Suspended Possession Order

lost12345

Hi Guys - advice needed ;( I have a secured loan . I owe them approx 3000 pounds in total am in arrears of 1500 pounds due to husbands income decreasing over a 2 year period. short version - Ive had a suspended possession order put on me because we were in arrears and i agreed to pay them back 40 on top of monthly payment. cant afford this now , have missed payments on the agreement since SPO was put in place any ideas what I can do? no equity in house at all in fact if it was sold I would owe money to main mortgage co.:(

lost12345

Spo put in place in 2009 - approx 5 payments missed

Thrugelmir

Suggest you call the National Debt Line or make an appointment with the CAB.

http://www.nationaldebtline.co.uk/

As it is highly likely that the lender will seek possession of the property. Struggling on isn't advisable unless you have reason to believe that your circumstances will change.

Voluntarily giving up the property would save on costs.

lost12345

main mortgage not in arrears , no equity in property,I owe 110k on mortgage and house worth app 97k do you think a judge would put 3 kids on street?

lost12345

if i gave up property voluntarily then surely I would be in a worse position? no home and owe money to mortgage and secured loan co??

BobQ

lost12345 wrote: »

main mortgage not in arrears , no equity in property,I owe 110k on mortgage and house worth app 97k do you think a judge would put 3 kids on street?

Well if you just rely on a judge being sensible you may find the judge does allow possession to proceed. Far better that you contact the National Debt HL and seek to resolve it out of court.

Gary123456790

Hi,

It is unlikely the 2nd charge will reposessess because when then redeem the 1st charge there will be no money left for them, so pointless from their point of view!

Best idea is to call the 2nd charge and be honest, tell them what you can pay and stick to it. If you stick to what you agree then there will be no legal costs added to your account as they will be getting what they expect.

Regards,

Gary.

Thrugelmir

lost12345 wrote: »

main mortgage not in arrears , no equity in property,I owe 110k on mortgage and house worth app 97k do you think a judge would put 3 kids on street?

If you are struggling to find £40 per month for the arrears. Then how long before you hit serious financial trouble?

silvercar

lost12345 wrote: »

main mortgage not in arrears , no equity in property,I owe 110k on mortgage and house worth app 97k do you think a judge would put 3 kids on street?

Having 3kids won't be a defence against repossessed. The lender realising that they gain nothing by repossessing may increase your chances, but often one department doesn't realise what the other is doing.

You need to decide if you can keep the property long term or if you would be better going into rented.