West Bromwich letter asking what repayment plan I have for the mortgageMake Text Bigger
I have heard that West Bromwich can indulge in dodgy practices (like UKAR etc) and I have just received a letter I would like advice about before I answer it.
It states that I have 10 years remaining on ‘elements 1 and 99’ of my mortgage term (I don’t know what these ‘elements’ are) and a balance of £55,000. It then says I should have adequate plans in place to make sure I can repay the amount outstanding at the end of the mortgage term. It asks me to complete a form which asks me to write in details of my endowment policy of pension plan (I don’t have either of these specifically as it is an interest only mortgage and I will sell the house at the end of the term). It then states:
‘If you don’t have any plans in place at the moment, please contact us as soon as possible to discuss the options available to you.’ That’s the sentence I don’t like. In actual fact, I do happen to have a small endowment coming out in 2017 for maybe £20,000. And my partner had one come out for maybe £14,000 a few years ago.
I also have more than sufficient funds in the bank to pay it off tomorrow. For example I could send them a copy of a bank savings account with in excess of £100,000 in it.
What is my best course of action? I expect a few others will also be getting these letters. It looks to me like they’re up to something.
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