Hi
I have dealt with the same bank for over 25 years .I have had many different loans / mortgages with them ,and have always paid them on time and in full,often making extra voluntary payments to reduce my indebtedness ahead of time.
I currently have 5 mortgages, 4 are Int & Capital repayments and 1 is interest only.
This loan was Int only initially for 5 years ,I then recieved options from the Bank for a further up to 10 yrs interest only ,instead I opted to extend the period for 1 yr at a time for each of the next 3 yrs.
Business has become harder and cash scarcer in the last few years,so before my last Int only period expired I asked for a further 12 months extension .I told them that I was at full stretch to make the payments as it is ,and having to make the increased payments would cause me to fall into arrears with my other repayments to them.
As in previous years the Bank said it would consider the request .
Mortgage payments were made by a dedicated current account which was in funds at the time of the request.
I phoned the Bank many times for a decision only to be told it had not been decieded yet.Meanwhile the current was emptied more quickly by taking Full Int & capital repayments ,when it reached its limit, Bank increased the limit to pay itself its mortgage payments but at 18% interest .Bank then asked me to sign over another unemcumbered property I own because the current security was at leval LTV ,after taking advice I declined.I phoned more often for a decision but still no news,after 4 month I discovered Bank had sent back a mortgage payment as unpaid
even though it was still telling me ''no decision'' was made,I thought they should contact me first before doing this.
At a meeting almost 5 months after my request the Bank said it would give 6 month int only in return for the additional security.
I am dissapointed with their behaviour as 1 am paying 4 out of 5 in full and the last at int only.
I have never before had an unpaid or caused any trouble to the Bank .I have never had a Tax problem ,or any judgements against me .
Is my credit record now ruined .I thought I was doing the right thing in contacting them in advance of a problem occuring.
I have dealt with the same bank for over 25 years .I have had many different loans / mortgages with them ,and have always paid them on time and in full,often making extra voluntary payments to reduce my indebtedness ahead of time.
I currently have 5 mortgages, 4 are Int & Capital repayments and 1 is interest only.
This loan was Int only initially for 5 years ,I then recieved options from the Bank for a further up to 10 yrs interest only ,instead I opted to extend the period for 1 yr at a time for each of the next 3 yrs.
Business has become harder and cash scarcer in the last few years,so before my last Int only period expired I asked for a further 12 months extension .I told them that I was at full stretch to make the payments as it is ,and having to make the increased payments would cause me to fall into arrears with my other repayments to them.
As in previous years the Bank said it would consider the request .
Mortgage payments were made by a dedicated current account which was in funds at the time of the request.
I phoned the Bank many times for a decision only to be told it had not been decieded yet.Meanwhile the current was emptied more quickly by taking Full Int & capital repayments ,when it reached its limit, Bank increased the limit to pay itself its mortgage payments but at 18% interest .Bank then asked me to sign over another unemcumbered property I own because the current security was at leval LTV ,after taking advice I declined.I phoned more often for a decision but still no news,after 4 month I discovered Bank had sent back a mortgage payment as unpaid
even though it was still telling me ''no decision'' was made,I thought they should contact me first before doing this.
At a meeting almost 5 months after my request the Bank said it would give 6 month int only in return for the additional security.
I am dissapointed with their behaviour as 1 am paying 4 out of 5 in full and the last at int only.
I have never before had an unpaid or caused any trouble to the Bank .I have never had a Tax problem ,or any judgements against me .
Is my credit record now ruined .I thought I was doing the right thing in contacting them in advance of a problem occuring.
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