Ok my partner and his dad owned a house together and his dad sadly passed away 6 months ago. His life insurance is paying off the old mortgage. Well me and my partner went to the bank the other day to get a loan to pay for the heating. The bank refused and said it is because our account is in the hands of the debt collection agency. We have not been paying the mortgage as we didnt know we had to, we were under the impression that the mortgage was frozen until the life insurance paid it off. We have had no letters at all from the bank saying they want payment and no letters even stating that we were now responsible. How can we now be in arrears! If you dont pay your phone bill u get reminders etc, is it any different with a mortgage? What can we do to get out of this mess. We are currently looking to remortgage and now with this black spot on our record i doubt we shall be able to. Our bank is Lloyds TSB. Any advice is appreciated.
2006-09-03 08:34:57 · 18 answers · asked by Amy A 2 in Business & Finance ➔ Personal Finance
I cant understand why they didnt write and tell you that you were in arrears my building society loves writing me acidic letters and charging me thirty quid a time. Ask them to show you copies of any correspondence that they have sent to you and if they have none ask why you were not informed.
2006-09-03 08:54:30 · answer #1 · answered by jean m 3 · 0⤊ 0⤋
What you should do is write the bank or talk to a supervisor in the loan department and tell them what you just said in your original question. That is bad on the bank's part, but let them know that. Tell the bank that "I was under the impression that if he had mortgage protection insurance, when he passed away, the mortgage would be paid off through this; have the bank follow suit to the life insurance company. Another alternative is getting a loan through your name, not your partner's, and not you and your partner's.
2006-09-03 08:54:28 · answer #2 · answered by nevgivup2 1 · 0⤊ 0⤋
Did they write to a different address - if so & you had not changed the address you really cannot do much - if they didn't attempt to contact you at all - the first step is to complain to the bank - they have an address on the website - write a letter explaining your issues to the head office address. You cannot complain to the banking ombudsman until you have given the bank time to sort out the problem, if they do not or you are unhappy with their response then you go to the ombudsman
2006-09-03 08:47:43 · answer #3 · answered by swoodleybird 3 · 0⤊ 0⤋
If you can prove you had no idea that the mortgage was owed, and the mortgage wasnt coming to you, you have a good argument.
I would seek the help of an attorney. Its better then loosing the house and ruining your credit.
Hopefully things can be worked out, and everyone involved will be better benifited by it.
Good luck
2006-09-03 08:39:01 · answer #4 · answered by R.E.Reta 2 · 0⤊ 0⤋
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2016-09-30 07:36:30 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Big banks boo! Go to a smaller community bank or one that will work with you. Explain the situation and see if they can help you. Banks are very competitive, so if Lloyds doesn't want your buisness, say ok, bye bye.
2006-09-03 09:11:30 · answer #6 · answered by chadspolka.matrix 2 · 0⤊ 0⤋
Banks have joined Lawyers down at the bottom of the food chain.
2006-09-03 08:40:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Get a lawyer who deals with inheritance issues. He/She will look into the matter with the bank for you and tell you where to go from there. Good luck.
2006-09-03 08:39:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The Citizens Advice Bureau gives great advice. Get there ASAP.
2006-09-03 08:39:37 · answer #9 · answered by Smiler 5 · 0⤊ 0⤋
You should have continued to make the payments. If there wasn't a payment due they would have sent it back to you. I don't think your bank is trying to rip you off. If you feel they are go to ripoffreport.com.
2006-09-03 08:38:54 · answer #10 · answered by dutchessdog1 2 · 0⤊ 0⤋