Interest only mortgage

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deanno

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Post by deanno » Wed Jun 08, 2016 1:16 pm
On the advice of an IFA we took out out a interest only mortgage 25 years ago. Total amount to be paid back is £18000 (part ownership) and this would come from a pension pot. But now its due i can't access the pension for another 3 years, apparently the rules have changed. What options are available to us, can i just extend the mortgage term for another 3 years. The mortgage is with the Woolwich
Last edited by deanno on Wed Jun 08, 2016 1:25 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Wed Jun 08, 2016 2:28 pm
Hi,

I have no idea on this one at all - hopefully one of the experts can help or have a chat with Ryan and Shaun the resident mortgage experts on the site (details under the expert link on the left hand side of the page)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post by Foggy » Wed Jun 08, 2016 5:21 pm
Best to speak to the Woolwich first to see if they will extend the term to accommodate the pension changes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

deanno

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Post by deanno » Sun Jun 12, 2016 3:17 pm
Have spoken to the Woolwich and we have to fill in the new income and expenditure forms. They need to know everything.And when they do a credit check, they will still see some things on there that haven't dropped off yet ( IVA completed 2011).
 
 

kallis3

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Post by kallis3 » Sun Jun 12, 2016 3:21 pm
Have you sent a copy of your completion to any creditors who are still defaulting you? If not then you should do so.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Foggy

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Post by Foggy » Sun Jun 12, 2016 3:24 pm
Have a read here and see about getting the defaults removed --- sounds like they might be dated incorrectly:

http://debtcamel.co.uk/repair-credit-record-iva/
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

deanno

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Post by deanno » Sun Jun 12, 2016 3:47 pm
Thanks for the replies, one of the debts was with the Natwest. Is this Santander now, i have checked the ICO records, but which address do i send a letter to please. Ok,just checked and the account is marked as closed, should i still get it removed. They also keep sending letters every 6 months or so stating the account is in arrears
Last edited by deanno on Sun Jun 12, 2016 3:55 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Sun Jun 12, 2016 3:51 pm
I don't think they are Santander but I do stand to be corrected.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

kallis3

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Post by kallis3 » Sun Jun 12, 2016 3:53 pm
Some of it was sold off but the rest is still in British hands I think. Send the details off to the Data Controller for Natwest.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

ginger323232

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Post by ginger323232 » Sun Jun 12, 2016 3:57 pm
Natwest are part of the RBS group
 
 

deanno

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Post by deanno » Sun Jun 12, 2016 4:01 pm
Also my IVA is showing on the Experian Register, date it started,case number etc
 
 

kallis3

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Post by kallis3 » Sun Jun 12, 2016 4:12 pm
Contact Experian and tell them to remove the IVA. It should not still be showing now. If needs be then send a copy of the completion letter to them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

deanno

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Post by deanno » Sun Jun 12, 2016 4:16 pm
The weird thing is it never used to show. But i have emailed them and included a copy of the completion certificates
 
 

Shining

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Post by Shining » Sun Jun 12, 2016 4:39 pm
Hopefully when you get these things cleared up you can move forward.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

deanno

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Post by deanno » Fri Jun 17, 2016 3:38 pm
All records have been cleaned up, surprising how high your score jumps after. Just waiting on Woolwich to make their minds up
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