Bank of Scotland to amend their policy on Repayment Mortgage Calculations
From the 6th May 2018, the Bank of Scotland Group will be changing how they work out monthly payments for repayment mortgages. This change will affect you if some or your entire mortgage is a repayment mortgage.
From this date, a mortgage repayment calculation will no longer include any arrears incurred. Subsequently, it will affect you if you are currently behind on your monthly payments or are currently in arrears or may be in arrears in the future.
It will also affect you if you were previously refunded mortgage arrears due to arrears management fees being inappropriately charged to you. If you have currently never been chased for mortgage arrears as a result of this then please be warned. From next month onwards, this policy change now means that you will be chased.
It is now imperative that once Bank of Scotland Group works out your new mortgage payment from next month onwards, that you agree a separate arrangement with them to repay any arrears. Be aware that this is too serious an issue to ignore. For a failure to agree a separate arrears arrangement may eventually result in the mortgage company taking you to court to repossess your property.
In addition to this, if you currently have any repossession order hearings suspended then this new policy change by the Bank of Scotland Group will now mean that these proceedings will recommence.
What should I do?
Check your mortgage repayment arrangements to determine if you are currently in mortgage arrears or if you believe you may well fall into arrears in the future. Once determined, you will then need to make financial plans now to deal with any arrears.
It is very important that you undertake a full financial review of your finances. If you know money is tight then you need to spend some time today, this weekend or this month working out how tight things are going to be over the weeks and months ahead. Knowing what cash you have to spare can help you start to put a little aside to use towards a separate mortgage arrears arrangement.
What we can do to help?
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues. We have been leading the way in this regulated area over the last 8 years and have particular expertise in helping people deal with crippling debt related issues.
We would like the opportunity to share this with you. As a result, our team are more than ready to engage and assist if you have been affected by this or you have any other property debt related issues.
GDP Equity Experts know what is expected and how to get you to where you want to go. We WANT to hear from you today because we WANT to help you today.
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