Dazza012

Need a bit of legal info from u solicitors out there....

Sis-in-law, got into financial difficulties earlier in the year and lost her house, Now her bank (H-----x) have removed £xxx from her savings acct and closed it, as these are the people who repo'd her home.
Can they do this legally or have they broken any laws ??
Your help is appreciated on this as she hasn't a clue if this is right or not, and i haven't a scooby either, well not till next Tuesday anyway....

Edward Vincent Osgood

From when I did my banking qualifications years and years ago, banks do have a right of offset, as long as both accounts are in the same name.

May have changed since then, I'm no longer in banking.

Ed.

fast bloke

Depends on the wording of the terms and conditions of her mortgage offer, but based on what you have said, they could chase her through the courts for the amount outstanding on her mortgage if they sell the house for less than that amount. Do you know if the house has been sold, and what the difference between the selling price or value and the outstanding mortgage was? The lender must return any extra money they make on the sale

Dazza01

Was put on market by H****x for 95k, is actually worth 120k, but has just been sold for 96.5k, and to pay mortgage off is only 58k
She also owes a loan to them which we later found out was also secured on property for 10k, the only thing i can think of is that, like u say, in ther terms of her loan/mortgage they can off set her savings if need be.

fast bloke

She should be getting a cheque for 38.5k less any arrears she owes and the amount outstanding on the loan. The savings they have taken will also be factored in, so it she won't have lost anything by them taking the savings.