Re-mortgage hell URGENT HELP REQUIRED

Kemp1

Mortgage now interest only. No options to take on another secured loan as now have no equity left in my property, self-employed with little to no income and now bad credit ratings with two missed mortgage payments and impending CCJ's. Have been offered a £15k loan at almost 30% APR over 15 years - financial suicide if I sign, besides which it wouldnt be enough now!

silvercar

would it be enough to tide you over until you get redress from NatWest?

fc123

Hi Kemp.......I have read through the replies and your 2nd post and think it would be a good idea to break this whole nightmare situation into 3 portions....I am writing with a lot of sympathy so please don't take any suggestions the wrong way...they are only trying to help a bit

1; the whole mortgage rip off; keep it on this board. There is a suggestion for obtaining legal advice. The first half hour is free.
You also have a complaint going through the Ombudsman service. What wories me is that one can hope that there will be justice and you will have a favourable outcome.....the BIG problem is what happens in the meantime.
To concentrate on that may need a post on the DFW board.

2; Your immediate financial crisis. You will receive a lot of sound tips from DFW board on dealing with the CC and mortgage arrears...there are people on there who have managed to stave off reposession when they thought it was hopeless. Please come over and see what they can advise.

3; the business; as you have not posted any info, cannot advise but I do know that, though short term cash flow problems can be a nightmare, loans can mask deeper problems. Are you sure that the venture will eventually come good? If that is the case, can you survive financially until it does?

Whether it is because of the mortgage selling issue or not...your cashflow on a personal level is now shot (I'm not trying to stress you out by stating it BTW) and so you will need to make some difficult decisions.

Can you back out of the business short term and return to anything salaried...just to keep up the monthly payments??

Can you survive (without a settlement ftom Nat West) the next 2 months?

I am stuck now...but from your post I feel the 3 seperate problems are all merged into one (which they are) and need to disentangled and dealt with individually.

TEDDYRUKSPIN

This is a horrid story. I am greatly sorry to hear about this.

You should definitely bring this to the ombudsman and to court.

Main thing is, is that you did not sign the final offer documents, right? If so, Natwest are not obliged to complete the mortgage.

The strange thing is, if they were bringing over the loan as well, this should have completed the same time as the other picture loan is a second charge loan.

YOU HAVE LOST MONEY OF BAD ADVICE.

Is your business account with Natwest. Make sure you keep all records of resulted financial loss! You will definitely get a reply and can take up to a maximum of 8 weeks. Any longer, you have the right to chase thisup and even bring them to court.

itsgototstop

I am so sorry you are going through the mill at the moment.

I have never heard of a presigned mortgage application? I think that sounds like nat west talking hogwash.

Doesn't "treating customers fairly" kick in, per FSA I think.

Could you take loan of 15k in short term as long as no redemption penalties?.

I would be tempted to send my story to a few newspapers or tell Natwest I was going to.

This must come under mis selling:mad:

itsgototstop

http://www.howtocomplain.com/cgi-php/cat_info.php3?MajorID=4&MinorID=11


Can you think about trading standards and definitely see CAB who may be able to help. ( See above).

Can you remember exactly what/when you signed anything?. If you didn't sign final offer document from them you would not be expecting it to go ahead?.

Sadly I think its just CC, but if they can't produce a signed agreement how is it enforceable.

mdj1

I do feel so sorry for you, the stress of it all must be unbearable.

Firstly, seek legal advice, speak to the CAB, it sounds like you have been serisouly mis-sold the mortgage. They had no intention of giving you the loan, they just used that to get you to go ahead with moving the mortgage, just like many companies did with PPI, ( take the PPI and it will improve / guarantee you get the loan ) My personal opinion is mortgage mis-selling will be the next big claim!

You need to keep copies of EVERYTHING related to this. If your credit etc has been effected due to the negligence of NatWest then they will become liable for this.

Personally, the obudsmen is only one option, I would start looking at the legal route.

I do think this is an extreme case, and that we haven't really got all the details, but I would sugges that you could even send the details to BBC watchdog and also send details to all the major newspapers. Chances are none of them will even reply, but you only need one to bite and it will make NatWest stand up and take notice.

I wish you all the best, but please keep us all posted, as its so annoying when people post liek you and never follow it up.

chappers

Just one word of advice not directly to do with the nuts and bolts of this ,but as NATwest have been so devious on this only communicate in writing with them, you will probably need all the documentation you can lay your hands on when this comes before the ombudsman or court.
Make sure you always reply promptly to their letters and as I'm sure you already no keep everything.
Also have you explained to the ombudsman your predicament and do they not have a code of practice which lays out a time frame to which they must adhere.
Personally speaking I think you should be taking some legal advice NOW and probably from someone a bit better versed than the CAB(no disrespect they do some great work)

silvercar

I took it that a pre-signed mortgage application meant you saw the NatWest mortgage broker who got you to sign the application and he then completed the details afterwards. This is going to be hard to prove.

Without considering the carrot of a business loan if you move the mortgage, the mortgage in itself sounds dodgy, why would anyone combine a mortgage and loan if the net result only incurs set up charges and redemption penalties and then doesn't reduce payments. This points to miss-selling.

fc123

Just logged in to see if you are here......;)