Mortgage Arrears Issues: Tell the FSA Consumer Panel your views

MSE_Martin · 20 March 2009 at 5:09PM

What's this about?

The FSA Consumer panel is charged with representing consumers to the regulator the Financial Services Authority. At a recent meeting with it (see my blog) we offered it space on the forum to ask questions and get feedback on issues to help with its work. This is the first one.

It would like to ask about Mortgage Arrears Difficulties...

Are you having difficulty in keeping up your mortgage payments?
How well informed do you feel about your rights and obligations as a borrower?
Have you asked for help and advice?
Who did you ask?
And was the advice helpful?

To feedback to the panel simply click reply

Why answering is worthwhile

The FSA consumer panel has a direct voice towards the regulator. By talking through your experiences both good or bad, it's a step towards getting things changed where needed and reinforcing good practice where it works. Although the Panel can't reply to individual comments or take up individual complaints it would appreciate your views.

Important Note: Please keep to the specific topic requested, the aim is to get the info through directly, off topic posts will be deleted.

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angelflower_2 · 23 March 2009 at 12:56PM

I am with Lloyds and they have been amazing in terms of the arrears I have.

I lost my job in Sept 07 and took 6 months to find work. I was not entilted to any goverment help at this time and was particularly worried about this. I did initally approach a free debt charity to work on my behalf but Lloyds did not accept my plan via them (ie no money until I found work). Due to this and other reasons, I decided to manage my own DMP and when speaking to my lender, they allowed arrears to continue. They did not hound or chase me. I made only one months payment during this time.

When I then started part time work, they accepted I was paying as much as I could and again, did not hound or push me.

I then started full time work in August 08 and took a couple of months to get sorted and I am now paying my regular amount as well as £200 a month towards the substantial arrears.

It is still a worry seeing the large amount of arrears I have however, I am coming off a fixed rate in 2 months and my monthly amount will drop by approx £200 so that will double the amount I pay to the arrears.

I feel truly blessed that they have been understanding and helpful. I did not feel I could go anywhere else for help and advice (other than the boards here) as I knew that the rules were there was no goverment help unless I had been unemployed for a long time and that if I did not pay, the bank are within their rights to apply for a reposession order.

Numpty_Monkey · 23 March 2009 at 1:45PM

I think its worth a bump

MSE_Martin · 24 March 2009 at 6:37PM

Just a note for regulars this isnt going in this weeks email due to lack of space as i wanted it to be high up - it will go in nexts weeks.

RAS · 24 March 2009 at 10:12PM

Folks

Tell the FSA not just MSE.

50broke · 24 March 2009 at 10:25PM

HI
my daughter conted hsbc about trouble with motgage, new baby, boyfriend lost job, they have been totally useless and very unhelpful and very very unsympathetic.........

50broke · 24 March 2009 at 10:26PM

contacted hsbc !!

MSE_Martin · 25 March 2009 at 12:08PM

RAS wrote: »

Folks

Tell the FSA not just MSE.

Hi,

While not the FSA itself, this thread is specifically for the consumer panels research on mortgage arrears and it is being monitored, so writing here is telling the panel.

Martin

TotallyBroke · 25 March 2009 at 12:23PM

When I had my arrears with Woolwich/Barclays they were not very helpful. It was only two months of arrears spread over years but every month they hit me with £40 charge. My arrears amounted to thousands in the end.
My main grief with them was I was paying half the mortgage payment on top of the contracted amount each month, yet they still chose to take me to court for a possession order. They only got a suspended possession order in the end and the Judge lowered my arrears payment. Luckily I came into some money and paid it off in one go.
In Woolwich/Barclays defence I never approached them about the missed payment. I will never know if they could've helped me or not.

sieve · 25 March 2009 at 1:09PM

GE money have been great with the arrears I've had with my mortgage - it's now up to date but as long as you keep them posted and pay them smaller amounts when you say you will, they won't bother you and they will hold off reposession proceedings. At one point I was 3 whole months behind in my mortgage payments but I kept them posted and they were really good about it.

swampduck · 25 March 2009 at 2:22PM

Bank of Scotland have been pretty good to me and my partner. My partner is self employed and went through a very lean patch with little work for some months about 18 months ago. We agreed a payment with BOS by giving an SOA using my income for the interim and then when the work situation improved caught up the arrears within six months.
We are currently in a similar situation with work non existent for my partner since November but they have switched us to interest only for 6 months to see how things go.
I have no complaints they have been sympathetic and helpful whenever we have approached them.

Swampy

Mortgage Arrears Issues: Tell the FSA Consumer Panel your views

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