Re-mortgage hell URGENT HELP REQUIRED

Kemp1

A depressed update: Now have an appointed person at the Ombudsman but there has been no clarification as yet if I have a case, they're working their way through six years of bank statements and paperwork (not sure why six years!). In the meantime, I'm now two months in arrears with the mortgage, two months in arrears with loan re-payments and have companies chasing me for late payments left right and centre. Can no longer bring myself to answer the phone in the evening, dread the postman coming and look forward to work which is my only means of escape (even though it doesnt pay yet!). Mental health has gone right down the pan, cant sleep a wink and cry constantly, I have also had to give up my diploma course to which I was two years into a three year course. I failed the last exam and have no money to pay for the re-sit or even get myself to the university!!! (I passed all the others with over 75% + results). I'm so worried that if I'm now pushed into a forced sale the market is now completely different to how it was last July and my credit ratings so bad, I wouldnt pass the referencing for rented accommodation. I have no idea how, or even if, anyone will be able to put this right, the damage is so extensive. Has anyone had a case referred to the Ombudsman? Nobody can say how much longer I have to wait for an outcome, it's been 8 months now since I first approached them - its a living hell especially if I find out the best outcome would have been to sell up many months ago!

owitemisermusa

Hang in there, you have the strength to overcome all this.
Things WILL get better - do not give up!

Tough times never last as long as tough people!

Please don't bottle things up - talk to trusted friends/family. One of the most important things here is your 'mind health'.

There is a lot of good advice here - keep coming and searching for it.

I am confident we will all rejoice with you when it's all over.

OWM

Trying_to_be_good

Do you have a personal tutor, or someonelse at the University you could talk to? They may be able to help out with the re-sit fees if you explain the situation to them, and there may be a hardship fund you could apply to?

Just a thought - it mightn't be such a scary phone call as some others. Do keep talking to people, and stay on here.

Kemp1

Well that's that then! The Ombudsman have written a six page letter stating that Natwest have acknowledged there has been maladministration and poor service but that I should have instructed a solicitor prior to "allowing" the mortgage to complete and therefore there is nothing further they can do. They've completely missed the point in several areas. I have waited 8 long months only to find I had no case in the first place, I have no more energy left to argue. I hope the commission the Mortgage Adviser gained was worth it, I guess she'll just continue in her career whilst mine folds and sleep in her bed at night whilst mine is taken from me. Life is officially over!

spinko64

Hi

I am sorry to hear your news and I fully understand what it is like to be let down in such a way. I own a mortgage broking business and have been let down by companies and individuals where I am in a financial mess.

I am flabagasted that you have been let down by the financial ombudsman. I do not understand why they are not willing to pay compensation when you have been so poorly advised. Surely, to pay a redemption penalty and release no capital with higher monthly costs is wrong and they should recognise this. However, a complaint needs to be clear and concise why the mortgage was taken. I would not accept their explaination, but I understand you are spent but I would continue the fight for compensation because their explaination admits some liability.

Try to keep fighting. I am so sorry you have been let down. I can only suggest approaching a solicitor for free advice, no win no fee.

Sorry I can not help further.

I wish you every success.

UK007BullDog

Does your Building and Contents insurance have legal cover. You could try that and apeal to the Ombudsman.

Big banks do not like bad PR. Maybe try Watchdog or Panorama TV? Maybe they will settle with that?

Maybe also write to the FSA to complain.

Kemp1

Came home today to a letter from Natwest who are demanding payment of mortgage arrears within 7 days. I'm two months behind and the next payment is due soon, I have no means of paying it off. I have no idea what happens next or how quickly matters will now progress. I've checked my insurance but there is no legal cover, thank you for the advice anyway. Anyone want to buy a Y reg Renault Scenic???

fc123

Kemp1 wrote: »

Well that's that then! The Ombudsman have written a six page letter stating that Natwest have acknowledged there has been maladministration and poor service but that I should have instructed a solicitor prior to "allowing" the mortgage to complete and therefore there is nothing further they can do.
OK, it's morally wrong and outrageous (in my view) BUT you know the result now.....so remaining energy needs to be diverted into 'now'.


They've completely missed the point in several areas. I have waited 8 long months only to find I had no case in the first place, I have no more energy left to argue.
Your energy levels sound spent but you are going to need to ration it from now on. Emotional energy is precious and must be saved for the important stuff now. You can't keep on fighting the battle for justice at the moment so, please try and summon up the energy for the next one......re-establishing an income for yourself and keeping the house for the family....if that is what you want.

I hope the commission the Mortgage Adviser gained was worth it, I guess she'll just continue in her career whilst mine folds and sleep in her bed at night whilst mine is taken from me. Life is officially over!
These people are heading into their own financial crisis' ....She will have income issues in the coming 24 months...what goes around, comes around.

Hi Kemp, I just picked up your thread...have popped some thoughts into the above.

I write from personal experience and from surviving £££ crisis'....so please don't think I am typing out academic advice that has no bearing on the reality.

Breaking down the main problem, as of today you now need;
1; salary. Any chance of getting paid employment in anything? I know it takes a few wks for the salary to kick in but you need to earn again and put the business venture on ice for a few months.

2; mortgage arrears. Post on the DFW board as there are really experienced helpful (and nice) people who know how to deal with this...what to write to the lender etc.
Also loans and CC card co's. One poster was going to lose her home (3 mnths behind I think) and with the help from the board, she was able to fend off the unsecured creditors with £1 p m ofers whilst she got her mortgage back on track.
DFW board has advice on Tax credits etc...you have kids and no income...you must be entitled to something.

3; coping with the grief and feeling of being totally shafted. I understand this with all my soul and it wrenches inside. Don't let them make you ill too.
You are the only person who can find a coping strategy (you will find one).This will enable you to fight back but gain the benefit for you.
Direct the anger into seeking out another income and surviving this crisis.

I can post on mine if you like? They worked, and 4 yrs on, we are OK.


I can't think of anything further to say, constructive that is, but I really sympathise with the unfairness of it all.

Kemp1

Thanks for the advice. Cant come away from the business as its too far down the line, I've got a five year lease on the office and I would let down too many people, so need to find a way of making some cash on top. The business is breaking even, just no wages for me and no further cut backs I can make. Ive applied for tax credits for the first time as well, which might help (no news on that yet though). The letter I had yesterday was dated March 5th, it said I had seven days to pay off the arrears and to phone them immediately. I phoned them this morning and have been told that nobody can talk to me until Wednesday - (after the 7 days have passed! ) What's that all about!? They wouldnt speak to me. I phoned the adjudicator at the Ombudsman to say what had happened and he said he couldnt get involved but could only speak to the banks complaints handler to say I'd been in touch. There is no address on the letter to say where to write, just the telephone number that I phoned. It's as though they are trying to get it to look like I'm ignoring their 7 day warning. It's all so depressing.

Curveygirl

"Ive applied for tax credits for the first time as well, which might help"

Good
Now you need to complete the form for Council Tax Benefit as well. If you're just knackered and it seems daunting, go into the Council Offices and tell them you want someone to do it with you. They'll then give you a list of docs they need. It sounds as if you'll get full Council Tax Benefit from what you've said (ie they'll pay all your CTax for you), but they can't sort it until you apply.