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Yeats

Interest on mortgage arrears

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Hello all,

 

I've a few questions that I would like help with.

 

Firstly, the interest on mortgage arrears.

We have a mortgage and a secured loan that we fell into arrears with, after I lost my job a early last year. We ended up in court and managed to negotiate a deal, with the help of some very decent judges.

However, we seem to be stung with interest charged on the arrears. Are there any guidelines that they should be going by?

 

Secondly, we changed the mortgage to interest only until we get back on our feet, but the monthly repayment swings from £700 to £800 (by up to £100 per month) and the reason given is because the mortgage interest help we get from the government is not paid on the same date (even though it is). We have to call them every month to find out how much we have to pay and as stated, this varies by about £100 per month! Is this right?

 

Lastly, the mortgage interest help (that has reduced to virtually nothing since I thankfully got p/t job in march) was not paid to us when it was due last year, although we repeatedly requested help from the DSS. They have finally admitted their mistake and are due to pay from the date of signing on last year. However, they will not pay the monies owed to us (even though we had to borrow this money at the time) and insist on paying it to the mortgage company. The problem is that even though we are up to date with our payments since the court order, the mortgage company refuse to accept this as payment and say they will use it to reduce our arrears. Obviously, I want this money to be paid against our monthly payments, as it would enable us to repay our family and have a few months breather. I have told them of the problem and they are not helping and I have threatened to boycott the payments for the months this money should have covered. Surely this money should be used for what the Government intended and not our arrears. This money should have gone towards monthly interest payments last year through no fault of our own and now will go towards arrears!

 

All help much appreciated,

 

yeats

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