Hi
Just need some people with knowledge of mortgages to maybe help me.
I fell into arrears over the last 5 years due to a marriage breakdown and my building society contacted me a couple of weeks ago to offer consolidation of the arrears. I was a bit wary as I am on a very tight budget and cant afford to pay out much more. Anyway they calculated the payment to be £150.00 less per month than i am paying over the same term. They read out the terms and conditions over the phone and said they would call a few days later as they needed my husbands approval as he is still on the mortgage. He came in and waited for the call but it never came. So I called them the mext morning and thery said as long as i conformed he approved that was ok. The chap did another calculation and made the payment even less ( another £150.00 off). I said are you sure and he said yes and they would send me a letter with all the details before they went ahead.
Well late last week i received a letter to day they have done it and the payment is £150.00 more than i am paying now. My mortgage is comprised of four loans and the paperwork breaking down the payment did not even make sense. I called them and they said that 2 of the accounts are basically the same payment, no 3 has gone up from £70.00 odd per month to £218.00 as it has only 8 months to go and there is £1700.00 outstanding and no 4 stays the same although the term finished last September so there is no end date. apparently all the loans are now at 2.5% which is odd too as some of them were fixed and the terms had not expired.
They offered to reverse the consolidation but I said i would take advice and come back to them.
My brother is very good with figures and worked on the figures over the weekend and it appears that what they did was miss out 1 off the loans in their first calculations and then another in the second lot.
I am 59 and retiring in 6.5 years and the loans should have all finished by then. I am on a limited income at present as i care for my Mum full time ( although i have just applied for a job) and she goves me some money aswell as carers allowance.
This has actually given me a jolt and my brother worked out if they put loans 3 and 4 together and extended the term to 6 years and made no 2 repayment instead of interest only then my new payment would be nearly £200.00 less then I am paying ( which I could manage) and the mortgage would end 2 months before i retire.
He did an amortisation of the loand to show me how it works.
Question is after that ramble how can I proceed with this. BS is C&G and you cant see anyone just speak to some office or other. The office that did the consolidstion is called Tool Box would you believe.
Do you think I have a genuine complaint about how they have misled me??
Just need some people with knowledge of mortgages to maybe help me.
I fell into arrears over the last 5 years due to a marriage breakdown and my building society contacted me a couple of weeks ago to offer consolidation of the arrears. I was a bit wary as I am on a very tight budget and cant afford to pay out much more. Anyway they calculated the payment to be £150.00 less per month than i am paying over the same term. They read out the terms and conditions over the phone and said they would call a few days later as they needed my husbands approval as he is still on the mortgage. He came in and waited for the call but it never came. So I called them the mext morning and thery said as long as i conformed he approved that was ok. The chap did another calculation and made the payment even less ( another £150.00 off). I said are you sure and he said yes and they would send me a letter with all the details before they went ahead.
Well late last week i received a letter to day they have done it and the payment is £150.00 more than i am paying now. My mortgage is comprised of four loans and the paperwork breaking down the payment did not even make sense. I called them and they said that 2 of the accounts are basically the same payment, no 3 has gone up from £70.00 odd per month to £218.00 as it has only 8 months to go and there is £1700.00 outstanding and no 4 stays the same although the term finished last September so there is no end date. apparently all the loans are now at 2.5% which is odd too as some of them were fixed and the terms had not expired.
They offered to reverse the consolidation but I said i would take advice and come back to them.
My brother is very good with figures and worked on the figures over the weekend and it appears that what they did was miss out 1 off the loans in their first calculations and then another in the second lot.
I am 59 and retiring in 6.5 years and the loans should have all finished by then. I am on a limited income at present as i care for my Mum full time ( although i have just applied for a job) and she goves me some money aswell as carers allowance.
This has actually given me a jolt and my brother worked out if they put loans 3 and 4 together and extended the term to 6 years and made no 2 repayment instead of interest only then my new payment would be nearly £200.00 less then I am paying ( which I could manage) and the mortgage would end 2 months before i retire.
He did an amortisation of the loand to show me how it works.
Question is after that ramble how can I proceed with this. BS is C&G and you cant see anyone just speak to some office or other. The office that did the consolidstion is called Tool Box would you believe.
Do you think I have a genuine complaint about how they have misled me??