I have a joint debt (business and flat above) with my ex husband of 49k (my ex is somewhere in hiding), the bank have only last month passed it on to the debt collectors after being sold at a low price in jan this yr at auction. The property was repossessed this time last yr.

Prior to repossession i had found a buyer who was prepared to pay a sum which would have cleared my debt. Unfortuantely a fire took place on the property next door whilst the sale of going through. The buyer wanted to carry out another survey and i agreed. there were major problems with the survey and the buyer wanted me to reduce the price by 5K, i was prepared to do that but the bank refused saying that they could get more then that. However they sold it at a very low price in an auction , which is 32K less than what my buyer was offerring. Why did the bank not accept this offer, they themselves have put me in this mess.

I am wanting to get this matter resolved asap as i have a 2 yr old daughter and want my life back. Therefore I am wanting to offer a lump sum of say max 3k now, but feel that they may refuse as the case is fairly new to the debt collectors.

the bank is the royal bank of scotland, what do u say should i make an offer now??? The debt collectors have advised my solcitor that they are not willing to negotiate. what do u think?? Thanks

-- Bal Gill (baljinder_gill0@hotmail.com), May 18, 2002

Answers

Firstly, do you have proof of what you have said, anything in writing whereby you told the bank you hada buyer and for how much, and anything from the bank refusing - saying they would get more?

-- Julie (Julierogers@btinternet.com), May 19, 2002.

I do have documents which proves that the property was worth more, also the buyer and I have papers in writing confirming the agreed price, their solicitors details and the date they were going to take over ie completion.

The property was sold by the bank for 18k at an auction, the person who bought it in Jan 2002 has just sold it last week for 43k. All I have is the estate agent's number who sold it but they won't give me details as the property is now sold.

-- Bal (baljinder_gill0@hotmail.com), May 19, 2002.

If you had a firm buyer (at 32k more than the auction price) AFTER the fire, you have a very strong case against the bank. You must have this in writing from the buyer, with the dates tallying, to demonstrate that the Bank breached their duty of care in this instance. Unfortunate to say the least, I am very sorry.

-- Too scared to say (iwasduped@yahoo.com), May 19, 2002.

i think that there is a clear case to put this before the Mortgage code of conduct.The bank is clearly in breach of the code.Find them here on the web and put it to themI point ,let them know you are doing this,they will take it very seriously.They have to subscribe to a compaints procedure uner the terms of the code.Start a diary of this complaint.Best of luck.

-- roger watts (rwatts.homeloans@virgin.net), May 19, 2002.