I have just found this site and it is EXCELLENT - WELL DONE!(posted 7608 days ago)I have a long-standing "ordinaire" interest-only mortgage with The Woolwich. Some time back I decided to buy something else, arranged to remortgage, and asked for a redemption statement. The next thing, I got a phone call pitching me on the new Woolwich "Openplan" Current Account, and I could have a huge secured overdraft instead of remortgaging and leaving The Woolwich. I signed up (and loads of shit went down, but eventually I got the darned thing). I gaily bought the things I wanted.... and then lost my contract and my major source of income.
I have now fallen into arrears with my Woolwich "ordinaire" mortgage and also let my "Current Account Reserve" run over its limit.
The Woolwich have rushed to law - TLT in Bristol (actually they seem all right but dangerously clueless about the flippin "Openplan" thing. They can't tell me how much The Woolwich are claiming yet!! This is of course not at all funny.
Do any other surfers of this site have any experience of The Woolwich trying to repossess on one of these deals?
Did you know, by the way, that for every pound I go into arrears on the main mortgage, they dock a pound off the allowed overdraft facility, so it looks as if each month I go almost twice as far into the red? (My contracted mortgage amount is £370, and the interest ont he overdraft is running at roughly £280. Each month I haven't paif them, you would think I go backwards £650k. WRONG - they take £370 from the allowed overdraft and hence I actually add £280 to the overdraft, take £370 from the permitted "facility", and add £380 to the arrears. SO, the gap that they report to the lawyers (and I guess, to the Court in due course) is widening by £650 plus £370 or £1020 a month! (Actually, it is more, but I can't account for the £30 or so, it is probably some fee or other.
Do any of you have a similar experience?
Does the Virgin One Account work the same way?
What will the Court try to collect? The entire fifty grand or just the mortgage arrears, and how can I discover this before I get before the judge?
Sue MAXWELL SMITH