Capstone/welcome arrears problems advice needed

[charlie41dimmock]

My friend is having mortgage repayment arrears problems as follows;

she has a mortgage of 109k owing to Capstone, she has 31/2 k arrears and is paying an extra 100 pounds a month on top to try and clear the arrears, (totalling 784) a month. The tie in finishes in may 2009.

She also has a secured loan with Welcome of 20k (258 a month) they ring her up each week asking when she is going to make a full payment, she then gets scared (as she had to provide a contact list of friends and family, so if she doesn't pay or they can't get hold of her they will start ringing her contact people up ). She has offered to come in and pay an amount of money, not the full amount and they refuse to accept this, why is this, and then to make the full payment the following week. When she gets paid.

Welcome then threaten her with going to contact her mortgage provider, who she is struggling to pay also, she has only just paid the last months mortgage. Also threaten with litigation proceedings.

Basically she has 4 children, one has adhd, she works all she can fit in is paying back tax credits as overpaid but thats another issue their fault not hers, has had 2 strokes in the past, shes under 40, and is taking her ex to the csa to try and get more money for her childrens basic needs and until then hes stopped paying her maintenance so shes even more short of money.

Having been in a similar situation myself I advised her to do a income outgoings sheet, which she will do, cut down on cancellable things like sky, go over to prepayment for gas, electric, and pay the dept each week of on them.

So what is your advice.? So she can keep the roof above their heads.

Sorry its a bit rambling.

[charlie41dimmock]

Hi again, lots of people viewing this but no advice as yet, for the mortgage arrears, advice. Would appreciate comments, thanks

[midge61]

Hi

 

I don't know how to advice properly but firstly I would say that Welcome are in the wrong for asking her to provide details of other people for them to contact.

 

Also it is important that she makes payments of what ever she can afford despite what they say, at least then should anything happen such as court she can prove that she has tried.

 

I'm sure someone with more nowledge will answer soon. You could try pm ing Ell-en she is the one that can best advice.

[charlie41dimmock]

Hi

 

I don't know how to advice properly but firstly I would say that Welcome are in the wrong for asking her to provide details of other people for them to contact.

 

Also it is important that she makes payments of what ever she can afford despite what they say, at least then should anything happen such as court she can prove that she has tried.

 

I'm sure someone with more nowledge will answer soon. You could try pm ing Ell-en she is the one that can best advice.

 

 

Hi, thank you for your reply, hopefully someone will come along with some advice for her regarding her mortgage arrears payments and how to proceed, thanks

[verycatchy7939]

lived with a suspended possession capstone/SPML for 13 months now. I pay contractual payment £50 that is what they settled on. you need to do and income and expenditure for both welcome and capstone.show how much you can afford and then sit back.If goes to court the judges have had instruction to be lenient unless u a habitual none payer.they have offered to capitalise my 3 k of arrears now

[Ell-enn]

Hi there, sorry you've had to wait for advice. Your friend needs to write a letter to both Welcome and Capstone outlining her proposal for repayment of the arrears i.e. an amount each month in addition to the normal monthly payment. A budget sheet should accompany each letter and I have affixed one to this post.

 

If she needs help with the letter I am happy to draft one for her.

 

Government guidelines require lenders to negotiate and offer ways to avoid repossession and they should be reminded of that, as if they go to court they will need to prove they have tried to help.

 

Kind Regards

 

Ell-enn

Budget Sheet.xls