Im so scared were going to lose the house

mountainofdebt

As already been said, please try not to panic - you've come to a brillant web site for help and advice and if all else fails lots of shoulders to cry on.

Posting all your outgoings and incomings will make everything clearer and even if it does look horrendous, at least you know what you are dealing with. Once you know what you are actually dealing with, you can start sorting it out.

I don't know if this is worth considering but it might help you budget for your mortgage.

Since I have started my new job where, for the first time in my working career, I get paid weekly on a friday. To budget for our mortgage payment (due on the 1st) I have taken the amount due and split it by the number of fridays before the next one and paid that amount into our mortgage account. The only exception to this is where a friday is within 4 working days of the first of the month as the dd collecting process would have started.

EG

If my mortgage payment is £330 per month and the payments are due on the 1st of the month, then taking January as an example there are 4 fridays in the month. Thus for the 1st 3 fridays I would have paid £81.25to the mortgage company. On the 4th friday I wouldn't have made a payment as it was within 4 workings days of the 1st febraury and the mortgage company would have taken £81.25 to balance the payments up.



Obviously there are issues here - what happened for things to go pear shaped? You can tell us - as nobody knows who you are but obviously if you don't want to tell us then that's fine as well.


Come back soon.....we're here to help!

headchef

Poppy you can tell I'm still a relative Newbie! Not as quick or as knowledgeable. :rolleyes:

southernscouser

headchef wrote:

Poppy you can tell I'm still a relative Newbie! Not as quick or as knowledgeable. :rolleyes:

Hey, you had the same jist (sp) as me! I wouldn't call any of us experts anyway! We're in debt for gods sake! :rotfl:

But you pick up so much knowledge just reading from others!

headchef

Oh Yeah - thanks for reminding me. :rotfl:

sashacat

Hiya, Poppy, what's the term of your mortgage..if you have paid it for a few years already you may be able to renegotiate both the number of years as this will decrease the monthly payments and the interest rate...ask the agency to contact your mortgage company for you...my cousin was in terrible debt after a divorce and didn't pay for a year..at which point they threatened repossession.....they really hate doing it because of the bad publicity...but they never carried it out