No harm in applying for other payments anyway. If you don't qualify then the relevant authority will soon tell you.I wasn't feeling to confident after speaking with them as they informed me that I'm more or less getting all I'm entitled too.
No harm in applying for other payments anyway. If you don't qualify then the relevant authority will soon tell you.
Did you get all this in writing from them?I have contacted Start about that one missed payment.
They are okay as long as every couple of weeks there is something payed off. It will not affect my ICB rating as long as this happens and as long as there is no other payment missed.
I think that few, if any, sub-prime lenders do.I asked them if they offer a 'holiday' from your mortgage for 1 - 3 months like other lenders but they don't offer anything of the sort.
Did you get all this in writing from them?
No..just a discussion over the phone this lunch time with a member of their 'customer service'
I probably should have requested a letter confirming our discussion.
He just informed me that the call was recorded.
I think that few, if any, sub-prime lenders do.
I'm sure that some do, I've known of two cases where people have taken a break from their mortgage for 3 months.
Apologies if the following post is very harsh, but it is my honest opinion on the matter:
Something you're very much entitled to.
I've read this thread from start to finish. I'm not surprised you are in your current situation.
Either am I, but for other reasons, but I've pointed that out myself and I don't need my nose being rubbed in it.
You put a deposit down on a home even though there was no chance you could get a "normal" mortgage. You have a history of bad credit. You do not understand interest rates. You cannot afford a home without a 100% mortgage.
First of all, the deposit was given before we had a refusal from IIB.
Secondly, yes back then I was a lot less understanding of Interest Rates than I am today. I don't like the tone of your post, you are almost labelling me as stupid.
Clearly you were not in a position to even consider getting a mortgage. I don't believe you understood the seriousness of having debt for 35 years.
Well I understand it now!!!
You were given an incredible amount of support here, yet you ignored all their advice and stupidly got a high interest mortgage.
I have already thanked the people who gave their support and advise back then and indeed in the recent days. Yes, I didn't take it all on board at the time. I let other things cloud my better decisions and done something very foolish and silly. I'm paying the price for it today.
I am very sorry to hear you have now split up with your partner.
I do not think you are capable of sorting out this situation. I do not think you fully understand the concept of debt. I am concerned you will do something stupid as a temporary solution to your situation.
If I thought I could sort this out myself I wouldn't be back on this thread asking for advise again would I? No, I cannot sort this out myself and am well aware that I have left myself with heavy financial burdens. But don't tell me that I don't understand the concept of a 35yr dept. I understand it alright. Things changed dramatically since my original post, I'm trying to keep my head above water here and am doing so just by the skin of my teeth.
This is my advice:
Well done for contacting MABS. You need to follow every word of their advice. Do not override their advice, as I do not believe you are capable of making wise financial decisions.
You need to let the experts decide what you need to do. Do not try to solve this situation yourself
I'm sorry if my reply is a bit on the defensive side but I'm not insterested in negativity anymore. I have given myself a hard enough time without having to defend myself on here.
bmg said:First of all, the deposit was given before we had a refusal from IIB.
Secondly, yes back then I was a lot less understanding of Interest Rates than I am today.
I understand you thought you could just stop paying your loan when you got pregnant, so you didn't realise you had bad credit, but to me that is another symptom of not understanding the basics of debt. Why would pregnancy mean you don't have to pay your loan?!
My contructive advice is to not overrule the advice of people more knowledgeable than you, e.g. MABS or people like 2pack, etc.
I really only posted to show support as the last few threads i think would've got you down.. Keep your head up x
bmg,
don't be too nervous. This isn't a bad thing you are doing it is a positive action and a decisive step, there are others ahead but at least if you take this one, you will have help taking some other ones. Remember, you have kept your head above water and you aren't falling behind on your loans so you are taking this step before you are forced to by circumstances.
One thing I might suggest would be to maybe do some preparatory work before going into the MABS office for your appointment. Have payslips and statement accounts sorted out and put in a folder. Include recent household bills and any other expenditure that you keep evidence of. Look at the MABS website and go through the steps there, or at least make a start at it, this is probably where they will start so no harm having the exercise complete. List your debts and prioritise them. Identify your necessary day-to-day expenses. Identify monthly, quarterly, annual etc expenses. Make a first attempt at a budget in their template. And bring all this with you. Request your ICB report to see how it now stands, bring that along too. Going in prepared will help both you and them.
Best of luck
Renting a room is not an option at the moment. The 'spare room' is not furnished. I just don't have the extra cash at the moment to do it up.
Some harsh comments there especially considering the predatory lending practises of certain institutions in the last few years. What's done is done so unfortunately your advice can't do much for the OP at this stage. At least they are taking the necessary actions to get it resolved now though.Clearly you were not in a position to even consider getting a mortgage.
Some harsh comments there especially considering the predatory lending practises of certain institutions in the last few years.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?