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Mortgage Arrears Help Guide Discussion Area

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hi,
    I looking for some advice but understand the answers may be speculative.
    Here goes.
    I am employed
    Wife is self employed
    For the past two years my wife has been self employed as a mortgage broker,yes she went self employed as the market crashed and has struggled on for two years. Because of this her credit rating is shot and is now unable to get a job in the financial industry as no one will touch her.
    Our mortgage is £338,000 plus £16,000 arrears. We are on a fixed rate and the monthly payment is £1788. We have been unable to pay that amount for quite some time as we also have other expenses with 3 children.
    Our house is in litigation and HL interactive are dealing with it.They said that they are only allowed to accept one payment plan offer which was the full mortgage payment without any on top arrears being paid off yet. We were unable to keep to that arrangement and have been paying around £1000 into the mortgage each month.Obviously this is showing up as a broken arrangement. We have no family or friends that are in a position to help and we have had the house up for sale at a reduced rate for the past 3 months with no offers. On December the 2nd our mortgage fixed rate finishes and we go to the variable rate.This means our mortgage is going to go from £1788.00 at 6.4% down to 4.24% and an approximate monthly payment of around £1150. This is going to mean the difference of being able to keep our home or lose it.
    Srry I'm waffling on a bit but very stressed out.
    What I am asking is that we would be able to manage paying around £1400 into the mortgage so that means approx £1150 into the loan and £250 off the arrears which means IF everything stayed te same a 5 year payment plan would need to be agreed as £16000 arrears at £250 per month equals 5 years. We also have one other secured loan with Welcome finance,we are also in arrears with that and now pay £180 per month to them. We have approximately £30,000 of unsecured debt that is gradually going down . Am I clutching at straws to save our mortgage or do you think its possible. I have been in contact with the civil service benevolent fund and they have someone contacting me Monday to sort the debt out. Thanks for listening and sorry for waffling. Stuart

    Why the multiple post ? Far easier to start a new thread entirely.
  • So you want to judge me on that as well
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    So you want to judge me on that as well

    Boy o' boy, you are carrying a really aggressive chip on your shoulder.

    The best method of illiciting a response from the forum regulars is to start a new thread. Not bury posts on the bottom of unrelated topics.
  • Can somebody please rationalise this for me. I am a bank employee whose wife just lost her job. To ensure we did not fall into arrears with our mortgage, loan and credit cards I contacted the bank informing them that I wanted to change from repayment to interest only. I was told to contact the loan and credit card departments (of the same bank) to negotiate reduced payments before they would entertain the possibility of interest only on the mortgage. I did this only to be told that my only option was to agree to an interest only plan for the credit cards and reduced payment on the loan - both of which would result in a default against my name. This is precisely what I wanted to avoid as being an employee of the bank it will get me sacked. Try explaining that to the muppets that make these policies. So apparently as responsible lenders they wont help me until I have a credit default, lose my job and cant pay any of their departments anything. I always knew I worked for a heartless enterprise but I didn't realise just how idiotic they were. Have I got any options of getting around this lunacy?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    urbana wrote: »
    This is precisely what I wanted to avoid as being an employee of the bank it will get me sacked.

    On what grounds could your employers sack you?
  • gross misconduct
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    urbana wrote: »
    gross misconduct

    Then maybe you should handle this matter through the appropriate internal channels. As your options are very limited.
  • Hi
    We have a mortgage with HSBC we made an appointment to see the Mortgage Manager in the branch and were told there was nothing they could do to help us - my husband was made redundant over a year ago. They won't let us take a payment holiday, extend the term of the mortgage or pay interest only, we were advised by the manager to go into arrears. We only have another 6 years left to pay and have alot of equity in the house. Everyone says the first port of call should be the mortgage company when you are facing difficulties, but what do you do if they are unwilling to help you at all.
    We dont want to go into arrears - thats why we contacted them!.
    Can anyone offer any advice please?
    Many thanks :)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Annie* wrote: »
    Hi
    We have a mortgage with HSBC we made an appointment to see the Mortgage Manager in the branch and were told there was nothing they could do to help us - my husband was made redundant over a year ago. They won't let us take a payment holiday, extend the term of the mortgage or pay interest only, we were advised by the manager to go into arrears. We only have another 6 years left to pay and have alot of equity in the house. Everyone says the first port of call should be the mortgage company when you are facing difficulties, but what do you do if they are unwilling to help you at all.
    We dont want to go into arrears - thats why we contacted them!.
    Can anyone offer any advice please?
    Many thanks :)

    Consider selling up. Appreciate not an easy option but reality of your position.
  • Please help!! I'm currently trying to save my property from repo by paratus!! Had no idea that GMAC had changed and now they want to take it off me. I've just paid £40 to try and suspend the eviction as I have arrears but have still paid the mortgage it self every month without fail i missed 2 payments and when I discovered that they had changed the date they debited my account they are now saying I agreed to it yet I have no written proof from them!!

    Got to go to court this week!!, Is there anything more I can do to try and stop this? paratus called me today as they have now been notified by the courts of my intentions, and they have now asked me to fill out an income/expend form.

    Is this normal practice???
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