Mortgage Rescue Scheme or Vol Repo??

dawny75

Hi Win123, I too have anxiety and panic disorder...doesnt help when you are going through a stressful time.

The criteria for MRS is:

• have a dependent child
• are pregnant
• are elderly
• are disabled
• are considered to be vulnerable for other special reasons.

Your house has to be under a certain value too. Ring up your local council to speak to someone about it. x

kian2012

Hi win123,

I know how you feel I suffer from depression and stress and just feel like I'm existing at times. My son keeps me strong. Go to your citizens advise they will help you, and are on your side. x

dawny75

Well we went to our councils debt advice today as advised by our MRS case worker so they can prepare a financial statement..waited patiently for over an hour only to be told the lady there could only deal with a couple of small debts and was more welfare rights!!! Arrrghhh! She said we had been put on the system but would be waiting 5 weeks to see a debt specialist..what a joke! Anyway I phoned our case worker as soon as we left, two minutes later a debt specialist phoned me to say we need to go and see her tomorrow at 10am to prepare the statement. Phew!!! Hopefully after tomorrow we will have some idea of what direction we will take...received nothing from courts yet but its only a matter of time x

win123

Thank you Dawn and Kian for your replies much appreciated - so worried at this time not eaten properly for days due to the stress - I hope we all get sorted very soon as I really don't know how much more stress I can take its a nightmare - Hope you get on ok with your debt advisor Dawn let us know the outcome. I rang the housing association today and they took details of all our income and details of our house and she said she will be in touch in a few days -says if we are successcful then they will send someone round to value the house and then they will be in touch with the Halifax gosh I hope we are successfull - Said we were a priority due to my mum being classed as disabled and we had a grant many years ago to had the house adapted for her ie stair life and walk in shower so I hope this al goes in our favour - I just want some normality back in my life like we all do

dawny75

Hi Win...it sounds quite positive for you, fingers crossed. We had debt advice yesterday and she was brilliant. Basically our financial statement is a mess and we may not be accepted on the MRS scheme. Going to ring MRS case worker tomorrow.

Debt advice lady said NOT to sign any paperwork from NRAM or First Plus regarding the shortfall...she said we would be mad to do it and if the MRS fails because of this then we go to plan B and do vol repossession. She will help us with bankruptcy when the time comes and she told us to stop paying the water bill as United Utilities have a fund to help pay for bankruptcy fees...still cant get my head around why!! She also told us the council have a rent bond to pay for deposit and first months rent to private landlords so thats something else to look at, I just worry that we wont find a sympathetic landlord who is willing to take a chance on us. Anyway thats where we are up to at the moment, yesterday I sobbed for the first time...its the not knowing what to do and the shame and stupidity...luckily our girls are 16 and 13 so are old enough to understand what is going on and they have been fab but i know we have let them down big time as this house would have been their inheritance. Lets keep each other updated x

win123

Hi Dawny

Aww its an awful place to be at the moment I have days where I sob too - I am sure one day we will be settled somewhere and be happy again - Are people not entitled to the MRS if in debt? if that is the case I am in big trouble too - Good luck with everything I have my fingers crossed for you and your family xxxx Lets just hope there are landlords out there that are sympathetic I am sure there are and you will find one willing to help

debt_doctor

The purpose of the financial statement is to evidence that the current secured lending is unafordable, taking in to account all other reasonable costs.

DD

kian2012

Hi win123 and Dawn75,
I have been to see about MRS at local council, they said a housing association or my local council buy the house, if I get accepted. They said there is a lot of hurdles to get over, and say First Plus can be awkward, as I have secured loan with them and I am in negative equity. It doesn't matter if you have debt win123. They said it can take upto 6 months as it depends on how quickly companies reply. I feel bad that I am in this situation as I know that this house would of been my sons inheritance, he is only 7 months so if everything goes ok in the future, I could maybe open a savings account for him.

Angiepange

Good Luck to all those enquiring about or going through the Mortgage Rescue Scheme.

Please keep us updated with how you get on, if you can.

Angie xx

mrsrwallace

I only wish the Mortgage Rescue Scheme was available in Northern Ireland. Unfortunately we are in a position where we just seem to be coasting along with no conclusion in sight, we are unable to afford our mortgage now due to a massive drop in income and are ineligible for any mortgage assistance. So our house is on the market which will still leave a shortfall but in the meantime we're wondering would it have been simpler to hand the keys back as there will be a shortfall anyway and if we took matters into our own hands at least we'd have come control over the situation. So in the meantime we're still in a house we can no longer afford which may never sell anyway and may lead to repossession anyway. We're clinging to the hope that we can secure better paid jobs and resume the payments and catch up on arrears but the bill is increasing each month and nothing seems to be going our way!

I wish you luck with your situation, I can empathise with the stress and worry you're experiencing.