Natwest Motgage arrears early repayment demand

[Steve.r]

Hi everyone,

 

My wife and I have had a mortgage with Natwest for over 25 years and are now in the final 4 years of repayment.

 

The monthly payments are around £1600 and accounts for about two thirds or our monthly income.

 

About 3 years ago we fell behind with 4 monthly payments due to job redundancy. Fortunately I was soon back in employment and Natwest agreed that we could spread the arrears over the next 5 years to pay back the deficit. All mortgage and arrears payments since then have been paid on time and in full.

 

A few days ago we received a letter from Natwest regarding the arrears and asking us to submit a full listing of income and out goings. We duly completed this and a few days later we were contacted by Natwest.

 

It appears that they have decided to change their policy regarding arrears and are demanding that it be paid back in full within the next 2 years. We explained that due to the high monthly payments we are already paying we were unable to increase the additional £180 per month we were already paying. On checking the disclosure we sent them they were forced to agree. We also pointed out that this arrangement was agreed by both parties and as far as we are concerned was a binding contract. At the current rate of payback the arrears would be cleared in 2 years and 8 months anyway.

 

Natwest were completely uninterested in anything we had to say and then started coming out with ridiculous suggestions like " You could contact an agency to declare yourself unable to pay your debts and get your other outgoings suspended, then you could afford to pay us back" and the best one " You could contact the local council who may buy back your home and rent it back to you".

 

At this point I'm afraid that I lost my temper and told them to stop being so ridiculous to which he replied "I'm sorry you feel that way, our litigation team will be in touch".

 

So finally to my question. Before I get involved in a legal fight with Natwest, am I correct that as long as I pay the previously agreed amount every month then I am acting within my rights or can Natwest, out of the blue, suddenly decide to change the terms of our agreement and throw a delicately balanced monthly budget into chaos.

 

Sorry for the long post and thank you for staying with it.

 

Steve

[42man]

They have to act fairly towards you and in my opinion you should start shouting BCOBS to them - http://www.consumeractiongroup.co.uk/forum/content.php?849-BCOBS-Round-up-Making-your-bank-treat-you-failry

[Steve.r]

Thanks for the reply. I was unaware of BCOBS but my situation seems to be covered by these regulations and I will certainly make the bank aware of this next time contact is made.

 

Thanks again.

 

Steve.

[42man]

If it was me in your position I would be writing to the Chairman of Natwest quoting BCOBS stating that they have sideswiped your correspondence and are attempting to renege on their agreement and seem to only have their own interests at heart, showing no forebearance, and any kind of regard for your own position. Make sure you email the FSA and the OFT too.

[Ell-enn]

If their litigation department was foolish enough to try and take action for repayment of the arrears which you have been paying continuously and without problem, they would have a hard time getting a judge to agree (they will know this of course and hoping you don't!). As stated above you need to write to them (by recorded delivery and keep a copy for yourself) pointing out their unfairness and assuring them that any legal action taken will be vigorously defended.

[Goodhard]

You will win this. I wrote to Stephen Hester, quoting BCOB's and my issues were addressed. Nat West have employed some idiots who cost us tax payers a lot of money.

[rdm2006]

If its a mortgage you need to be shouting MCOBs not BCOBs (sorry guys)