the individual is unaware of what may be regarded as reasonable or what can be disputed. Our own case portfolios and research enables us to pinpoint changes in tactics by lenders or their agents. Q. It's more than 12 years since my Home Repossession, they can't chase me now, can they? A. It depends on what happened, when and how - only by examining the case file can a definitive answer be provided. IBAS investigate all the issues when a case is placed with us. If there is any cause to question the lender's activities we will do so to protect the borrower's position. Q. What should I do when the lender contacts me? A. Don't be tempted to pick up the phone or write to them just because they ask you to "call this number within the next 48 hours". Lenders and their agents write very persuasive letters - but many people damage their chance of reaching a reasonable settlement by 'talking' to the agents or lenders. If IBAS obtains the case early enough we can then protect your best interests. IBAS offer professional assistance and value for money. Our Mortgage Shortfall Debt Claim membership has helped a great many with mortgage shortfall debt problems 'get on with their life' - some have been able to deny the claim altogether, whilst others have been negotiated to a settlement and protected from paying more than they should. Q. I've just received a Mortgage Debt shortfall claim, they have asked me to ring them - should I? A. No - It is essential that any mortgage shortfall debt claim is properly examined by specialists in mortgage shortfall debt claim cases to see whether the claim you have received can be denied, refuted, defended or argued to your advantage - we would suggest you speak with us as soon as possible to prevent your position becoming worse. Some national debt advisory organizations are more interested in obtaining a payment plan for the lender or providing a Debt Management Plan. If you accept the debt is fully claimable from you and that there is no reason to dispute it then entering into a Debt Management Plan may be OK for you. However, Debt Management Companies do not negotiate or investigate the debt itself and therefore if there is a defence to the claim making payments will be accepting the debt until it is fully paid. IBAS have gained specialist knowledge on Mortgage Debt problems and Mortgage Shortfall Debt claims from case work in this specialist area since 1992. We would recommend that you speak with our specialist advisors immediately - before you do anything else.
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