Owe £3000 on mortgage,Threat of Reposession

mallie01

How big are the arrears?
they said about £1500 6 months behind in payments no letter just over the phone conversation,even though previous conversation says don't worry she was £136 in front of payments

How much is outstanding, in total, on the whole mortgage?
£3089

What is the contractual monthly payment?
was previously arranged to pay by phone weekly at £60 no direct debit and they insisted on weekly payments not monthly

How many years are left on the term?
apparently they said it finished in March 18th phone conversation
have asked for paper work but never recieved anything..

She has done an over the phone Budget the other day and they agreed for her to pay £65 a week but warned if you miss one payment theres no second chance house will be reposessed.

confusing if i (we) had the details on paperwork it would be a lot easier to see whats happening and not what they say over the phone.

Jonbvn

OP,

Ask your mother to request everything in writing via post.

Threats of repossession are not usually done via telephone calls?

jay1181

Jonbvn wrote: »

OP,

Ask your mother to request everything in writing via post.

Threats of repossession are not usually done via telephone calls?

Get them to send letters by recorded delivery to you so that both they and you know and have proof of whats been said/set up. I must admit i have been lucky over the past few years not to get into situations like this but I am shocked that a mortgage company wouldn't send any paper work to you/your family member and that they would start legal proceedings for what is in the face of it a very small amount in their terms, if you understand what i mean. Get every thing in writing and is it possible that they may have sent letters ect that may have been left unopened maybe even binned/miss placed ?

maninthestreet

£3089 in total, with £1500 of that being arrears?
£60 per week is £260 per calendar month. Assuming 5% interest per annum, the mortgage balance would reduce by just over £247 a month.
3089/247 = 12.5 approx. So the mortage wouild be paid off in just over a year. At £65 per week, the mortgage balance would reduce by just over £268 per month. 3089/268 = 11.5 approx.
So the difference in time taken to repay the mortgage is no more than 1 month!

mallie01

jay1181 wrote: »

Get them to send letters by recorded delivery to you so that both they and you know and have proof of whats been said/set up. I must admit i have been lucky over the past few years not to get into situations like this but I am shocked that a mortgage company wouldn't send any paper work to you/your family member and that they would start legal proceedings for what is in the face of it a very small amount in their terms ?

they promised to send a form out for me to sign so i could speak on behalf of my mother,but never recieved it,she does get letters from them,but nothing in the way of how much she owed or payments and dates.. the last call was with the manager who rang back who was going to send 2 letters out with everything on recorded delivery

so hope i will have something in black and white..

ValHaller

mallie01 wrote: »

they promised to send a form out for me to sign so i could speak on behalf of my mother,but never recieved it,she does get letters from them,but nothing in the way of how much she owed or payments and dates.. the last call was with the manager who rang back who was going to send 2 letters out with everything on recorded delivery

so hope i will have something in black and white..

You need to write and ask for the forms. When the word 'repo' is mentioned, you need to deal with things in writing - and if someone says something favourable, you should not wait for it to be confirmed, you should write yourself and record the outcome of the discussion and who and when. Keep copies, because these could be valuable later.

piglet74

Don't be fooled, my parents were repossessed at the age of 60 and 59 last year for a few £K, it does happen, I just don't know how some people sleep in their beds at night!!

I hope it all works out for the best for your mum x

mallie01

my mother recieved the new agreement and this is what they agreed could anyone explain if this is ok:

thank you for your recent query regarding the possibility of transfering your account to a repayment basis.

(and the aranged minimum monthly payments)

if you would like to proceed with the above transfer,please complete the enclosed Request to Change Mortgage Type form and please return

we strongly recommend that you seek advice before you change your mortgage repayment vehicle

Mortgage Type : Repayment

the payments she can afford and should finish about 13 months im just wondering if the change in the Mortgage Type is anything to be worried about..
thanks..

Thrugelmir

mallie01 wrote: »

the payments she can afford and should finish about 13 months im just wondering if the change in the Mortgage Type is anything to be worried about..
thanks..

Nothing to be concerned with.

we strongly recommend that you seek advice before you change your mortgage repayment vehicle

This is standard wording that the lender will use to absolve themselves of any liability. As their not offering any advice on the change.