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Defaulting before DMP
Comments
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But you are in shared ownership, so what are you paying in rent at the moment?
You have 30% of the property. What is the property worth? And what are the mortgage and secured loan balances?
When does the secured loan fixed rate end and what does it change to then?
How much is the car worth?0 -
no we have shared equity so we don’t pay rent. We own 70% the local authority own 30% it was a scheme that ran 20plus years ago. When we sell we give them 30% of the equity made. I hope that makes sense.
House value £160,000 top price £155,000 lower end
* Nationwide Building Society Mortgages (Mortgage) – Me & My Partner – £46,000.00
* Tandem Bank (Other Secured Debt) – Me & My Partner – £54,992.0
* Close Brothers (Hire Purchase Debt) – My Partner – £13,754.00
Car/van is worth £15,000 but obviously won’t get that book price tried to trade in and they offered us £8000 so we would still owe on the loan - partner really needs to keep the van for work or it would be very difficult
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forgot to say it’s fixed for 22years!!! At 17.5% 😩 mortgage is 4% for 1year
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Hi, I currently have a loan with Tandem too and I have recently put in an affordability complaint, the interest they charge are awful. How much was your original loan for?
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17.5% is dreadful; have a look at making an affordability complaint about this. The normal affordability complaint templates say they are meant for unsecured loans, but the same principle applies to secured loans. Resist the temptation to quote sections of the FCAs CONC rules as they do not apply. Attache 3 month sof bank statements before the loans was given. And send it to the ombudsman when the lender rejects this (which they very likely will). If you win all interest is removed.
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£50,000 if I let it run the 22 years il pay back £200,000!!!!!!!! It was just pure panic that I took it out hindsite is a wonderful thing
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please put in an affordability complaint, that's disgusting 😢
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