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Help - Woolwich want mortgage repaid


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Evening

I just received a letter asking me to repay all my mortgage.

I am in arrears - but only by half last month's mortgage. The current month is due now.

I have been slow paying for the last year but have always paid monthly, just not the correct amount

- due to having too many recent unexpected financial commitments and juggling.

 

I am panicking.

I am just not in the position to repay all the mortgage now.

The term is not up yet.

And can not let them even begin to instigate legal proceedings.

Not for being half a month in arrears.

I am not sure what I write to them?

 

It seems super drastic for the bank to write to me and ask for the lot to be paid off when they can clearly see that I am paying regularly.

 

I owe money on a barclaycard and have a barclays loan too....

Horrid day :-(

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Did you ever contact them to say you were having difficulties, most big lenders are very helpful and will accept reduced amounts for a period.

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You need to make a priority list of bills and write to the non priority like credit cards saying you cannot afford the full monthly amount for the present and make sure you pay the mortgage and council tax.

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thank you.

I have not written to them yet. Clearly I need to.

Money is coming in regularly and I can pay, just have been slow. And they can surely see that mortgage has been paid albeit slowly.

I understand that I need to borrow from Peter to pay Paul !! Somethings will have to be put to one side for the next couple months to enable me to clear arrears. But if they have asked for whole mortgage to be repaid, will they accept me just clearing the arrears ?

To be clear, the mortgage is only about 10-15% of the value of the property. So I have tons of equity and can not lose this...

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I was under the impression that if I was paying regularly that they would not send a repo letter. And certainly not for a tiny amount of money compared to the value of the property. Clearly I was wrong.

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They cant just demand you repay your mortgage without good reason and without following procedure. I have attached a guide that might be of value and your thread has been flagged for Ellen. I am sure she will look in as soon as she can.

 

Please keep any communication you receive from the Woolwich in respect of this, and I would suggest that you either keep all communication with them to writing from now on, or make sure you can record any telephone calls.

 

 

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Hi Mum,

 

You should be as ruthless as possible to cut down on less important payments, so you can meet the required monthly amounts to this priority creditor.

 

I hope Ell-enn can offer you some guidance.

 

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Yes Mortgage is a Priority, and loans credit cards are secondary and not as important as the Mortgage, you will never pasify them all, but get that mortgage payments on time, the others can/ will have to accept lower payments, others will also advise you? do not sit on it.

:mad2::-x:jaw::sad:
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