Tweet
Unusual mortgage situation?
Hello everyone, I hope this post finds you well.
This may be a different situation but any help or advice would be really welcome. The bank here is N-RAM (Formerly Northern rock)…
1st time been in this kind of situation and am seeking some advice as to where I might stand... In Feb 2012 my mortgage went from fixed rate to standard variable. I knew it was going to go down as my fixed rate was more than the SVR.
I received an official note from my lender telling what my new payment was going to be, it was actually less than I thought and, as I was in a management position that i hated (and was making me ill) I saw the opportunity to stand down and take a lesser role within the same organisation (proved to be a good move health wise!).
The 1st payment on the new rate went through with no issues. When I came to make the 2nd instalment I was told the payment due was £706 more than I had previously paid. Naturally I queried this and was told the mortgage management unit of my lender would contact me within 48 hours...they didn't so I assumed the original payment was correct.
When I came to pay the 3rd instalment I was told I was now £706 in arrears, this made me feel sick, I have never been in arrears in 12 years of mortgage. I argued my case and was put through to the mortgage management unit who, after a few questions and denials stated I should never have been sent the 1st letter telling me what my new payment would be (no, really?). I informed them that I had stepped down from my management position on the strength of that letter and could now not afford the suggested new payment (I had still not received the new revised payment information in writing). The mortgage unit then wrote a complaint on my behalf to their complaints dept for investigation...that was 6 weeks ago.
Since then I have been inundated with calls from their collections dept asking me to clear the arrears, which are now over £2k. I have received 2 letters from the complaints dept, 1 thanking me for the complaint and that they would investigate it and the 2nd telling me they were still investigating and asking me not to go to the financial Ombudsman just yet.
I am in fear of losing my house, I have 4 young children and am looking at trying to get work on my days off to try and meet the new payments...which is proving impossible. I have been maintaining the payment originally requested.
As said at the beginning of this post, any help or advice is greatly appreciated. I am really depressed and distressed over this (as is my wife), of course I would not have stepped down if I had known of the alleged ‘new’ figure.
Many thanks
Tazbug
This may be a different situation but any help or advice would be really welcome. The bank here is N-RAM (Formerly Northern rock)…
1st time been in this kind of situation and am seeking some advice as to where I might stand... In Feb 2012 my mortgage went from fixed rate to standard variable. I knew it was going to go down as my fixed rate was more than the SVR.
I received an official note from my lender telling what my new payment was going to be, it was actually less than I thought and, as I was in a management position that i hated (and was making me ill) I saw the opportunity to stand down and take a lesser role within the same organisation (proved to be a good move health wise!).
The 1st payment on the new rate went through with no issues. When I came to make the 2nd instalment I was told the payment due was £706 more than I had previously paid. Naturally I queried this and was told the mortgage management unit of my lender would contact me within 48 hours...they didn't so I assumed the original payment was correct.
When I came to pay the 3rd instalment I was told I was now £706 in arrears, this made me feel sick, I have never been in arrears in 12 years of mortgage. I argued my case and was put through to the mortgage management unit who, after a few questions and denials stated I should never have been sent the 1st letter telling me what my new payment would be (no, really?). I informed them that I had stepped down from my management position on the strength of that letter and could now not afford the suggested new payment (I had still not received the new revised payment information in writing). The mortgage unit then wrote a complaint on my behalf to their complaints dept for investigation...that was 6 weeks ago.
Since then I have been inundated with calls from their collections dept asking me to clear the arrears, which are now over £2k. I have received 2 letters from the complaints dept, 1 thanking me for the complaint and that they would investigate it and the 2nd telling me they were still investigating and asking me not to go to the financial Ombudsman just yet.
I am in fear of losing my house, I have 4 young children and am looking at trying to get work on my days off to try and meet the new payments...which is proving impossible. I have been maintaining the payment originally requested.
As said at the beginning of this post, any help or advice is greatly appreciated. I am really depressed and distressed over this (as is my wife), of course I would not have stepped down if I had known of the alleged ‘new’ figure.
Many thanks
Tazbug
Please try not to worry unduly. In recent months NRAM have broken away from Northern Rock and I strongly believe this has caused a lot of teething problems and poor training to staff at the call centres. Trust me I have experienced this first hand and the last comms I had with the call centre I actually said to the call handler that I know more than she did! The woman was somewhat apologetic and said it was down to 'staff training by management'. Next time you recognise the number on your phone pick it up and say they have the 'wrong number' that will stop the calls. You have done the right thing to go to the complaints department. Now all you have to do is wait for their official reply to 'their investigations'.
. As it was their letter upon which I acted and stood down from my job, I am of the opinion N-RAM may have a legal obligation to do something about this. For the moment I will give them the opportunity to address and (hopefully) come up with a suitable solution...before taking it to the ombudsman.
Comment