Please help re mortgage 31 March 2015 at 2:51PM edited 31 March 2015 at 4:52PM in Mortgages & endowments 2 replies 521 views

Ziggymax

Can someone please help re my situation, due to cicumstances I had to drop hours that I worked from 6nights pw to 2 nights,my 14 year old daughter moved in with me after divorce this was 2011
At that point I informed the bank of my situation and was put on interest only from repayment this continued into the second year of interest only but at no point in arranging this was I informed how much my mortgage payments would be after the interest only period finished the bank knew my income was around 1100 per month but when the interest period finished the bank was now looking for me to pay 820 per month, at that point I asked the bank to extend my mortgage this was refused due to the mortgage finishing when I was 65 but there was a sub account on the mortgage which finished in 2017 and this was causing the high repayments I had forgot about this part due to going through bad divorce ect and my annual mortgage statements hadn't made that part clear as there was 5 sub accounts on my mortgage and at no point was I giving the option of extending this part or fully informed of this part of the mortgage whilst in contact with the bank and I was not ever informed of what my payments would be at the end of interest only.
Trying to make payment of 820 per month from an income of 1100 meant I was getting out of my depth and missed payments ,the bank knew my situation and income they also knew I was on a debt arrangement scheme but in no point of contact did they ever offer the option of extending the mortgage especially the sub account which was causing the payments to be so high, they had also carried out a financial review over the phone early 2013 so knew full well of my situation
In dec2013 the bank sent an external field agent to my home they charged me 100 for this, on his visit I recorded the conversation in case he gave advice and at that point of his visit the bank knew I was off work due to an accident and was waiting for an operation my income at that point and for 6 months was ssp of 400 per month but the bank where still pushing for 820 pm the field agents advice to me was to not to pay the bank as the money would be better in my control this was the only advice he gave me.
I informed the bank in jan2014 of what the field had said for this to dissmissed and to be told I need to make payments of 820pm I tried my best to make these payments which put me further into debts cause I was now missing payments to other things council tax ect and incurring fees by missing other payments
In August 2014 the bank phoned me out of the blue and asked if I would like to consolidate my debts with them which would now bring my payments to 960 pm even though they already knew my income but at least they gave the option to pay more but never an option to pay less
In February 2015 whilst phoning the bank to make an 820 payment I yet again mentioned what the situation had been through out and for the first time the person I spoke to said I had grounds for complaint this was then acted on
The bank reduced my monthly payment to 540 pm and offered 200 in good will and offered to remove some charges amounting to 400 but between nov13 to feb14 the bank had added over 500 in charges and nearly every month when I was late with a payment or missed a payment I was being charged 35 twice for the same letter
I also informed the bank that Ive still the recording on my phone between the field agent and myself but the where not interested in listening to this but it's the only way I can prove these events have taken place as they wont believe anything I say to them regarding any of this as its not on there system so how am I meant to prove anything
Can some please advise is this worth taking to the financial ombudsman because im now in a real mess due to the banks inability to listen or give me options this has caused me to get further into debt and make bad financial decisions regarding what was being paid and what was missed and at the end of the day I'm now in further financial hardship due to all this
This is my first post and all I'm looking for is advice please excuse spelling mistakes and bad grammar but I do need help. Frank

enthusiasticsaver

The fact that they have offered you something now presumably means they feel you may have a case. Taking cases such as this though to financial ombardsman can be protracted and they may come back with similar offer you have at the moment.


I would calculate all the fees you have paid to the bank due to the unsustainable high repayments and see what it comes to and whether it at all matches what they have offered you. How have they come to the new payment - by restructuring one of your loans or changing the interest rate?


You could try going back to the bank and seeing if they will up their offer first.

Ziggymax

enthusiasticsaver wrote: »

The fact that they have offered you something now presumably means they feel you may have a case. Taking cases such as this though to financial ombardsman can be protracted and they may come back with similar offer you have at the moment.


I would calculate all the fees you have paid to the bank due to the unsustainable high repayments and see what it comes to and whether it at all matches what they have offered you. How have they come to the new payment - by restructuring one of your loans or changing the interest rate?


You could try going back to the bank and seeing if they will up their offer first.

The bank instantly extended the sub account due to finish in2017 to the full term of mortgage but at no point previous did they give this as an option even when asked for, if they had acted on this when I first asked, the difference in the last two years would've been aprox 3000 per year also less missed payments hence less interest being put on my mortgage account and less arrears