Mortgage debt and HSBC help needed

[PlanB]

Re: Mortgage debt and HSBC help needed

So I've had a brief (1.5 hours) chat with the OP :faint:

Who says women talk too much on the phone

Anyway there's now a system in place which I'll post up tomorrow. HSBC won't know what's hit them

[MIKE770]

Re: Mortgage debt and HSBC help needed

So I've had a brief (1.5 hours) chat with the OP :faint:

Who says women talk too much on the phone

Anyway there's now a system in place which I'll post up tomorrow. HSBC won't know what's hit them

Inanticipation = HSBC - yeah!111111111111111111

[PlanB]

Re: Mortgage debt and HSBC help needed

Inanticipation = HSBC - yeah!111111111111111111

^^^ have you been drinking Mike

[MIKE770]

Re: Mortgage debt and HSBC help needed

^^^ have you been drinking Mike

Those were the days Di:juge:! all I had at the meeting to-night 1 pint lemon/lime with ice.

[TUTTSI]

Re: Mortgage debt and HSBC help needed

Well done PB.... I look forward to hearing all about your plan when it has been put in action and pleased that you and Mr Newbe managed to speak to each other and sort out this mess.

The trouble is that many people do not know where to turn and that the banks and other financial establishments use very heavy tactics as we have seen with bankruptcies recently highlighted by Celestine. That is why sites like ours need to be here to help folk that are being bullied.

[labman]

Re: Mortgage debt and HSBC help needed

Here's looking forward to later today to see what you've worked out. It sounds impressive - well done!

[PlanB]

Re: Mortgage debt and HSBC help needed

Well done PB.....

[labman]

Re: Mortgage debt and HSBC help needed

Anyway there's now a system in place which I'll post up tomorrow. HSBC won't know what's hit them

Looking forward to reading this. Sounding positive.

[PlanB]

Re: Mortgage debt and HSBC help needed

If we could talk via phone it would be good as I am failing to explain my self and l think it would be quicker and easier for me.

Well I don't know about quicker but it was certainly easier for me to hear it all in one hit. We covered a lot of ground which was food for thought I think it's best to break it down into bite-sized chunks.

The priority is your suspended possession order which you've not been able to keep up with. HSBC rang you and rejected your workable suggestion (to extend the term by six years) and said they'd call back tonight to see if you will agree to the bank's suggestion to sell your house and pay them the money instead. They based this *advice* on the fact that you have masses of equity in the property so could buy yourself somewhere smaller. Quite frankly it's none of the bank's business to tell you how to live your life. Bloody cheek of it. It's not just a house it's your home and you don't want to do that. In fact it's been your family home since 1994 and the one in which you brought up your three sons. So HSBC can go and 'do one'.

You have a repayment mortgage which is why your monthly payments are so high. HSBC didn't offer to changed this to an 'interest only' mortgage which would have halved your payments before they sought repossession, which is a clear breach of Pre-Action Protocol. They didn't offer to extend the term/length of your mortgage before they sought repossession, which was a another breach of Pre-action Protocol. You went to the hearing and got an Order to make huge payments towards the arrears on top of the huge contractual monthly payment. This is now unmanageable.

A Judge won't do your job for you so since you didn't ask the court for these concessions you didn't get them. I believe you will get a second chance if you apply to the court to Vary that SPO. I have told you to contact your local CAB to fill out the court application form for you. Luckily for you there is a CAB across the street from where you work so you said you'd pop in there today to make an appointment. You'll spend the next few days getting the paperwork together to back that up.

Now it's time to change the dynamics of what's been going on with HSBC who I think are bullying you while you are feeling vulnerable. HSBC said they would call you tonight. I said you should call them first. This shows that you are now taking control of the situation. You will tell them that you have sought advice and will be making an application to the court to vary that suspended possession order. Tell them that you have an appointment with the CAB next week and will contact them again after that.

Now to spook them with a couple of questions Ask them to confirm how much of your monthly payment is allocated to capital repayment and how much is interest. I doubt they will know the answer off the top of their head (it might be on the database) but even so you want that in writing because your legal advisor has asked you to get the information. Ask them to confirm what your monthly payment would be if the term of the mortgage was extended by 6 years. If they say it's irrelevant because they've already refused to do this, tell them that your legal advisor has asked you to get this information.

That's enough for one phone call. From now on everything will be in writing. So depending on how they respond tonight, you may need to write a letter setting out those two questions. What you are doing is laying a paper trail so you can say to the DJ that you have made reasonable offers and HSBC have been unreasonable in refusing them.

We'll take a look at the Council Tax and bailiff stuff tomorrow, and also the PPI issue. I have suggested new threads for those nasties and I'll explain that later too

[labman]

Re: Mortgage debt and HSBC help needed

Good work so far Newbe and PB - looking forward to later.

[PlanB]

Re: Mortgage debt and HSBC help needed

We talked about the shape and size of your home and I've learnt that you've got a spare bedroom. So I've suggested you consider taking in a lodger in the short-term. We went over the Maths and could see that the amount of rent you could charge would cover the amount the council are deducting from your wages for council tax arrears each month. You have had a recent visit from bailiffs (which will be dealt with separately starting tomorrow) so this extra cash would make all the difference.

This new 'occupier' would not effect your Council Tax status since you already have another adult in the house and are not receiving Single Person Exemption.

I've explained that you will have no income tax problems because under the Government Rent-a-Room Scheme you can earn £4,250 pa tax free. Read about it here:

https://www.gov.uk/rent-room-in-your...-a-room-scheme

[labman]

Re: Mortgage debt and HSBC help needed

Excellent! Well done both, potentially very good news indeed.

[PlanB]

Re: Mortgage debt and HSBC help needed

One more thing to do as quickly as possible. Get a state pension forecast. This will be used to demonstrate to HSBC (or the court if the bank don't play ball) that you will have an income coming in even if you retire in six years (and you have a good job with a Government sub-contractor so it's unlikely you'll be out of work before then). This means you can make mortgage payments if they agree to extend the term of the loan. You have told me that you've paid all your NI stamps over the years so you can expect a full pension.

Here's how to get the pension forecast online, and if you can't print it out request a paper version in the post too:

https://www.gov.uk/state-pension-statement

I will look into a prediction of whether you would be entitled to pension credit in principle. If so you may be entitled (in principle) to have the interest on your mortgage paid when you cease work. I can't promise that but I'll do some investigating

[newbe55]

Re: Mortgage debt and HSBC help needed

Hi planB and everyone else:marchmellow: didn't get in from work until 5.50, have read your posts and was all fired up and rearing to go. I tired all the phone number I have but apparently HSBC close at 6.00 on a Friday and as they promise to call me, up to yet no phone call so I reckon it will be tomorrow now, before I can take the fight to them. will keep you posted. sorry:tinysmile_cry_t:

[PlanB]

Re: Mortgage debt and HSBC help needed

Hi planB and everyone else:marchmellow:

I see someone's in a better mood

You are most definitely taking the fight to HSBC. Bring it on