Can't stop shaking..

Janey51

Well. the house sale went through :j

And here's an interesting thought which I might have picked up wrong from a post on the Debtquestions website forum.
Have the RBOS broken the OFT guidelines by making themselves a preferential creditor because they have made sure they got all their money up front when we are with the CCCS in a DMP?

I've probably misunderstood what it said but wouldn't it be lovely to see RBOS get their knuckles rapped?

CLAPTON

how much debt do you have, how much are you paying each month and how much money is there left over.

maybe its still possible to do F&F to reduce the debts further

bank_of_slate

I just wanted to add to the support for you!

I am not a RBOS fan!
When me and my hubby were looking for our first house, we went to them for a mortgage. I was told to get copies of my bank statements for several months to show income which cost me £60!!!!
When I went back to the RBOS they said they wouldn't give us a mortgage anyway because my hubby had always been paid in cash and had never had a bank account!
B@!**^ds!
I wish I'd have been a bit more savvy to sort it out back then but we were only kids!
...Linda xx

Janey51

Hi CLAPTON. We are not sure how much money we will have left over as the house was Buy to Let and we need to see about Capital Gains Tax.It should be about £40000
Our total remaining debt will be about £60000. We have been paying £5pm to each of our creditors through the DMP with CCCS with a total monthly payment of £125. Now that the RBS is out of the equation, there will be £30 out of the £125 monthly payment to be divided amongst the remaining creditors.
We are due to do an annual review with CCCS next month. We asked them what to do about the house profits and they advised to initially offer an increase in monthly payments then try and negotiate F&F offers when we know how much money is available.

CLAPTON

it will obviously depend upon each creditor but if you are only paying them £5 a month i would have expected that a F&F offer of 50% would be very reasonable and would have a good chance of acceptance. even if only some accepted it might reduce the amount owed to a manageable amount.

silvercar

your solicitor should have told you when you took out the mortgage that the charge on the property could be used as security for any debts you have with the same lender.

I recently moved house. When we went into the solicitors to sign the papers he told me this. Unbeknown to the solicitor, I had a business loan that was subject to a personal guarantee. By taking the mortgage I was effectively changing the status of this business loan to a secured loan. I was really unhappy about this. Firstly, it means the bank is getting a secured loan while I am paying higher unsecured rates. Secondly, it defeats one of the points of having a limited company, if the borrowings are linked to my house. Thirdly it puts my husband in a position where our property is securing my business.

I was a bit annoyed as it was too late to re-arrange a mortgage with a different company so near to exchange. Reading your thread I wnder if you have a case against the solicitor for not warning you?

As it happens, the business is currently doing well and our mortgage payments are under control, but that misses the point.

When we come to remortgage I will move to separate this link.

The postscript to this is that I've just had a letter from the bank offering to increase the overdraft by 50%. Any connection to their security?

BettiePage

Reading your thread I wnder if you have a case against the solicitor for not warning you?

Doubtful, as she signed to say that she had read the t's & c's. Caveat emptor and all that.

Janey51

Thanks for the comments.
The mortgage was arranged by the then manager of the local RBOS who, as I said in a previous post, also sold us a useless Mortgage Protection Policy as it was a Buy to Let mortgage. I actually queried that we could have this policy at the time but was told it was not a problem.
The arrangement was that if either myself or my husband were in a position to claim, we could claim half of the mortgage premium. THe RBOS never even contacted us, just refunded the premiums paid to our account. I was so mad I just through all the paperwork away which was really silly I know.
The whole thing was a fiasco really as when we first applied for the mortgage, the RBOS sent a surveyor into the property to value it...and then discovered he was no longer on their list of approved surveyors!!

Anyway as BettiePage says, we did sign to say we had read the Ts & Cs so its really our stupidity.