Mortgage debt and HSBC help needed

[labman]

Re: Mortgage debt and HSBC help needed

It's always good to see some light at the end of the tunnel. LB, via you, Plan B, in this instance, can be a real life saver at times. It's great to see things working out like this.

[PlanB]

Re: Mortgage debt and HSBC help needed





I've got your PM. That's all good. HSBC will log that call even though it was brief. Maybe we'll work on a letter to send them on Monday/Tuesday. Call them as planned on Monday evening anyway.

Have a good weekend and try not to lie awake at night worrying about all this

[charitynjw]

Re: Mortgage debt and HSBC help needed

Subbing with interest (if that's ok with you folk!)

[PlanB]

Re: Mortgage debt and HSBC help needed

Subbing with interest (if that's ok with you folk!)

It's going to be all hands on deck next week. The OP has got enough problems to fix to keep us all busy

The hard part is getting him to stop being Mr Nice and get him psyched-up to bash HSBC, but I'm working on it

[MIKE770]

Re: Mortgage debt and HSBC help needed

I started my bashing via SRA & a certain so called solicitors.

[charitynjw]

Re: Mortgage debt and HSBC help needed

It's going to be all hands on deck next week. The OP has got enough problems to fix to keep us all busy

The hard part is getting him to stop being Mr Nice and get him psyched-up to bash HSBC, but I'm working on it

I'm your huckleberry!



On second thoughts, maybe a strongly-worded letter would suffice!

[newbe55]

Re: Mortgage debt and HSBC help needed

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

Hi planb

I have spoken to HSBC to night which I found very unsettling, the phone line was very bad so I asked them to call me back but it was no better anyway I persisted, the advisor I spoke to was not at all helpful but I did sort of manage to get the information you asked for which was the monthly capital repayment and the amount I was paying in interest in moneatry terms, but he could not tell me the actual rate of interest but only that it is a variable rate, he also said the only ones that could tell me was the mortgage department but if I call them they would just put me straight through to this department which is mortgage debt department. So I ask if I could have the capital and interest payments put in writing as my legal advisor needed it and he said he would. He then said that they had done everything they could to help me so I ask what that was, to which he replied that HSBC had offered help to me before getting a court order, so again I asked which was? he said asking me to pay off the arrears but you said you couldn't afford it so we got a court order and now I am not keeping to that, and then he asked me what would want them to do and I said extend my mortgage and he said but that would just be putting me in more debt and the only possible solution would be for me to sell my house and buy another one. I advise him that I would in touch as after my meeting with CAB.

I have tried to get a statement for my pension credit online and it said I am entitled to a full basic state pension of £110.15 per week and that my state pension age is 66, if you need anymore information I will need to wait for my activation code to come through the post, I hope this is helpful to you. I still awaiting an appointment with CAB apparently you cant just walk in because its only a small brange and they are inundated so they let me know by phone as soon as possible hopefully within the next few days.

Still feeling uneasy with HSBC as their attitude seem to be you've got no hope and theirs nothing you can do.

[newbe55]

Re: Mortgage debt and HSBC help needed

Sorry the second line should read he was only able to tell me in monetary terms. Me and typing just don't go together:tongue2:

[TUTTSI]

Re: Mortgage debt and HSBC help needed

Hi Newbe

I am sure once Plan B writes a very nice letter to HSBC on your behalf, they wont be so cocky. This people in departments that do repo's can be very hard but once facts are laid down before them like the ones which Plan B has indicated that may well have to back off. As I am not familiar with all your circumstances it is hard to put forward more ideas into the pot but the Cheltenham and Gloucester v Norgan got us out of trouble when we hit a bad patch. This case allows you to spread the arrears over the remaining mortgage and not sure if you have tried spreading the arrears to the end of the mortgage.

[newbe55]

Re: Mortgage debt and HSBC help needed

Hello Tuttsi

Yes that is what happened when I went to court the problem is that I only have 7 years left before the mortgage ends and I reach retirement age. so that makes my repayment expensive, but if they extended the mortgage it would make affordable.

[PlanB]

Re: Mortgage debt and HSBC help needed

Still feeling uneasy with HSBC as their attitude seem to be you've got no hope and theirs nothing you can do.

Well they would say that wouldn't they :rolleyes2:

You did everything right in that phone call tonight. Now we go into paper mode. I'll be back tomorrow to help you word a letter to the bank

If anyone else from HSBC tells you that the only resolution is for you to sell your home (not house) I may have to resort to expletives

[PlanB]

Re: Mortgage debt and HSBC help needed

if they extended the mortgage it would make affordable.

Exactly :doh:

[PlanB]

Re: Mortgage debt and HSBC help needed

but I did sort of manage to get the information you asked for which was the monthly capital repayment and the amount I was paying in interest in moneatry terms, but he could not tell me the actual rate of interest but only that it is a variable rate, he also said the only ones that could tell me was the mortgage department but if I call them they would just put me straight through to this department which is mortgage debt department. So I ask if I could have the capital and interest payments put in writing as my legal advisor needed it and he said he would. I advise him that I would in touch as after my meeting with CAB .

Can you sort of PM me those rough figures so I can give that some thought overnight

[PlanB]

Re: Mortgage debt and HSBC help needed

I've got your PM. What a complicated system of calculations. There are four 'levels' of monthly payments and charges. I'm aware that there was a further advance at one stage but in the real world (the world in which HSBC clearly doesn't live) things should be more transparent. This maybe something the FOS would take a view on (more later on that option).

I'll get back to you tomorrow when I've had time to absorb all this

Post up when you have a date for your CAB appointment. The CAB can be a bit 'defeatist' in their approach at times so it would be good to get you equipped with the facts before you see them so you can TELL them what you want to do rather than ASK them what you should do.

[TUTTSI]

Re: Mortgage debt and HSBC help needed

Got you now, so this is why the extension of time is needed and this has to be the only way forward to have this extension which will help you financially keep the home.

HSBC can be ruthless people once they get their claws in but no doubt Plan B has more wisdom than them so they had better watch their step and once stuff goes in writing, well written and facing them with facts they will have to crawl down, well that is what we hope for. What they can say over the phone is not in writing so they could deny having said that to you....but once things are laid out in written format they will struggle to be so flippant towards you.

Hello Tuttsi

Yes that is what happened when I went to court the problem is that I only have 7 years left before the mortgage ends and I reach retirement age. so that makes my repayment expensive, but if they extended the mortgage it would make affordable.