Halifax rejected payment holiday! what can i do?

sodapop1982

I requested a 2 month payment holiday just to help us out as had an MOT costing £500! They rejected this saying that we had more than 95% debt on the house it is 96%. I called them and explained we are good customers and we have never missed a payment and can they judge on personal circumstances and was told no. I feel that in this climate when they are being told to be gentler on people who miss payments we are not being helped at all as we are no where near to a situation like that but might be if they do not help us. I have also read that mortgage companies will 'accept' 2 missed payments before they take action. We have done the right thing by contacting them so why are they not helping do i talk to them again and beg !:mad:

Nonshy

Well taking payment holidays is effectively increasing the debt you owe and worsening your LTV.

It is understandable why mortgage companies would reject it on these terms!

Check your offer and see if in your T&Cs... if not then you may have a case.

CLAPTON

can you use CC or overdraft?

feisty1

sodapop1982 wrote: »

I requested a 2 month payment holiday just to help us out as had an MOT costing £500! so why are they not helping do i talk to them again and beg !:mad:

Is this the first time yr car has required an MOT since u've had yr mortgage?..........and how much is yr monthly mortgage payment?

opinions4u

1) Terms and conditions of the payment holiday are that the debt shouldn't exceed 95% of their estimated property value. I don't doubt you could pay for a revaluation, but this would probably be a waste of time and money.

2) A car is an expensive thing to maintain and anybody with a car needs to set money aside for things like insurance, tax, service/MOT, repairs, punctures, insurance excess etc. It is rather foolish to expect a car over 3 years old to sail through its MOT at a cost of £50. That's a hard fact of life and you need to look ahead assuming that you will have £500 of repairs next year too. If it comes in at £200 fine.

3) Why do you want to secure a car repair over the remaining term of your mortgage (possibly 20+ years). This is madness!

You ask "why are they not helping?".

The answer is simple. You owe them a lot of money. Your property is falling in value and you don't seem to be able to budget for running a car. Why would they want to increase the amount you owe them?

Rick62

I'm sorry, you need to get real. You are not good customers, you owe them 96% LTV and one modest slightly unexpected bill comes in and you are struggling to meet your basic commitments.

You need to get over to the debt board and really start looking very seriously at how to reduce your outgoings.

beecher

I'd agree that going to the Debt board is a good idea. A bill of £500 shouldn't really be knocking you sideways like that. If you post there you'll get good ideas on how to save money on your household bills.

Trollfever

Houses being used to fund the cost of a MOT!

Next thing will be people wanting to use houses to fund the cost of a holiday.

dunstonh

Next thing will be people wanting to use houses to fund the cost of a holiday.

I will add the ironic smilie for you.... - there you go

RobertoMoir

sodapop1982 wrote: »

I requested a 2 month payment holiday just to help us out as had an MOT costing £500! They rejected this saying that we had more than 95% debt on the house it is 96%. I called them and explained we are good customers and we have never missed a payment and can they judge on personal circumstances and was told no. I feel that in this climate when they are being told to be gentler on people who miss payments we are not being helped at all as we are no where near to a situation like that but might be if they do not help us. I have also read that mortgage companies will 'accept' 2 missed payments before they take action. We have done the right thing by contacting them so why are they not helping do i talk to them again and beg !:mad:

From their point of view, they are being gentle on you.

If your LTV is at 96% already, you already have a problem as far as they're concerned. They're stopping you from making a bad situation with your current mortgage worse. The 95% LTV limit it sounds like they're prepared to accept is the most you should ideally have, not the least. Your post shows you're aware of the current financial climate... did you miss the part where banks dropped themselves in the muck and got seriously slammed for taking too many risks, and would therfore be looking to reduce those?

Squish_21

Might be better to use an overdraft or Credit card to fund the £500 for MOT.