Hi kallis
Yes I do realise that but tbh I am getting a bit desperate ! I have tried about 8 online applications and once they register the LTV is over 85% I get an online message saying to I have to go into a branch or they just say NO but there is no indication that the application comes from me so my IP won;t accept that> I have spoken to customer services at the IP and they said I must get these in order to progress ! I am just getting sick of it all now. I know I will probably have to cough up 12 mths extra payments so why can't my IP just come out and say that !
To be honest Brownowl, I don't see how borrowfrommypension will be able to help. The firm, as far as I am aware, is all about borrowing from your future pension release. Anything like that then you will need to take independent financial advice as, if your pension projection isn't certain, could well impact on your home.
Perhaps you need to go into branch and get it formally rejected?
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
I am beginning to think you are right kallis. I did somewhat assume that BMP was the broker that Melanie referred to but maybe not I did go into a high street broker today and although he told me a remortgage was a no go he wouldn;t put pen to paper either ! I am working in Kent next week so will have to put things on hold until I get back - very frustrating !
Thanks for the help though everyone x
I am an FSA approved individual and I can offer advice and assistance for regulated mortgage contracts. I would be pleased to have a conversation, on or off line and see what the possibilties are. Seek and you will find etc.
I'm sorry borrowfrommypension, you're not allowed to tout for business on the forum.
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
The Yorkshire Building Society replied to me in writing saying that I could not re-mortgage because I was in an IVA - I told them I was in the original letter. Try them.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
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
SIgh, I am not touting for business I am offering advice. For Free. I am on this site to help people because of my experiences. Thats what this is for, is it not?
You can provide information on the forum and anyone can contact you via your website but even the experts only have limited contact details on the forum itself.
If you wish to become an expert then you need to contact Andy Davie, main administrator for this forum to see what his take is on this.
It is run on very strict lines.
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
Right let me expand. Credit lines exist and there deals to be done for the right reasons. Some lenders are very keen on seeing their capital repaid and are offering incentives for clients to move; for example Bank of Ireland is writing to its borrowers offering to waive the early settlement charges if they remortgage before the end of the year. Other lenders are prepared to negotiate a settlement, I am aware of several ongoing at present. These settlements are negotiated because the client has no option than to offer a lower amount back than borrowed and the lender wants their money back.
So there are options, but there are so many variables it is not possible to discuss them all here, neither is it probably the wish of Brownowl to openly publish.
I am happy to help because I want to help people where I can. If I was advertising for business I would be on this site under my regulated business name.
I appreciate that you are happy to help but it would probably help if you changed your forum name so that people didn't think that you were directing them to your site?
However, if you are in an IVA then you cannot get creditors to negotiate a settlement - it's against the rules. You either continue on to the end or fail and try to negotiate.
What I still would like to know is, with the pension scheme, what happens if you can't pay it back at the end? Can you sell your house and become a tenant? What happens if you have to go bankrupt?
I'd be very interested to know.
This is nothing personal at all - in case you though it was!!
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
Thanks borrowfrommypension but I really do not want to remortgage as I am trying to get out of debt not get deeper into it !!!! What I want is a letter from a mortgage company turning me down for a mortgage and that is what I am finding hard to get
I am not taking it personally, I wish to help. You are right, I could have called myself anything, would you be happier with my intention if I set a new account under a different name? I think Shakespear said something along the lines of would a rose be less beautiful if it were by another name. I appear to be more of a thorn for you, for which I apologise.
So, on the mortgage question, there are options, potentially limited and long-shots, but I used the example given as exactly that. without knowing the details it is impossible to say anything other than perhaps. Most adviser wont advise on them because their is little chance they will be paid, I am willing to listen and suggest if there is a chance and if someone wants to follow it up its up to them.
To address your other question, although a pension loan is granted until retirement on an interest only basis a person is able to repay it early without penalty. The pension holder receives a statement every year on the value of their pension, so there are many, many year in which to address a projected shortfall. Pension backed mortgages have been accepted for decades and they DO have a charge and right to sell your house if you cant repay it. So there is a risk, with this, as there is with any interest only loan - if a borrower is that worried, make overpayments and duplicate a repayment mortgage with the comfort that their contractual payment is only the interest due.
As brokebryn said.
I also tried yorkshire building society online application.
They sent me an email rejection.
I also rang my existing lender, (c&g), and when they stopped laughing they sent a rejection in the post.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
I am sure I can help with that, that clearly is not commercial and therefore not in breech of the rules on the site and if your circustances are credit restricted not hard to achieve, as you will fail most lenders criteria.
I did go into a high street broker today and although he told me a remortgage was a no go he wouldn;t put pen to paper either ! I am working in Kent next week so will have to put things on hold until I get back - very frustrating !
