Mortgage Rescue scheme

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Dilbrain
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by Dilbrain » Thu Jan 28, 2010 1:38 pm
Does anyone have any experience or info on the Mortgage Rescue scheme , especially relating to an IVA ?


Thanks :)

 

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Adam Davies
Posts: 14596
by Adam Davies » Thu Jan 28, 2010 3:55 pm
Hi
I think these cases are few and far between and can't recall anyone who has gone down this route and entered into an IVA.
Regards

 

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size5
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by size5 » Thu Jan 28, 2010 4:21 pm
I deal with quite a lot of repossession cases and I have to say that, personally, I have yet to come across even one case where the Mortgage Rescue Scheme has helped.

Regards.

 

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Adam Davies
Posts: 14596
by Adam Davies » Thu Jan 28, 2010 4:46 pm
Hi
In the first five months since launch in Jan 2009 only one family in the whole of the UK had been helped by the scheme !!
http://www.guardian.co.uk/money/2009/ma ... homeowners
Regards

 

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Dilbrain
Posts: 30
by Dilbrain » Fri Jan 29, 2010 8:46 am
Wow :) That answers my question - thanks all :)

 

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Skippy
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by Skippy » Fri Jan 29, 2010 9:25 am
Another well thought out scheme! Surely all the money that must have been spent setting it up could have been better used elsewhere?

 

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hammer1
Posts: 73
by hammer1 » Fri Jan 29, 2010 10:25 am
Not sure if you are aware or if it may effect you, but there are proposals in regards to mortgage arrears

http://news.bbc.co.uk/1/hi/business/8480073.stm

Hopefully a step in the right direction if adopted.

 

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size5
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by size5 » Fri Jan 29, 2010 11:29 am
I am afraid that I will believe it when I see it.

Regards.

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 12:53 pm
You and me both Mike!

 

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North East Derbyshire CAB
Posts: 145
by North East Derbyshire CAB » Fri Feb 05, 2010 3:53 pm
Hi

To apply to the Mortgage Rescue Scheme you would to meet the necessary eligibility criteria.

Here is a link that may be helpful on the above

http://england.shelter.org.uk/get_advic ... cue_scheme

With regards to the Mortgage Rescue Scheme and IVAs it is difficult to see how someone would qualify for the scheme if they had enough disposable income to enter an IVA in the first place. The reason being that their priority expenditure would have been accounted for which should effectively mean mortgage payments where affordable and presumably the home would not be at risk.

It may be a different situation after someone has successfully entered the Mortgage Rescue Scheme and been left with outstanding non-priority debts and disposable income.

All options / solutions pre and post Mortgage Rescue should really be advised / explained at the outset of any application.

As far as we are aware the numbers of applications have increased substantially since this initiative was first introduced.

Here is a link to some recent statistics on the Mortgage Rescue Scheme that may be of interest with others due shortly.

http://www.communities.gov.uk/documents ... 380438.xls

We believe this scheme can be of real benefit to clients who's homes are at risk and have a number of ongoing applications. Like anything new, there will be teething problems and issues to be addressed and this particular scheme does depend somewhat on lender co-operation.

There is a dedicated forum for advisers and others involved in administering the Mortgage Rescue Scheme.

Anyone who requires advice / information / or has any doubts on the Mortgage Rescue Scheme should contact participating Local Authorities / CAB or relevant agency, there is also a Fast Track team that may be able to assist.

We would be interested in any applications or experiences of the Mortgage Rescue Scheme from members of this forum.

NED-CAB

 

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North East Derbyshire CAB
Posts: 145
by North East Derbyshire CAB » Fri Feb 26, 2010 3:37 pm
Hi all,

Following on from our last post on this subject, here is a link to the latest statistics (that include the final quarter of 2009) on the Mortgage Rescue Scheme.

http://www.communities.gov.uk/documents ... 462599.xls

The figures appear to show that successful applications and interest in the scheme continue to rise.

Hope it can be of some interest and as before, we would welcome hearing of any experiences of the Mortgage Rescue Scheme from members of this forum.


NEDCAB
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