Possible mistake by mortgage lender

bally84

Hoenir said:

If the mortgage wasn't being paid at all. Then arrears would mount. That's the natural course of events. They've granted you a stay of 12 months with no demand of repayment.  Interest however will continue to accrue. Until such time as the debt is repaid / refinanced. Being joint owners of the property. It has become 100% yours. With this comes the entire responsibility for the mortgage. 

Appreciate that this is a difficult time for you. Focus on resolving the immediate issues first. Tidying up your credit file can come later. 

Maybe so but that was not communicated to me.  The words interest and arrears were not used.  All I was told was that the mortgage would be suspended for 12 months.

bally84

MorningcoffeeIV said:

bally84 said:

Thanks for your comments, the bits about the credit history being a fiction are reassuring.

Your credit history isn't a fiction. That's the real bit.

It's the credit score which is fictional.

OK I see.  So how serious is it that it's currently showing two months of missed payments on there?  I have never missed a payment ever and had a very good score before, I don't want to be disadvantaged in the future because of this mistake.  If it had been made clear to me that I needed to pay the interest otherwise my credit record would have been impacted then I'd have been paying it!

bally84

Also it seems strange that it is showing as a missed payment rather than a payment holiday...

MorningcoffeeIV

It's normal that it would show as a missed payment. And there's little practical difference between a payment holiday, a missed payment or an AP.

It's not ideal, but the impact of two missed payments will fade over time. If you had a previously good history (again, not score),, it's just a bump in the road.

If you can get It changed then great, but otherwise, just move onwards and upwards.

bally84

MorningcoffeeIV said:

It's normal that it would show as a missed payment. And there's little practical difference between a payment holiday, a missed payment or an AP.

It's not ideal, but the impact of two missed payments will fade over time. If you had a previously good history (again, not score),, it's just a bump in the road.

If you can get It changed then great, but otherwise, just move onwards and upwards.

Thank you, I will try.  I feel very stressed out by it, especially on top of everything else that I am dealing with.  My resilience is not at normal levels.  I feel very sad because ordinarily I would never let this happen.  Perhaps I have been naive but I also feel that I have been let down by their lack of clarity.  I am going to call the bank today and get some clarity on what payments I can make now to stop this from getting worse.  Thanks for your help. x