repossession, but why? not being reasonable

Merlot

little_miss_spender wrote: »

I love the way you compare my situation to that of your neighbour,who is getting chemo and i greatly sympathise with her. She should not have had her house repossessed but you speak as if she deserved it. I really hope you never ever find yourself in a position where you can not pay your mortgage, i hope your perfect life where everything is written in stone and what is black is black and what is white is white continues for the rest of your life.

How dare you make assumptions about my feelings towards my ill neighbour, i never once gloated about the fact she lost her house, if you kindly look on the bankruptcy board, you will discover that I asked for advice the morning she was being reprossessed, and I took over bacon rolls and coffee as the electricity had been switched off.

The sad fact is, she didn't pay her mortgage and as others have said mortgage companies are not charities, its a sad situation but she should have been prepared for it, i.e. having savings etc.

Please do not vent your anger at me, I do not have the "perfect life", you again don't know me.

I wish you the best, I have only ever been honest with you, life is difficult and I am sorry if you didn't like what I wrote, it is an forum after all.

merlot

Dylanwing

The lender has a responsibility towards other borrowers and its shareholders and staff. If they let people off with not paying their mortgage it puts the financial security of the lender at risk. So, jobs will go and products will be less competitive. It hits the profitability of the company and the share price will suffer. In turn that will hit the performance of investments and pensions.

What a load of cobblers! OP is not asking about being let off, just to be cut a bit of slack to catch up with repayments. And try looking at Bank profits and work out what percentage the arrears of £265 are. Try looking at the other side, too many repossessions puts a massive strain on social services. It splits up a lot of familiies and creates financial costs as well as social costs. Yes Banks need to take action where there is no hope of recovery, but it is in all of our interests that they help people through difficult times, and allow reasonable time to repay any arrears.

silvercar

OP is not asking about being let off, just to be cut a bit of slack to catch up with repayments.

Cutting people a bit of slack with credit card debts generally means freezing the interest and not charging penalties. That just doesn't happen with mortgages. Freezing the interest on an interest only mortgage would mean there would be no charge! I'm sure we'd all like to borrow £1 million if we could have frozen interest, live in the house a few years and then sell up walk away and owe nothing.

Mortgages mean always paying the interest; even if you are allowed a payment holiday the interest is rolled up and added to the mortgage. To think that anyone can avoid paying the interest just because they are in difficulties is misleading. Pointing to the profits the banks make and how little forgetting about one person's debt will hurt is irrelevent.

Back to little miss spender's problem. There must be more in your paperwork than you have identified. Lenders don't take court action with just one month's arrears. As you pointed out, they are millions of people in arrears, our courts would grind to a halt if everyone in arrears made a court appearance. Please get help in understanding your paperwork and working a way forward with your lender.

dunstonh

What a load of cobblers!

You tell that to all the staff that have been laid off before Christmas by many of the lenders and associated companies.

natalie1974

Hi , You need to get legal reprsentation sorted out and fast . Go to the CAB and they will help you with this .

When you go to court you can ask the judge to add the arrears to the remainder of the mortgage and be paid over that period of time , eg 10 years left , 10 years to pay the arrears .

There was a legal case which set a legal presidence (sp?) , I have tried Googling it , I think it was something like Morgan Vs Cheltenham & Gloucester but any decent solicitor will know this .

I know this as i too was in your situation 7 years ago , my house had over £100K of equity , my mortgage minus £20 a month was being paid by the DSS . I was not aware of any shortfall as DSS said the full amount was being paid , so after about 2 years the Halifax then decided to take me to court

I then stood in court and quoted this Morgan Vs C & G at them and immediately the judge said , she is right and added the arrears to my mortgage and froze the interest on the arrears as well .

But most importantly is get down to the CAB asap and get someone to help you ok .
Hope this all sorts itself out .

Dylanwing

Cutting people a bit of slack with credit card debts generally means freezing the interest and not charging penalties

Err I was simply suggesting allowing the arrears to be paid back at a reasonable and affordable rate... Or as an alternative, extend the loan term slightly, even me at my grumpy anti-Bank best would not suggest freezing interest on a mortgage. As for the out of work Bankers, is that not something to do with highly-paid Bank 'experts' buying cleverly packaged 'secured' loans of no value?

