Alliance & Leicester Mortgage - For a laugh!

julia78

Right before I start... I have been stupid in the past and I know my problems are my own doing so please save the snidey comments...

I have a mortgage of £63,000 (plus a secured loan) so my mortgage payments are currently £337 a month.

Been with the A&L for 5 yrs, never missed a payment, never really bothered annoying them. My fixed rate came to an end in March 2010 at which point, I put my house up for sale due to being on a temporary contract at work to try and get rid of it. Mortgage automatically switched to standard variable rate of 4.99% due to advise given by an independant mortgage adviser - due to not being tied in to them when I come to sell.

Having a bit of payment trouble, phoned Alliance & Leicester stating I was struggling and would I be able to have a "payment holiday". Woman on the phone says "We can't help people struggling finacially, go into your local branch of Santander, make an appointment then go and speak to someone about how they can help". I said that I was not happy to do so, why waste time when all I want is a bit of advice. She said I was not able to have a payment break, they don't do them.

She put me through after I bumped my gums due to her unhelpfullness. This other pathetic woman told me that if I was struggling I could go to the jobcentre and get a form (I work in the bloody jobcentre) and if I have insurance I could claim that way OR their "generous" offer...

Pay £170 for Aug and Sep, therefore saving me a MASSIVE £167 per month however, this then works out as;

Paying back £448 in Oct, Nov & Dec (I know the interest etc etc is added but blow me up & set me on fire!!)

OR

Paying back £393 for Oct, Nov, Dec, Jan, Feb & Mar!!

Plus "holidays" are reflected as "arrears" on my credit file and even taking their generous offer of a reduced payment i.e still paying, goes as "arrears" and they WILL NOT lend in the future! !!!!!!!!

I've said it before but they are a complete joke! I wouldn't touch them with a sweaty bargepole if I had another option!

They make me sick!! :mad:

Thrugelmir

julia78 wrote: »

Plus "holidays" are reflected as "arrears" on my credit file and even taking their generous offer of a reduced payment i.e still paying, goes as "arrears" and they WILL NOT lend in the future! !!!!!!!!

I've said it before but they are a complete joke! I wouldn't touch them with a sweaty bargepole if I had another option!

They make me sick!! :mad:

Maybe they think likewise. You want their assistance and advice but haven't the time or can't be bothered to arrange a meeting to meet someone in house. Lenders can pick their customers these days.

You can complain all you like, but you're not helping yourself.

VT82

julia78 wrote: »

my mortgage payments are currently £337 a month.

their "generous" offer...

Pay £170 for Aug and Sep, therefore saving me a MASSIVE £167 per month however, this then works out as;

Paying back £448 in Oct, Nov & Dec (I know the interest etc etc is added but blow me up & set me on fire!!)

OR

Paying back £393 for Oct, Nov, Dec, Jan, Feb & Mar!!

Under this scheme, you would underpay by £334 in total for 2 months, and overpay by £333 in total for 3 months, or £336 in total for 6 months. Ignoring roundings, you probably pay them same and they are therefore letting you off some accrued interest. I don't see what is worth getting worked up about.

They are not ripping you off, they just don't want you to take payment holidays so are not making it particularly attractive to do so. Payment holidays should be funded in advance, not paid in arrears.

Good luck finding a better solution, of which there will be plenty, but for a price.

arby

Why should they give you a payment holiday? This is a serious question, what's in it for them? Their stats may show that people who ask for these holidays are more likely to end up defaulting later, so a holiday just increases the amount they lose later on. Admittedly, the holiday could help people get through a tricky patch before getting on their feet again, but as you signed a contract, it's only the bank's good will that lets you have a holiday.

luckyfool

You have discovered that the age old story that banks are always willing to lend you an umbrella unless its raining is very true. Its a similar story with a number of other lenders. If you go to one big bank who had a bloke with glasses called Howard doing their advertising, and tell them you want a payment holiday because you are struggling or have been made redundant or similar, then you can forget it. If you go and tell them you want a 3 month payment holiday so you can go on holiday or buy a new car then thats apparently an "acceptable" reason. I understand why they do it, but its frustrating if you are the one effected.

Sorry I don't have any bright ideas to help you in your situation though, if you had previously made some overpayments generally you can take payment holidays up to those pretty much automatically, otherwise your only options look like they could put a big dent in your credit score.