Warwick finance - anyone know?

Skybaby

Has anyone ever heard of or used this mortgage company? They called me about a month ago regarding remortgaging my flat and have been stalking me ever since. They claim that I can remortgage my flat for £42000 which would pay off all my debt and leave me about 300 per month better off. This sounds fine until they mention that there is a £3595 arrangement fee included in the figures. They are also a bit sketchy as to how long I'll be tied in for and also what the percentage rate is. After some pushing, I finally got the man to tell me that I would be tied in for 2 years at a rate of 6.15%. He wouldnt send me out any paperwork with the figures but said that if I agreed, I could have a rep in my house to go over it. This is the last thing I want as they will be even more pushy in real life. I'm waiting for a financial advisor to call me back with some other quotes but I'm just looking for some advice in the meantime.

I currently have a Northern Rock together mortgage that I've had since 2001. I've got a really bad credit rating and have missed payments on loans over the past year, although I'm now getting my debt dealt with via the CCCS.

iceman_2

sounds like a complete ripoff!!

Skybaby

Thats what I was thinking as well but just needed to hear it from someone else. They have been phoning me at least 20 times every day for the last month. I dont even answer the phone to them anymore as I'm so annoyed with them.

Thanks for your reply though

Epiphone

If you're on the TPS report them! 20 calls a day is far too much!

brannyrhino_2

Don't touch them.

Don't do anything without discussing it with the CCCS or Citizens Advice.

Cut up your credit cards and face reality that your living beyond your means.

Strip out all non essentials from the direct debits/cards ie Sky, Mobiles, Land lines uneccesary insurance, alcohol anything etc.

bikerqueen

wont arranging more credit cause problems with cccs?

saver_sam

Sounds like you need to tell them a big fat lie to get them off your back (i.e. got a better deal elsewhere or signed up with TPS or perhaps report them to FSA or trading standards ) or if you're with BT perhaps consider 'choose to refuse'. It does have a monthly fee but it might stop them getting through

Barney088

Needless to say, if I had such a thing as a barge pole......

I have heard their name before and the report was not very complimentary, anyone who calls that often and puts that much pressure on their customers can't be doing too well, or they know that you can get a better deal.

The other line is you are thinking about reporting them to the FSA as they are putting pressure on you and you donlt feel thet are "treating their customers fairly" It's worth a go, it may put the jitters up them.

HelpWhereIcan

Skybaby wrote:

Has anyone ever heard of or used this mortgage company? They called me about a month ago regarding remortgaging my flat and have been stalking me ever since. .

Since the FSA took over the regulation of mortgages in November 2004, cold calling for mortgage business has been banned. They may well try to hide behind a claim that you completed a 'lifestyle' questionnaire and expressed an interest in remortgaging, but if you did not specifically request advice and were not aware that they would be calling you, they have broken the FSA's cold calling rules. Letting them know that you are aware of this and willing to report them should stop them 'stalking' you.

Skybaby wrote:

They claim that I can remortgage my flat for £42000 which would pay off all my debt and leave me about 300 per month better off. This sounds fine until they mention that there is a £3595 arrangement fee included in the figures.

There may also be other options that are better for you. There are disadvantages to adding unsecured debt to your mortgage, particularly if you are having payment difficulties and you need to be aware of what other options may be available to you.

The fee they mention takes the !!!!!! and I would walk away from them on that basis alone - 8.55% is not fair and it will not be long before firms like this fall foul of the FSA's 'Treating Customers Fairly' Initiative.

There will be plenty of brokers out there who will be able to arrange the same (or better) deal and charge a much lower fee if any at all.

Skybaby wrote:

currently have a Northern Rock together mortgage that I've had since 2001. I've got a really bad credit rating and have missed payments on loans over the past year, although I'm now getting my debt dealt with via the CCCS.

This is why they have targeted you - they are hoping you feel desperate enough to take the first deal offered and must thrive on exploiting the most vulnerable - our industry's ambulance chasers. :mad:

Walk away and get some proper advice not someone doing a car salesman sales job.

Hope this helps