nationwide mortgage big worry for my mum

Loanranger

JimmyTheWig wrote: »

I'm really surprised to hear this. What's the point of a payment holiday, then?
In fact, what's the difference between a payment holiday and just simply not paying for a couple of months?

One is authorised and the other isn't.

JimmyTheWig

Loanranger wrote: »

Deaf people can use Minicom and other text phones designed specially for them.

OP, would your mum benefit from one of these?

JimmyTheWig

Loanranger wrote: »

One is authorised and the other isn't.

But in reality, what's the difference between authorised and unauthorised here?
If it gets marked down the same then I'm not sure that it really matters, does it?

My point is that if the communication had all worked then the OP's mum might have been allowed a payment holiday. Nationwide should be looking to put her back in that position (i.e. it wasn't the OP's mum's fault that the communication didn't work). But what, exactly, do Nationwide need to do to do this? Or is she in that position anyway?

Loanranger

Can you ask in the family, if you have siblings, for money to pay her mortgage until your father can pay the mortgage again?

Loanranger

JimmyTheWig wrote: »

But in reality, what's the difference between authorised and unauthorised here?
If it gets marked down the same then I'm not sure that it really matters, does it?

My point is that if the communication had all worked then the OP's mum might have been allowed a payment holiday. Nationwide should be looking to put her back in that position (i.e. it wasn't the OP's mum's fault that the communication didn't work). But what, exactly, do Nationwide need to do to do this? Or is she in that position anyway?

This is diverting the thread.

thanksfroyourhelp

Loanranger wrote: »

Can you ask in the family, if you have siblings, for money to pay her mortgage until your father can pay the mortgage again?

have tried this already

i would help but have recently lost my job so can not

will be back on later tonight with a draft letter further advice/opinion very much appreciated

JimmyTheWig

Loanranger wrote: »

This is diverting the thread.

To me this is the crux of it.
If there is no difference in a payment holiday and missing a payment then the OP's mum has achieved what she wanted.
If there is a difference then that difference is what the OP's mum needs back.

holly_hobby

JimmyTheWig wrote: »

But in reality, what's the difference between authorised and unauthorised here?
If it gets marked down the same then I'm not sure that it really matters, does it?

Just to top and tail this so that we don't get dirverted ...

As already explained the difference is one is authorised arrears one isn't.

The main difference account wise being. that with a payment holiday the lender won't mark the missed payments as unauthorised arrears on the mortgagors account held in house - nor will any lender reference requested show the account as having been in arrears, on account of any missed payments under a permitted "payment holiday" - although it may well mention if/when any payment holiday was instigated during the mge year.

So you must understand, whether the missed payments are authorised or not, they are still missed payments or arrears however you want to term it, and the lenders have a duty to accurately record payment profile history with the CRAs - which includes months were no mortgage was paid (via an authorised payment holiday or not)

Of course if you were applying for any credit or a mge, and you had exercised a payment holiday within the prev 12 mths you would advise this with the app, with confirmation from your existing lender of their authorisation, if reqd by the new creditor.

Ok ... now thats dealt with back to topic ...

Hope this helps

Holly

holly_hobby

JimmyTheWig wrote: »

To me this is the crux of it.
If there is no difference in a payment holiday and missing a payment then the OP's mum has achieved what she wanted.
If there is a difference then that difference is what the OP's mum needs back.

Yep I agree, thats why I mentioned the fact that CRA wise the recording of the data remains the same.

The issues would be from the lenders point of view, and arrears management.

Because if the missed payments are classed by them as unauthorised arrears (due to their strict protocol re how any PH has to be requested), then we have lender admin/arrears fees etc, and the account marked as being in unauthorised arrears, which under an authorised payment holiday would not have been incurred.

Holly x

Thrugelmir

JimmyTheWig wrote: »

I'm really surprised to hear this. What's the point of a payment holiday, then?
In fact, what's the difference between a payment holiday and just simply not paying for a couple of months?

You are approaching the issue from the direction.

The customer is unable to afford the financial commitment. Therefore is already in financial distress. Highly likely to continue to struggle, default further etc. As has no capacity to cope with unexpected costs.

The lender has a responsibility to advise other financial institutions of the customers circumstances. That's the whole point of credit agencies.

In this situation. Whether payment can be made or not depends on a 3rd party. So even further removed.