Found this news on another site. Could this well and truly be the end of adverse mortgage lending for the foreseeable future ? I think they were one of the last firms left lending. http://www.bestadvice.net/story.php?id=17047
The unfortunate thing is that there is a place for adverse or sub prime lending. There may have been excesses in the past but many people were able to buy their homes or refinance their properties only because of sub prime lenders.
Lack of competition in the sub prime market will lead to an increase in rates by those few remaining lenders. They will be able to charge what they like which will and also cherry pick their clients. Many people in IVAs are having to try and raise money and the majority will never get into difficulty again. Yet the high street lenders will not deal with people in IVAs so they will be forced to seek finance from wherever it is available at whatever rate the lender wants to charge.
Have to say as well that I have never heard of Beacon Homeloans.
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
We only took out a second home loan (with First Plus) because we had no alternative back in the days when we were doing everything we could to sort out our debt problems rather than face the inevitable head on - I wish that I had found this site 3 years earlier. I tell them of my disgust at their customer service and general apathy and unhelpfulness they show toward me as a current customer - my last e-mail to them following my latest £25 per month INCREASE after a rate review included the phrase "ten-foot barge pole".... I'm sure that you can guess in what context I used the phrase. They do not care as long as they get their repayments in on time.
We took out a secured loan via Ocean Finance. The company is Black Horse. Have to say that we have never had any problems with them and we are now 5 years in, and another 5 to go.
We did pay our debts off with this - and promptly ran them back up again!
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
Same here with the secured loan, shoring up the finances as you think it's the right thing to do.....there's only so many times you can use your home as security though, as well we all know! We are with Nemo and they are fine, although they did throw the money at us at the time, no house valuation or documentary evidence of earnings etc.
Mel was on about sub prime lenders today and I think I missed the point, Micheal you have just given me the point I think.....
so a sub prime lender would be one who took self-cert mortgages, bad credit history et? My original mortgage was via GMac whose mortgage book was then bought by Mortgage Express, part of Bradford and Bingley. Now I am stuck between a rock and a hard place as they are no longer offering fixed rates so am stuck with their SVR which is higher than high streeet lenders.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
I can see me being stuck on Lloyds Tsb's SVR for the long term(at least another 4 years!!). Lets hope we dont see a huge rise in interest rates in that time.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I agree otherwise my IVA payment will have to come down as it jumped up by £117 this year due to a lower payment in mortgage and also a payrise. A friend of mine who is very savvy in the financial world (how i wish i had been!) has said that they will stay like this for a while.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I wouldn't touch Beacon with a barge pole! We had a mortgage with them and we nearly lost our home due to the rate of interest they charged and they just kept putting it up all the time as and when it suited them.
We're on a standard variable rate as well. Ours changes just once a year, so I'm rather hoping it is going to stay low until at least next March and then I'm safe for another year!
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
unfortunately i don't have that now Jan as it ended over a year ago so if the interest rates go up so do mine, but the other side to that one is that they also go down too. I must admit to waiting with baited breath on the first thursday of the month to see what the bank of england do!
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I'm the same on that Thursday Orchid, I breathe a big sigh of relief when it doesn't alter.
Just one more to go before Christmas and I will a lot happier then!
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
