I have no idea...

[Slinky-malinky]

Hi there,

 

I wonder if anyone can give me some advice. Its concerning our mortgage with Natwest. We immigrated to NZ last year = even though we had a loan owing. We thought we could cover it from over here...

There has been ongoing communication with Natwest (via email)due to our arrears with a loan we have with them (to cut a long story short we were expecting a job that would pay in pounds and this didnt come through which left us very short .)

It was agreed that we would take out a consolidation loan with natwest. This was in AUgust 09. We have had no paper work from them other then over due statements on our o/draft. Credit card and loan.

We recieved no letter regarding a consolidation loan - even though this was agreeed on the phone that this is the way we will go forward.

 

The ccard has been passed to a debt collector. (thanks Natwest!) and the loan looks like it might be heading the same way...(its for £25000)...we have tried calling natwest and noone has got an answer. Its all very cloak and dagger. I get the feeling they have got 'shot of us' by getting a dodgy debt collector involved.

 

The mortgage is in our name with Natwest. Our inlaws live there and although they know nothing of our financial situation (and we would like to keep it that way.) they pay the mortgage faithfully every month.

 

I guess my main question is this - if we have loan with Natwest and we default on our loan - will that effect our mortgage with them - even if the mortgage is being paid?

(The loan was not secured on the house)

 

thanking you in advance.

[reallymadwoman]

I'm not sure, so let's proceed on the basis that it might.

 

First, do a SAR to NatWest. If you can get someone in this country to post it, send it recorded delivery and don't forget the £10.

 

Second, stop phoning them. From now on, everything in writing though I appreciate that this will make things more difficult because of the time it takes.

 

Third, send the DCA a CCA request, again by recorded if you can get someone to post it for you.

 

The SAR should get information on what has really been going on with your accounts, and the CCA request 'should' shut the DCA up for a while, though if they know you're in NZ I don't think they'd do much other than threaten anyway.

[jansus]

good advice.there may be an all monies clause which could allow possession or they could apply for a charge on the property.

 

Best to have all info and be prepared. Do you have permission to sublet and the appropriate insurance in place?

 

On the bright side if the mortgage is being paid I would think you are low on their priority list at the moment.

[Slinky-malinky]

Thanks for the advice. It feels like we are in murky waters. All of a sudden our useless bank manager is not taking our calls.

They stated that they sent out loan papers for us to sign (to consolidate what we owe them..) and we never recieved them. Infact we only knew the papers had been sent out after finally getting a minion on the phone to speak to us.

We are wanting...well wililng (is a better word) to start paying back the debt but feel it might have gone past that point.

We did try and get in touch with our manager numerous times - she either didnt return our calls or was on holiday. There was a definite lack of communication.

 

As the amount is owing...can they touch the house if we are paying off the loan?

[jansus]

All depends on what you signed in the original agreement. Dont worry about that yet . Try and put the ball in their court .

Try and find out their intentions

.I am more worried about whether your property is properly insured etc as you have tennants and whther you have permission from your lender as this could be a breach of the loan.

[Slinky-malinky]

sorry for being a bit thick..I am not sure what you mean by 'properly insured etc as you have tennants and whther you have permission from your lender as this could be a breach of the loan.'

 

thanks in advance for your help

[jansus]

When you have a mortgage on a property the agreement is that you are the owner occupier - that is the terms of the mortgage. If effect you have now let the property and your lender should give you permission to do this. Also your insurer should be aware there are tennents in the house or it can invalidate your buildings and contents insurance. I am pointing this out as even if it is relatives in the house that you trust it can cause problems.

 

In theory a lender could take possession if you have let the house without their permission ( not likely but possible)

in theory if you had a fire in the house then your insurers could refuse to pay out - then you would owe your mortgage with no house to sell.

 

Also I am sure most people are not aware that if your have anyone staying in your property that has a criminal conviction however small it invalidates your insurance ( except motor convictions). there is a high profile case going through the courts at the moment which is an example of this.

 

Sorry to seem to be doom and gloom but I have worked in the isurance and Building society sector and know a few of the pitfalls.

 

 

 

By the way can you explain a bit more about the consilidation loan? this was not to be added to the mortgage was it?

[jansus]

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