IBRC(Shoreline) mortgage written down as part of a Personal Insolvency Arrangement

Gerry Canning said:

Daisy.

Suggest do an SAR on any lender that your account passed through.

It may be that twix and between some of them have {flawed} which will give you a better negotiating hand.
INBS were anecdotally notorious in just changing rates without proper advice etc.
IBRC just inherited and Vulture just bought your mortgage.

Would your solicitor who acted for you hold any papers?

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Hi Gerry,

Sorry for delay in replying but I was awaiting bank statements to complete mortgage calculator and just needed a few days "switched off" from thinking about the mess I find myself in (through no fault of my own!).

I did a Data Access Request through IBRC and intend to do one with purchaser of my mortgage but "any lender my account passed through" is where it gets tricky! My ICB report says my loan never left INBS - where does that leave me?

I have spoken to Solicitor who handled the transaction and he doesn't think he has anything relevant. We agreed that the course I am on is best one for moment and when I have all my spreadsheets verified and the DAR done I should bring it all to him but I am really financially struggling at the moment. I can pay the amount they are demanding of me but I literally have nothing spare to save to pay for legal advice especially as all the free legal advice I am getting is that there is nothing I can do to protect myself from funds that bought my mortgage.

DaisyD2 said:

I did offer to buy out the loan from liquidator at approximately 65% of outstanding mortgage at the time (pre arrears this was max Banks would give me due solely to negative equity but nobody would touch me now with arrears on record).

How much to you reckon Mr. Vulture bought for? Oh but that's because I am part of a toxic loan book where getting the max out of me balances somebody who is not paying isn't that how it works?

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This is a somewhat simplistic idea of loan packages sold to these funds. I.e. "You sold my loan at 60% of amount owed and if approached I would have bought it for 70/80%".
These loans are not sold individually but as packages with an overall mark-down/discount to take account of bad debts/ongoing management costs/ low tracker rates etc. In line with any portfolio of loans there will be a mixture of high losses/no losses and full recovery loans in such a package. To the original borrower the fact that the loan package was sold as a discount makes no difference to their own obligation/liability to repay the full amount due. Obviously the sale of the loan does not mean that the new company can ignore any request for information or not provide Data as outlined above by Gerry!

I was being sarcastic