Facing Repossession, please help!

xxlaurissaxx

~Beanie~ wrote: »

It will be repossessed and they will have no house left TO sell.

I totally agree, i've been there done that with my parents and it wasnt easy. They did eventually sell and now see the reason why and are glad i convinced them. Show them that they are already renting so nothing to worry about there, check for any benefits you are entitled to and get them to sell up before they lose everything and have no option to rent. At least if they sell they will have money for themselves and can clear off debt and start afresh. Good luck:T . I know how you feel and it is hard and sometimes annoying:mad: . xx

londonbluebird

I've been through similar thing with my parents and attended court with them to discuss how we could manage ongoing debts and start to pay back arrears. Basically I took control of their money affairs to make sure all bills were paid. All at the age of 21!

Speak with Citizens Advice Bureau for help and advice.

Make sure you are claiming all your available benefits, tax credits etc etc. Lots of people do not realise exactly what they are entitled to claim. There is income support, pension credits, social security benefits plus they should definitely be eligible for working tax credits especially if over 50 year of age - you need to check this now as sometimes this could be claimed for missed months.

You need to contact Housing association and mortgage provider to discuss how you can manage ongoing payments and arrears. the court will have expected you to do this.

You also need to work out a comprehensive budget and how you can meet future negotiated payments and clearing arrears. This needs to be realistic and will be your last chance. Once you've agreed a plan you have to keep to it - failure to meet obligations on this arrangement and repossession proceeding can sometimes start automatically.

Cut up all chargecards and credit cards.

look at consolidating existing loans.

This is not really the market for selling houses and Abbey can still proceed with the repossession as your parents are still liable for paying the bills up until they sell. However, the court may view this as a positive step in the right direction and give a timeframe to sell the house. If honestly you have exhausted all possibilities (and that does not mean racking up other loans to pay off existing debts) then selling would be the only option.

you need to speak with all parties owed to negotiate payment plans.

Are they behind with other bills / loans etc?

LondonSW5

I am in a shared ownership property.
Is it possible to sell the property they have and buy another cheaper housing association property. Most Housing Associations have a website or some means of advertising other re-sale shared ownerships. Find a cheaper one and put an offer in on it and sell your current one.
Contact the housing association to see what re sale properties they have.
Good luck!

drrobert

moneymadman wrote: »

Thanks guys i know this is the right option to sell. Trouble is my parents have no assets. they see the house as the only tangable possession they have. To lose it would be very hard to swallow for them. But i think i must try to convince them.

You could point out that they do not own the house. The Housing Association owns half of it, and the bank owns the other half. If they sell now (difficult as it may be), they will stand more chance of getting some equity than if they wait for repossession.

It sounds like they are in denial of the situation - they are lucky to have you to help.