Abbey wants £900,000 within a week, HELP PLEASE

NeedHelpNowASAP

I'll be quite basic with this post as I don't want to be identified etc, but we received a letter today which basically said "We want £900,000 within the next week including interest charges".

Now this is for 3 houses we own, and we have missed a few payments, now if we could get to March we could pay off all out payments, but it's Christmas, and cash flow is low.

Can anyone give us any advice on how to deal with this, because within a week we won't have these 3 houses...

bclark

:rolleyes: Are you being serious here?

If this is real then unfortunately I would say that there is very little advice that anyone can give you to help raise £900,000 in a week.

Stormy

If this is serious, contact Abbey as soon as possible and tell them what you have posted above? It can't harm to try talking the problems you are having through with them.

NeedHelpNowASAP

bclark wrote: »

:rolleyes: Are you being serious here?

If this is real then unfortunately I would say that there is very little advice that anyone can give you to help raise £900,000 in a week.

Yes this is serious,

Is there anyway we can delay the payment or come to an agreement by stating anything to them?

Reds-on-Sea

NeedHelpNowASAP wrote: »

Now this is for 3 houses we own, and we have missed a few payments, now if we could get to March we could pay off all out payments, but it's Christmas, and cash flow is low.
quote]

"it's christmas and cash flow is low?" LOL - I think christmas pressies should be last on your list of priorities at the moment, you've got bigger fish to fry!

If you're serious, give us a few more details - a few payments? or a LOT of payments? Do you have £900k of mortgage?

hethmar

Surely you must have received earlier warnings about this? You could try contacting the CAB to see if they can negotiate on your behalf about it.

WestonDave

If you have missed payments, you have broken the contract and they have you by the short and curlies! All you can do is convince them that you can genuinely pay the money in March and that the combination of return and risk that they take by waiting is better than under a forced sale if they repossess now (but that depends on the genuine market value of the properties compared to the £900k they are owed).

Questions - have you kept them informed or just missed payments, and are the two (or more) properties that you aren't living in correctly disclosed as BTL or are they on dodgy undeclared residential mortgages. If you haven't been straight with them up to now you really have your work cut out.

bclark

NeedHelpNowASAP wrote: »

Yes this is serious,

Is there anyway we can delay the payment or come to an agreement by stating anything to them?

I would say ring them immediately and discuss it with them. It is unreasonable to expect you to come by this sort of cash in a week. There is a lot of talk of Banks giving people more time now so see what the Abbey will say.

I assume that this is the not the first correspondence with them on this matter though?

NeedHelpNowASAP

hethmar wrote: »

Surely you must have received earlier warnings about this? You could try contacting the CAB to see if they can negotiate on your behalf about it.

Ok, we have missed 3 months of payments, and have received 3 letters, but to receive a letter requesting nearly a MILLION within a week? It's impossible.

dmg24

Are these all BTL properties? If so, how are you missing repayments - surely the rents cover them?

NeedHelpNowASAP

dmg24 wrote: »

Are these all BTL properties? If so, how are you missing repayments - surely the rents cover them?

They are properties being renovated.