Main site > MoneySavingExpert.com Forums > Essential Money > Mortgages & Endowments > RBS One account over facility (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
RBS One account over facility
Closed Thread
Views: 6,099
Thread Tools Search this Thread Display Modes
# 1
melie3
Old 18-12-2007, 11:57 PM
MoneySaving Stalwart
 
Join Date: Dec 2007
Posts: 339
Default RBS One account over facility

hi all,
needy of some advice. ive the RBS one account mortgage, and 3 months ago went over facility. the one account upped our facility by 1850. on 1st january 07, its set to decrease to original amount. i dont have the £1850 to pay, and actually have rang them every month saying this. they said if i stayed within the facility, it may be extended. today they told me they cannot assist me anymore, and said i needed to seek advice. both my hubs and i salaries are paid in here. im on maternity leave at the moment. they also say that mt dd's wont be honoured. ive non-prority debts of £27,000 which were in debt management with the CCCS, but the CCCs have ceased taking payment from me due to mortgage problem. i offered to pay one account my interest payment (£480) plus a £100 to pay off the 1850. they said that 18 months is unacceptable to pay and said they would require me to pay within 4 months. im so upset. ive 3 kids and im worried that i wont have any money now. ive had a conversation with national debt line today, who say theat its an unreasonable length of time to repay amount, they also suggest i write a letter exersizing my right of appropriation. ive been lucky i guess before, as ive been over facility and never been charges and items have been paid, but they are being really stubborn and wont hear of me wanting some help. all they say is that its would be irresponsible of them to keep our facility at the current 82,000, so to decrease to 80,150. after my dd's are paid and interest, and fuel for car is paid, im left with around £500 to live on without the £100 ive offered, so not exactly a kings ransom with 3 small children. i know ive got us in this mess and need to get out of it. just living is so damn expensive of late.
any advice kindly appreciated.

Last edited by melie3; 18-12-2007 at 11:59 PM.
melie3 is offline
Report Post
# 2
wymondham
Old 19-12-2007, 7:44 AM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2006
Location: Wymondham (surprisingly!)
Posts: 3,561
Default

hi melie
sounds like the biggest problem is more going out than coming in (isnt it always? :rolleyes: ) - sounds like this is where you should be looking. Post your SOA on the debt forum so they can offer advice on ways to manage your spending - they are a great bunch and I'm sure they will be able to help! Good Luck!
wymondham is offline
Report Post
# 3
silvercar
Old 19-12-2007, 12:36 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Sep 2005
Location: South Hertfordshire
Posts: 28,456
Default

Sounds like you shouldn't have been on the one account in the first place.

The one account is an offset mortgage designed for people with savings to benefit by offsetting their savings against their mortgage. Current account mortgages (as this is) are really designed for people able to manage their expenditure well.

Who advised you to take this mortgage? You would have been better off with a more straight forward mortgage.

Your situation now is that you are over the maximum mortgage balance allowed similar to overruning on an agreed overdraft.

Can't offer any more advice other than querying why you were advised to take an offset mortgage and suggesting you cancel some of the DDs in the short term.
silvercar is offline
Report Post
# 4
HelpWhereIcan
Old 19-12-2007, 1:19 PM
Serious MoneySaving Fan
 
Join Date: Feb 2006
Location: East Yorkshire
Posts: 1,229
Default

The good news is that you have been doing things the right way up until now - keeping everyone informed of the actual situation. Take a deep breath and pat yourself on the back for doing that. Do not allow stress, fear etc to undo the good work you have done so far - it is vital that you keep communicating with your lenders.

Quote:
Originally Posted by melie3 View Post
i offered to pay one account my interest payment (£480) plus a £100 to pay off the 1850. they said that 18 months is unacceptable to pay and said they would require me to pay within 4 months.
In general, the collections teams at lenders work to (and are rewarded based upon) targets - the more they collect from you and the quicker they do it, the more bonus they get. That is the source of the 4 months timescale, nothing else.

Worst case scenario they take you to court looking for possession. If you can then show the court that you have tried to come to a reasonable arrangement the most they will do is grant a suspended possession order. That is they will order you to make a certain payment (possibly in line with what you have offered) and the possession will be suspended for as long as you stick to that arrangement. In most cases the suspended order is for 6 months and if you get up to date (eg once you are back to work) within that period the possession order is lifted. If you are not up to date, most lenders would agree to capitalise the arrears (add them to the debt) as you have made an arrangement and stcuk to it. Even if they still want possession they will have to go back to court for it and you have you chance to get more time again.

Provide The One Account with a Statement of Income and Expenditure showing that the offer you have made is all you can afford (you will get no sympathy from the court or anyone if you can actually afford more). In most cases a lender is trying to find out who 'can't pay' and who 'won't pay'. Once you are put in the former category they become more amenable (especially as the FSA insists that they treat the customer fairly... mention this and the person you speak with should be aware of what it means.

Keep a record of all offers you make and receive and make sure that you deal only in writing from now on (but do not use that as an excuse not to communicate with the lender) so that you have an evidence trail if/when it goes to court.

Have a look at http://www.moneymadeclear.fsa.gov.uk...ge_cantpay.pdf and good luck - you are doing things the right way. Do not let bully boy tactics put you off.
I am an IFA (and boss o' t'swings idst)
You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
HelpWhereIcan is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 6:23 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 29 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile
  • Going off line to focus on 4OD (don't think this means you're all forgiven!)
  • RT @ParkesJane: @MartinSLewis 6 bottles of champagne from Sainsburys arrived today, £50 including delivery! Thank you very much.
  • I'm deeply unhappy with all of you. Not one Twitter follower had the courtesy to tell me a new series of Big Bang was on! Shame on you

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSBBC RADIO 1'S LIVE LOUNGE 2014
  • TAYLOR SWIFT1989 (DELUXE)
  • ED SHEERANX (DELUXE EDITION)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.