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 Where is the logic in this? |
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 08/08/2012, 12:42 PM
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So my DH left his job a few months back and is now on minimal income, we all are. He's looking for work but so far it's not been a big success.
Anyway, we advised the bank about the situation and all was good and well. The loan we have currently is an investment loan and has always been on interest only, except the past year. I phoned them to ask if they can put it back to interest only, while he's not working, as this will ensure we don't fall behind. The crazy thing - because we don't officially earn enough money to service the loan (short by a smidge) they won't put it to interest only. Thing is, at the interest only payment rate, we do earn enough to service that debt! I laughed when the lady told me. So we can't by rights afford to pay the full mortgage based on our income and for that reason, we'll need to keep paying the higher amount. Um, logic fail! Obviously, we just have to find the money, but how crazy. Anyway, it's a bit of a rant but has anybody else encountered such things before? |
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08/08/2012, 12:58 PM
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Not the same but similar problem - some bank policies are ridculous.
You can request under section 72 of the national code a variation on your loan contract. Try that maybe. You just have to write them a letter and they have to respond within 21 days. If the response isn't what is desired your also have the option of going to the Financial Ombudsman to help come to some amicable arrangement. |
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08/08/2012, 06:56 PM
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Could you just ask for a loan repayment holiday for a few months, or call the Hardship section of your bank and explain your situation they can reduce repayments for up to 12 months and then add the additional interest the the loan term.
We did this a few years back when I first left work |
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09/08/2012, 11:10 PM
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QUOTE Could you just ask for a loan repayment holiday for a few months, or call the Hardship section of your bank and explain your situation they can reduce repayments for up to 12 months and then add the additional interest the the loan term. We did this a few years back when I first left work Thanks Anewme. We don't need to because although technically we can't 'afford' the loan, we can afford to pay it just fine. It's just so funny. |
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