Serious Illness & Lending Standards (Banking Code)

macxdebt

Hi All

Newbie to the forums. I wonder if anyone can shed some light on this one for me.

I have quite a few credit card debts to pay off, as well as a mortgage.
It's quite a struggle at times. I'm self employed.

About 5 years ago I suffered from a very advanced stage cancer which fortunately I came through after some 8 months of treatment.

During this time I struggled but just managed to pay my mortgage payments and the minimum payments of my credit cards from savings but this completely cleaned me out and to this day I am still struggling to make a dent in the debt.

I recently noticed a clause in the Lending Code (previously the Banking Code) about serious illness and lenders responsibilities. At the time I did not notify any of the lenders of my illness and I had no critical illness cover or payment protection in place.

Do you think I would get anywhere if I contacted my lenders now?

Looking forward to your replies.
Best Regards.

Tixy

Hi

Its not an area I know loads about but I would think that you may find mentioning it now will be too late for them to do anything different. I think that it generally relates to how they treat you and about not hassling you etc at the time as opposed to anything that would make a difference now.

That said if you are struggling to make repayments on your debts now then it would be worth writing out a statement of affairs to see the full picture of your finances. If with everything budgeted for you cannot meet your monthly repayments then it would be worth seeking advice from one of the debt charities or possibly trying to negotiate with your creditors yourself.