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  1. I have a 10 year old mortgage that was sold by Compas Finance Broker (which I paid extortionate fees added to the mortgage) that was with GE money and has now been sold to Kensington. I went through a divorce just over 5 years ago and the mortgage was in joint names, in March last year I rang GE and asked for a transfer of equity as I now have my fiance living with me and things move on, during the phone call I went through the income and expenditure and GE cleared me for the T.O.E and sent out the forms. Due to delay of completing the forms due to family health problems the mortgag
  2. Could someone give me some advice my mortgage is outstanding around 30k and I have positive equity in my home. I am reaching near pension age and currently claiming ESA. If I decide to take out equity release to soley pay off my mortgage would my benefits be stopped. I am in a catch 22 situation what to do and am worried sick. I am under going cancer treatment and dont need this on top. As I would get one payout of say 30k from the scheme to solely pay to keep my house over my head would they stop my benefits. Or is it if they spread the 30K in instalments and treated
  3. Please help! In May 2004, I took out a single mortgage with Northern Rock a 'Together Mortgage', totaling £112K. Northern Rock incentivised the ‘Together Mortgage’ with the availability to take out secured loans against your property, for buying household items etc. Northern Rock advanced me four secured loans on the property, totaling £21K, which increased the mortgage to £133K in 2006. Due to the collapse and reckless lending of Northern Rock, the property is now in negative equity, with the property being valued at £120K. With this the mortgage/loans were transferred to an organis
  4. I hope someone, anyone can help me Background motorcyclist in front of me losses control, drops bike in middle off the road, im behind him and go straight over the top of him, result, both bikes totalled, he had busted back, I had minor injuries. He admits total liability to Aviva (his insurers), my bike is 7 weeks old and cost 10k new, insurers offer me 7.5k.. in the meantime my loan bike from my insurance company goes bust, I get pulled by ANPR for no insurance, luckily because BLD have stickers all over the bike I get off with it, that is first issue against insurer
  5. Hi All, I had a business back in 2007 and when it went pear shaped a lot of people helped me out on the basis that I would pay them back when I could. Sadly things have not gone well. Bad to worse really. I have been unable to repay significantly anyone that helped me. That apart, no one except one creditor seems to be worried about it. This guy wants a charging order on my house. I cannot at the moment make any sensible offer of payment and I am concerned that the charging order is the first step to an order for sale. Now there's not that much
  6. Hi Guys. I'd be grateful for some advise please. I split with my ex partner and the house was sold. Prior to completion I was advised by my solicitor that there was a Charging Order on the house for my ex-partners HFC credit card bill for £1330, and that this money must be deducted from the equity. I didn'teven know that my 'x' had the credit card and suspect that it dates back prior to our relationship or almost definitely prior to us buying the house seven years ago. I also suspect that he never bothered even going to court to try and sort out the problem (whenever the court case was?)
