looking for mortgage arrears advice please....

[Decanus]

Re: looking for mortgage arrears advice please....

right, complaint to the Financial Ombudsman made. At the very least, it'll look better for me that I made a complaint if it goes to court.

[PlanB]

Re: looking for mortgage arrears advice please....

If NRAM do issue you with a LBA you can respond with a reference to the Cheltenham & Gloucester vs. Norgan case where the court ruled that a lender could not have possession of a property if the borrower could pay off the arrears by the end of the mortgage term:

http://en.wikipedia.org/wiki/Chelten...ciety_v_Norgan

So do a calculation as to how much you would need to pay towards your arrears each month (on top of your contratual payment) to clear them by the time your mortgage ends. This will be a complicated maths exercise because you'll be paying back both capital and interest on the amount but there are online calculaters to help.

In the meantime here's a copy of the full COA judgment which you can't print out and send to NRAM if needed to make it clear that you know what you're talking about even if you don't

http://www.bailii.org/cgi-bin/markup...method=boolean

[Decanus]

Re: looking for mortgage arrears advice please....

that's a great find! I'll certainly keep that in my pocket in case its needed, thanks a lot PlanB.

I managed to speak with a friend of a friend who works in a solicitors, and she said they didn't think NRAM would get much joy in court, mainly because of the property I can sell and completely pay them back. To repossess, the debtor has to be seen to not be able to realistically pay the monthly fee and some on top for arrears. The worst case would be a judge slapping a time frame on it, but even that could be appealed for more time. I felt a little better after hearing that!
Also, if I can keep the debt under 2 full months mortgage payment, that will also make it tricky as it makes it look as though NRAM are jumping the gun. Again, made me feel better as I have work in April and May and can make full mortgage payments, plus a little bit on top for arrears so will stay above that threshold for 2 months. In that time I have high hopes the property will sell, as Spring is the busiest time of the year for house sales.
I feel a bit more positive all round today, thanks to advice on here and from friends. Thanks all.

[PlanB]

Re: looking for mortgage arrears advice please....

I feel a bit more positive all round today, thanks to advice on here

That's what we like to hear :cheer2:

[Decanus]

Re: looking for mortgage arrears advice please....

Well, been off fighting Barcalys on another matter (bank account charges) and NRAM had gone rather quiet of late. I had sent them a letter informing them that I would be able to make full payments in April and May, so the arrears would not grow during that time, and would they not take any action while that was the case. I failed to hear anything, so assumed that was ok.
Apparently not, as today I received papers from their solicitors giving me 15 days to pay the arrears, or else to expect repossession. Is this ethical? when I told them I could make full payments this month and next. Their solicitors conveniently list the arrears as including this current month, making it look worse,even though they know that when I make the full payment this month arrears fall below 2 months again.
Coincidentally, this has happened alongside a complaint I made about them to the Financial Ombudsman so I wonder if they escalated it due to that.

I would appreciate any advice, help, recommendations etc. The letter came as a real surprise, and 15 days from the date of their letter (arrived today, but dated 17th April) is not much time.

Thanks in advance.

[Ruby]

Re: looking for mortgage arrears advice please....

I really can't believe how they have treated you! Make your payment for this month as soon as possible and it will show that you are true to your word. It will make the solicitors breakdown of arrears out of date and inaccurate. If the legal department try to take things further they will have to start from scratch as the figures will need to be accurate and up to date.

Please note I am not legally trained but have been 'round the block' a few times......

[Decanus]

Re: looking for mortgage arrears advice please....

Thanks Ruby,
I read an interesting article elsewhere from a finance lawyer who said it is now almost impossible to negotiate with NRAM, as they are under massive pressure from the Tories to clear their books. They have to maintain the appearance of following procedures, but really only only have one aim once you fall into arrears.
my arrears are less than 2 months in total, I have always maintained payments of 60%, the most I could afford, told them in advance, did a financial planner, and have taken temp work to pay them in full for 2 months and what do I get...
solicitors letter!
May as well have paid nothing...

[Ruby]

Re: looking for mortgage arrears advice please....

Keep your side of the agreement up. If the worst happens and they take you to court for repo they will be the ones that look bad as they have been completely unreasonable and not followed OFT MCOB guidelines into treating customers fairly......

[Decanus]

Re: looking for mortgage arrears advice please....

I know, just getting a bit fed up with NRAM. You do everything you can, and they still want to screw you over...I know it is important to keep making some payments, keep making offers etc which is exactly what I am doing.
It must be bad practice though to threaten repossession in a month where I am making a full mortgage payment (plus a couple of pound extra, just so I can say I paid over my monthly amount) and a complaint is being dealt with by the Ombudsman?
seems a little odd to me, and must surely be something in my favour if it does go to court...

[Ruby]

Re: looking for mortgage arrears advice please....

The reason you would have received letters/threats despite making your monthly payment is that no 'formal arrangement' has been made with them, in which case they will (most likely) also be charging you a monthly arrears fee

[seduraed]

Re: looking for mortgage arrears advice please....

Ring them and recordthe call . Make sure you have your ledger with payments to hand . I suspect that the letters have not reached the department they want you to ring . Remeber when they say " this call may be recorded for training etc simply say "likewise" and then when you write to them next inform them in writing that you will be recording all fuure callls. Try and get the name and postition of the person you are speaking to . ideally you want their dirext line. Ring each time and ask for this person by name. Keep therecordings and have them ready for court.