requested pmt break - can bank force me use redundancy to pay mortgage

have contacted ulster bank with a view to a payment break while i look for new job etc - however they have suggested that it would be a possibility that i use my redundancy monies to pay the mortgage, this is after spending 1.5hrs on the phone going thro sfs doc and proving that i cannot pay the mortgage with out a job.............. can they make me???????

They can't make you as such but they can refuse your request for a payment break which kind of amounts to the same thing.

Its a bit complicated as in I am separated and Ex has not been contributing, we are in mediation trying to sort - i have explained this and noted that i do not want to be accountable for his debt any longer......
I will need that money to live on really....

Hi aoc

That is very complicated. Check out this Key Post and fill out the case study format, if you want some further ideas.

A guide to splitting up when in negative equity

In summary, if you are making the full repayment, then you are paying down his negative equity or building up equity for him.

You should ask the lender for 6 months' interest only until you sort it out. If they refuse, you should probably just pay interest only.

But it would be better to post a full case study.

Brendan

aoc;

From the Banks view you are both fully liable for the Mortgage and its repayments.

I assume the redundancy sum will not be large,,,What about writing to them and say you will send them interest for 2 months whilst you get a new job? and the few bob from redundancy will keep you going until then/
.

what they have told me is that as i am the one making the payments they will assess based upon my sfs only....... which is fine by me.
I have checked out the interest only it would be 2/3 of the current monthly payment - i cannot afford this either.....

yes, brendan totally agree, but i dont want the mortgage to go into arrears or it to affect my credit etc so have been paying it......
I have asked them to consider the mediation etc... so hoping for the payment break.
either ways at next mediation i will be making it clear to ex again that i will no longer be paying his burden!