  7. Hi there I will try and keep a complicated story simple! I saw a car I was interested in the price was 21k. The car was 9 months old and had done less than 3,000 miles I took a reduced part exchange price for my car under pressure from the pushy salesman to get the deal done - (I would never have taken this price normally)this entailed rolling over 5k of negative equity into the new hire purchase agreement 3 months later a warning light comes on Take it to the garage and there is unrecorded accident damage - after much time and stress and reports my claim to have the car rejec
  8. I am not quite sure which section to post this in so admin can move it if it should belong somewhere else. I own a residential property with a small mortgage on it of around 18k. Myself and my partner wish to buy a new home for us to live in and let out the existing property. I have one default on my credit file which I am currently fighting to have removed (legal proceedings issued). After receiving a rejection from an online mortgage provider due to "adverse credit" I went to my local bank who I have banked with for over 20 years to explain the situation, I need two mortgage prod
  9. Hi, In September 2014, I filed for Bankruptcy. Recently the Insolvency Practitioner arranged a House Valuation and has now sent me a letter requesting that I pay £26 k as this is the equty in the property. The house is in my sole name. I am working full time and have just enough money to keep my head above water although may be able ot find £50 or £100 per month by cutting down more if I have to although it is so tight My plan eventually was to try and sell the property a few years down the line for a smaller more affordable one. I am only paying interest only on the house and so will never
  10. Hi Guys, Been reading about the Power of Attorney and bankruptcy. I have read that bankruptcy removes the POA on mortgage, can anyone tell me if the POA goes back after bankruptcy if house is kept. If this is correct then no lender can repossess my property when the house is discharged. Power of Attorney https://www.gov.uk/government/publications/powers-of-attorney-and-registered-land/practice-guide-9-powers-of-attorney-and-registered-land 2.1 General powers under section 10 of the Powers of Attorney Act 1971 2. Types of power of attorney 2.1 General powers und
  11. I have a mortgage shortfall on my credit file..... this has been on my file for approx. 3.5 years and I haven't had the chance to dispute this amount as yet. (I had a buyer that the mortgage company refused to sell to as I would not sign an "acknowledgement" of the "£64k" alleged debt). If they had accepted the buyer, then this debt would have been approx. £18k, but they decided to proceed with the repossession (negative equity/shortfall) and this resulted in this amount of outstanding balance of £64,000 They have written to me a handful of times over the last 3.5
  12. My mother took out an equity release scheme with Aviva 13 years for 81k.... with an interest rate of 8.5% compound, and an early repayment clause linked to gilts. She has realised that if she maintains this, in another 10 years, she will effectively be destitute as the interest will take ALL of the equity in her home, her only asset. She therefore wishes to repay it early and Aviva are now seeking, in addition to the exorbitant interest accrued over the years a 62k early repayment/payment clause... therefore to settle this debt, she must now repay 294k or thereabouts. She did no
  13. I have recently given the keys back to the bank for my house as I couldn't pay the mortgage and the house hadn't sold after being on the market for a while. The house was a 50/50 shared ownership with a housing association. The house was valued at 90k prior to the v.repossession. I only owed 17k on the mortgage so if it had sold it would have given me 28k (50%) after paying the bank. The house is now being marketed for sale for 70k. if it sells for 70k,will I get half of the remaining cash or will the housing association be eligible for half of the the original valuation of the hous
  14. Hi all, Firstly, thanks for taking the time to read this thread. I'm not sure if I'm posting this in a sensible place, but googling the problem I'm posting about lead me to another similar post in this forum. If there's a more appropriate place to ask this question, then I request that a mod moves the thread. Thanks! I'm writing this on behalf of a friend of mine, in relation to a dispute over the sale of a property jointly owned and the division of any equity such a sale releases. The person in question purchased a property with her partner. They were NOT married. No legal documents
  15. Hi, I am going through a divorce. My ex and I have a flat with a buy-to-let mortgage in joint names. There is some negative equity, about £15k. Mortgage payments are up to date, but a few have been a few days late over the last year or so. There are credit card debts - defaulted and now with debt collectors. We have decided that the flat should become wholly mine and want to apply to NRAM for an equity transfer. How likely are NRAM to agree to this? What are the criteria thay are likely to use when making the decision? Thank you, Sue
  16. Hi, everyone, my case started in 2006 when i remortgaged with gmac. I had a well paid job and all was fine. Shortly after this i was made redundant and had to take a much lesser paid job. I also had a secured loan with gmac. I admit i buried my head in the sand trying to keep the family together but i knew that the inevitable would come one day. In nov 2010 i decided to hand back the keys to the property as all my children were up and gone and i knew the time had arrived. While all this was going on,gmac had handed over to paratus.
