Mortgaged to the hilt. Credit cards maxed out. Bad risk. Maybe not get yourself into so much debt no one will touch you.
AbjectGovernment1247 on
I don’t understand why they can’t enter into a debt management plan to pay off their credit cards and continue to focus on their mortgage payments.
Selling up seems a bit extreme, or am I missing something?
Creepy-Escape796 on
Metro aren’t the only lender out there. There will be some who offer second charges too. Debt management plans could pause the debts.
It seems pretty sensible a bank refuses to consolidate 0% debt in to an interest bearing mortgage too.
WitteringLaconic on
Bullshit article. You don’t lose your home because you’re 3 days late. Mortgage lenders have to, by law, help those in distress. Most if not all lenders won’t begin repossession until you’re 12 months in arrears. 3 days late even with the harshest lender will only get you a late payment marker which on it’s own will make little to no difference.
> They claim that after missing one payment by a few days, Metro Bank put a marker on their credit score – which saw the payments on their credit cards spiral.
Credit card interest rates on cards you already have don’t go up just because you missed one mortgage payment.
This is a family who have lived a lifestyle they can’t afford on credit, robbing Peter to pay Paul and have run out of the ability to get any more 0% balance transfer deals due to the amount of debt they have in relation to their income. This is entirely self inflicted.
4 Comments
Mortgaged to the hilt. Credit cards maxed out. Bad risk. Maybe not get yourself into so much debt no one will touch you.
I don’t understand why they can’t enter into a debt management plan to pay off their credit cards and continue to focus on their mortgage payments.
Selling up seems a bit extreme, or am I missing something?
Metro aren’t the only lender out there. There will be some who offer second charges too. Debt management plans could pause the debts.
It seems pretty sensible a bank refuses to consolidate 0% debt in to an interest bearing mortgage too.
Bullshit article. You don’t lose your home because you’re 3 days late. Mortgage lenders have to, by law, help those in distress. Most if not all lenders won’t begin repossession until you’re 12 months in arrears. 3 days late even with the harshest lender will only get you a late payment marker which on it’s own will make little to no difference.
> They claim that after missing one payment by a few days, Metro Bank put a marker on their credit score – which saw the payments on their credit cards spiral.
Credit card interest rates on cards you already have don’t go up just because you missed one mortgage payment.
This is a family who have lived a lifestyle they can’t afford on credit, robbing Peter to pay Paul and have run out of the ability to get any more 0% balance transfer deals due to the amount of debt they have in relation to their income. This is entirely self inflicted.