• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Repossession threat to couple who never missed a payment on their mortgage

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Repossession threat to couple who never missed a payment on their mortgage

    A couple have been threatened with repossession even though they have never missed a payment on their mortgage.

    Peter and Marian Addyman say NatWest gave them a week to repay the £226,000 loan or face losing their home, and the deadline has expired.


    http://www.dailymail.co.uk/news/arti...e-payment.html

  • #2
    Re: Repossession threat to couple who never missed a payment on their mortgage

    A couple have been threatened with repossession even though they have never missed a payment on their mortgage.

    Peter and Marian Addyman say NatWest gave them a week to repay the £226,000 loan or face losing their home, and the deadline has expired.

    The ultimatum - for which they say they have been given no explanation - comes despite the bank's nationalised parent company, Royal Bank of Scotland, pledging not to carry out any repossessions for six months.
    Consumer groups are demanding NatWest explain its actions, warning that otherwise its pledge to treat customers fairly in exchange for agreeing to a £20billion Government bailout will be undermined.

    Mr Addyman, a 32-year-old pharmacist, and his wife, who works for a mental health unit, have three sons. They bought their newly-built five-bedroom home in St Leonards-on-Sea, East Sussex, for £250,000 in 2004.

    About two years ago they consolidated their debts by taking out a second mortgage for £100,000 with a finance company, but insist they were entirely open with NatWest about this.
    After their initial mortgage deal with NatWest expired at the start of this year they took up the offer of a new interest-only loan with a £1,000 arrangement fee.

    With an interest tracker rate of just 0.04 per cent above base rate, the arrangement became increasingly attractive as rates fell. But although the Addymans insist they have never missed a repayment, NatWest wrote to them in September to say that after 'reviewing' their arrangement it was withdrawing the mortgage.

    They had 30 days in which to secure a new loan or it would begin recovery action and inform credit rating agencies of the debt.

    The letter concluded: 'We assure you that we have only reached this decision after careful consideration. However our decision is final and we are not prepared to enter into any discussion in relation to it.'

    The couple tried to make alternative arrangements, but say the fall in property prices has left them unable to find a new mortgage deal.

    They informed NatWest, but heard nothing until December 10 when the bank's solicitors wrote to them saying they had seven days to pay off the outstanding amount of £225,940.49 or face repossession proceedings.
    'We've racked our brains to understand why they could have acted in this way,' said
    Mrs Addyman, 39. 'Is it because we got such a good deal? We just don't know.

    'I could understand it if we were six months in arrears, but if it can happen to us it can happen to anyone.'

    Their MP, Michael Foster, has twice written to the bank asking for an explanation but had no response. Now the consumer group Which? is backing their case, describing the bank's silence as inexplicable.

    It said that while NatWest might have a valid reason for withdrawing the couple's mortgage, the key principle was that they had a right to be told what it was so they could try to address it.

    A mortgage specialist at Which? said: 'Lenders have the right to withdraw credit at any time by citing exceptional circumstances, but you would expect them to give a reason for doing so.

    'One reason could be that the lender is in severe financial difficulties, but RBS was bailed out by the Government so that doesn't apply. Unless NatWest gives them a reason for its actions they simply aren't able to defend themselves.'

    Royal Bank of Scotland said the decision to end its relationship with a customer was made only in 'exceptional circumstances' and insisted these had no bearing on its policy towards mortgage holders who had fallen into arrears.

    Comment


    • #3
      Re: Repossession threat to couple who never missed a payment on their mortgage

      Their refusal to give a reason is obviously couched in such terms as to give thought to a sinister reason for their decision.

      However without the couple knowing they have no chance of disputing the reasons which could simply be inaccurate/incorrect data recorded on the Hunter Database I know that if I found myself in such a situation I should be SARing Hunter amongst others

      Comment


      • #4
        Re: Repossession threat to couple who never missed a payment on their mortgage

        If the story is true, then it is outrageous behaviour by the bank. I never thought I would hear of a case of a house being repossessed when the mortgage payments were up to date.

        Comment


        • #5
          Re: Repossession threat to couple who never missed a payment on their mortgage

          This sort of despicable behaviour is no more that to be expected from the rbs. They are notoriously bad and extremely unfair and extremely hostile to their customers. They think they can do what they want and that they are above the law.

          Everybody should if they have any sort of account with them, try and switch it, that would get them rather worried,IMO

          Comment


          • #6
            Re: Repossession threat to couple who never missed a payment on their mortgage

            Originally posted by BBB View Post
            If the story is true, then it is outrageous behaviour by the bank. I never thought I would hear of a case of a house being repossessed when the mortgage payments were up to date.

            The bank would have been given the 'right to reply' by the paper so I imagine it's very true

            Comment


            • #7
              Re: Repossession threat to couple who never missed a payment on their mortgage

              There has been a lot of chatter on this story over the few forums. It simply isn't that important a story IMHO, but I think a lot of people have very forceful views on this and no doubt you disagree with me but that's life.

              Comment


              • #8
                Re: Repossession threat to couple who never missed a payment on their mortgage

                I disagree Nattie. How can it be right that a lender who agree to give a mortgage can then come along and give 30 days notice that they are withdrawing the product and threaten repossession when payments have been kept up to date. It's a very big story!

                Comment


                • #9
                  Re: Repossession threat to couple who never missed a payment on their mortgage

                  As I said, I disagree with the importance of the story. Had this happened 12 months ago we would not be discussing it in great detail. BBB, I am stepping outta this one cos it isn't, wasn't and still does not seem to me to be a big story apart from the people whose house is under threat and the stress that they are going through.

                  Comment


                  • #10
                    Re: Repossession threat to couple who never missed a payment on their mortgage

                    They have a £240k house (4 years ago so probably worth what £220 now?) their mortgage is £225,940.49 and they have an additional secured loan of £100k, so its not a good risk for the bank.

                    However without the couple knowing they have no chance of disputing the reasons which could simply be inaccurate/incorrect data recorded on the Hunter Database I know that if I found myself in such a situation I should be SARing Hunter amongst others
                    RBS use Hunter so very probably they have picked up on the over indebtedness through that. Probably something to do with this
                    After their initial mortgage deal with NatWest expired at the start of this year they took up the offer of a new interest-only loan with a £1,000 arrangement fee.
                    and this is what NationalHunter database holds
                    What is Application Fraud?
                    Applicationfraud is when an individual or group of individuals apply for financial services and knowingly misrepresents facts within their application. Some examples are given below:

                    An applicant impersonates another person after obtaining personal information about them and applies in their name.
                    Anapplication is made and the applicant deliberately fails to disclose previous address information as they have adverse financial information present at that address which would prejudice the chances of the application being successful.
                    Anapplicant inflates their annual income to facilitate access to additional borrowing.
                    There are many more types of application fraud, but all involve untruths being present within the application.



                    (Their emphasis )



                    Can you SAR Hunter ? be interesting to see what they come back with. Problems gaining credit
                    Last edited by Amethyst; 22nd December 2008, 19:31:PM.
                    #staysafestayhome

                    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                    Received a Court Claim? Read >>>>> First Steps

                    Comment


                    • #11
                      Re: Repossession threat to couple who never missed a payment on their mortgage

                      They are being evicted despite paying their mortgage ....... & it ain't important............ words fail me .............
                      ------------------------------- merged -------------------------------
                      Yes you can SAR Hunter although they reserve the right to see original documents to establish ID:grinningelf:

                      They are considered to be a CRA just like their parent Experian
                      Last edited by righty; 22nd December 2008, 19:47:PM. Reason: Automerged Doublepost

                      Comment

                      View our Terms and Conditions

                      LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                      If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                      If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                      Working...
                      X