repossesion timescale and what to take!!

bosw26

have 3000 morgage arrears found it hard to repay but lender taking court action will i be able to pay off this before any action taken in court for repossesion thanks for any help scotland

bosw26

[
]have 3000 morgage arrears found it hard to repay but lender taking court action will i be able to pay off this before any action taken in court for repossesion thanks for any help scotland
]

saff4x4cosworth

i know it seems like its affordable but once you work out our bills and running 2 cars for work etc there is not enough left we are not sure 100% sure what we want to do as we love our house but also seeing it as a fresh start somewhere new i really dont know what to do

debt_doctor

saff4x4cosworth wrote: »

i know it seems like its affordable but once you work out our bills and running 2 cars for work etc there is not enough left we are not sure 100% sure what we want to do as we love our house but also seeing it as a fresh start somewhere new i really dont know what to do

Hi again,

Have you taken advice from a debt charity ? - If you havent then you MUST ASAP. It seems like there are a few options open to you, possibly saving the house by agreement in court or mort rescue IF you want to.

Here is my confusion...........

WEEKLY;

Income (from all sources) 620.00

Possible rent 120.00
c/tax estimate 25.00
gas/elec/water estimate 35.00
phones (all plus sky) 30.00
housekeeping 120.00
2 NEEDED cars fuel 50.00
other car costs 50.00
insurances 10.00
TV licence 3.00

I appreciate that is estimated, but leaves £177.00 per week.
Am I missing something?

Remember.....

If the surplus is all taken up with c/c, loan or other payments then you could consider bankruptcy to deal with those debts and make arrangement with the court for your mort arrears ( unless of course you have a massive mortgage and/or secured loans ???)

Or maybe you dont need BR at all?

More info please !

DD

saff4x4cosworth

hi debt doctor sorry for the delay, it seems so easy when you put it like that our outgoings a week are £593 this includes our Iva and haircuts etc and £520 a month which is what our rent would be if the council bought it, our weekly costs are high but that covers everything except general spending, i would gladly save the house i just cant see how with our bills they have now put us on a pre pay meter for gas and electric. The thing that is confusing me is that i agree i think we could try mortgage rescue but the council dissmissed it and said it was due to affordability.

We are currently with payplan and they have been helping us, but i think we will go bankrupt its just a question of saving the money up this is why we are not worried about our current debts and are only paying the iva to keep the vultures off our backs, our Iva is currently £250 per month

debt_doctor

Hi saff,

Would you list your financial statement / SOA so that we can see what your spending - it's not to be critical(we don't do that) and of course dont list the debts or IVA payments (if you intend going BR then you should stop those payments)

The thing is, unless you understand your financial position and how you're spending your income, you cannot choose any debt remedy.

I believe this is why you can't decide what to do, you dont have the essential basic information you need .

DD

saff4x4cosworth

Hi dd

will do i will sort out tomorrow as soon as i get in from work and post on here thanks