help or advice please re Nationwide Mortgage

[SBKnight]

I've been advised by Dolly to ask the question on this forum. Briefly, I want to claim back around £2500 from Nationwide re flex account charges. They have been taking the charges from the flex in favour of taking the direct debit for my Nationwide mortgage. I'm now £1700 in arrears, monthly payment due is around £600. Qeustion is -

 

is it ok the continue with the action re bank charges as the mortgage is in arrears? I'm worried they will forclose on my mortgage if I claim for flex charges.

 

Will they treat the mortgage seperately from the flexaccount? I know they will ask me to close my flexaccount. Advice appreciated. Thank you.

[gizmo111]

I've been advised by Dolly to ask the question on this forum. Briefly, I want to claim back around £2500 from Nationwide re flex account charges. They have been taking the charges from the flex in favour of taking the direct debit for my Nationwide mortgage. I'm now £1700 in arrears, monthly payment due is around £600. Qeustion is -

 

is it ok the continue with the action re bank charges as the mortgage is in arrears? I'm worried they will forclose on my mortgage if I claim for flex charges.

 

Will they treat the mortgage seperately from the flexaccount? I know they will ask me to close my flexaccount. Advice appreciated. Thank you.

 

I don't think they can close mortgage account as you are claiming on flex account. However they could try repossesion, but you would be in a position to pay off the arrears with what you are reclaiming. How far in arrears are you and will you making this months payment?

[SBKnight]

Arrears stand at £1700, which is just short of 3 months. I will be making this months payment as I have opened A lloyds current account so that Nationwide cant steal anymore of my money. Therefore I can pay this months payment rather than half of the value of the mortgage payment going in bank charges.

 

I spoke to Nationwide on Friday 1.9.06 and explained the mortgage is arrears due to the flex account charges being applied in horrendous quantity, sometimes £300-£400 per month. They want £1700 paid back in 3 months. They will be ringing me back on 14.9.06 to hear what I propose to do to clear the arrears. I cant pay the arrears as I have used a substantial amount of my savings over the last 4-5 weeks to pay bills as the flex situation was in free fall. I have cancelled all my direct debits from the flex account.

 

I have still not sent my letter to reclaim the bank charges.

 

What should I suggest to Nationwide on 14.9.06?

 

What should I do about sending letter for bank charge refund?

[gizmo111]

Arrears stand at £1700, which is just short of 3 months. I will be making this months payment as I have opened A lloyds current account so that Nationwide cant steal anymore of my money. Therefore I can pay this months payment rather than half of the value of the mortgage payment going in bank charges.

 

I spoke to Nationwide on Friday 1.9.06 and explained the mortgage is arrears due to the flex account charges being applied in horrendous quantity, sometimes £300-£400 per month. They want £1700 paid back in 3 months. They will be ringing me back on 14.9.06 to hear what I propose to do to clear the arrears. I cant pay the arrears as I have used a substantial amount of my savings over the last 4-5 weeks to pay bills as the flex situation was in free fall. I have cancelled all my direct debits from the flex account.

 

I have still not sent my letter to reclaim the bank charges.

 

What should I suggest to Nationwide on 14.9.06?

 

What should I do about sending letter for bank charge refund?

 

Saving your house has to be the priority here and you are now 3 months in arrears. Reclaiming charges takes a while, although you will be back on your feet when you win your claim. If you have a repayment mortgage you could ask the NW if you could make interest only payments for the next 6 onths and then use the rest of your normal payment to pay the arrears. You could tell them that a family member or yourself is expecting a windfall in the next 3-6 months and you then expect to be in a position to repay the debt entirely and bring your mortgage account up to date.

 

The only reason I say use the windfall line is because you want the agreeemnt of the arrears in writing from them, before you start claiming, given that you are at a point where repossesion could be likely. (If it was just an overdraft I would tell them where to stick their questions until they pay what they owe you, but mortgage arrears has possible serious repurcussions)