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Mortgage Company Dilemma
rogue70
Posts: 1 Newbie
Hi,
Wondering if anyone can help with a letter I received from my mortgage company saying that because they took over my mortgage from my previous borrower they want to bring payments into line with their usual accounts. At present I pay 1st of each month for that month, they want to change the payment to a month in arrears, they want me to pay July's amount on 1st and then again on August 1st. They said they will offset this payment on the capital balance due to be paid in 30 years time as I'm on Interest only. I've already told them I'm in financial hardship as unable to work at the moment and am already struggling to meet the payments (all my savings are about to run out). Can they legally do this? I'm tempted to cancel the direct debit payment as they want me to pay in arrears anyway but don't want this to adversely affect me, any ideas?
Wondering if anyone can help with a letter I received from my mortgage company saying that because they took over my mortgage from my previous borrower they want to bring payments into line with their usual accounts. At present I pay 1st of each month for that month, they want to change the payment to a month in arrears, they want me to pay July's amount on 1st and then again on August 1st. They said they will offset this payment on the capital balance due to be paid in 30 years time as I'm on Interest only. I've already told them I'm in financial hardship as unable to work at the moment and am already struggling to meet the payments (all my savings are about to run out). Can they legally do this? I'm tempted to cancel the direct debit payment as they want me to pay in arrears anyway but don't want this to adversely affect me, any ideas?
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