income/expenditure form

lemonpopcorn

hi all, wondering if someone has the info re this.
I am in arrears with my mortgage (arrears accumulated when I was out of work after finishing my degree)
happily I work full time now but my mortgage was sold from my previous lender (future mortgages) to engage credit.
I have been paying for the past few months, every month by bank transfer.
I want to set up a direct debit to pay my mortgage which they are happy to do but I want to set it up for an extra amount per month on top of mortgage payment to start bringing the arrears down.
They are refusing to do this unless I fill in an income and expenditure form and send it back to them.
in the meantime as I don't have an agreement with them to deal with the arrears they are charging an extra £35 per month.

so can they refuse to come to an arrangement unless I fill this form in.
when speaking to them I asked why they needed it from me and his reply was that 'he could give advice about reducing any other debts we have'
I replied but I thought you were FSA registered but not able to give advice (as it states at the beginning of the phone call when you call them)
he said so that he could refer us on to an agency that would help us with debts and they could freeze interest etc therefore freeing up more money to pay off our arrears.

I did say that I am capable of referring myself if needed but he still insists that unless this is completed and returned to them they won't come to an agreement re me paying extra off the arrears.

btw I have been paying extra each month by bank transfer so I am more than willing to pay extra, just don't see why they won't come to an arrangement re the arrears.

magpiecottage

According to the FSA register, Engage Credit is in London and you are in the North East, so unless they have branches in your part of the world insisting you come down to London or they will keep charging you seems unfair.

I suggest an e-mail to compliance@engagecredit.com or a fax to 0845 0175086 telling them so might be a good move.

lemonpopcorn

magpiecottage wrote: »

According to the FSA register, Engage Credit is in London and you are in the North East, so unless they have branches in your part of the world insisting you come down to London or they will keep charging you seems unfair.

I suggest an e-mail to [EMAIL="compliance@engagecredit.com"]compliance@engagecredit.com[/EMAIL] or a fax to 0845 0175086 telling them so might be a good move.

slightly confused!! they haven't asked me to come down to london they have asked me to fill a income/expenditure form and return it to them before they will come to an agreement re the arrears, so can they refuse to come to an agreement unless I complete and return this form

Trollfever

It is normal practice for a creditor to ask for a Statement of Affairs when considering proposals.
The helpers on the Debt Free Wannabee Board will usually ask for one before giving advice.

noodle

Trollfever wrote: »

It is normal practice for a creditor to ask for a Statement of Affairs when considering proposals.
The helpers on the Debt Free Wannabee Board will usually ask for one before giving advice.

But if the OP is asking to pay more, not less, it's not the usual situation. It seems to me that the company is trying to get information in order to try and find opportunities to sell additional products (or get a kickback from this 'agency' doing that).

I'd be surprised if it's legal for them to prevent the OP from clearing arrears at all, let alone charge them for failure to do so... but often it takes a company coming up with unfair policies to get the regulators to stamp them out.

If I was the OP I'd prepare a very simple statement of affairs, with no detailed information about any other lending commitments, just to show the affordability of the additional payments. I'd simultaneously look into raising a complaint with whoever one complains to (direct to FSA? I've no knowledge of these sorts of things) in these situations.

lemonpopcorn

thanks noodle, I shall be taking your advice