struggling

[mikebdomain]

Andrew

The mind boggles.... I have said it before, a number of times (and I know we differ on opinion on this) I am always wary of lenders that will lend 125% of a properties value.

Picture state that they only lend 125% to customers whom they believe can afford it. Why is it then, we are seeing an increasing number of these customers becoming unable to meet their commitments… I know the majority probably repay with no problem, but there has to be kinks in Pictures affordability criteria.

I don’t have a problem with lenders who take responsibility for their lending and have flexibility in their policies, especially when dealing with arrears or defaults, but to have a standard ‘one size fits all’ policy is hardly in keeping with the principle of TCF.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[janot]

Thank you for all your advise, i will ring C&G on Monday, have my mum staying with me until then so can not talk.

I will also ring someone about an IVA as well, i thought that i could not move on but it may be best to let C&G just take the house and start IVA procedings. i can start to get my life back together.



janot

[mikebdomain]

Sounds like a good plan, Janot good luck.



FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Andrew Graveson]

Hi janot,
Please remember that the amount C&G sell your home for could be less than the amount you could sell it for yourself.
If that happens and there is negative equity your unsecured debts will increase by more than they would need to.
I think you might want to get some reassurances first that the IVA will be viable from a good IP?

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

Good advice Andrew - but to put your mind at rest see the thread

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=5479

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Andrew Graveson]

It doesn't really Mike.

Without knowing who the debts are owed to, possible arbitrary hurdle rates that may or may not be viable, and whether any creditor has more than 25% of the votes it might be that an IVA wouldn't work.

That's why my suggestion to janot is to consider speaking to an IP before speaking to C&G.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

good point

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[janot]

I will contact Melanine from this web site, she always seems to have good strong advise and she has given it in the past, just seems that we are getting nowhere and as have children don't want people knocking on door for money.

when i have had more advise i will contact C&G, we had thought about selling house to rent back but as negative equity picture will not allow that. and as i said i cannot go BR as i will loose job. will even loose it if i get CCJ so time is ticking.

again thanks for advise

janot

[Andrew Graveson]

Hi janot,
Good luck with everything. You will not find a better IP than Melanie.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

I would definitely talk to Melenie as she has looked at your details before and will be able to advise of the best course of action regarding the IVA

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[MelanieGiles]

Andrew is correct

Janot needs advice on her whole financial picture and not just that of her secured loans or whether she should rush to sell her property now. Can I suggest that you do this as a matter of some urgency Janot, as the uncertainty of your situation must be very stressful at the moment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[janot]

Mike only just noticed that i did not answer one of your questions, Yes we did pay up front for the valuation it cost us £450.00 and we had told the advisor everthing, i am glad now that it failed as we would have been even worse off very quickly.


janot

[mikebdomain]

Grrrr - again, another one of my pet annoyances.... I'm glad it didn't work out for you as well, but the waste of the valuation money must have hurt.

A lesson for everyone else - shop around and find a mortgage broker that is prepared to put their money where their mouth is, an advisor or broker who reckons they can get you a mortgage product based on your circumstance are not taking a risk if they supply you with a free valuation. They will get paid a broker fee and a completion fee and this will more than cover the cost… Or at least ask you if you wish to add the valuation fee to the loan. The most a broker should ask for is a small contribution or a small application fee to show your commitment.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[janot]

another hard lesson learnt.

thanks Mike if i ever go for a mortgage again i will know what to be aware of.

I am just mustering up the gutts to call Melanie, very tearful so its going to be hard.



janot

[mikebdomain]

Believe me Janot make the call. Melanie and all her team are very experienced and will not judge you in any way and will be able to offer support and a path for a way forward.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf