Sapphire v Natwest - SORTED !

[Amy]

Re: Sapphire v Natwest

Thanks for that Wendy looks more like it hun, I shall get onto that in the morning and get it away in the post, unless anyone else comes up with a pointer or two :kiss:

Sapph, I'm after you woman.

I really think you need to sell the house. I know you don't want to hear it, but that is what I think you must do before they get a sale order and it's taken out of your hands.

At the very least, if you want me to rewrite this letter, you need to think carefully and say honestly how much you can afford to increase the payments to. You need to tell them something positive and all these ifs ands and buts are not positive.

[Sapphire]

Re: Sapphire v Natwest

If I was playing devils advocate I would ask you why are you putting repaying the other debts before your mortgage ? I am sure you have your reasons but If I was the lender thats what I would be asking you so just be prepared with the answers. The post above also agreed with my recommedation not to overstretch yourself and then fail that will look worse. But I think they will need dates and amounts for definite payments before they can decide whether thay will accept your proposal.

Jan

Just to answer that we are not paying our other debts before our mortgage, we have mortgage arrears of £1500 that we are paying back at £250 per month for another 6 months, that £250 can be allocated to the Nat West debt. The Go Debt payment of £100 is clear in 3 months that will then allows that money to go towards the Nat West Debt.
Therefore as we already pay £250 month plus £100 = £350 month in 3 months time, then in another 3 months £250 available becomes £250 + £100 + £250 = £600 unless my maths have gone wrong along the way.




Before we go any further, let me say I do appreciate all the help that everyone on here has given us and I do realise that as the Mod for the Debt Forum I should be able to sort this out myself, but dealing with your own stuff really is hard and its very hard to take an objective look at things and keep emotions out. I have read back on the conversation in chat and do realise that a lot of people think that I'm living in la la land, or was it a soap opera (someone said). But we must keep fighting, I have tried to remortgage the house, but as the market stands and the fact that there is a charge on the house as well for this debt no mortgage company is willing to help us. Also I have had the house valued by 2 Estate Agents and their opinion is ok put it on the market but don't hold your breath, nothing but nothing is selling round here at the moment, so therefore we have to keep on plugging away. Remember this is not only our home it is our place of work so we need to keep going as much as is physically possible.

Thank you

[scottishlass]

Re: Sapphire v Natwest

Sapphy I can't offer much in the way of practical advice but I am thinking about you.

Keep Strong :hug:

((((((((((((((((((((((((((((((((((hugs)))))))))))) )))))))))))))))))))))

SL xxxx

[scoobydoo]

Re: Sapphire v Natwest

Sorry I assumed the letter was regarding a first charge not the second charge. I did not re-read your thread. And I was not being critical. When I used to deal with arrears sometimes people would promise money and we would make a record of the intended payment - when they did not pay they would maybe say - ah but we then had to pay our telephone/electric bill etc. In fairness some of them were at the stage they would not even have a house to pay the electric bill on . so it is a matter of prioritising your money very carefully.

You seem to be moving in the right direction so hope your letter works

Jan

[Sapphire]

Re: Sapphire v Natwest

Sorry Jan if my reply was terse I really didn't mean it to be. I appreciate your opinion and realise that you didn't know the whole of the situation. Please accept my apologies for my attitude on the post. :kiss:

[scoobydoo]

Re: Sapphire v Natwest

no attitude I can see!

Just keep talking about it all I am sure it must help a bit. The important thing is not to put your head in the sand or things have a habit of biting you on the bum!

I am a bit rusty on mortgage arrears but will help if I can

[WendyB]

Re: Sapphire v Natwest

FWIW, I agree that all the ifs and buts are not positive, and it is a bit all airy fairy, but in the absence of you being able to come up with a "definite more money" offer to them at this time, I just thought that going with the above letter might buy a bit more time, even if its only the couple of weeks or so it takes them to reply to it. Cos you never know what can happen in even a short time.

Keep fighting Sapph.

Wendy xx

[Amethyst]

Re: Sapphire v Natwest

Sapphy - actual DATE each payment increase will take place for definate please.

[Sapphire]

Re: Sapphire v Natwest

I send our £250 payment to Nat West on the 25th of the month, earlier if the money is in.

£100 Go Debt finishes theoretically in 3 months so 25th Aug (although as you know I am fighting to get this paid off very early as we have the SD set aside hearing on 13th May). So if the debt clears earlier I will allocate that £100 straight to Nat West.

£250 Mortgage arrears up to date in 6 months so 25th Dec is the target date (earlier if I can get the money sorted).

Thanks for your help hun :kiss:

[Amethyst]

Re: Sapphire v Natwest

Wicked....will yell you in shout box

[Sapphire]

Re: Sapphire v Natwest

Ok here's another attempt at the letter

Thank you for your communication dated 24 April 2008 the content of which are noted.

