I'm at the end of my tether

binnie

This week I have been phoning HSBC as I wanted to go to an interest only mortgage for 6 months as I am out of work. (Day job)
My husband works fulltime and I am self employed via Ebay but only on a small scale.
I need a day job too and have applied for so many I've lost count.
All we wanted was one of the mortgages which I pay to go on interest only for a short while, but they won't acknowledge Ebay as a proper job.
I don't exactly take a wage out of it, I use the money to pay household bills like the mortgage and if I have any left I buy more stock.
Since January this year though, I've just used the money to pay the bills and have managed up to now. March has been a struggle and I won't have enough money to pay the biggest bill which is the mortgage.
When they did an income and expenditure list they would only take into account my husbands earnings and £100 of mine from Ebay. Most months I bring in £800 upwards, and have done so for 6 years, but the HSBC says they can't guarantee I will have that, so won't use it as an income.
It looks like they can't help us after the conversation this morning. He said we won't have enough money left to pay even £25, whcih we will.
So now we are left puzzled to how we can afford the full amount of £468.
We have been customers of the HSBC for well over 20 years and we could have had interest only mortgages years ago, but we wanted to pay them off quickly (one has 2 years to go, the other 3, and mine which I pay 5 years) , so we got a repayment mortgage.
I can't believe we have never missed one single payment and they won't take my ebay into consideration. I have regular customers and sell something every single day.

Looks like we are going to have to default on it then and we will be in a worse mess.
I feel like crying.

BILLIE

Hi Binnie - unfortunately HSBC is not one of the listening banks, have banged my head against a brick wall with them many times. You need to go into the bank and speak to the Mortgage Advisor - don't keep using your phone as its costing you. Explain that on paper things don't look good but you will be able to pay interest only if they could help out for a short while. Ask for a "payment holiday" otherwise. I think in the past they have agreed these in extreme circumstances. When my OH was made redundant I just wrote in and asked for the mortgage to be changed from payment to interest only for 6 months. Sadly it is still on interest only because our circumstances deteriorated long before they started getting better. By going into the bank you can stand your ground. I don't mean by ranting and raving but by explaining again and again until they help one way or the other. Good luck. billie x

binnie

Hi Billie,
I did go into the bank 2 weeks ago and they said they are a service bank so would have to get someone to ring me.
They took 9 days to ring me which by then I had already rung the money management dept which I am dealing with now.
I'm not sure of this person I'm dealing with is new but he has mucked up a few calculations along the way.
The thing is, they are including the loans, credit cards we have as though my husband pays them, but he doesn't, I do.
But thats where the Ebay gets complicated. As I mentioned I don't make a fortune out of it. My tax was only £89 for last year, but it does bring me in the money to rob peter to pay paul.
So I have never missed a bill at all. But this month I will struggle paying the mortgage and thats the biggest worry. The loans are sort of manageable and they won't let us cut the payments down either unless I default, get sent extra charges and go on a DPM which I didn't really want to do.
The banks are quick enough to give us these mortgages, but when we want help for a short while, then why won't they help us.
If we paid the interest only then they would make more money out of us wouldn't they in the long run?

king100

Self Employed - Did they actually ask what you do?

Re seller would have been fine. Did you really need to say Ebay?

BILLIE

I have always said they give us an umbrella when it isn't raining but then take it away when it pours down!! Okay you have got to ask for the, person you are speaking to, Line Manager. Really kick up a stink. I can still remember one employee of HSBC saying to me "if you haven't got the money we can't make you pay more can we" I thought great someone is listening and then the next one said "no that is the amount we want and that's that". I eventually wrote to the Chairman of HSBC and he sort of listened, but I have had to cut other cloths so that HSBC get their chunk first. Have you got any other outgoings that you could make arrangements with? Billiexx

binnie

Yes as someone grassed on me two years ago to the Inland revenue so it shows that I pay tax to them on my bank statements.
If I said reseller, they would have still wanted proof of my income and that is only by Paypal.

binnie

No Billie,
The others want full payment of the loans each month, or to cancel my DD's and then set up a payment plan with Payplan or CCCS.
But we don't want a bad credit rating and we thought if we carried on paying the mortgage if only interest only, then we wouldn't have defaulted or get bad credit ratings.

king100

binnie wrote: »

Yes as someone grassed on me two years ago to the Inland revenue so it shows that I pay tax to them on my bank statements.
If I said reseller, they would have still wanted proof of my income and that is only by Paypal.

Ok so people pay you by paypal.

Whether you sell online through a shop or through Ebay isnt the factor.

BILLIE

Would posting an SOA help? The loan we had they let us reduce the payments for a short while. Don't mean to repeat what you have probably done, but have you rung them and explained the sitution and asked for a payment holiday or reduced payments for say 6 months? Sorry just trying to help. Billie xx

binnie

So what should I have done then when they can see I'm getting money but it's invisible as a job? I'm so confused.

king100

binnie wrote: »

So what should I have done then when they can see I'm getting money but it's invisible as a job? I'm so confused.

You must fill out tax returns, so this has to be income otherwise why would you fill out the return?