Are Banks Going Out Of Their Way To Repossess?
Discussion
Speaking to my IFA yesterday, he was telling me about a number of his and associates' customers being treated extremely shabbily by their lenders.
One customer of his is currently pursuing his lender due to them not banking his monthly payment cheque (one cheque for a number of properties payments), but them beginning to make moves towards trying to repossess the properties (no payments have been missed, aside from them not banking said cheque - which he can prove that they have received).
Has anybody else come across anything like this? I ask, because I use the same lender - who I won't name for now - and am wary that they may try the same tricks. A couple of our tenants have received house calls asking about details etc, but the person visiting would not provide ID etc.
To make clear, we're fully up-to-date and have no signs of problems - I'm told by the IFA that his other customers are clean too, so I'm confused as to why the above practices may be happening?
One customer of his is currently pursuing his lender due to them not banking his monthly payment cheque (one cheque for a number of properties payments), but them beginning to make moves towards trying to repossess the properties (no payments have been missed, aside from them not banking said cheque - which he can prove that they have received).
Has anybody else come across anything like this? I ask, because I use the same lender - who I won't name for now - and am wary that they may try the same tricks. A couple of our tenants have received house calls asking about details etc, but the person visiting would not provide ID etc.
To make clear, we're fully up-to-date and have no signs of problems - I'm told by the IFA that his other customers are clean too, so I'm confused as to why the above practices may be happening?
Witchfinder said:
I'll take a wild guess at this being Northern Rock. Correct?
Good guess, but no. It's a company which very few will have heard of, but is a subsidiary of another company which has been in the news a lot recently.
mat205125 said:
anonymous said:
[redacted]
What's a cheque?
So what will the end game for Northern Rock be ?
Clearly they're incentivising anyone who can remortgage to do so, so in a couple of years time they'll be left with a mortgage book almost entirely composed of loans to people either without the ability to pay, or backed by negative equity.
It'll become a state operated repossesions vehicle - that'll be good at election time.
How else are they going to offload the customers that no-one else wants ?
Clearly they're incentivising anyone who can remortgage to do so, so in a couple of years time they'll be left with a mortgage book almost entirely composed of loans to people either without the ability to pay, or backed by negative equity.
It'll become a state operated repossesions vehicle - that'll be good at election time.
How else are they going to offload the customers that no-one else wants ?
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