Mortgage Arrears Issues: Tell the FSA Consumer Panel your views

pedro123456

Taken from RBS/RSA paper work.

Key features of the RSA morgage savings plan, putting you on the right road to "peace of mind"

Life assurance is provided at a guarenteed minimun level throughout the policy term, the sum assured usually being equal to the amonut of your mortgage loan.........on death payment etc.

Critical illness.....Serious illness can strike any of us at any time- and it doesn't have to be diagnosed as terminal to mean the end of the road for many in terms of earning power and the ability to meet existing financial commitments. This is why we offer the option of including CI cover in your policy, to the payment of lumo sum etc.......includes Heart attack/stokes etc.............i ended up with CI cover..and yes prossibly mis-sold as it was suggested that it was part of the poan arrangment.

Disability cover....If the disability cover option is selected (and it was 6 month deferment ) at the start of the plan and you are later unable to work due to illness or injury your policy , both your policy premiums and mortgage interest may be paid after a deferment period 6 or 12 month (selected at onset).....it was selected at the onset.

If you want to include CI in your plan this must be done on the onset as cannot be added later in the policy terms etc..it was done at the onset.

This all singing all dancing policy was possibly pushed on to me......I recall it almost being part of the lending process..................the RSA should have been paying after the 6 month period, I have been unfit for work for 2 and 1/2 years now................they havent paid a penny or explained why they haven't paid................

Its simple to me.................I was ill in November, unable to work since I sent them Sick notes fron GP............I maintain both interest/policy payment throughout and for months after (nearly a year) my illness they should have taken on payments until such times that i was able to work again or the maturity date of the policy.

or am i missing something...........like they please themselves if they pay or not.

RAS

pedro123456 wrote: »

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.


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.

Have you tried to reclaim the premiums as the insurance did not do what it said oon the tin?

pedro123456

RAS.............do you think thats the answer.........claim the premiums back?
because i dont...........

Insurance companies turn over billions of pounds in profit year on year they are a law unto themselves, its legal robbery, and yes there are ppl who defraud them but im not one..............they should be answerable to someone in reality.....................and made to honour their policies

As it stands apparently the FOS and the FSA have some say .........as if!!!!

Roy_Boy

Since January I have been getting updates from my mortgage provider, Standard Life, as to the rate applicable to my capped mortgage account.

I have raised concerns in writing to them that it is being set too high by reference to its own Standard Variable Rate (SVR) which I feel is being maintained at an artificaially high level. The rate on my mortgage is set as an average of the SVR of Halifax 3.5%, Cheltenham & Gloucester 2.5%, Abbey 4.69% and its own SVR which is a whopping 5.34%.

My rate is thus 4% but it could be much less if Standard Life's own SVR was more in line with the competitors it checks against.

Things are beginning to get a little tough financially and any help would be welcome but Standard Life has responded in a very offhand and arrogant manner.

As a shareholder in Standard Life I intend to vote down any remuneration matter and vote against the re-election of any board members standing at the next AGM.

I suggest that anyone else with voting rights in financial institutions does the same.

Sappoo21

Won a court battle to keep my house but the London mortage Company
keep adding arrears on top of what the court has told me to pay. have got
my local MP to help but he has not replied. Have asked the FSA to help
but just seems so long for them to do anything. Know i have to worry about
if I get taken to court about my TV license as I didn't realise my DD had been Stopped but I am going to pay it off straight away got a call at the door just thought it was someone doing door to door sales then he read me rights and am still in shock hopefully once i've paid it that is all I will hear of it. To Top it
Nationwide Anglia aren't letting me claim for my bank charges under the hardship rules as last year had to take unpaid leave and get no overtime for my
sisterin-law, daughter and me going in to hospital and all the above going on at the end of last year and also my parents getting divorced who used to help to much really.

igyboy

i have a mortgage with abbey. it is a joint mortgage. in october my partner lost her job, i contacted abbey to ask if we could take a payment holiday. they replied that they, unlike other banks, dont have that policy. they said as long as we pay at least £200 a month we will be ok. they said they have a meeting in april to discuss possible changes to way they deal with arrears and possibly payment holidays. other than that they were of no help and we are still in arrears

babble

I did write a big piece on my situation but didn't realise that it would log me out and lose all the info. I'm not writing it again.

My mortgage company is part of the RBS group and they have been appalling. They have treated me badly when I was off work long term sick. They miscalculated the arrears. They lied on the court documents for the possession order. We managed to borrow the money to pay the arrears off before the court case. A month after paying the arrears off they sent me a letter threatening to take me to court for not paying the arrears off. With the miscalculation we ended up paying an extra months payment to them...we still haven't had it back.
The main reason we are scrimping and don't have anything behind us to help in this sort of situation is because our banbk have ripped us off over the years with unfair charges......the same company from the rbs group.

DISGUSTING

RAS

Have you recalimed the bank charges yet? You are a hardship case by defination.

julie_walton

WE're having a terible time with Capstone mortgages. We got 2 months behind with payments when my husband was in hospital. To cut a long story short, whilst we are in arrears we are being charged £115 a month. With these charges our arrears are now over £3000 (they were only about £400) and rising each month. They say as long as we are in arrears they will keep charging. We can afford the mortgage payments each month, but cannot pay £3000. There seems no way out. We asked them to consilidate the arrears, but they don't (or wont) do this.We just sit and wait for the arrears to rise. It's hopeless.

indie_girl

My mortgage is with Woolwich/Barclays and they have treated me really badly since I began to get into arrears. I lost my job and my husband walked out at the end of 2007, and I had to claim Jobseekers Allowance. Obviously I got into arrears with my mortgage but my parents came to my rescue and agreed to pay the mortgage for a limited time in the hope that I'd get a new job. I did get a new job but it was £12000 a year less than my previous job. I tried to explain this to the Woolwich but they weren't in the slightest bit interested, and in fact instead of helping me, they actually insisted that my arrears payments were increased! After speaking to a dent counselling service, I called the Woolwich back and told them that I simply could not afford the current payments and that I could not give them what I didn't have. This did stop them from increasing the payments but only for a limited time and they habe been hassling me ever since to increase them! I received advice from the CAB but every suggestion was rejected by the Woolwich (such as switching to interest only). Consequently, for a year now I have been taking home on average £1000 a month salary and £200 Tax Credits, and paying almost £700 of that to the Woolwich!! Considering my electric is £123 a month and gas is £49, let alone council tax, food, travel to work, car insurance, telephone bills......................I am completely broke constantly and the water company is taking me to court because I just literally cannot afford all of my bills and something had to give!! I took this job out of desperation in order that I didn't lose my house, and told the Woolwich that I would continue to look for something at a higher salary and just needed a bit of breathing space, but as I said, they weren't interested! I have actually just secured a job that's another £7000 a year, so won't be struggling for much longer, but I am disgusted that they wouldn't help me throughout this difficult time! :mad: