Advice after that lightbulb moment - repossession

David_Everton

Hello everyone, I've been sat reading the boards and deciding whether to join up and sign for a while, but I figure I should give it a go, I need all the help I can get !

I'll just start off by saying I am quite possibly the worst person in the world for money - I've been so irresponsible over the years, but I never seem to learn, but I've finally had the lightbulb moment, and realise I need to get things sorted quick.

In a nutshell, despite all my shortcomings I had a good period of employment, and managed to get a mortgage late on last year from Mortgages plc. I bought a house from a friend for £94,500 and paid an 11% desposit, leaving me with a mortgage of £83,000. The payments on this are £530 per month.

As usual, just after this I self destructed, and lost my day job. Things suffered soon after, and long story short last week I recieved the letter from my mortgage company's solicitors comfirming the start of repossession proceedings. I knew it was coming, and me being me I put a hard face on, decided I wasn't bothered, that my gf and I could rent until she finished her uni teaching course (1 and a half years away).

But then I had the lightbulb moment, realised I don't want that, and went out and managed to get two jobs. One working as a doorman (I've done this on and off since I was 18, I'm 27 now) - this obviously isn't ideal because of the element of danger, and also found a day job working as a web designer.

The debt on my mortgage is just shy of £2000, and will be just over come the 1st of April. The court hearing is set for the 18th of April.

What I wanted to know is do people think I can stop this? I've been thinking about it constantly, and I really don't want to lose my home now. I start both jobs next week, the doors pays weekly, and I work it out at about £150 - £200 a week for 3 nights, and the design job is only £12,500 but has all sorts of performance related bonuses, and best of all pays monthly, so no weekly temptation to spend spend spend - which is what I do best.

I'm want to contact the mortgage company first thing and talk to them, I'm also going to get my act together and try to make a big inroads into the debt, hopefully if I can get it to under 2 months' arrears (Approx £1100) they might be willing to come to some sort of arrangement with me regarding the rest of the money owing. I intend to do this by paying off a huge chunk at the end of the month, from the 2 weeks wages I'll have earnt from both jobs, and also going to see if friends / family members would be willing to help me out until I can get everything in order and pay them back.

I've got to be honest and face up to my issues, the mortgage is just another in a long list of debts I've had over the years, and I'm sick of it now. I've been a nightmare for always sticking my head in the sand, and I need to snap out of it. Hopefully if I can sort this first problem and keep my home, then it'll spur me on to sort everything else.

Can anybody tell me whether this sounds feasible? Would I contact the mortgage company directly, or should I contact their solicitors? And would the mortgage company stop the repossession proceedings if I managed to reduce the amount owing, or would I need to pay the full amount off? Or should I resign myself to it?

Thanks for any replies in advice, and sorry it dragged out a bit, I think I need the moral support as much as I need the advice, all this worry has finally gotten to me, I can't remember the last time I had a decent night's sleep !

D

lynzpower

David, this certainly sounds feasible, but you HAVE to call them asap

Is there any way you can send them a token payment to show willing today- of course it doesnt have to be the balance but anything is better than nothing

Get over to the DFW board and post this there youll get loads of advice

My first nuggett, is get everything you can on ebay! and use this money to pay your arrears.

It CAN be done, but not without determination.

Good luck x

Little_Miss_Winner

Morning.

Make sure that you call them this morning BEFORE you do anything else! It would be such a shame for you too lose you home, just because you couldn't be !!!!!d, and you stuck you head in the sand!

You seem to have got your head around it now, and realised this is not the way to go.

Agree with Lynz, it can be done, but you need to have determination to do anything you can to keep it. You sound like you like a challenge. SO make you home your priority!

Good Luck, come back here this morning after you have rang them.

Keep us posted!

Pot

epoman

Whatever you do it is imperative that you maintain the current instalments as well as paying something off the arrears. Contact the solicitors immediately to confirm that this is what you will be doing and offering an instalment package to clear the arrears. Confirm your offer in writing, perhaps copying it directly to your lender.

If they accept then problem resolved. If they do not and they continue with possession proceedings this will add costs to your arrears but there is no court in the land that would repossess you for £2,000 where you can demonstrate that you are genuinely making a real effort to clear the arrears within a reasonable timescale.

The situation can be rescued if you catch it now, but, as with all things, if you leave it it will only get worse.

zag2me

Well done for having your light bulb moment, many people on these boards know what you are going through.

Get in contact with the lender as early as possible, you still have a long way to go before actual repossession. Stop spending money on anything not important and concentrate on paying the mortgage payments.

For the future, it is sensible to keep 6 months of mortgage payments in a savings account(isa is best) for emergencies like loosing your job. This should prevent this situation happening again. Its a great feeling going into work and knowing you don't really have to be there if you don't want to and can always find something else.

Rabiddog_2

Work out a weekly budget. SHOW the mortgage company how you are going to pay the mortgage. Sadly to me, you sound a bit manic depressive, this isnt your light bulb moment, its one of your up periods when you run around doing everything. You see, this two job thing sounds great but its really hard to keep up for any length of time. If you keep to your promises to pay then everything should be alright, but I expect one or both of the jobs will disappear in an irrational moment of anger, this will then lead to depression/anger and mad spending/wasting money. One job is hard enough to keep, what happens when they clash, working late? Should you really have a mortgage in the first place? some people just arent that way inclined. Maybe until you mature or become more stable you SHOULD rent. Maybe I sound a bit pompous or knowitall but having been to the repo court myself, I know its not a good place to be. Is this a real turning point or just a delay on the way back to renting.. TRULY decide, then proceed accordingly