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Hi,
We are about to lose our home and I am about to go mad. I have 2 small children, am on my own and I really need some help and some guidance so I can challenge my bank, which is HSBC
.
I had a loan in 2004 from them to buy a house when I left my marriage. They wouldnt give me a mortgage as I had one on my marital home. I had my own business at the time and they did it because of the income in that, but it was always secured in my name not the company's. I dont know what kind of loan it is the 'name' changes with each review, the agreement that came in February is called a 'base rate fixed term loan'. The Bank Manager at the start understood that it was in place of a mortgage and the rate was set at 2% above base. It was written into the agreement that they would replace this loan with a residential mortgage when the marital home was sold which it was in September 2009, but with very little equity left given the housing drop.
But the bank didnt do this. Instead in October 2009 a new bank manager comes in. He puts the interest rate up overnight without any discussion to 6% above base doubling the monthly payment. Then in September 2010 he demands I pay him £5,000 or he will increase it by 100% again. I ask for details about why he has done this when interest rates are so low, again no answers. He then sends me a reviewed agreement which is very odd and says something along the lines of 'whilst we assume this loan is for buying a house we recognise it can be used for other things.' I am still paying £750 a month which was the pre Sept 2010 figure as I cannot afford the £1400 post Sept 2010 figure.
They have now called in the loan and it has gone to the recovery dept. They are not very nice people. I asked for a subject access request in December 2010. I got all the electronic files but no paper files despite it being in a structured system and have now been told I cant have it as it is for 'internal use only'. I have sent a complaint to the ICO.
I want to be able to prove that they should have converted this to a mortgage in Sept 2009 as that is what they promised they would do. Some contracts it is written into, in others it isnt but is was always the underlying premise.
They have also set me up with a service account so I pay my money into there rather than the loan. It is a business account yet I am not self employed and the company folded in 2005. When the new manager put up the rate he sent it to the marital home (I dont know why, the previous manager sent it all here and had meetings with me here too so it was clear where I was living) and all the account statements. My ex took great delight in presenting it to the court as it was about 5k overdrawn as I didnt know about the interest rate change and hadnt been paying in enough. I cleared it but it now keeps happening so I am getting charged an unagreed overdraft interest on top of the mortgage making the mortgage interest about 28% above base. I'd like to be able to get those charges back.
I dont understand why they would offer me a loan for 12 years, which he did last September, and not a mortgage as they promised. When I asked he said 'I am not a mortgage broker'. I asked to be put in touch with their mortgage team and nothing happened.
I have put the house on the market. It is breaking my heart as it was my Mum's house and I bought it back from siblings, so Ive pretty much lived in it on and off all my life. Its been a safe bolt hole for me and the children but I dont know what else to do. I am really worried that they can make me bankrupt instead of go for possession ... I am all over the place.
Im sorry this is so long but I want to try, I just dont know how. I cannot afford a solicitor, I can barely afford to feed my children right now and we have sold everything to try and keep making some of the repayments each month.
Id like to know what legislation governs the loan. Is it exempt from the CCA? All was pre feb 11 when they changed things. Could it be seen as a mortgage? and governed by the Mortgage Act?
We are about to lose our home and I am about to go mad. I have 2 small children, am on my own and I really need some help and some guidance so I can challenge my bank, which is HSBC
. I had a loan in 2004 from them to buy a house when I left my marriage
. They wouldnt give me a mortgage as I had one on my marital home. I had my own business at the time and they did it because of the income in that, but it was always secured in my name not the company's. I dont know what kind of loan it is the 'name' changes with each review, the agreement that came in February is called a 'base rate fixed term loan'. The Bank Manager at the start understood that it was in place of a mortgage and the rate was set at 2% above base. It was written into the agreement that they would replace this loan with a residential mortgage when the marital home was sold which it was in September 2009, but with very little equity left given the housing drop.But the bank didnt do this. Instead in October 2009 a new bank manager comes in. He puts the interest rate up overnight without any discussion to 6% above base doubling the monthly payment. Then in September 2010 he demands I pay him £5,000 or he will increase it by 100% again. I ask for details about why he has done this when interest rates are so low, again no answers. He then sends me a reviewed agreement which is very odd and says something along the lines of 'whilst we assume this loan is for buying a house we recognise it can be used for other things.' I am still paying £750 a month which was the pre Sept 2010 figure as I cannot afford the £1400 post Sept 2010 figure.
They have now called in the loan and it has gone to the recovery dept. They are not very nice people. I asked for a subject access request in December 2010. I got all the electronic files but no paper files despite it being in a structured system and have now been told I cant have it as it is for 'internal use only'. I have sent a complaint to the ICO.
I want to be able to prove that they should have converted this to a mortgage in Sept 2009 as that is what they promised they would do. Some contracts it is written into, in others it isnt but is was always the underlying premise.
They have also set me up with a service account so I pay my money into there rather than the loan. It is a business account yet I am not self employed and the company folded in 2005. When the new manager put up the rate he sent it to the marital home (I dont know why, the previous manager sent it all here and had meetings with me here too so it was clear where I was living) and all the account statements. My ex took great delight in presenting it to the court as it was about 5k overdrawn as I didnt know about the interest rate change and hadnt been paying in enough. I cleared it but it now keeps happening so I am getting charged an unagreed overdraft
interest on top of the mortgage making the mortgage interest about 28% above base. I'd like to be able to get those charges back. I dont understand why they would offer me a loan for 12 years, which he did last September, and not a mortgage as they promised. When I asked he said 'I am not a mortgage broker'. I asked to be put in touch with their mortgage team and nothing happened.
I have put the house on the market. It is breaking my heart as it was my Mum's house and I bought it back from siblings, so Ive pretty much lived in it on and off all my life. Its been a safe bolt hole for me and the children but I dont know what else to do. I am really worried that they can make me bankrupt instead of go for possession ... I am all over the place.
Im sorry this is so long but I want to try, I just dont know how. I cannot afford a solicitor, I can barely afford to feed my children right now and we have sold everything to try and keep making some of the repayments each month.
Id like to know what legislation governs the loan. Is it exempt from the CCA? All was pre feb 11 when they changed things. Could it be seen as a mortgage? and governed by the Mortgage Act?
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