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    • i ordered from carreg and i got my paperwork today v750 and the nominee detail shows last name as arnold my name isnt arnold    it even shows on my invoice that is not arnold    i emailed them about it but properly wont get a reply today but im guessing if i was to assign this private reg to my car i cant because my last name isnt arnold and i dont want to risk assigning it to my car and end up with new v5 saying arnold as then that will make my insurance void 
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    • as much as i admire you thoughts and 'logic', CAB at the best of times rarely get things 100% right. a time order (<<click the link) cost about £50 i think and will nail MB in their box being forced to accept the on going payments going forward. thats it that simple. arguing a 'paperwork wriggles' is all very well and good, but they only have to prove a DN was sent (not produce it, nor prove it was ever received) uand thats not a hard job.  with regard to no signed credit agreement etc, again, that will be easy to prove otherwise, esp as the defendant quite happily had the car for XX years and xx months, quite happy paid ....never once querying any enforceability issues till today. should you go down that route, ok she would get to keep the car for free and get all her payments back...but even with MB, as much as i hate them, it's a big hill to climb.  MB rarely fail upon their paperwork. they might be sharks, they might try and make up rules as they go along...but this time they've raised a return of goods and a money order, they ain't that stupid to not know they have the cards to succeed. do a time order. get 'em next time. dx  
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Interest only mortgage expiring - I need more time to sell


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Hello All,

 

I am looking to find out my legal situation, and my options. I am over 65, with little income and (I'm guessing) a poor credit rating.

 

I have an interest only mortgage which is due to mature in a few months, I cannot afford the lump sum payment, so I am in the process of getting the property ready for sale. The property is worth more than 6x the mortgage amount. I have asked the mortgage company for a small extension to allow time to sell, but they are not being very helpful.

 

I have a few questions:

 

  • Do they have to be reasonable, such as allowing an extension of 6-12 months to allow time to sell? are there any guidelines or anything related to this I can use to get the mortgage company to give me time to sell? (say 6-12 months).

 

  • Do I have any other options here to buy myself enough time to finish work on the property and market it for a fair price?.

 

  • I am concerned the mortgage company may try and repossess the property and sell it cheaply, are there any emergency options for loans or re-mortgages that I could get with a poor credit rating, low income and being 65+? (but considering that there is plenty of equity in the property to secure any loan).

 

I know I should of planned ahead, and I understand a lot depends on varying factors, but I'm looking to get a general overview as to my likely options, if I have any.

 

Thanks

 

hereigo

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The pdf attached is a fine applied to another mortgage company for MCOB breaches.

 

One of those breaches was selling mortgages which continued after retirement age without checking if it could be afforded once in retirement.

 

page 3 section 2.3 (possibly 2.2 [1] also)

 

When was it taken out ?

 

Also have you considered one of these equity release things. they lend you money and then rather than paying a mortgage they own a percentage of your home which is then reclaimed when its sold after you pass on. if you want to stay in your home it may be an option worth considering

Edited by rdm2006
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The pdf attached is a fine applied to another mortgage company for MCOB breaches.

 

One of those breaches was selling mortgages which continued after retirement age without checking if it could be afforded once in retirement.

 

page 3 section 2.3 (possibly 2.2 [1] also)

 

When was it taken out ?

 

Hi,

Thanks for reply. That's an interesting case and I hope it will give me some leverage.

The mortgage was taken out 5 years ago because the previous mortgage had expired and I wanted to extend.

Does anyone one have any ideas about a letter I could send to the underwriters which might reverse their intransigence, based perhaps on elements in the case linked to above, relating to selling an interest only mortgage into retirement age without establishing vehicle for repayment? I really would prefer to sell but don't want the Bank to try repossession before I find a buyer.

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If they did take you to court the judge could end up ordering them to give you time to sell. Also as I said earlier about these equity release loans could give you time to do the work you want to do and allow you time to sell at a decent price or just stay where you are.

 

You could borrow enough to pay off the current lender and more to do the work as you have plenty of equity. Also you will still have equity in the property to leave to relatives.

 

The best thing to do would probably see the Citizens Advice and they can tell you about all alternatives and what pressure they could apply to the current lender to encourage them to be more co-operative

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