mortgage co solicitors playing hardball

deadinthewater

got new problem
we got £3000 mortgage arrears on 655 month repayment and as made BR 2day have offered 160 week as that how i paid they have refused saying not enough to cover mortgage let alone arrears
now by my maths 160 x 52 / 12 = 693 month they say it only 640
and they want extra 50 month and payments must be no less than 175 week now again by my maths 175 x 52 / 12 = 758
prob is paying them 175 will leave us with a neg figure on our income expense and dont think OR will allow as well over top as renting is about 600 month in area i pushing at 160 week but is just do-able
how would this sit with judge if they took me to court as my offer is all i can afford and is reducing arrears we got 15 yrs left are they allowed to force the issue cos i think its a reasonable offer or am i being optomistic should i just not pay let them run up the debt and repo
sorry for ranting but they have ruined what was a good day
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

silvercar

Mortgage lenders talk in months. Your calculations are right BUT the lender will be thinking that some months will contain only four payments and therefore you are asking them to accept 4 payments in some months so they are using the lower figure. The way round this is to talk to them in their language ie agree payments in months then there will be no confusion.

So, in monthly terms, they say they want a minimum of £50 a month towards the arrears. A court would see that as reasonable as that would mean the arrears would be paid off in 60 months ie 5 years. £50 a month on top of payments would be £705. Is this possible?

Your problem is that the courts look at your mortgage payments and the arrears and whether you can clear the arrears and continue to pay the mortgage.

The OR looks at your income and expenditure and agrees what is reasonable.

If the two don't meet it suggests that you can't afford your mortgage. There is no obligation on the court to consider lowering the payments just because the OR has approved a lower expenditure. The court has to consider whether you can meet your contractual mortgage obligations.

Would your lender allow you to move to an interest only mortgage?