Halifax and Firstplus

Pem_2

Hi,I have a mortgage with the Halifax & a secured load via Firstplus, i have just lost my job & have a couple of months funds,after that I will struggle, my question is that I know you can contact Halifax before you get into trouble and talk it through but i dont know if Firstplus has a similar policy.

If I couldnt afford to pay both,how would they both react?
I owe Firstplus £15000 & there is £75000 left on the mortgage, would Firstplus force a repossession before the Halifax? or would Halifax take charge because they are owed the most?

The house probably has about 35/40 thousand equity on it.

Any help much appreciated because i am very concerned about the situation.

Simon

opinions4u

If you're not paying, my experience suggests that the second charge company are more likely to push for repossession first where there's equity. But that's not an enshrined fact.

I'd suggest head to https://www.makesenseofcards.co.uk, completing a statement of affairs and posting it on the debt-free wannabe part of these forums.

Start cutting back on all items of expenditure now. Think through what your priority bills are - far better to miss unsecured loan and credit card payments than getting your house repossessed.

And make sure you're getting every penny of benefits / tax credits that the system allows.

Fingers crossed a new job will crop up soon.

Dave_Ham

There is no rhyme of reason about repossession, although lets start from now and sure it will not get to this.

First Plus are hard work to deal with and are unlikely to help.

In addition to posting your SOA to obtain help from the good people on here, Halifax may well extend your term to reduce your mortgage payments (assuming you are on a repayment mortgage and subject to your age)

Additionally, Halifax may offer you interest only for 6 months or 1 year but is on a case by case basis.

None of the lenders are likely to get formally heavy until at least 2 months full missed payments.

If things get worse, always do what you have to in order to pay the secured debts and primary needs...

All the best - fingers crossed for a new job soon

Pem_2

Thank you very much for the replies.

Simon