Kensington mortgages

lady_in_need

:rotfl::rotfl::rotfl:

Apples2

You have THREE mortgages on the same house?

It is rarely a good idea to convert unsecured debt into secured debt without resolving the reasons why you have spent so long spending far more money than you have coming in. This is the reason why, you will lose your house.

I'm not convinced you fully understand what is going where as far as your repayments are concerned. I don't think it matters when seeing companies like Welcome as the creditors.

As it is your very home which is at real risk, talk to National Debtline , this is a serious position for you to be in so make sure you call.

If I were you I would be seriously looking to sell up and rent for a while before you lose everything.

lady_in_need

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lady_in_need

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Dogger69

Can you increase your repayments at all? If not, I don't see that you have any option but to sell up/ have the house repossessed and rent. I would echo Apples2's advice, you should contact one of the debt charities to run through all your options.

Do you have any equity in the property?

Tixy

Its very unlikely a creditor would agree to freeze interest on the arrears on your secured loan.

I think you need to sit down and work out a very detailed statement of affairs (income & expenditure) to see if you can afford the repayments on the 3 mortgages and if you can make any changes to your income or outgoings to be able to pay more off the arrears on the kensington mortgage.

What interest rates are you paying on the 3 mortgages?

How much is your house worth?
How much do the 3 mortgages total including the arrears?

Apples2

lady_in_need wrote: »

thanks for that but you dont understand my situation yes 3 on same house we fell into debt and took the third one out scared but im on about these people called kensington im paying £400 every month struggling and they wont freeze interest they are a terrible company

We need a lot more info to understand what position you are in. How much did you borrow, over what term, how many payments did you make, how many did you miss, what is the apr?
I assume a typo above and you are in £11,000 worth of arrears.

I'm amazed they have let it go this far without reposession already.

Secrured loans are very different from unsecured loans.
With an Unsecured loan, it is in their interest (?) to freeze interest in order to increase the likelihood they will get "most" of their money back. There is a risk to them that they won't get anything back.

With a Secured loan, there is no reason to freeze interest, they have a HOUSE to take if the repayments stop.

lady_in_need wrote: »

i was asking if any one knew a way out from them im not prepare to give all up its affecting my disabled son ive had my home for 28 years why would i wanna give it up

I'm not suggesting for a second anyone WANTS to give up their family home, which is why there are so many reposessions. They will take the house whether you like it or not.

Get on the phone.......

lady_in_need

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lady_in_need

apples2 wrote: »

we need a lot more info to understand what position you are in. How much did you borrow, over what term, how many payments did you make, how many did you miss, what is the apr?
I assume a typo above and you are in £11,000 worth of arrears.

I'm amazed they have let it go this far without reposession already.

Secrured loans are very different from unsecured loans.
With an unsecured loan, it is in their interest (?) to freeze interest in order to increase the likelihood they will get "most" of their money back. There is a risk to them that they won't get anything back.

With a secured loan, there is no reason to freeze interest, they have a house to take if the repayments stop.


I'm not suggesting for a second anyone wants to give up their family home, which is why there are so many reposessions. They will take the house whether you like it or not.

Get on the phone.......

yes i have rang and spoke and tried to make arrangements no budging

DCFC79

There were other options to take than getting a second mortgage and the third.

Just cant believe someone would take out 2 mortgages on a property with already a mortgage on it.

lady_in_need

dont you think i dont know that now at the time i didnt but just dont want the arrears exculating when im paying them the money but they are . im sure all the people in the world who are in debt didnt mean to get into it but sometimes its hard and people who are judging dont know what its like the fear of losing your home day in day out plus people like your self who havent been so low dont understand any of this NEVER JUDGE A BOOK BY ITS COVER