Mortgage arrears - letter from Nationwide Counselling Investigations

mademistakes

Hi Jason, We're in the exact same boat. 3 months mortgage arrears and 1 month, almost 2 on the secured loan. We definitely have negative equity, and at the moment we are putting money away for a deposit on a rented place. When I spoke to citizens advice they said just to ride it out, and that it could take years for the mortgage company or loan company to contact us regarding the shortfall, and at that point we'll be doing either an IVA or Bankruptcy. So I'd say just let it runs it course and see what happens. Good luck! Keep in touch and let me know how you get on. it'll be interesting to see how each of us is dealt with.

Hi Jvic28, Thanks for the info. There due at my door tonight - but I'm not answering tonight because my hubby is away with work and I don't want to deal with it on my own. I tried to phone the number that the guy gave on his letter but there was no answer, so will just wait and see what happens.

It's this inbetweeny stage I hate. We know whats going to happen but it's all the horrible phone calls and letters in between that are a nightmare. Hopefully in a couple of months it will all be over with and we'll be in a rented house.
Good luck to you all!
:beer:

Jason5595

thanks for your reply 'mademistakes'. I hope things work out for you. We are now in rented and with a new telephone number (god that helps!) - guess what - Im not letting them have that one.....

The only problem regarding the IVA is Im being told we will have to guess at the shortfall and hope the mortgage lender and secure loan lender agree.

Do you know the Halifax are still pushing for the early redemption penalty charge..... So that means another 7k on top. You would think that there must be some protection against that sort of thing - I mean its not like Im moving to another lender or anything. Its a repocession for heaven's sake. And dont get me started on the weird arithmatic First Plus use.....

Just makes a bad situation worse. Surely there must be protection against the adding on of these sort of early redemption fees in a repocession case.

Between the 2 we are talking about over 13k of charges.......

thoughts?

Jvic28

mademistakes wrote: »

Hi Jvic28, Thanks for the info. There due at my door tonight - but I'm not answering tonight because my hubby is away with work and I don't want to deal with it on my own. I tried to phone the number that the guy gave on his letter but there was no answer, so will just wait and see what happens.

To be honest, I would rather have answered the door and my partner not been there as he didn't know I was in any arrears. He was so angry with me. The guy from NCI was great though and just said that he will contact me to make arrangements to pay off the arrears and Leeds will allow me to spread it over 6 months. So all in all, not as awful as I would have imagined. Obviously, I'm no where near as behind as some of you though, and I don't want to be repossessed.

Good Luck everyone.

x

mademistakes

Hi Jason, Thats a bummer about the early redemption fee. :mad: We passed the date for that in August so thankfully we don't have that to worry about. Although I reckon our shortfall will be at least £20k:doh:. I don't know much about getting an IVA or going bankrupt at the minute. Is it really important that you get an IVA just now, or are you able to wait for a bit. If you could wait for a bit I reckon that would be better. Have you received advice from anyone as to if an IVA is right or if you would be better going bankrupt? I think if you went bankrupt the amount of shortfall wouldn't matter, it would just get added in - i think though - don't quote me on that lol. I feel like I have a repossession buddy now. Bet it feels like the pressure is off you now you're in the rented place. Did you have any problems getting a place? Citizens advice said it would be easier to go to a private landlord instead of through an agency. Good luck and keep me posted! :beer:

Hi Jvic28. That must have been a lot of stress for you to deal with on your own! You must have been mortified when the NCP guy showed up at the door with your other half there. Glad they have helped you sort it all out.
If you'd told me a couple of years ago that I'd be going down the repossession route, I would have be mortified and devastated, but now it really is the only way out. I'm pretty calm about it at the moment because I know it'll be a fresh start. I know I'll be a wreck though when it comes to actually moving and getting the court info. I just want it all done and dusted now, but need to string it out a bit in order to get a deposit together for a rented place. Trying to keep a possitive attitude! All the best and I hope you get it all sorted out and that it never goes this far for you! take care! :beer:

Jason5595

Hi Mademistakes..

Was on Debt management for unsecured debt - long story, divorce etc etc - through the CCCS for a couple of years and at the start of the year the mortgage went through the roof because I came off a deal - It went up by over £300 a month coupled with a relationship breakdown which meant I lost my partners back up income. Managed to get another deal with the Halifax with brought that into a £180 a month hike but was fooling myself for 3 months eeking out a tin of beans over 3 days and calling in sick when unable to fuel the car to get to work. It was simply no way to live. house was on the market but absolutely zero interest.

Took advice from the CAB who put me in touch with an IVA company they deal with. Told me to let the house go and get into rented asap - the shortfall will be estimated and loaded into an IVA..

I was advised Bankrupt was a route for me as zero equity and a really cheap paid for car that they wouldnt be interested in - it was just the ramifications after it all as opposed to an IVA that made me go the IVA route. I know itll be a bit rough for 5 years but I have been promised a better standard of living expenses than I have been used to. They are doing the budget now so will see what I get left over a month. After 5 years thats it. Ill be 42 and debt free and Ill tell you this now Ill never own a credit card/loan again ever even if they offer me one.

I didnt have any issues with the credit check at the letting agency - if you dont have CCJs you are ok even if in arrears..... get it sorted before the repocession tho as Im not sure how that could impact things.

To be honest I could have held on another 2-3 months probably mortgage and rent free but the stress was getting to me and where I live now is a real breath of fresh air and a fresh start - I even cycle to work so no more petrol stress!!!! lol

Good luck with eveything - My advice is to find your rented place when you can afford it and start destressing. Its nice to get a letter telling you they are calling at your old house - guess what, take it, I dont live there anymore...... Im not saying that lightly but you know what I mean - their threats are empty now for me.

Best wishes and I wish you well and every one else going through this....

merlyn2003

Nationwide Counselling Investigations are esentially a debt collection agency.
They are as independant as any DCA working for a creditor.

I would reccomend that you contact a solicitor for a Debt Advisor of your own or seek independent advice from the CAB or CCCS.

merlyn2003

I have noticed that NCI will press for debtors to pay monies they can't afford.

eg. Disposable Income £-300pcm Arrears payment £180pcm

Total monthly icome £-480

Knowing that this is impossible and knowing the situation of the debtor they indirectly preasure debtors to enter into further debt to repay arrears.

Signing any document at the end of a meeting with this company gives them consent to make unlimited enquiries against your credit file and any other enquiries including contacting your employer and neighbours.
They provide detailed reports to the creditor including a psycological assesment. Valuation and Assesment of your home and it's contents are also supplied. They also seek to identify any residents and obtain financial information about them to report back. They also seek to gather information on family and friends who may be willing to lend you money and may contact them for you without your knowledge (don't sign).
Payments can be made to them to clear your arrears or to your creditor.
They also publish your information by providing it to the Creditor they are acting for.
DO NOT SIGN ANYTHING WITH THESE PEOPLE!!:idea:
They are not required to verify the information they provide and so it is in your interest to ensure that the information on your credit file with ALL the agencys is correct.
This should cost you around £20pcm for the big 3. There are other agencys operating in the UK so it could be expensive.