Possible Claim For A Mis-sold Mortgage.

[ploddingon]

I have come a long way since my debt hell heyday of 10 years ago, but I am still not totally out of the woods. I am currently on a bit of a mission, in relation to what is left outstanding, to make one last effort to take care of as much as I can. In hindsight, one of my biggest mistakes was taking out a 20 year remortgage in 2003 to take care of unsecured debts. I don't think it was the way to go, couldn't really think straight at the time, plus don't think I should have been able to get a 20 year remortgage just shy of my 70th birthday anyway.

I turned 81 years old earlier this year. I am in mortgage arrears of 2 or so months right now, nothing majorly serious, but am very worried about seeing out the remortgage and hence passing on the burden to my wife and children. It's not like they have any money spare at all. I am certainly not expecting the outstanding debt to be written off or anything like that, but do I potentially have a case where I can argue mis-selling and potentially get the interest frozen and/or a reduction on what's left? The mortgage chap I spoke to in branch knew it was to help address unsecured debts.

The really funny thing, in a sick way, is that I somehow managed to leave the interview with a new credit card as well. And no, I am not joking or exaggerating at all. I suppose this makes me look bad and I am still not quite sure how it happened. However, the card they gave me, though heavily used, was fully paid off in the end. Any advice at all is greatly appreciated. I am willing to put up a fight for every penny I can get, as I don't think I should have gone down that road.

[Amethyst]

Re: Possible Claim For A Mis-sold Mortgage.

I agree you shouldn't have been able to get a remortgage for 20 years age 70 too. Doesn't make you look bad at all - 2003 was a bit of a peak of stupidity lending - I managed to self cert for a mortgage that year with no evidence whatsoever. Was the chap a mortgage broker or financial adviser ? and who is the mortgage with ? Did you have an income at that time ?

How is your mortgage vs equity in the property ?

[ploddingon]

Re: Possible Claim For A Mis-sold Mortgage.

I agree you shouldn't have been able to get a remortgage for 20 years age 70 too. Doesn't make you look bad at all - 2003 was a bit of a peak of stupidity lending - I managed to self cert for a mortgage that year with no evidence whatsoever. Was the chap a mortgage broker or financial adviser ? and who is the mortgage with ? Did you have an income at that time ? How is your mortgage vs equity in the property?

In relation to the 'looking bad' bit, I meant marching out of the remortgage interview with a new credit card to boot; not actually taking out the remortgage, which was simply a bit daft and done under a lot of stress. It was a remortgage taken out to address unsecured debt after all. :laugh: I do fully agree with you that the whole culture was complete and utter lunacy at the time.

The chap I spoke to was an adviser in a well known High Street bank. Does it matter what bank it was? I will happily say so if it does. I am not sure what his job title was. The income I had at the time was from my state pension and my work pension, which was nothing substantial by any means. The remortgage was for about £55,000, I currently have about £30,000 outstanding and my property is worth about £130,000. One thing they can't challenge is my age at the time, but I am sure they would try if they could...

[ploddingon]

Re: Possible Claim For A Mis-sold Mortgage.

Is this potentially worth pursuing then? I wanted to kick on with everything I could while I still felt up for it. :horn: