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Banks and historic anomalies - need an interpreter
msfp
Posts: 3 Newbie
I am in mortgage arrears with my bank. They would like me to pay off the mortgage by getting a remortgage with another bank.
I need help interpreting 'bank speak' as they also said that my home loan has ended up in the debt recovery department (which usually deals with corporate debt) as a result of a historical anomaly and legislation makes my account difficult to deal with.
Can anyone help interpret what this means and is this situation something that might be in my favour?
Thank you
I need help interpreting 'bank speak' as they also said that my home loan has ended up in the debt recovery department (which usually deals with corporate debt) as a result of a historical anomaly and legislation makes my account difficult to deal with.
Can anyone help interpret what this means and is this situation something that might be in my favour?
Thank you
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Comments
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So what is this 'historical anomaly' and how did you end up in arrears?
It is all very well asking for an explanation, but some of the context would help.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
I bet they would.I am in mortgage arrears with my bank. They would like me to pay off the mortgage by getting a remortgage with another bank
If you have 40% of the equity in your property or more, you may find the odd specialist adverse credit lender is willing to consider you.
Speak to a whole market broker. There is no lender on the high street who'll look at this case.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I ended up in arrears as a result of a health condition which meant I have either been unable to work or have had to work reduced hours. I assume the historical anomaly relates to my home loan ending up in the corporate debt department.0
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Who is your current lender?0
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