  17. Leading economist Ros Altmann argued in this space yesterday that equity release providers charge too much to unlock wealth in bricks and mortar for older homeowners who are short of cash – but lenders claim her analysis is unfair. For example, while some equity release schemes – also known as home income plans – charge more than 7pc per annum, or double conventional mortgage costs, it is now possible for homeowners aged over 75 to borrow at 5pc without having to pay any interest before they die or leave the property. However, even at that lower rate of interest a debt will double in size in l
  18. Hi, I have just successfully completed an IVA and I now want to focus my attention on the secure loan that is attached to my property . This could not be included in the IVA due to the charge on my property. Details: 45k secure loan plus 140k mortgage equals 185k debt. House worth £160k 25k approximate negative equity. I want to be out of debt as quick as possible ie. get rid of the secure loan. I do not see a mortgage as debt as long as I have equity in my property. I would also like a bigger house for me and my family - have 3 kids now and had only 1 wh
  19. I entered a trust deed 4 years ago in August . I made all of the 36 monthly payments . i then have to but out the equity on my property to finish the trust deed. At the start in 2008 i was informed by my trustee that i could easily remortgage to raise the equity.However, due to the banking collapse this is not possible as no bank will allow a re- mortgage until you have been out the trust deed for one year . Banks will not give me a loan either . I continue to make monthly payments to reduce the equity but by nest august i will have only paid about 5000 of 22 000. To be honest i have
  20. Financial comparison website Moneyfacts.co.uk has partnered with Just Retirements Solutions to launch an equity release advice service. The providers panel is made up of Aviva, Bridgewater, Just Retirement Limited and Stonehaven. Just Retirement Solutions Group External Affairs and Customer Insight Director Stephen Lowe says: “As the ‘baby boom’ generation move into retirement, many will need to find ways to supplement their pension income or pass on money. More and more people will be looking at how best to use the wealth tied up in their homes. “We are delighted to partner with Mon
  21. I live in my late parents’ house and I’m mortgage free. My parents took out an equity release loan on the house for around £15,000, repayable on the death of the surviving partner. Interest wasn’t charged but the final sum due takes a percentage (33%?) of the appreciated value of the property (plus the original £15,000). The last survivor died around four years ago. I have not informed the lender. I am 55 years old and self-employed. I cannot afford to pay off what may be due , and I’m worried. What is the position? Thank you in anticipation.
  22. Hi All. I'm wanting to sell my house as I am moving overseas in the next 2 or 3 months but have a few problems with debt and negative equity. I have 3 charges on my property as well as my mortgage. Any offers I will get for my house will not cover the mortgage repayment and these charges as well. What are my options? Will the companies that have charging orders block the sale if they aren't going to receive what they are owed? Are they likely to accept a reduced amount as a full and final settlement offer before I sell?
  23. I am trying to help my sister in law with her fianances since her husband died in June. Trying to tread carefully because she is in a very vunrable state. She has an Equity Loan with HFC and her payments are £600+ a month. Now she tells me that they did go to the omnibus when her husband was first diagnosed with rapid MS in 2008 but there was no PPI on the loan. She has been paying the above amount each month out of savings even though her husband became incapable of dealing with finances late 2008. I actually got to see the credit agreement and having dealt with welcolme finance the credit ag
  24. Hi, Please can someone help me, I really cannot cope anymore and if I don't get help soon I think I'll have a nervous breakdown but I don't know which way to go or who to turn to for advice. Here's a quick idea of my situation. I'm married with 3 kids, both myself and husband work, my job is not very well paid though as I have no qualifications to get a decent paid job. My husband and I have unsecured debts of £41K between us. We also have a mortgage for £118K and a secured loan on top of that which was for £46K. Total debts around £200K. We are paying all our unsecured de
  25. I had fully comprehensive insurance on my car when I had a supposed 'no fault' accident in July 2010 in which my it was written off after hitting several things including a BT telegraph pole. I say 'no fault' because the driver who caused it did not stop. My passenger and I were lucky not to be hurt. The telegraph pole was broken near the base but as far as we could tell, the lines were intact. It was just leaning over at about 30 degrees from vertical. The details of accident were reported by phone. I was never given a claim form to complete, though I did mention in all corresponde
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