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

dmg24

You need to be able to present to Abbey details of how you are going to be able to afford the arrears in the near future - how do you intend to do this?

speedbird1973

Have you tried selling some stuff on ebay? or maybe car boot sales?

Could help :rotfl:

Trollfever

Advice on Business Debt can be found here:

http://www.bdl.org.uk/

.

maninthestreet

NeedHelpNowASAP wrote: »

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.

Sounds like Abbey are calling the mortgages in. Did the letter mention anything about repossession?

IT_nerd

Have you tried quidco?

In all seriousness, they shouldn't be doing this after only a few months.
How many months has it been exactly? How are you going to pay it if they wait till march?

bacard1

how much are your propertys worth? is £900,000 the sum of all the missed payments plus interest?

kazwookie

Oh dear.

I suggest, you finish one of the properties and get it on the market and see what you can get for it, if it sells, assuming you dont have neg equatiy, use that to pay off the Abbey.

But I would think the problems are deeper than what your have posted, I would ring them.

silvercar

To repossess your properties Abbey need to go to court. Writing you a letter may be one step along the way to taking legal action, but they know that you are not going to send a cheque by return of post.

HelpWhereIcan

As silvercar says, assuming that they have not already secured a possession order (which you would know about) they are taking the first steps in the repossession process.

They will not get a court date within a week and you will therefore have some time to negotitate a better solution with them.

It is possible that they are just reacting to a complete lack of communication from you and may allow extra time if they know what your actual situation and plan to repay the debt is.

As has been asked, how much are the properties worth in their current state?

How much will they be worth completed?

If you are sure of being able to repay by March you may have access to bridging or development finance but it will not be cheap.

dunstonh

Also remember that this will be a business/investment transaction rather than residential. So, they would expect you to act in a more business like manner but it also means that you may not get the grace that a residential homeower might get.

You need advice damned quickly. Especially if you have done this in your own names and not a limited company as it wont just be these homes they will go for. It could be your own house as well.