Mortgage Arrears

An interesting Article...

http://news.bbc.co.uk/1/hi/programme...ox/7110835.stm

[thephoenix]

Re: Mortgage Arrears

Indeed it is Tuttsi, we were in arrears by 2 months when Platform started proceedings and the court granted the possession order.
We tried all sorts, including interest only to reduce payments which would free up money to clear arrears but within 1 month the discount period ended, which we didn't realise (maybe we should of) so the payments went up to the previous value but I'd of thought cuz of the situation platform would of mentioned it.
we requested a payment holiday which was refused, so we had no choice to put on the market before possession was granted but no joy.

thems the breaks

[Guest]

Re: Mortgage Arrears

This has actually been the case for some time. The case that set this precedent was Cheltenham & Gloucester Plc -v- Norgan [5.12.95][1996 1 ALL ER 44 (CA)] in which it was agreed that arrears on an agreement can be repaid over the full period of that agreement, a court not being obliged to set a shorter period.

Section 36 of the Administration of Justice Act 1970 and section 8 of the Administration of Justice Act 1973 enable the English courts to adjourn, stay, suspend or postpone the date for repossession if it is likely that mortgage arrears can be repaid within a reasonable period.

[TUTTSI]

Re: Mortgage Arrears

Hi Phoenix
I was sorry to hear of your ordeal and hope that you have now sorted out your situation. Loosing your home is rough deal and these days the lenders try to stick rigidly to their regime and blow anyway who gets in their way.

You may want to read up on the case Cheltenham & Gloucester v Norgan
This is a case where they were able to spread all the arrears over the remaining years of the mortgage, it is a well know high court judgement which does hold up.

My knowledge of this is a very recent one, where due to an unforseen circumstance my hubby had 2 serious eye ops in a matter of 3/4 months and our mortgage fell sharpley into arrears just over 3 months, We were also threatened with repossession and our account was passed to their solicitors for preparing to go to court, but thankfully with some great help on another site from some of the Moderators they helped us write a letter which included this particular case and we have been able now to have our arrears spread over the next 4 years. This has now been agreed and hopefully we should be able to achieve this.

There is also a thread over on CAG, Tideturner, he is taking his old lender to court over a repossession, it is a complicated case but I believe he is going for compensation and it is looking good for him. That is why when I saw this article I thought it may help anyone with Mortgage problems. http://www.consumeractiongroup.co.uk/forum/general-debt/34094-mortgage-creditagricole-birminghammidshires-halifa-new-post.html


I hope that I have been able to help,
Ds

[thephoenix]

Re: Mortgage Arrears

if only i had known then what i know now......tis always the case

but look on the bright side, once we have cleared wot is now owed and the mortgage agreement is concluded ( see phoenix v platform ) I will be looking @ taking them on again. but don't tell Ame

[TUTTSI]

Re: Mortgage Arrears

if only i had known then what i know now......tis always the case

but look on the bright side, once we have cleared wot is now owed and the mortgage agreement is concluded ( see phoenix v platform ) I will be looking @ taking them on again. but don't tell Ame

Good for you.
DS