Sorry to hear your bad news. Hope things work out for you. Have found HSBC to be very helpful. I signed and returned our mortgage offer to HSBC yesterday. This morning I checked their website and found a new 10 year fixed rate. On the off chance I contacted them to see if I could swap to the new product. A quick chat with the mortgage adviser and it was done. All the legal costs are the same and we are paying a slightly higher rate than before but it is worth it for the piece of mind knowing our rate is fixed for the next 10 years. So hats of to HSBC this time.
That's good news whichwaynow. At least that's one less thing to worry about.
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
To be fair to HSBC they have been very accommodating. Have been banking with them for many years and every mortgage I've ever had has been with them. I always look around to see what good deals are available but to be honest for a high street lenfder they've always been competitive and helpful so I can't really complain.
That said, the process never runs as smoothly as it should and as you can see from this thread I've been up and down like a yoyo on this one.
I will be taking them up on the offer and all my unsecured debts will be wrapped up into the mortgage which is still only 85% LTV - fixed for 2 years.
As per the previous post the only problem now is whether or not I keep my job and remain able to pay for the house - but that would be the same problem whether I'd have had debt or not.
My son seems to have recovered very well, although this is a persistant and reoccuring problem. He is approching 2 now (20 months) but is only about the size of a 1 year old. He is developing (physically) slowly although he is otherwise perfectly normal. He has no reserves though and any virus really takes it out of him, he has had several hospital stays as a result and its always very difficult which when you're also worried about money and your future is doubly hard.
That said, it does put my money woes into perspective - and as long as he's ok and safe and secure then nothing else really matters all that much.
Will keep in touch, just waiting for my paperwork now...
I'm glad your son is recovering Neil, and you are right, his health and your family's well being are your priorities.
At least your unsecured debts will be sorted, so that will be one less thing to worry about.
I hope you keep your job and that everything, including your son's health, picks up.
Keep posting and let us know how things are going on.
Good luck with everything.
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
Hello All, another update. Started this thread just over a month ago and feel no better off or closer to a resolution than I di then - and I've been up and down likel a yoyo in the intervening weeks.
Anyway, the latest is as follows, further to my post on the 26th I received the new application form on the 27th, signed where requested (they didn't want all the supporting information as they already had it from the previous application) and sent back same day.
Since then... silence.
I have spoke to the mortgage service centre, they tell me they are awaiting the details form the approvals unit. I've spoken to the approvals unit, they advise me all queries must be directed to the mortgage managher in branch. I have emailed, phoned mobiles and phoneed the office to find out what happens next and there is absolutely no response.
Everytime it seems like I'm getting to the end something else seems to get int he way - this time my application disappearing into some sort of black hole.
The lender and I have agreed there is sufficient equity in the property to cover the increase in borrowing. I have passed the affordability test. We have agreed the interest rate. they have even confirmed they are the only ones with a charge on the property. All we need to dso is get the appropriate paperwork in place and the deal is done - how hard can that be???
As you can tell I'm frustrated, if only because the carrot of financial stability keeps being dangled in front of me but I never seem to be able to grasp it!
What a nightmare Neil! It just seems to be going on forever!
I hope they get in touch soon.
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
So here's the latest... after a week of nothing I finally got a response to my enquiries. they receive dthe application forms back on Monday - but did not send them onto the approvals unit till Tuesday. The approvals unit didn't get round to approving it until Thursday - but the good news is that it has been approved. The Offer documents are being sent out today (Friday) so should be with me by Monday. All I need do thenm is sign them and send them back. they should therefore arrive by Wednesday, and it apparently only takes 24 hours to load them onto the system and presto the money gets released to the branch. the branch will be distributing the money to my various creditors (thus ensuring I'm not tempted to just runaway to the caribbean with the cash!) and from Friday 13th (gulp!) I should be debt free (well at least free of credit card, store card and overdraft debt).
So after the lows of yesterday I'm back up on the highs of today... plus unlike most people I was very pleased to see the further rate cut yesterday as my mortgae is now only 0.99% - if only I could afford to make over payments!
Of course what goes down must go up so once the homeowner loan is resolve dI'm looking to make overpayments as much as I can (through disposable income freed up by utilising where possible the CCCS guidelines for budget) in order to cater for the rate increases that are sure to follow.
My head feels like its ready to explode.
Lastly - no firm confirmation on the job front yet so all this might ultimately prove fruitless...
That's fantastic news on the mortgage front Neil, at least you will be safe in the knowledge that all your unsecured creditors are going to be paid off.
Make sure you cut up those credit cards!
I hope you get some good news on the job front soon as well.
Don't forget to let us know how things go.
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
Well at least you've cleared the decks and attempting to live within a budget. It will be years before interest rates rise and hopefully by then you will have a secure job. Good luck and pleased that HSBC are offering additional mortgages.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Just a quick update. I have received , signed and returned the offer docs so well on the road to debt recovery now. I do hope the interest rates stay low for a little while because it helps enormously to not have increasing mortgage repayments at the moment. I recognise this is not ideal for people who are saving, however I suspect the majority of people who post on here do not have enough spare income to save anyway.
Generall on the job front I am encouraged by the fact that we have a very large number of non permanent staff and thus the risk of compulsary redundancy is very low - however I may well end up with a role I do not enjoy. Small price to pay for a modicum of security so I'll take what I can get.
Just waiting now for the mortgage offer to turn into actual cash, have paid the fee so I am completely skint until either a) draw down (meaning the money I have set aside for this months credit card bills is freed up or b) pay day.
Thanks to all for their support - I suspect I'll keep posting here about how I'm coping with my budget plans and so on as I hope my experiences may help someone else.
Please do keep posting Neil, we'll love to hear how you are getting on.
Glad the job front is looking a bit better as well.
Hope the mortgage offer comes through soon.
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
Just wanted to let you know that HSBC have come through and the additonal mortgage has cleared in my account today. I have already (via the wonders of internet banking) cleared all my un-secured debts (with the exception of my loan which will be repaid in full in 3 years).
It has not been an easy ride, beginning as early as 12 January so nearly 2 months all in, but I can now face the future in a much better position than I started.
I have been very stupid - getting myself in this situation in the first place, and also very lucky - that I had sufficient equity and a good enough income to be able to consolidate these debts into a mortgage but still retaining a 15% equity stake. My prospects will improve further in 3 years with the re-payment of the loan and so (provided I remain employed) my family's security is assured.
My thanks to everyone here who has support ed me during this time, I hope this demonstrates to some that there are always options.
The real challenge is to ensure now I never get into this situation again.
Am going to start a blog to hopefully chart the circumstances of getting into the debt and how I got back out again... and how much of a struggle it maybe to stay out of it, and we'll see if it helps anyone out there in a similar situation.
Again my thanks to all on this forum, I can't think of a nicer more understanding and giving goup of people than those that post here - all of us either suffering from the effects of debt crisis or those working to aid the others in whatever shape or form.
That's fantastic news Neil. Glad it has all finally worked out for you.
As Chardonnay says - cut up all those cards!
Look forward to reading a blog, and keep posting to let us know how you are getting on, and to help other posters in a similar position.
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
