Need advice with Mortgage problem

[PlanB]

Re: Need advice with Mortgage problem

I'll read back through your thread and emails in the next few days so you can formulate a complaint to the FOS. While the FOS are investigating the lender should not take action. This will help to buy you more time.

Incidentally there was an interesting piece in The Sunday Times a few weeks ago (I can't post the link because the paper has a pay-wall) which quoted Linda Woodall, director of mortgage lending at the FCA as saying that "a transitional period should apply after MMR (Mortgage Market Review) implementation, which should mean existing customers are not subject to new affordability tests that are intended only for new borrowers".

In other words if you can afford to pay the interest on this secured loan then the lender Woolwich/Barclays should consider offering you a new loan or extending the terms of the current loan without too much fuss. Banks have been accused of going too far and being overly draconian in their interpretation of the rules which offer flexibility to use discretion on lending to existing borrowers during the transitional period.

I raise this point because I sense you may be reluctant to sell your home with all the ensuing costs of the transaction/move when in reality you can afford to live in it as you have proved. One option may be to apply for a replacement loan but only if they won't extend the term of the current one. Actually I think the Woolwich/Barclays should extend your current loan on an interest-only basis until you are 80 years old. I have a mortgage which runs until I'm 82. Mortgages up until you're 80 are the norm in France.

[Exclus]

Re: Need advice with Mortgage problem

Thanks PlanB. One other thing to consider is that I have made four complaints over the past five months, mostly upheld by the bank, and all offering financial compensation, so should all four be part of one FOS referral, or should they be spaced out, increasing the time span?

[PlanB]

Re: Need advice with Mortgage problem

I have made four complaints over the past five months, mostly upheld by the bank, and all offering financial compensation, so should all four be part of one FOS referral, or should they be spaced out, increasing the time span?

I expect the FOS will want to combine the four complaints since they are all related to the same account albeit different issues.

The art of making a complaint is to include the resolution you are seeking then the FOS may help you to achieve that.

It's abundantly clear that the bank have made several errors since they've offered you compensation many times. We know what the bank has done wrong because they've admitted it. Now you need to decide what you want the bank to do to put things right.

That's why I raised the issue of whether you want to stay in your home or sell it and the reasons why. If you are only selling it under pressure from the bank then let's see if we can work on getting that pressure removed and a deal done so that you can remain in your home on your terms. If that's what you want.

[PlanB]

Re: Need advice with Mortgage problem

If you are only selling it under pressure from the bank then let's see if we can work on getting that pressure removed and a deal done so that you can remain in your home on your terms.

I see things have not been going too well since we last communicated in January

My mental health has deteriorated over the past few months, due in no short measure to pressure from a bank. They have recently cancelled an overdraft account, demanded that it is paid in full (they have security by way of a mortgage). I've now been diagnosed with depression, stress, anxiety and hopelessness by our local NHS Trust, and am starting therapy/counselling next week. I have informed the bank of this and am waiting to see just how 'compassionate and helpful' they will be, however I'm not holding my breathe for any positive result.
My problem with the bank has been going on for some time (PlanB knows the history and has been very helpful) and it seems that they have now run out of patience.

I have another thread on this in the housing section, and will update when there is any reply from the bank - or if they start any legal proceedings!

Update on this thread when you can and we'll see what can be done next.

There's a four letter word for dealing with banks who don't TCF and it begins with *C*. No not that word, it's CONC I'm referring to.

I'll read back through this thread but can you tell me whether you eventually referred your four complaints to the FOS?

Plan B x

[PlanB]

Re: Need advice with Mortgage problem

I can see an update on another thread where you confirm you've referred a couple of those complaints to the FOS. Great news.

The bank should not issue any legal proceedings while that's going on. The first investigation stage (Adjudicator) will take 12 weeks minimum, and then it can be escalated to an Ombudsman which can extend things by a year.

I have referred a couple of 'final response' letters to the FOS, and am waiting for them to investigate - they said it would be about 12 weeks before I would hear anything from them .

[Exclus]

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, and as I put in the other thread, I am now waiting for the FOS to investigate. 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. Not sure if this is the correct thing to do, but thought they should be aware of any ongoing correspondence. They are also aware of my health problems.
Not really hopeful of a positive outcome, but at least it may give me more time.
Our estate agent cannot understand why the house has not sold - although it seems that some lower priced property is moving in our area. Soon as it sells we can settle the bank up and get on with our lives.

[Exclus]

Re: Need advice with Mortgage problem

PlanB - didn't see your reply before posting my last post. Senior moment!

[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

[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've replied to your email

Plan B x

[Exclus]

Re: Need advice with Mortgage problem

Thanks - you know I appreciate your advice.

[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.

[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

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

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