MisterC_2

Nice post natalie1974 very helpful I think. Never been in your situation Miss spender, but I would guess that as you are on benefits you would be more than likely eligable for legal aid too from a solicitors (i.e. you dont pay for the help you get). Ask about locally for a good solicitors that do legal aid and go and speak to them about it.

couldnt believe that you have agreed £40 a month and they charging you £50. bloody crooks. I have no sympathy for these organisations, likewise you dont need chapter and verse about how you should of been prepared for such an eventuality (but other reader take not, PHI, Income protection etc etc).

Good luck.

little_miss_spender

Oh dear I do hope I havent upset anyone, but i think I had every right to be a tadge upset myself. But as I said I dont need to be made aware of the obvious, I am mentally ill not stupid. Your honest approach Merlot would have been ok if it was actually helpful advice you were giving. But it isn't it is your opinion, which doesnt help in the slightest. Thank yu to all off you that can understand my position and as you say, i dont want them to freeze the interest or for them to loose money, I just want them to be human and give me a break and let me pay back at a rate I can afford on top of the usual mortgage payment, and not charge ridiculous admin fees of £50.00 per month, for goodness sake how can they warrant that amount of money, they dont answer my letters and I think they have phoned me twice, so what is for the coffee and doughnuts.
Obviously lenders are there to make money they are running a business and in it to make huge profits, and no one is suggesting they should be charities. I take all your points about having savings, which I had but not anymore, and it wasnt spent on playstation games and adorning myself with junk. It was used for food,heat,light and of course the good old mortgage. I did have mortgage protection insurance and they eventually paid out after about 6 months, we managed to get this far because we had savings and insurance. But that doesnt last forever. The benefits system is a joke it took about 3 months to sort out just one benefit. Then they overpaid us and wanted it back. I found it hilarious that on the letter they sent to us income support it said you are entitled to £90.10 per week this is the amount the government says you need to live on. I would love to see gordon brown living on £90.10 per week. Oh that is for a couple by the way so it is £45.05 each. I mean how can anyone say that a person would choose to give up work and be on benefits.

little_miss_spender

Oh conrad how right you are of course life is about the choices you make and as i said before I am not looking for sympathy, just to find out if anyone had heard of a lender like mine and could tell me what was liikely to happen. I dont want charity just a chance to get back on my feet whilst paying what i owe and an amount i can afford off the arrears. Nothing more and nothing less and for them to be fair and reasonable and not to demand I pay them £400.00 per month on top of my normal repayment.

Also please note 1. I did have savings
2. I did have insurance
3. I hardly ever watch TV mainly documentaries
4. I dont read trashy magazines I prefer to read books
or magazines on english history
5. I do not buy things I do not need
6. I never frequent rough pubs and my partners have
never been rough, or my friends

I believe very much that life is already planned out for you and no matter what choices you make, those choices have already been made for you even if you knew about them before hand, you still couldnt change your future. It has been decided already and there is nothing you can do about it.

Scarlett.1974

dunstonh wrote: »

They are not charities.

When you purchase a house with a mortgage you take on responsibilities. If you fail to meet those responsibilities then there are consequences. Every body in this position can give you a sob story and it isn't something you would want to wish on anyone because it is not pleasant. However, it is avoidable either by not overstretching yourself in the first place or protecting your self with insurance for unforeseen events.

The lender has a responsibility towards other borrowers and its shareholders and staff. If they let people off with not paying their mortgage it puts the financial security of the lender at risk. So, jobs will go and products will be less competitive. It hits the profitability of the company and the share price will suffer. In turn that will hit the performance of investments and pensions.

Gosh, you're all heart you aren't you? I do hope you never fall on difficult times like the OP has She isn't asking to be "let off" as you so eloquently put it, she's just asking to be allowed to pay the arrears off without them slapping charges on left, right and center, which I actually don't think is *too* unreasonable.


little miss spender - I'm sorry that I have no advice for you. natalie1974's post is very interesting though and I hope it helps. I wish you all the very best for the future and for your improving health too. Mental illness, in any form, is an absolutely heartbreaking situation and is very real For what it's worth I think your mortgage co. have behaved absolutely appaulingly here.

All the best,
Scarlett xx