Credit Card Company Wants to Sell My Home

hsgamboy

Thanks for the advice mountainofdebt

As the saying goes "If I only I could have........"

Trust me have looked hard into my finances and don't spend a a penny more that I have to. I observe the usual stuff such as 'taking my own lunch to work', 'don't go out', 'stopped drinking, smoking, etc'. I earn over the average income so only get £10 [/w working tax credit. I have done my sums and I can't afford the £4K, so the only way of raising the money is to when I remortgage in June, to ask for an extra £4K to pay these people off.

That falling, I will just continue paying my 50% mortgage repayments and offer the CC company a payment plan.

My question, incase you miss the point was to find out what can I do with the CC trying to sell my home! and if the £4k will increase overtime -possibly in the next couple of years. My pregrant wife will be finishing her studies (ACCA - ACCOUNTANCY) and should a job that pays at least 20K per year. We will then be more financially secured and pay this only debt I have.

Many Thanks

CLAPTON

if i'm wrong then so be it, but from the general tenure of your posting you seem to more concerned about being annoyed, irritated or wanting to cause AMEX the maximum problems. better to be guided by rational self interest.

although whats done is done, it best to understand how it should have ben done so if there is a next time try it this way

a. when you first couldn't pay amex, did you send them a full statment of your income and details of your spending and details of other debts and making an offer based on this?

b. when you received the court summons, again did response and supply a full statement of income and expenditure etc and make a sensible offer to pay.
also note, that you can request the hearing is moved near where you live.


OK can't undo what is done;

i would suggest you phone CCCS/Payplan/nationaldebthelpline and seek some expert advise...firstly find out if it is too late to appeal against the CCJ payment order...normally you can do so but i'm not sure if the charging order changes that.

check whether you can ask for the charging order court hearing to be moved to a local court so you can attend in person and dispute the order and explain that you are willing to pay as much as you can (supported by detailed income and expenditure details)

lynzpower

what other debts do you have OP?

Couldnt you just take on a second job or something to rustle up 4k?

mountainofdebt

I hadn't missed that point about the CC trying to sell your home ......although from an untrained eye it only (she says!) seems like they are trying to register an interest on your share of the property, so when it comes to be sold they get their money.

I know you don't think that it worth posting what we old timers call a statement of affairs but believe me, there are guys and gals on here who could make a silk purse out of a sows ear.....so it would be well worth it.

Somerset

Two things to mention :

1) The charge on your home - the lender can go through a legal process to force sale. The debt is small so it's unlikely, but it can be done and often is. You need to speak to Amex and sort out a repayment plan asap ( monthly payments )

2) I understand Amex are one of the few credit card companies who issue bankrupcy proceedings against defaulters. I am not suggesting they will against you. The point is - they are very hard work.

hsgamboy

thanks everyone.

I am currently tied in to my mortgage deal until may this year (redemption fee of £3900 if i cahnge before then). I was hoping to remortgage and increase my stake to 75% or even 100% either through my current lender or whole market broker. This seems unlikely now with this cc event. This is the only debt I have and a £800 overdraft. I have never missed any of mortgage repayments either.

I intend to pay the debt in small regular payments from this point provided the CC company allows that. Otherwise I will just have to bank on my wife finishing her studies (ACCA, accountancy) get a job thus puts us on a better financial position to make much higher repayments or pay it off altogether. This can only happen in couple of years time though.

I can't take up a part-time job as I already work 40hrs per week and also doing a p/t (two evenings) MSc Computer Science. My take home pay is good but wth a wife and child to support, it get stretched.

Has anyone had such experience (esp with american express) and managed to arrange a small repayment on a monthly basis - say about £30 per month?

Also if I manage to re-mortgage in order to buy an extra 25% stake (which I doubt very much I will be able to with this CCJ), do does the land registry has to be involved, hence the CC company knowing. The extra money I will need when I remortgage is £41k(25% stake), £82k (for the whole 50%) and of ocourse the extra £4K to pay off the CC debt.

Any more ideas please, thanks a lot

kathy46

hsgamboy wrote:

This is a question for kathy46

Kathy you memtioned that you are currently paying off your £8k debt in bits.

At what stage after your creditor registered their interest on your property, did you start making payments?

Did you get the debt reduced? and if so How? The reason I ask if that £2k interest seem a hell lot of money to be paying back

As mentioned earlier, I have no intention of selling up now but not comfortable that someone else is on my property - well apart from the HA.

Since 1999, did you manage to remortgate without much difficulty - whilst at the same time increasing the mortgage. I really want to increase my stake on the property (my income will allow me to do so), maybe even borrow an extra £4K and pay them off.

Any more suggestions will be a great help

Anyonel else, please chip in the more advice I get the better.

Thanks a lot to all of you in taking you time to help.

Hi

The charging order was made and I contacted them and they took very minimal payments (this was Lloyds...they were TSB then). I can't remember the exact time span this was in 1999 and I was unemployed and not in a good mental state at the time. later my finances worsened and a DMP was put in place after a variation order at £5.00 a month. i recently regained employment and got in touch with payplan who worked out a further DMP for me so now they are getting nearer £150.00 a month. (Should be debt free by 2010 at present rate but my pay should go up in about 6 months so can give a little more). This wasn't my only debt.

I didnt ever get the debt reduced (wish I had been well and known about things like MSE sooner, this was originally a £5000 debt or thereabouts which was increased by bank charges and interest and was covered by payment insurance, which had been paid for a year but then I missed a doctors appointment and didnt get something signed so they stopped paying the insurance, not sure of the details I was very ill at the time ). I know it's too late now as it is over 6 years (the CCJ has even been removed from my credit file lol)

I have never actually remortgaged so I don't know what would have happened, I am just greatful I still have a home. I did extend my mortgage period when I got work so that I could afford to go back onto repayment as that would have been prohibitively too expensive if I had with only 9 years left to run on the mortgage, I had been paying interest only while I had been ill and unemployable. There was no problem with me doing this.

Sorry I couldn't be more help

hsgamboy

Hi Kathy,

Pleased that you've come through the bad times and once again thanks for your help - it's been really useful. I will be contacting both the land registry (to object and put a stop to all this thing). Also contact the good people at amex -lol and see if they will enter in some kind of a payment plan.

Also, thanks to everyone who has replied and hope that my experience will help other people on this board to avoid such a mess.

hsgamboy

Thanks every one,

I am going to offer the CC company £20-£30 per month until my financial circumstance improves in a couple of years time and then increase my repayment.

Is this the best route to take? What would you personally do?

thanks alot

mountainofdebt

Personally I think that this is a good idea....it would demonstrate that you are serious about dealing with the problem and it can't do any harm can it???

I know it might seem as if we are being nosey but it helps us to give advice if we know the full story and whilst I appreciate it must be scary opening up to the world, you would be surprised at the ideas people come up with to find extra ££££s.

Another thing which you haven't answered (and again we aren't being nosey) but how has the origianal debt increased to £4K? Again if we get the full story then we might be able to offer a solution (one that you haven't thought of perhaps?) to at least how to reduce it for you.

We are a friendly lot ....honest!