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#repossessions : Advise With Regards to Letter Received


weescotschick
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Hi everyone, I missed my montly payment in March which put me in arrears (already had one month in arrears) totally to a silly amount of £283.13, I sent a letter end of march offering to pay an additional one months amount with my direct debit with April payment.

 

I got two letters today detailing below (sorry if its long)

 

We write to advise that there are arrears on your account as state above.

 

Please note ther we are unwiling to allow these to reamin, and require you to contact this office to make a Debit card payment or alternatively forward a cheque to clear the oustanding balance within the next 7 days.

 

If you are not in a position to do this then you should forward your alternatie proposals in order that we may consider them.

 

We take this opportunity to remind you that we will charge you interest on a compound basis if you fail to make all or party of a monthly payment in the calendar month to which the monthly payment relates. We will not be obliged to recalculate the monthly payment if the total increases for this reason.

 

THIS PARAGRAPH IS WHAT IM ENQUIREING ABOUT ......

 

"If we reposses your property, we will send dtails to the council of mortgate lender's posesssions register which is passed to credit reference agencies. They will record this informartion agains you personally. This means the informaiton will be avaliable to other lenders and may mean you cannot borrow money from other lenders!

 

Is this paragraph jsut a standard thing they put on letters? It is it the thought see the "If we reposses".

 

I got another letter today as well as this one, accepting the offer of additional monthly payment but again at bottom of the letter details this paragrapht.

 

Any advice would be agreatly appreciated... (Its a Bank of Scot mortg)

 

Thanks in Advance

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A default notice may be issued which is registered on your credit file. This would make getting credit difficult.

Different lenders default at different times so it's difficult to say when it might happen. Remember your mortgage is a priority and should be paid regularly.

 

Not sure why they have stated - if we repossess instead of telling you about the default which will happen first.

 

B

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Thank you. So the letter i recieved today accepting the double payment for April and continuning with monthly payments does it mean they will still try reposses and add default? Dont make sense if they ahve confirmed acceptance of payments?

 

Thanks

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They won't repossess if you don't have arrears. If they've said the extra payment is acceptable then that should be that.

Most letters from mortgage lenders will have a paragraph about repossession if payments are not made.

 

Do you live in Scotland?

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