Miss payment on mortgage - consequences?

mark_steps

Ok so i have called up halifax to ask if i can have a payment break and they have said no. I cant afford where i am, with my income and outgoings. Have tried to cancel sky, mobile etc but im "locked in".

Will be looking to put house on market very shortly and move out of the city to my parents town. Can get property for £70000 taking of £12000 from the mortgage. Thinking of January for property to go up.

If i were to miss next months payments, im currently Overdrawn just now and the bank (lloyds) wont increase my od limit, what consequences will i face?

Senior_Paper_Monitor

Not paying the mortgage is the worst one to get on your record. Mind you, these days any late payment/default is bad news !

You can almosty guarantee the mortage one will prevent you getting a replacement mortgage when you sell move - yes it is that bad.

mark_steps

OH!

Right, well plan B....on my day off (Sunday) call up everyone i have services with and see about lowering the package as opposed to leaving. eeek

OH used a service like wonga, they want £500 back in Dec. The worry of this all is killing me...im sick every morning..

opinions4u

Don't pay Sky, the cut you off and chase you for the money.

Don't pay the mortgage and you risk losing your house.

Debt-Free Wannabe board may help you. CAB may help you. But for me a simple prioritisation looks like food (Tesco Basics can be fun!), mortgage / secured loan, council tax ... anything beyond that is lower priority.

Think it through. Prioritise the mortgage.

spud211

Council tax is another one that you can often miss for a month or a few weeks - I did this inadvertently last year ended up paying 2 months late due to a stupid mistake in my budgeting..the council never actually noticed or chased me, I phoned up 2 weeks after the due date and paid it, they had no problem with it and never complained.

It catches up with you though so cutting spending is the next thing - you should be able to drop phone, cut food/travel spending, look at selling things on ebay etc..there are options. Try to resist going to places like "wonga.com" etc though, these companies are evil in the truest sense of the word and are /never/ a good idea- I get the impression that you know this already from what you say though so I think I don't need to warn you of that

beecher2

Might be worth rethinking Christmas too - lots of advice on the other forums on how to cut back on spending.

Post a Statement of Affairs on the Debt Free Wannabee forums for help in savng money on your budget, but your mortgage should definitely be a priority above most other things.