Bank refusing my proposal to make (sustainable) mortgage payments?
- Thread starter Thirsty
- Start date
Brendan Burgess
Founder
- Messages
- 52,284
You will need to provide the following information:
Information required for mortgage arrears and negative equity questions
What you consider sustainable might not be what the lender considers sustainable.
Brendan
Information required for mortgage arrears and negative equity questions
What you consider sustainable might not be what the lender considers sustainable.
Brendan
You will have been required to provide the Bank with a SFS. The bank will then access your capacity to pay based on your percieved ability as represented by the SFS. The Bank are entitled to require you to pay any amount they access as being affordable up to the level of the agreed P&I repayments. If your offer to make what you believe is he best affordable level of repayments (sustainable is not an issue) is refused then you are entitled to appeal the bank's decision. Should your appeal fail you will be deemed non-cooperative if you refuse to meet the payment level demanded by the Bank an you will be excluded from MARP.
Thanks for splitting this off, sorry for mistake.
There is a God!
I went off to my file to check details to fill in the information required and to my joy and delight found a letter from the miserable crew where they have clearly stated they will accept interest only payments.
At the time I replied that I wanted an undertaking from them that they would cease demands for repayments so long as the interest only payments were being made as had been firing out pro-forma letters even though they were getting money.
But I think now I will just fire their letter back at them and set up a standing order!
There is a God!
I went off to my file to check details to fill in the information required and to my joy and delight found a letter from the miserable crew where they have clearly stated they will accept interest only payments.
At the time I replied that I wanted an undertaking from them that they would cease demands for repayments so long as the interest only payments were being made as had been firing out pro-forma letters even though they were getting money.
But I think now I will just fire their letter back at them and set up a standing order!
Gerry Canning
Registered User
- Messages
- 2,504
Thirsty.
I hear your anger but anger is not a good policy.
You have the letter that they will accept interest only.
1. Be careful that this is not just for a fixed time.
2. If it is open-ended then happy days for you !
3.Do not then get stressed over (demands)
4. If things improve chip away at the principal as rates in time must rise.
If it is not open ended for ever(I don,t think it will be) study carefully what you can do and work from there.
Make sure you do not drift outside the MARPS process.
I hear your anger but anger is not a good policy.
You have the letter that they will accept interest only.
1. Be careful that this is not just for a fixed time.
2. If it is open-ended then happy days for you !
3.Do not then get stressed over (demands)
4. If things improve chip away at the principal as rates in time must rise.
If it is not open ended for ever(I don,t think it will be) study carefully what you can do and work from there.
Make sure you do not drift outside the MARPS process.