suspended repossession - any advice please.

joycejames

Hello,
We got suspended repossession order a year ago for a secured loan. 1st mortgage balance outstanding is approx £90000. Monthly repayments £522.02. Secured loan balance o/s is approx. £30000, monthly repayments £409.60.Value of house is approx £150000. We have an overdraft to pay off approx £6000 of which the bank has refused to cancel interest so far. We have paid all these on time for a year but it has been a struggle long term on essentials only, we have two young children. I'm writing to secured loan company, for any leeway in payments, perhaps extending over 15 years. (When we are due to retire hopefully) Would much appreciate any advice on how to reduce repayments. Thank you!

beecher2

Have you thought about selling up and renting? You could clear all your debts and start again.

joycejames

Hello, Yes, it is in our minds as a last resort. But dont want to retire and paying rent. We are both 50 and hoping we can pay debts off before we retire, but we would save loads now if we sold and rented. Its a hard decision!
Thanks for your reply.

Thrugelmir

joycejames wrote: »

Hello, Yes, it is in our minds as a last resort. But dont want to retire and paying rent. We are both 50 and hoping we can pay debts off before we retire, but we would save loads now if we sold and rented. Its a hard decision!
Thanks for your reply.

Extending your repayments over a longer period should be the last resort.

Work out how you can save by renting and not paying excessive amounts of interest.

Ids61

Hi have you looked at shared ownship. Sell your house. Pay of every thing and pay up 25 percent.
There are many schemes that allow to buy more share as you wish.
You will pay rent but perhaps the best of both solutions
best of luck