Bradford & Bingley arrears even though I have paid 12 monthly payments?

maninthestreet

So what happened to the payment you should have made in December?

beecher2

mardi wrote: »

thanks for taking the time to help.
When I paid 2 months payments ,i didnt tell them i wouldnt be paying in december..i paid the 2 in on different dates,so it wouldnt be classed as overpayment.

I don't know where you get this from - it would be counted as an overpayment.

speedbird1973

To keep your mortgage up to date you need to make ONE payement every MONTH. not TWELVE payments each YEAR.

If you make 2 payments in August you still have to make 1 payment in December - you make a payment every month to keep within the T&Cs

That said a judge isn't going to reposses you under such circumstances, but your credit record will be affected, so you need to sort it.

Wakey2008

What's been said above is correct. You need to pay each month. However, with some mortgages you can pay in advance and then take the months you've paid upfront off as a payment holiday. However you NEED to agree this with the lender from the outset.

If this isn't made clear to them, they will take the extra payment off your balance and you still be required to pay each month. As it stands, from what you have written, you are truly in arrears.

What I would suggest is you call B&B and get them to look back at your account and estimate where your balance is now to where it would be if you had have paid each month. If it's the same, or around where it should be due to the 12 payments made, ask them if they can make an account adjustment to rectify the account. I'm assuming this is what they did last year in the end.

Soot2006

It you paid 11 months (12 payments) this year, it also seems likely that that the 2 months arrears is inclusive of the same problem you had last year.

MarkyMarkD

I'm sorry, OP, but I do not believe that B&B took your DD payments early. That doesn't happen. Perhaps you mean that you didn't have money in your account by the working day prior to the DD payment date and consequently the DD bounced?

cottager

You could avoid a DD but still ensure a regular payment was made each month by setting up a Standing Order arrangement.

What's happened is a little like what would happen with paying a credit card if you weren't paying it off in full. Say you'd run up a bit of a debt there. You're expected to make a minimum payment each month, yes? -- let's say that's £50. So every month for a few months you pay £50, then one month you find yourself flush and pay £100. Does the next statement say you need to pay nothing? -- no, it acknowledges you've paid £100 the previous month, but the minimum payment for the current month and what they still expect is another £50. If not paid, you're in default -- the extra £50 you paid last time is unfortunately irrelevant.