We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Advice Please - RBS making my blood boil
Comments
-
I think the problem is you are 85% LTV on your figures (probably 90% on their indexed figures?) which is over their policy for interest only loans.
I doubt if debt management would not help at all, you seem to be doing the right thing in trying to sell, avoid taking their "miss a month" option, unless you do not want any more credit in the next 6 years! a missed payment on a mortgage is fatal to lenders.
I would suggest going back to RBS, ask again, try to get through to a superviser or even an underwriter who may agree as an exception, then get your house sold asap.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi,
I think the problem is move that you are overseas. We found that when we spent time overseas a couple of years ago, we had to close a couple of credit accounts because we would not be resident in the UK. It seems you're more of a flight risk because lots of people emigrate and leave debts behind.0 -
Honestly my blood is boiling, these banks (especially RBS) get bailed out and this is what they offer a customer who has never been late with a payment for anything in 15 years of banking with them!
You accumalated the £30k on credit cards. So why should the bank change a contractual arrangement that you entered into.
Maybe the bank felt that it is possible for you cut back on expenditure elsewhere. Despite your assestions that it is a struggle financially. Minimum payments on credit cards is hardly a large sum. Which suggests there is far more than you have alluded to.
Suggest you visit the Debt Free Wannabe board for some advice and support.0 -
Now why didnt i think of that, Want to buy it?
I think what he was trying to say was reduce the asking price of oyur house and in all likelihood it will sell quickly, thereby solving your problems. It may be be the best idea, but at least it's a suggestion and would be better than defaulting on your mortgage and having the house repossessed.0 -
Any relocation/transitional assistance from the employer?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards