Mortgage and Debt advice please

dooney

thanks very much, Getmore4less, you have gave us an alternative to consider, I will explain to my husband and contact the creditors and post on the debt board,
cheers dooney

dooney

Also my husband is now 44 and to lower repayments offered from first national the mortgage advisor stated we could extend the repayments on our mortgage to 30 years hence over age of retirement and pay intrest only mortgage for the fixed term of 2 years then change the mortgage and look for better deal. This horrified me, whereas my husband see's it as a way to get on property ladder and review it in 2 years.
What do you advisors think??

dooney

Hi I have posted on debt free wanna be board to seek help / advise regarding the debt issue.
cheers dooney

getmore4less

dooney wrote: »

Also my husband is now 44 and to lower repayments offered from first national the mortgage advisor stated we could extend the repayments on our mortgage to 30 years hence over age of retirement and pay intrest only mortgage for the fixed term of 2 years then change the mortgage and look for better deal. This horrified me, whereas my husband see's it as a way to get on property ladder and review it in 2 years.
What do you advisors think??

Property is not only ladders it is also snakes(the current market).

mic200202

It annoys me to hear of firms issuing default notices at the drop of a hat like this.It would be worth looking into the following points - the default looks like it was issued for the joint debt balance of approx £5,000 since your husband is jointly and severally liable for the entire amount Ie not for half the £5k. This will stay on his credit record for 6 years but can be marked as 'satisfied' or 'unsatisfied'. This will make is slightly easier on obtaining future credit. Since you husband had actually entered an agreement with the creditors on this loan (I'm assuming for his share of the payments) then you may have grounds for some redress. Technically, a defualt notice should be issued when you have missed 3 months payments but most credit co's will send out earlier.I am sure if your husband had known of this notice he would have done something about it.Since he had already entered an agreement with them, they should have a duty of care to send him a default notice or an early warning that the a/c was in arrears since it is a joint debt. I assume they sent this notice directly to his ex.This is not good enough and has damaged his credit standing as a result.It would be important to have a copy of the agreement or correspondence to show the address they were holding at the time. I would start by contacting the loan firm and ask for a copy of the default notice sent to him (which it is unlikely they will have). He would then have to start a complaint in writing if they refuse to settle this amicably.The complaint would need to mention the points above and ask for an explanation as to how the default notice wasn't sent to him,and why they decided to break the agreement with him without further notice,which has resulted in the damage to his credit standing. Since the agreement was done through CAB then they will be able to asist with this. The loan co can amend the credit information held by experian.If they don't play ball, then you have a good case to go to the FOS (Financial ombudsman service) and let them investigate. You should not allow a situation to arise where a firm can issue a default on someone who doesnt realise it until months later,especially when they knew an agreement was in place.It is a grossly unfair practice,and should not be allowed.I'm sure the FOS will agree. Tackle this issue first before looking into other loans etc.Hope this helps.

dooney

Thanks mic 200202 for your advice it is really appreciated, I will get my husband to make an appointment CAB to investigate this matter further.

Thanks again, dooney