First SOA :)

gonzo127

i have to say i am shocked by your mortgage lender especially since from your current SOA you are going to have to default on it, which means they are not going to get any money for a while and since you are in negative equity even reposession would lose them money, sounds like they are cutting their nose of to spite their face

quick edit, have you actually told them that unless they can organise some change to yoru mortgage you will have to cancel the direct debit/standing order as you just can not afford it? to see if they are willing to change it then?

mixedupdebt

gonzo127 wrote: »

i have to say i am shocked by your mortgage lender especially since from your current SOA you are going to have to default on it, which means they are not going to get any money for a while and since you are in negative equity even reposession would lose them money, sounds like they are cutting their nose of to spite their face

quick edit, have you actually told them that unless they can organise some change to yoru mortgage you will have to cancel the direct debit/standing order as you just can not afford it? to see if they are willing to change it then?

Its Abbey. I've basically offered them some money (a few hundred) each month regardless of them agreeing to it or not. This way if it does go to court, I am at least showing that I'm trying to deal with it. I have tried explaing to them that its short term but they still seem uninterested. When I first contacted them in Dec, they just passed me off to the cccs as I hadn't (then) missed any payments. Not what you would call responsible lending.

DD cancelled in Jan - now missed two months but made 2 reduced payments.

dancingfairy

Looks like you're going to have to sit it out then - - it doesn't sound great but you appear to be doing everything you can. It all kind of really hinges on getting more income - easier said than done sometimes I know. How long is wife on SMP for - a whole year? can she go back to work sooner?
Hope things start to go your way soon.
df

mixedupdebt

On SMP for rest of 2010. Likely to be not worth while going back to work after that thou as cost of child care would wipe out her income. As thats the case, better for kids to have their mum (or me) around while they grow up.

Gemmzie

What about your wife going back to work and you look after the children? Maybe not straight away, but possibly an option in a few month time?

WASHER

Gosh:eek:

You cannot afford two cars, you need to sell one.

You cannot afford £400 per month on groceries.

How are you paying some of your bills, even if you pay a reduced figure to the mortgage company and token payments, you still cannot afford the basics. Are you using credits cards to live off?

Is the figure correct on the value of the house? £140,000K against a £190,000 mortgage, how on earth did the mortgage company let you borrow that much?

I'm certainly not judging you, just trying to get my head around it.

I agree with the above post, can your wife return to work early, it would certainly help you with the day to day living expenses. I had to return to work 8 weeks after my first baby, its not easy, but needs must, and if mum is well and you are at home, no reason not to return.
WASHER.x.

mixedupdebt

Hi washer,

2 yrs ago the house was worth £240k. Has came down just a tad since then. Have started to shop online and have it delivered. You really do save a small fortune by doing this as you no longer impulse buy like you would normally do in store. If I'm still not working in a few months then I'll look after the kids and my wife will go back to work. No CC left to use. Living of some small savings of my wifes.

Cheers.

WASHER

Thats a huge drop in equity.:eek:

Have you checked out Entitled.com and see if you are entitled to receive more benefits.

saxysarah

Who can get help from the Mortgage Rescue scheme?

To be eligible for the scheme your household must include someone in 'priority need'. This could be:

• a pregnant woman
• someone with dependent children
• someone who is vulnerable because of old age or a physical or mental impairment

You’ll also need to meet the following criteria:

• your household earns less than £60,000 a year
• you don’t own a second home, including a home abroad
• the value of your mortgage (and any loans taken out against your home) is less than 120 per cent of the value of your home
• the value of your home isn’t higher than certain levels set for each region – ask your council about the level for your area

When you apply for the scheme, your local housing authority will talk you through some other criteria that you’ll need to meet.




just checked out this on direct.gov - there is a thing called mortge support which abbey/santander are supposed to offer 'help' to their customers who hit unforseen financial difficulty such as yourself - its government backed but as you've already spoken to your lender direct maybe it would be worth going down this route - you can contact your local council for more info but check it out directly on the direct.gov website - hope it helps

saxysarah

Just thought i'd bump this back up in case anyone today has any better advice ;-)