In a panic - flat about to be reposessed

dancingfairy

How are you getting on with the various options? I'm getting a bit lost.
1) Sell house via estate agent. Have you had any valuations yet? This would give you the most money but could however take a little while. Also you would need to speak to NRAM and see if they would be prepared to help you sell.
You either sell as is or you try and do some improvements.
2) Take in a lodger, again as is or with some improvements.
3) Sell at auction. Probably the quickest option to be honest although you won't get as much money here.
4) wait for repossession and go from there. This may lead to bankruptcy/further debts.

Personally I think option 3 might be the best for you as it's the quickest one (if you can persaude NRAM). This is because while you may/hopefully would sell on the open market this could take several months even if things move quickly and you would likely acrue more arrears during this time and would prolong the stress for you.
Taking in a lodger would also be a good idea but I fear this would not cover the mortgage and would complicate the situation if repossession would occur (you would probably feel bad messing about with someonelse life as well).
These 2 options might work if you could get back into work quickly but I worry that you might not be up to this at the moment?
I would seriously look into option 3, getting shot of the mortgage, whilst getting as much equity out as possible and go into renting for a bit. Depends on if you cna get a good price via auction really to give you enough capital to live off for a bit whilst you get yourself sorted and how it would affect any future benefits.
Best of Luck
df

mumlady1

Hey Cool Chick.
Do not dump the cat! I'm not saying that from a cat lover point of view (although I am) I'm saying it because ditching him will only make you feel worse (unless you can find him a good home)
You and your boy are going to get through this, just as I did.
I was at my wits end, thinking the bailiffs were coming, thinking everything I had worked for was going to be lost and that my world was ending but bit by bit, day by day (sometimes hour by hour) I kept going and got myself out of my mess. You will too. It's not going to be easy but it is do-able.
Writing your list of estate agents is your first step, calling them is your second. Try to treat this like a work project to get you back in the working frame of mind, even if that means dressing for the office each day. If you spend even half an hour each day doing something constructive to help your situation, it'll be a start & will have the knock on effect of making you feel a bit better too. Now get started & good luck :-) Remember 1 tiny step at a time

bobsyourteapots

hi cool chick
I was following your thread from the start but I didn't have anything to say that wasn't already said.
I am so so happy that you are a lot more positive now and its great news about the valuations!
Also I have 5 furbabies and guess what colour they all are? buttons, tigger, mylo, lulu and rocky are all black!
I really hope things do get better for you and I would love to rent a room and not be too fussed about the condition if I could get a job in London! its a beautiful city for us countrysiders that we would bend over backwards to go to!
take care x

Cool_Chick

Oh my goodness, I love you all! You have all gotten me through the past few days and I am so grateful.

Just had two more agents - £500k and £550k. The world has officially got stark raving bonkers! They must be crazy to waste that kind of money on a home like this.

And I believe I'll be having toasted baseball cap for breakfast tomorrow!

My fur-baby has been terrified of the agents all day so I've found him a new cardboard box to play with. I need to go and give him some proper attention now.

I called Shelter from the urine-soaked public phone box and I finally got through! Happy days! They were great and said that it looks like NRAM are not following the rules - surprise, surprise. So I can now call their local branch and ask for a face-to-face meeting. But they said that repossession really is the last option - even if I only get £71 a week, NRAM should accept a portion of that. Maybe capitalise the arrears. But they think I can get Legal Aid so I can fight NRAM.

Tomorrow I'm off to a Government employment agency. Then the library to address more letters/problems. But things are MUCH better now! I'm so relieved!

This weekend I'm going to head to the British Library to check out the setting up in business information. Even if I can sell and have a little cash left over, I still need work. Although I still can't believe the valuations I've had. I need to check the websites and see what else is out there at this price.

It's all madness!

globetraveller

Isn't it amazing how quickly things can change. I'm really happy for you:)

Yorkie1

Hope you sleep better tonight :-)

buzi

what an amazing thread, so much kind help cant add any help but just want to say that i once nearly killed myself but didnt do it because of my cat, she kept me alive

QBSBuck

Very pleased for you Cool_Chick. Peace of mind awaits I am sure.

whitewing

I'm pleased for you too. G'night.

dancingfairy

Brilliant news. I'm so pleased. Hopefully Shelter will help you fight your corner now.:T
df