Please be assured that I am still making enquiries into the possibility of remortgaging my property but as yet have had no positive response, due to the fact that there is a second charge on the property for Nat West for £54k.

In the meantime as requested by yourself please find attached an up to date I/E sheet which clearly illustrates our current financial status. I will be updating the I/E sheet on a monthly basis and can suppy it to yourselves regularly if you so require.

As you can see there are debts with arrears that will clear in the next 3 -6 months, this money could then be allocated to Nat West accordingly.
As from 25 August 2008 I can increase the payment by £100 to £350, and then from 25 December 2008 I can increase the payment by a further £250 to £600 monthly, therefore reducing the length of time to repay the debt.

You will also see that other debts are scheduled to clear within a further 12-18 months. It is my intention to increase my payments to Nat West accordingly at that time.

Further more I have recently secured a significant contract for my business, which as you know is my only source of income. This should in the near future provide substantially increased funds enabling me to greatly increase the amount of payments to you and reduce the term required to settle the debt.

I ask for your patience and consideration regarding any future decisions in this matter.

I've been racking my brains how to get in there somewhere about the house being our place of work and that if they were to force us to sell up they would not only put us out of our home but that they would also make us unemployed etc
Also thinking about getting in about our ill health, age etc or is that going too far.

[Amethyst]

Re: Sapphire v Natwest

Dear xxxxxxx

Thank you for your communication dated 24 April 2008 the contents of which are noted.

As requested please find attached details of my income and expenditure which has been updated to my current situation.

I will be increasing my payments to your clients, from the current £100 per calendar month, as follows;

From 25th August 2008 - increase to £350 per calendar month

From 28th December 2008 - increase to £600 per calendar month

It is my intention to increase my payments to Nat West after a further 12 months as other debts are cleared.

Please assure your clients that I continue to investigate the possibility of re-mortgaging my property in order to make a lump sum payment. I have previously sent evidence of this to you.

As I have previously stated, the property is our only residence and as we are self employed, our place of business and I ask for your patience and consideration regarding any future decisions in this matter.

Yours sincerely

[Sapphire]

Re: Sapphire v Natwest

Thanks for that Ame, I'll get that typed up and in the post later :kiss: Ive adjusted it slightly and added this, just thought it was a good idea to let her see that the business is hopefully picking up as well:

As previously indicated I have recently secured a new contract for our business, which should in the next few months prove to be profitable and therefore allow us to hopefully increase the payments even further.

[Guest]

Re: Sapphire v Natwest

Before we go any further, let me say I do appreciate all the help that everyone on here has given us and I do realise that as the Mod for the Debt Forum I should be able to sort this out myself, but dealing with your own stuff really is hard and its very hard to take an objective look at things and keep emotions out. I have read back on the conversation in chat and do realise that a lot of people think that I'm living in la la land, or was it a soap opera (someone said). But we must keep fighting, I have tried to remortgage the house, but as the market stands and the fact that there is a charge on the house as well for this debt no mortgage company is willing to help us. Also I have had the house valued by 2 Estate Agents and their opinion is ok put it on the market but don't hold your breath, nothing but nothing is selling round here at the moment, so therefore we have to keep on plugging away. Remember this is not only our home it is our place of work so we need to keep going as much as is physically possible.

Thank you

I made the reference to a soap opera and it was because I felt you were not being objective for the very reasons you have outlined above.

NatWest bank will not wait forever and neither will they be swayed by your letters. They want money and nothing else is going to work.

This is what is going to happen; Somewhere in one of their vast offices an entry exists on a computer. That entry relates to the debt you have with them. Buried deep within the computer code of their very complex risk management software a timer is ticking. This timer will alert a nameless, faceless clerk after the passing of some predetermined length of time that this debt has fallen due. Step one is to obtain a charging order, this has been done and the software is satisfied - for now. At some point however, the timer is going to send another alert and another clerk is going to be asked to answer a simple question "Has this debt been satisfied?" The answer will be no and so the process moves along to the next level and that is to obtain an Order For Sale. With a few keystrokes instructions will be sent to the bank's solicitors and the process will move on. It is not personal and you may think it unfair and protest, even swear. But it will remain unmoved. You are not dealing with people, you are dealing with software, written in order to minimise risk and maximise profit.

You need to understand that this is happening and prepare for it.

I am not advising that you give up and don't fight - I am simply stating that you must consider that you might lose, because that appears to have eluded you.

[scoobydoo]

Re: Sapphire v Natwest

Would it really be impossible to find somewhere to rent and run your business. ? Just think if you could sell and clear your debts the relief you would feel. A lot of people are begining to think renting is not all bad.

Jan