Mortgage Arrears Issues: Tell the FSA Consumer Panel your views

RAS

Is there a version of this on the BR forum as quite few have gone BR to avoid shortfalls?

tattycath

We are with C & G and we got into arrears-3 payments altogether and my OH phoned them (he works for himself and things are lean just now). They told him that if he could just make the normal monthly payment for now and see how we go for the next 6 months. I've been trying to put away any spare money I have and have already managed to pay just over 10% of the arrears. Fingers crossed we will be up to date by september as I am snowballing payments as I pay off other bills.

fiveyearplan

My fixed deal ended last november and my monthly payments went up from 1165.96 to 1600. I didn't pay November or December thus having £3,300 arrears which was 2 months payments. Mortgage payment dropped Jan, Feb, March and again in April. This meant I had nearly 4 months arrears (at new payment level). Anyway I made contact with Birmingham Midshires offering to pay £1371.96 per month until cleared and the arrears should be clear by May.

They were helpful and agreed to the payment plan. They did say something about being guided by government to help people with arrears. I have a review after April payment and expect the arrangement to continue until cleared.

Shiku_2

Hi guys I am currently in mortgage arrears and my lener have been fantastic, I had become unemployed in August 08 and the only payment I had made to my lender since February 09 was a one off £100 payment in September 08, I have since resumed payments and my lender has agreed to me paying back a nominal amount of the arrears along with the monthly re-payments, and if I continue this for 6 months they are willing to capitalise the arrears.....

With regards to rights as a borrower, I had no advice from my lender, but I never felt I needed it as they were willing to be so lenient with me....

cockroach

i got into trouble with the mortgage providers ,
i had an accident at work ,i have a big accident claim going on and my solicitor has sent the mortgage provider a letter what i can expect .i could not afford the repayments i managed with several letters to change from repayment to interest only
i was going to be taken to court then i paid most of the arrears off,

i am managing to pay the interst only payment evry month but ican not pay what the mortgage provider is asking for £210 extra on top of by payment ,i said i could pay £50 ,declinde icomplained to the FOS who said i was treated unfairly and that the mortgage provider should follow their recomendations ,
declinded the mortgage provider have now said they have no record of these letter the FOS have sent. i have contacted the cab, cccs, national debt , all have said i am doing he right thing pay what you can when you can . my mortgage provider is now taking me to court . i even have an appointment with my local MP I WAS TOLD TO LOOK ON DIRSCT.GOV
i have quoted this to every thing to my mortgage provider from extending the terms to capitilization declined. any help out there?

loveandlight

cockroach the court will listen to you as you clearly have the opportunity to pay the arrears at some time in the future from your accident claim. Well done for paying most of the arrears off so far. The court will be impressed with that and will be on your side as you are doing your best and you will be clearing most of the arrears off when your accident claim is settled. You can always ask your solicitor to put in an interim claim now on the grounds of financial hardship and use some of that money from your accident claim to clear your arrears. That will be much quicker than waiting until the whole case has been settled.Good luck.

pedro123456

I took out a business loan with the RBS in 1998 at a cost of £1200/month (interest only)- I also had pushed onto me a all singing all dancing Critical illness cover and Disability cover which should cover Interest/policy premiums after a 6 month deferment time, it should have also covered 60% of earnings etc the cost of this was a further £600/month.

8 years later in November 2006 i had what i thought was a heart attack, I had a Cardiac Arrest in A+E, and had to be shocked back to life, I ended up in the Hospital for 3 week and was eventually diagnosed as having Cardiomyopathy.

As a heart attack was on the CI list I applied to the RSA, but i didn't meet THEIR criteria, anyway I took it to the FOS who sided with the RSA (surprise-surprise)

Not to worry though because I also had this "disability cover" that took up payments after 6 month, so in April having been unable to work for the last 6 month I applied to the RSA sending sick notes from the last 6 month and another one for the next six months............WRONG.

The RBS were wanting their £1200/month paying with no offer of help, they wouldn't freeze payments dispite being asked, it was a case of pay up or else.............I continued to pay both my interest/insurance premiums (£1800/Month) untill October (11 month after my illness and inabillity to work)

I had to cash in my endowment to cover interest payments as the bank wanted their monthly money at any costs, i used to be phoned regularly by the bank......pay pay pay, it was the only way i could maintain payments.

The RSA never paid any interest/policy payments via the all singing cover i had, they never explain why they hadn,t or haven't.

The RBS are now wanting to reposses my home, they pushed the insurance onto me................but are they interested in the RSA meeting their obligation...........NO................as I said I had been ill with cardiac problems.......did the RBS concern themselves or help..............not one jot.........all they want was money/home.........but who wants to help or listen...........no one.

I should not be in this possition the RSA should have met the interest/policy payments after the 6 month waiver......................the RBS and RSA are a law unto themselves they are answerable to no one as i guess most insurance companies are.

loveandlight

posted by pedro123456
As a heart attack was on the CI list I applied to the RSA, but i didn't meet THEIR criteria, anyway I took it to the FOS who sided with the RSA (surprise-surprise)

How awful for you! I mean that sincerely and not sarcastically. Have you tried phoning an insurance claims lawyer who might be able to take on your case on a no win no fee basis? It doesn't seem right that you can't claim on your insurance. You seem a perfect candidate for it. There are lawyers who will take insurance companies to court over this kind of thing so don't give up. I'll see what I can find out on the internet and post back here.

thesimplelife

I've never been so angry as to write into anything before - but i'm starting to get like that these days - and i'm only 32!! Our mortgage provider RBS are awful - now I know why that man is getting such a high pension! We we're very very unlucky and fixed our Mortgage for 2 years in Oct when the rate was 6.79% - we are currently paying £1322 a month interest only. So everyone who has variable rates are singing - whilst we have steam coming from our ears...nothing is being done about those on fixed rates... my partner is self employed, in the building trade and has been earning barely a thing since christmas... i have phoned RBS and been honest all throughout until I eventually rang them and said - thats it we are reallt struggling now. I was told we would be logged as a 'concern' and someone would get back to me in 10 days... as usal nothing.. i had to ring and chase them. The only advice i got was that they could switch us onto a different one of THERE products but we still have to pay THEM £6900 redemption fee !!!!!! I wouldn't mind paying if we was leaving them altogether but wasn't - no matter what I said I was told this was the only thing they could do for us. I just think will these people ever be a part of the REAL WORLD... I HAVE NO MONEY - I'M STRUGGLING TO PAY THE BILLS AND YOU WANT ANOTHER £6900 - rant over!

pedro123456

How awful for you! I mean that sincerely and not sarcastically. Have you tried phoning an insurance claims lawyer who might be able to take on your case on a no win no fee basis.....................getting a lawer who specialises in insurance................i wish.............i cant find one for love or money... does anyone know one?.........thanks