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Hey! help needed against HSBC!

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Hi. I need some advice.

 

I have a business loan (has 2nd charge on my property) As the business is no longer running, they are recalling the debt - to be paid in full by month end. My mortgageis with them & I have equity in the house.

I've tried to remortgage with the, but due to my credit file showing 6 months missed payments (which isn't true - jst the date was never changed & so i was paying mortgage on 5th whenit was due on 1st)

 

I've had a financial advisor look at all possibilities, but I've no way of sorting cash.

 

HSBC will be calling in the debt at end of month. How can I write to them? Can they start posession proceedings for my home?

 

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First of all your mortgage would not show 6 missed payments if you paid jut 4 days late.

 

Talk this through with them and explain that you want to pay and they are preventing you from remortgaging which you will point out to the court if they try to reposses. Ask them to correct your credit record. Ask them to add the amount to your mortgage as a further advance to resolve the matter.

 

You need to discusss this with them and keep in touch under these circumstances. The main issue appears to be that your credit file shows 6 missed payments and you have either missed 6 payments or you have not. If you definately have not then find out why your credit file says you have. If they are late payments it could be that your payments were due the month before and you were paying after the month end.

 

Talk to them and if they do not listen and it goes to court turn up for the hearing and explain that you want to pay and try to agree a sensible solution with the judge who should listen to a reasonable explanation.

 

Tilt my scales if this is useful so I know if my good advice is being listened to.

 

Pedross

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Thanks Pedross.

 

When you say to ask them to add the amount as a further advance - does this mean the business loan & would this mean that I wouldn't need to search for a mortgage?

Would they agree to that? Is it heard of? That's what I wanted them to do anyway - as it is they have 1st and 2nd charge over the properyt with the 2 separate loans - so what's the difference to put it ino 1?

 

Have you any advice on Welcome Finance Loans? I told out an amount (£15k) as a short term measure, paying £420 per month. I've been paying for 12 months. I asked for a settlement figure which I have rec'd which is £14,925!!!!

 

Your advice is very much appreciated - I need to get a letter together asap to send to HSBC!

 

many thanks

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It really is difficult on forums to get the points clear.

 

When I said add it to the mortgage it would still be a 2nd charge. But I get the impression that it is just a charge on the property at present without any formal repayment in place so they can just ask for the whole amount. So if they agree to make it a formal secured loan for the same term as the mortgage then as long as you keep up the payments the house will be safe.

 

The additional complication now is that I would imagine that the Welcome Finance loan is also secured against the property. You need to look at threads about Welcome to get some ideas there because potentially you may have PPI on it which is another issue.

 

The main issue is to resolve the business loan first. It is not a loan now it is a debt. If you are positive that it is secured against your property by a charge do as I suggested and talk to HSBC.

 

You can always contact the Land Registry to find out what is or is not secured.

 

Pedross

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would they be able to apply whatever interest they wanted to that?

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would they be able to apply whatever interest they wanted to that?

 

If you mean to the HSBC debt then it may or may not be acruing interest. See your other post.

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