Worried sick - repossession threatened but uptodate on payments

jops

I foolishly missed 3 payments off a loan secured on my house and although I have now repaid these plus an additional payment (to keep one payment ahead), Barclays Bank are pushing for repayment of the whole £75k and threatening repossession.

I will find it extremely difficult to find alternate finance for this amount as I am currently self employed and do not have enough records to present to a new lender of proof of my credit worthiness - most of the earnings are going back into the business. I do however have £200k equity in my house, savings of £20k that are accessible and a further £68k that is tied up for 5 years in bonds.

I am worried sick about this, Barclays have given me 60 days to pay back the whole loan and although I rang today to inform them of the overpayment I've now made, the woman there is set for my blood. I've children and a family and we've lived in our home for nearly 20 years, we'd be heartbroken to lose it.

Is there anything at all I can do to stop Barclays repossessing my home and allowing me to continue with the loan? The woman handling this is extremely "vicious" and seems to delight in my distress, I really can't believe I let myself get into this mess.

Any help at all would be greatly appreciated.

cavework

Hi Jops , if you have brought all payments up to date and are in fact in an advanced state of payment on your secured loan I fail to see where barclays can apply for repossession.The courts would not look favourably on this I am sure.
Have you fallen behind prior to this and did you recind on an agreement for reduced payments?

SouthCoast

Facing the prospect of repossession can be frightening, but it’s important to remember that you are not alone. There is a lot of help available from government, from lenders and from advice agencies. The information here will give you the tools you need to prevent your home being repossessed. You'll also find stories from some of the 330,000 homeowners who have already received help and advice.

http://mortgagehelp.direct.gov.uk/default.aspx

jops

Cavework, this is the first time I've ever missed payments on anything and I really can't understand Barclay's approach. The payment shortfall has been paid back within 6 months of the first missed payment and I've made an additional instalment of £700 to bring me a month ahead.

Everything I've been reading up to now suggests the courts wouldn't push for repossession unless this was a last resort, the woman at Barclays will not bend but is pushing for repayment of the full £75k of the loan and will start proceedings within 60 days otherwise. How on earth people can delight in doing this I really don't know, but this woman seems to - I have frequently broken down in tears on the phone but this seems to fire her on even more.

As it's a loan guaranteed against the property as opposed to a mortgage, I'm wondering if this makes any difference where repossession's concerned?

South Coast, thanks for the link, I'll read it now.

LeeSouthEast

Given you are now up to date, I'd be inclined to tell the snotty nosed !!!!! at Barclays to "stick it" and "see you in court". No court in the land will grand a repossession based on the circumstances as presented.

wiggler

the order to grant possesion of a property is very much a last resort, my parents house was not repossessed but came close when my dad lost his job and it dragged for over 2 years!

based on your story i would say that barclays would be highly unlikely go to court, and would be laughed out if they did

cavework

With LeeSouthEast on this one.
Get the name of her manager and make a complaint in writing, don,t be fobbed off and keep complaining.
Refuse to deal with her anymore she is a cog in a bigger machine.
Don,t get upset you have put things right and deserved an apology for being treated in this manner.
xx

purt

Hello there,

It does seem rather harsh of them to suddenly start threatening repossession. Perhaps they now view you as a bad debt and, in light of the reasons for the whole economic crisis, have decided to simply take a no nonsense approach where bad debts are concerned.

I expect the other posters are quite correct in their assessment of a court's attitude. Perhaps you should seek legal advice (or professional advice of some sort) and try to reach some sort of amicable arrangement with Barclays. I'd be inclined to take the approach suggested above and tell them you'll see them in court.

Regardless, I'm sure you are indeed worried sick. Here's hoping for a speedy resolution to the issue.

kymi

she seems an utter cow doesn't she.

I've been hearing some really horrid stuff about Barclays recently. No wonder they made so much profit, it sounds as though its been done on the back of the misery of others.

Your contact was maybe trying to earn that big fat bonus she's been promised!!!

Kymi

longshot

in all fairness to barclays bank , i banked with them for many many years
until BR and always found the service very very good. Even losing a huge
debt on my credit card didn't even seem to *rustle a letter from them
and it was on the largish side of things:). Then again when i had a mortgage
with another bank and i couldnt pay a good few years bank they were very straight and told me no help was available and i need to pay or else.
Going back to barclays who i must add are a highly professional outfit,
unlike northern rock etc. you should perhaps write a complaint.

at the end of the day you could sell your house and pay the money
but perhaps your on the wrong forum as your not BR????

good day:A