Joy,(posted 7719 days ago)I do not, I am afraid, go along with your advice here. You appear to be telling people that it is easy to remortgage one's way out of financial difficulties when facing repossession, which I think, as indeed do many professional advisers, is a very dangerous thing to do. While this may be someone's only option, there are often better options, for example, in some cases it may be a better option to consider a voluntary sale rather than getting into hugely increased debt.
Many of the companies involved in such remortgaging are very exploitative, expensive and very problematic if arrears accrue. For various reasons, default can result in what amounts to horrific default penalties. For example, I have heard of a case where someone borrowed approx. £3000(at some 40% APR), £10,000 was repaid and £45,000 still owed. Imagine what this would be like if the person had borrowed £30,000!!! This kind of situation is very common in the 'sub- prime' or 'credit impaired' sector and in many cases is perfectly legal.
I have also heard that the NAMV are the experts in the field and work with a solicitor who has a large number of such cases. It would be advisable, I believe, for anyone with an Ocwen or iGroup mortgage, whether they are in arrears or not, and even where the Ocwen or iGroup mortgage has been repaid, to contact NAMV as a matter of urgency.
Mark.