mortgage been sold :(

moonbaby_2

Can anyone help or advise.
From 2010 my husband had spells of unemployment which resulted in us falling behind with our mortgage with GE money. We never qualified for help as he was never out of work for full 13weeks at a time taking odd work here and there through agencies. We were given a suspended possession order in october 2013 and have maintained our payments. We have asked if the remaining arrears could of been added onto the mortgage balance and just last week i did a reviewed income/expenditure and had the continued agreement of paying £100 extra per month. This was all arranged on 17/3/2015. I have since recieved letters and texts with confirmation and a letter stating we had maintained payments and could be elegible to capitalise the arrears currently at £1200.00 the last letter confirming our monthly payment arrangement was recieved on friday march 21st 2015.
To my horror today we have recieved a letter dated 17th march 2015 saying that as of close of business on 20/3/2015 our mortgage would now be taken over by Engage Credit and our direct debit details had been passed to them and we woyld hear from them shortly with a new account number.
i understand mortgages can be sold but im feeling scared and unable to understand why GE money have done this. Does anyone know if Engage Credit can enforce the suspended possession order as in theory we havent missed payments to them.
Our last statement from GE money also states there was £2666.00 outstanding in interest and charges which our monthly payments had been ammended allowing for this. Will this be on the mortgage or seperate. I feel GE could of helped us and removed those charges and reduced them off our arrears. I just dont know what to expect coming through the post any day soon now. All the stress of falling behind on the payments made me ill i thought we had it under contoll and were slowly on our way to being debt free

Akk223

Hi

As long as you maintain your payment then they cannot enforce it. On your ocourt order it will state that enforcement is suspended. Therefor they cannot enforce without a further court order which would mean the lender making a new application to the court. So in summary as long as you maintain the payment (including the arrears) you have nothing to worry about or stress over. Hope this helps.

amnblog

Many specialist lenders sell their mortgage books all the time and it will not affect your legal rights.


I am not sure why you feel a commercial business like GE should remove interest charges you have accrued - you can expect Engage Credit to feel the same way.


They have bought the mortgage book to generate profit so expect them to be commercial in their future dealings with you.

Rollinghills

If I'm reading it right the poster was hoping past arrears could be added onto the mortgage balance, not waved.

amnblog

moonbaby wrote: »

I feel GE could of helped us and removed those charges and reduced them off our arrears.

That's how I read it.

silvercar

Capitalised arrears of £1200 and/ or charges and interest of £2666?

I suggest you check the new lenders statement carefully. If you have an agreeement with GE to capitalise then it should be honoured.

moonbaby_2

Hi again
i have the forms here to apply to capitalise im just shocked and upset that while all thishas been being put in place last week i wasnt informed of their intention to sell the mortgage so feel a bit decieved really. Every 3months i have re-done the incime/expenditure and nothing has changed and we have continued to make tge extra £100 payment per month and got the arrears down to £1200.00
I dont know whats happend yet with the interest and charges ive had a welcime letter today from Engage but it just explains when they will take my first payment. Ive tried to call but its an answer phone. I suppose i just feel if the charges and interest were fine to be added onto the term why couldnt they just add the arrears as explained our intention once the arrears had been cleared was to continue making that extra £100 payment.
its just the uncertainty i suppose the advisers must of know it was being sold

moonbaby_2

The interest and charges were automatically added to the balance and our payments were adjusted to allow for this some time ago but we have been continuosly charged £40 per month while the arrears have been on the account so us paying the extra £100.00 has in theory only been paying off £60

silvercar

moonbaby wrote: »

The interest and charges were automatically added to the balance and our payments were adjusted to allow for this some time ago but we have been continuosly charged £40 per month while the arrears have been on the account so us paying the extra £100.00 has in theory only been paying off £60

That is no good. Nearly half your extra payments are being thrown away. You need to push for the arrears to be capitalised to avoid this. I would even consider borrowing elsewhere to get your account in better shape.

xHannahx

moonbaby wrote: »

Hi again
i have the forms here to apply to capitalise im just shocked and upset that while all thishas been being put in place last week i wasnt informed of their intention to sell the mortgage so feel a bit decieved really.
its just the uncertainty i suppose the advisers must of know it was being sold

It would have been commercially sensitive information that the sale was being planned. They would of likely sold a large batch of accounts to raise capital or funding for new business investment.

Thrugelmir

moonbaby wrote: »

its just the uncertainty i suppose the advisers must of know it was being sold

While the ownership of the debt may have changed. The same administration structure may remain in place for a period of time or possibly even longer. So the switch from a customers perspective will be fairly seamless.

You still have the same rights as to the manner in which you are treated. Unlikely that a recent decision will be reversed either. As all the lender wants ultimately is repayment of the debt in the most cost effective manner.