Is there a bank that will actually help?

Big_John_246

Please excuse the way this is written as I suffer with dyslexia and righting letters is nothing short of a nightmare.

Some years ago I sustained a back injury at a printers due to the amount of heavy paper I was lifting onto and off the machinery, this injury lead to long term sick leave and I was told that I needed an operation on my back.

I was laid off by the company, I was told I will be off work for some time; I took them to court so my wife and I would have some money to help with bills and general living while I was off work. I lost the court case and to this day I don’t know why, but I have trouble understanding things like that.

I ended being out of work for around 5/6 years and to survive we got credit cards and over the five years we accumulated a debt of just around £22,000; we also cashed in the two endowments that we had with the mortgage to help us financially.

We had to go to court a couple of times as we fell into mortgage arrears and almost lost our house on two occasions, we got the arrears paid back and we are in a debt management plan with Payplan to pay the other debts which we have got down to around £10,000.

I have been back in work for some years now and we knew we had to sort the mortgage out as we had cashed the endowments in when I was out off work, we contacted the bank who we have our mortgage with to see if they would help sort our mortgage out, after a nightmare two hour phone call that I found really hard as I don’t understand mortgages to well, the phone call was full of ridicules and really silly questions to be informed that they would not be able to help.

We only have 7/8 years left on our mortgage and will not have the funds to pay it off when the endowment comes to an end.

It is quite ironic that some years ago I tried to stop an armed robbery for them in one of there branches and ended being hit over the head but when I need there help they say they cannot help.

You hear help is out there but I cannot find it, are there any organisations that will help us with this or am I just wasting my time looking.

We are in a debt plan and asked them if they could help, they said but as we are black listed they were not able to help, which is a bit silly as if you have debt problems you will more than likely be black listed.

I am not looking for handouts just a bank who would be prepared to help us get my mortgage sorted out.

Can anyone tell me if there are any banks that will actually help people that are looking for help, I don’t think there is but I hope you can prove me wrong?

libf

It sounds like your best bet would be to either ask a family member with a better handle on mortgages to help you, or if you can't do that then engage a financial adviser to figure out the best course of action (although this will involve payment, it doesn't sound like you're in a position to sort it out yourself).

Pixie5740

This "black listing" talk from whoever is administrating your debt plan is nonsense. There's no black list just in the same way there's no universal credit score.

If you're on a debt management plan I do hope it is one with one of the debt charities such as Step Change or CAP UK and that you're not paying some shyster company.

Rather than staying with your current lender I think you should seek advice from a whole of market mortgage broker. He/she might be able to find a suitable lender for you.

Failing that, can you make over-payments to your current mortgage?

Big_John_246

Pixie5740 wrote: »

If you're on a debt management plan I do hope it is one with one of the debt charities such as Step Change or CAP UK and that you're not paying some shyster company.
?

The company that I with is called Payplan abd they are really good and don't charge for there services, I was at first with a company that did charge and made a right pis ear of the problem.

Cheers

John

ACG

Tricky one to answer as their is very little information regarding facts an figures.

How much is your house worth?
How much is your mortgage?
How old are you both?
What age do you intend on reitirng?
How much are your current incomes?
How much will your endowment pay (roughly)?

Big_John_246

ACG wrote: »

Tricky one to answer as their is very little information regarding facts an figures.

How much is your house worth?
How much is your mortgage?
How old are you both?
What age do you intend on reitirng?
How much are your current incomes?
How much will your endowment pay (roughly)?

180,000 to 190,000
£67.000
50 & 51
I suppose around 65/66
joint £20,000
Don't have endowments, cashed them in when out of work.

We have been left a property in a Will but this is probate, plus I am also on my parents Will and will inherit half of the prperty which will be around £150,000 to £200,000.

ACG

Can you just overpay on your current mortgage?
What rate are you currently paying?

Big_John_246

Big_John_246 wrote: »

180,000 to 190,000
£67.000
50 & 51
I suppose around 65/66
joint £20,000
Don't have endowments, cashed them in when out of work.

We have been left a property in a Will but this is probate, plus I am also on my parents Will and will inherit half of the prperty which will be around £150,000 to £200,000.

We are not on a fixed rate at the momment, if the intrest rate goes up we pay more.

maninthestreet

How long does the mortgage have to run?

ACG

The reason I ask what rate you are on is that it coul be there are other leneders at that LTV but the rate may not be fantastic, so even if you are not tied in it could be that you are still better off by effectively taking the risk of rate rises by using the extra money you would pay on a fixed deal in order to reduce your term that way.

The other reason I ask if overpaying is an option is that if you can get the balance down between now and when the mortgage is ue to finish you may be able to ask the lender to just allow you to carry on for a couple of extra years as it would likely cost them more to take you to court than it would to just alow you to carry on.

Big_John_246

maninthestreet wrote: »

How long does the mortgage have to run?

Around 7/8 years