Reposession and credit rating

Jillywinkie

New Member
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1
Hi.
Hoping for a bit of clarity here.
I bought a property back in 2006 with my father as an investment. The mortgage was originally a BTL with KBC bank. Due to my Dad's age at the time they would only give us a 12 year term but we were on an interest only repayment so the rent covered the mortgage repayments every month.
After the crash the bank took us off the interest only payments with the result that the rent was now only covering 1/3 of the mortgage amount every month.
We offered to sell the property privately but in the end KBC sold it for below market rate. This would have left a shortfall of 75k for us to address however KBC sold the debt on to a vulture fund and it seemed to just get passed around for a few years. The only time we would ever hear from them was when it got sold on again.
My Dad did approach them at one stage making them an offer to address the arrears but they never replied.
I recently ran a credit bureau search and it shows the debt is now with Pepper but the issue is that it is showing the full amount of the mortgage and is not taking into account that the property was sold. The residual debt should be about 75K plus interest but is showing up as over 370K.
Can anyone figure this out?
Thanks in advance
 
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