Need advice with Mortgage problem

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Re: Need advice with Mortgage problem

Wanted to agree with what cymruambyth posted earlier. PlanB has, and continues to help at every stage. Lots of advice happening behind the scenes.

[Exclus]

Re: Need advice with Mortgage problem

PlanB - You mentioned about mis-selling of the mortgage, and I explained about the meetings with the advisor, but I've just remembered something else. I've been looking on line about mis-selling, and one reason for this seems to be mortgaging/remortgaging to pay off credit card debts. The majority of the money we raised in the mortgage went to paying off credit card debts, and the bank were fully aware of this as it was on the application form. I try to find any paperwork here to back this up.

[cymruambyth]

Re: Need advice with Mortgage problem

Planb is excellent at dealing wth all aspects of housing.

[Exclus]

Re: Need advice with Mortgage problem

Have sent a few emails back and forth with PlanB. Confident that she will come up with an answer to my problem, but a very worrying time.

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Re: Need advice with Mortgage problem

PlanB - Things have moved on today. Received a Formal Notice of Referral to Solicitors from the bank. I have written a reply, but would like you to look over it before I post it. I'll send on all docs by email to you if that's OK. Hope for a speedy reply as getting the letter this morning was a bit of a shock and I would like to reply ASAP.

[PlanB]

Re: Need advice with Mortgage problem

I'll get some paperwork together and send it on later today.

I've got all that.

Give me a few days to read and digest.

Plan B x

[Exclus]

Re: Need advice with Mortgage problem

Thanks - I'll get some paperwork together and send it on later today.

[PlanB]

Re: Need advice with Mortgage problem

I have been unwell recently, both physically and mental health wise. . . . thought of Equity Release. Has anyone had any experience on Equity Release. I've always thought of this as very restricting and financially crippling.

Your thoughts, as always, will be greatly appreciated.

I can't give financial advice but I'm happy to share my wisdom and thoughts since we are both of the same vintage.

Here's a link to the Which? website on Equity Release.http://www.which.co.uk/money/retirem...ase-explained/

As you will see there are various schemes on offer according to your financial needs.

If you want to pay off Barclays/Woolwich that may be one option.

If you want to draw down more equity for your lifetime needs that's another.

What I will say is please don't throw in the towel with the FOS adjudicator's decision.

Do you want to email me the Adjudicator's latest view so I can see whether you should escalate this to an Ombudsman.

Plan B x

[Exclus]

Re: Need advice with Mortgage problem

Haven't replied sooner as I have been unwell recently, both physically and mental health wise.

Unfortunately I do not have the facility of pension pots etc, so extending the mortgage seems a non starter, although as I have previous said we are paying the interest ans slightly reducing the balance on a monthly basis.

The FOS decided that they would combine my complaints, and have said they think that what the bank have offered is fair. They have told me that 'the bank would be willing to work with us', but may not hold off any legal action. I asked just what did he mean 'be willing to work with us' to which he did not have a reply. Also I asked the adjudicator if the bank should have a copy of the original mortgage contract. He said that they only had to keep documents for six years. I always thought that this should be six years after the account was closed. It has been less than 3 years since the mortgage should have been finished. I take all they say with a pinch of salt.

The adjudicator has also said that there is nothing stopping the bank starting legal action even if I take his decision 'to appeal', which I presumed did not usually happen. Whether this is a ruse to stop me taking this 'to appeal' I'm not sure.

We have reduced the asking price of the property further to try to get a purchaser, and have even thought of Equity Release. Has anyone had any experience on Equity Release. I've always thought of this as very restricting and financially crippling.

Your thoughts, as always, will be greatly appreciated.

[PlanB]

Re: Need advice with Mortgage problem

The longer the FOS take to investigate your two complaints the better. You should have some protection against possession proceedings being issued in the meantime.

The FOS letters tend to give you 14 days to reply so don't rush your replies before necessary.

I'm assuming this is at the Adjudicator stage. It wouldn't be an "appeal" as such, you would be escalating it to an Ombudsman (they have several within the FOS). With any luck that should take months and months.

In my experience the Adjudicators try to broker a deal between the two parties rather then adjudge the situation from a legal standpoint. One thing that helps the process is for you to state clearly what you want the lender to do in order to resolve the situation. As well as telling them the lender hasn't acted fairly or reasonably, work out what you are seeking as an acceptable outcome.

I haven't time to read back through your thread but I think your ideal would be to extend the loan for a further 5 or 10 years isn't it? If you can back that up with proof that you can continue to make those payments well into your retirement from pension funds etc then that would help.

My motto is "if you don't ask you don't get".

Plan B x

[Exclus]

Re: Need advice with Mortgage problem

Have been writing back and forth with the FOS, and they seem to be of the opinion that the Bank have made a reasonable offer. There has been some confusion about how much they have offered - I say one figure adding up the offers in the final response letters, and the FOS seem to think it is half that amount. I couldn't really understand this as everything is writing. However I now realise that, although the FOS split my referrals to them into two separate cases, it seems that they have only been investigating one of these cases and have presumably lost/forgotten about the other one.
I have now pointed this out to them, and presume that this will start another 12 weeks for them to come up with any response. I have it in mind to appeal whatever the outcome. Anyone know the proceedure about appealing? I think the bank are holding back whilst this is with the FOS, so any idea if I do appeal, whether the bank will still not start any legal action?
Any thoughts or advice will be greatly appreciated.

[Exclus]

Re: Need advice with Mortgage problem

Thanks - you know I appreciate your advice.

[PlanB]

Re: Need advice with Mortgage problem

I've replied to your email

Plan B x

[Exclus]

Re: Need advice with Mortgage problem

They opened two files due to me receiving two 'final, final responses' - I'd complained about everything apart from the kitchen sink. Bad service, not receiving T & C's about the Mortgage Reserve Account, not receiving a copy of the original mortgage contract, SAR taking over 100 days, plus they had cashed my cheque but had not informed the right department to get all the paperwork together (all shows up in the SAR papers sent), plus a multitude of things that had happened over the past few months. As I have said before, most of these things the bank agreed that they had fallen down on and offered compensation, but I thought that the FOS was the best course of action to take things further.
Sun's out, weekend's here - lets all forget about the buggers who cause us all so many problems!

[PlanB]

Re: Need advice with Mortgage problem

I sent on all the 'final response' letters to my complaints - all offering financial compensation - and the FOS have decided to put them into two separate files . . . . I have sent on to the FOS the most recent letter I received from the bank, removing my facility, even though I am reducing the balance owed monthly.

I'm intrigued by the FOS' decision to open two separate files.

Is it one for the mortgage and one for the Advance account product? It would be good if it is.

I'll look back through your emails next week to get up to speed on this saga again.

Have a good weekend - it's the start of the spring weather so it's time for you and your wife to enjoy the beach opposite your house

Plan B x