Reeling from the Reality Check

Seasidegal58

Hi Historybuff - well done on the decluttering!

The business prospect with your daughter sounds exciting! Is it something you can share with us? - though quite understand if you want to keep it under wraps.:T


Hope all goes well on the job opportunity.

Historybuff

Thanks seaside. Keeping the business idea under wraps for the time being as still sorting it out. Yesterday's meeting went well and things will move forward on that front with links made for some unpaid voluntary work to start with, but as soon as I retire that will change to 'visiting' paid work. Good link made there.
Feeling a bit pants today. Came home early from work yesterday - awful backache that got gradually worse as the evening went on. Painful moving about. No sleep, hence feeling rough. Made an appointment at doctors for today. Worried about not being well enough for spa break tomorrow!
Today's positives:
Yay re the retirement job opening
Finished a mammoth paperwork pile at work yesterday
Three NSD in a row!

Ian_WM

Hi Historybuff,

congratulations on the hard work to date. I just have one question - your mortgage payments look like they are for a repayment type mortgage with a remaining term of around 86 months yet you also mention an endowment policy. You wouldn't normally have an endowment policy for a repayment mortgage as the policy would be designed to pay off a lump sum on an interest only mortgage.

So I was just curious about that really - could you look to stop the endowment if it is not needed?

Historybuff

Hi Ian, you're right about it being a repayment mortgage. The endowment is from the original mortgage and it was kept going as life assurance when the mortgage got changed to repayment.

joedenise

Ian_WM wrote: »

Hi Historybuff,

congratulations on the hard work to date. I just have one question - your mortgage payments look like they are for a repayment type mortgage with a remaining term of around 86 months yet you also mention an endowment policy. You wouldn't normally have an endowment policy for a repayment mortgage as the policy would be designed to pay off a lump sum on an interest only mortgage.

So I was just curious about that really - could you look to stop the endowment if it is not needed?

I believe the OP said earlier that the mortgage is due to finish in a couple of years so cashing in an endowment at this late stage would probably be a mistake as the most money is added on at the end. If, however, I'm wrong about when it's due to finish then it could be a possibility.

Denise

Historybuff

I'm not cashing it in! Thanks for taking an interest though!

Historybuff

Feeling rough this morning. Went to docs yesterday, got antibiotics. Gutted that I'm probably going to have to miss the spa break! I'll see how I'm feeling later on, but if this rough, definitely won't be able to go. That's pants.
Going back to bed.

Historybuff

Just checked Noddle - two defaults, three late payments and three up to dates! Rating has bombed - expected, but...eek!

Seasidegal58

Hi Historybuff - I'm really sorry to hear that you're feeling so rotten and do hope you make a very speedy recovery so that you don't miss the spa break you were looking forward to so much. You've done so well lately that you deserve some pamper time.


Shame about the Noodle report, but the way your banks have been giving you the run-around I wouldn't blame yourself too much!:D

burntfingers_2

Hi

Wanted to say hello and say firstly I hope you feel better and can go on your spa day after all that work then it is well deserved!

Just another thought too if you have any letters received from the bank and it says that they will freeze interest and the charges and then they go on to charge these fees challenge the bank and copy the original letter and highlight the areas that they have agreed to.

Point out to them that they have agreed to these terms and you feel disappointed that as you are doing your utmost to pay off the outstanding balances then any monies paid should be reducing the debt not just covering the interest. If they refuse to hand back the charges then you are quite within your rights to make a formal complaint to them, you will need to give them 8 weeks to respond to your complaint, if they respond and you are not happy with the response escalate it to the Ombudsman. Make take some time but well worth the effort if they find in your favour (plus the ombudsman charges the bank £500 every time there is a complaint made against them) so even if they don't give you the charges back its kinda like a kick up the backside from you in a roundabout way if you know what I mean?

I would also say not to wait for a creditor to accept the pro rata offers of payment. You have told them what you can afford and you need to send it. If you didn't send them the payment then they would say that you have broken the agreement even though they haven't officially agreed to it in the first place.

Basically people fall into 2 categories those who can't pay and those that won't pay. By giving them a financial statement you are showing that you can't pay the contractual payment although you will pay them what you can realistically afford. The creditors would rather have this on a regular basis then sporadic payments or something that is unrealistic which will falter a few months down the line.

Keep going your doing really well