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| Lou Sparts Member Since: 15 Apr 2012 Location: Kent Posts: 1501   
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Assuming you are now able to maintain you repayments would they not be willing to extend the term of your motgage ? 2005 Td5 90 XS
Steve |
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28th Jul 2013 12:59pm |
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| K9F Member Since: 12 Nov 2009 Location: Bournemouth Posts: 9610 
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RD......
CAB would be my first port of call.  If you go through life with your head in the sand....all people will see is an ar5e!!
Treat every day as if it is your last....one day you will be right!! |
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28th Jul 2013 1:37pm |
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| JJ Member Since: 18 May 2009 Location: Winchester Posts: 932 
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Definitely the best thing to do, get proper advice . |
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28th Jul 2013 1:50pm |
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| Caterham Member Since: 06 Nov 2008 Location: Birmingham Posts: 6264  
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RD
I hope CAB can help and really sorry to hear about the circumstances that have brought this about. I hope you are now well and stay that way..........don't let the thieving scumbags bring you down. they've been happy to have your hard earn't cash for the last however many years. 
the  don't like to help cos that ain't what makes them money - toe rags. |
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28th Jul 2013 1:57pm |
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| Caterham Member Since: 06 Nov 2008 Location: Birmingham Posts: 6264
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don't recall typing any thing worth censoring (ah well - I'm wrong again  ) |
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28th Jul 2013 1:58pm |
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| diesel_jim Member Since: 13 Oct 2008 Location: hiding Posts: 6037 
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Sorry, but why are they "thieving scumbags"??
Surely when anyone signs on the dotted line for a loan/mortgage, there are rules and stipulations. One of them being to pay on time. Regardless if the last xx months have been paid on the dot. 6 months non payment is quite a bit... surely a phone call/meeting with them earlier up the road might have helped. |
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28th Jul 2013 3:45pm |
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| Caterham Member Since: 06 Nov 2008 Location: Birmingham Posts: 6264
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DJ you're right.
but I have my opinion and I'm sticking with it (right or wrong). 
my preception is that you pay your way as per the T&C of contract for several years while they happily make (as you'd expect). then a problem strikes and it seems like its an opportunity to sting and suddenly take advantage of a situation to make some more rather than trying to help (often the opposite). I've been very fortunate to have never fallen into this trap and therefore I may well be speaking out of turn but having heard numerous stories (quite possibly one sided) I'm not a fan. what I can tell you is I have two very similar mortgages that were basically for the same amount, similar terms etc with similar fixed periods starting at a similar time. come out of the fixed period and sod me one is now twice the monthly payment of the other - thats the difference between base rate and bank rate. _ankers.
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28th Jul 2013 7:48pm |
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| shaun.mobile Member Since: 12 Dec 2011 Location: England Posts: 156 
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let's not forget that we (the taxpayers) have bailed out the likes of Northern Rock, Bradford & Bingley, Royal Bank of Scotland etc. etc.
I have every sympathy with RD, finances are unpredictable for the majority of us and the mortgage he has was probably set up at a time when lenders were falling over themselves to lend. I can't imagine for one minute that they have much sympathy for him, they are only loyal to their shareholders which ironically enough, depending on who the lender is, could be all of us. unless he can be seen to be in the pub every night or on holiday in sunnier climes I say give him a break, at least he cares about his situation which is more than can be said for the guys at the top of the tree at the aforementioned lenders who were all happy to take their multi-million pound remuneration packages at OUR expense. RD pm me if you want a private chat. I am a mortgage broker. |
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28th Jul 2013 9:00pm |
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| Caterham Member Since: 06 Nov 2008 Location: Birmingham Posts: 6264
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I think it would be absolutely fantastic if SM or someone on here could sort a good deal for RD and he could tell his current lender to go whistle.
RD I hope its all sorted for you very soon. |
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28th Jul 2013 9:08pm |
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| RED-DOT Member Since: 29 Jun 2009 Location: stirling Posts: 2363 
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As the OP i thank you all for your support. I left school at 16 and worked for everything i have but due to a disabling illness last year now find myself in the situation of owing back money to the bank. I don't drink or smoke and have not had a foreign holiday since 1992. I am miffed by the letters from the lender as i am 20y into a 25y loan. I have no other liabilities or debts but i am asset rich and cash poor and selling stuff to get the monkey off my back is so demoralising to say the least... I am at my wits end as to what to do. 2008 RS4 gone, 123d M Sport, and a Puma 90 XS..
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28th Jul 2013 9:25pm |
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| Caterham Member Since: 06 Nov 2008 Location: Birmingham Posts: 6264
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is the disabling illness catching ?
perhaps you could invite the lender round for tea 
joking aside. as I said above it would be fantastic if Shaun M or someone else on here could sort a deal for. |
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28th Jul 2013 9:35pm |
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| Pickles Member Since: 26 May 2013 Location: Melbourne Posts: 3755  
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You have a 75% equity in your home, so providing you really do have the ability to repay the amount needed to refinance your mortgage, there would be absolutely no "risk" for a lender.
Providing you have been up front with your current lender, & you have no "bad form" etc, I reckon you'll eventually find some-one. In this situation, I've found that family & friends can help/give good advice too...what do they say? If all else fails, see a solicitor.....because losing your home with 75% equity doesn't seem right or equitable to me. Cheers, Pickles. |
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28th Jul 2013 10:49pm |
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| zahy Member Since: 02 Jun 2013 Location: East Sussex Posts: 139 
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strongly advise that you talk to a solicitor, once the leander decided to start whats called possession proceeding you effectively will lose your home, and you will be at the leander's discretion, whereas bank can effectively put your house through the auction and bank solicitors etc will swallow your equity with their excessive legal and other charges.
try and speak with family and friends to raise enough money to pay all arrears PLUS Keep up the monthly payment, HOWEVER, if you do have a disability then the leander must be informed immediately to give you some more time ask them to "stay proceedings" try and come with an agreement, the fact that you have high equity in your house will make you more attractive for the bank to try and TAKE your house not the other way round Speak to a solicitor and good luck 2.2 90 XS |
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29th Jul 2013 12:09am |
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| walfy Member Since: 29 Aug 2007 Location: Frome Posts: 2642 
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When did you inform them you were having difficultys in paying? If you did at the first due payment then they are being a bit harsh as you have explained the situation. But if you did and they gave you a grace period and you have overstepped that then you are at fault. If you hadn't informed them at all of your situation then you are to blame.
There are procedures to follow if you fall on hard times, as laid out in tour T&C's. I know I can go to my bank and have a chat with them and come to an amicable solution. 2 yrs ago I spent 10 months out of proper work. A small bit of cash in hand work and my pension kept me going with my mortgage. I cut back on all my social activities. And like you started to liquidate some assets to pay my debts. 110 D250 SE HT 110 USW SOLD RRE HSE Dynamic Gone, wife killed it VOLVO XC60 R Dynamic with some toys Polaris RZR 900XP SOLD |
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29th Jul 2013 6:08am |
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