Mortgage arrears and 'Field Agent' letter/visit

Bella_Smythe

Hi guys
we are now three months behind with our mortgage. we're actually, as advised by debt charities, not paying it in order to save up the payments to go bankrupt. Eventually i guess it will either be a voluntary repossession or just the BS repossessing anyway.
We have just recived a letter from a firm called PSPfieldcall who are 'Field Agents' saying they want to arrange a meeting to come round and discuss our financial situation and make a plan. they have enclosed basically an SOA form for us to fill in first. My instinct is to proceed with caution to say the least as obvs they are working for the BS and I have heard you have to be very careful in this situation to avoid signing anything as you could be tricked into accepting reponsibility for the shortfall even after bankruptcy?
Does anyone have any experience/knowledge about these? should we arrange a meeting or just ignore it and wait for escalation?
Thanks. Bella

gunner172

do you have to give your house up? I mean can you afford to keep up payments once u gone BR with rest of creditors ?? I ask this as I went BR in 2009 and I was also in negative and owed my mortgage few months payments. I was able keep it during BR and got OR had no interest in it after the 3 years was up. I went onto a interest only option while I sorted my life out and it reduced my payments by half...granted nothing being paid on it but it did help me out for the situation I was in at the time and was also a lot cheaper than renting.. maybe an option?

philnicandevan

"field" agents can call (most usually dont) BUT if one did they have as much power as the paperboy or an avon lady

Bella_Smythe

philnicandevan wrote: »

"field" agents can call (most usually dont) BUT if one did they have as much power as the paperboy or an avon lady

hahahahahaha

Bella_Smythe

we don't want to keep the house. we would of sold it if we could have, so it's our decision to let it go - it was actually one of the factors in the decision to file for BR.
we have been paying interest only for two or three years anyway, at £565 monthly which is probably about the same as for a three bed house in our area, but we would be fine now in a smaller place or flat so can probably find somewhere around £400 - £450 so we should be ok.
Thanks for the answers.
Is it best just to not engage with the Field Agents at all then and await events?

longtermplanner

I would suggest you arrange a meeting for as far away as you possibly can. Perhaps your OH is away on business for a few weeks?

If you have enough money for a deposit to rent somewhere, I suggest you should move as soon as you can find somewhere suitable. You don't have to go bankrupt first.

debt_doctor

Bella_Smythe wrote: »

Hi guys
we are now three months behind with our mortgage. we're actually, as advised by debt charities, not paying it in order to save up the payments to go bankrupt.

The last time I asked you about what you are doing about getting re-housed, you said " I didn't ask for advice about that" - well you NEED some.
From this post you say about your housing "it should be ok" "should get a house for x amount"
There is nothing, absolutely nothing more important than securing a new roof over your head. It is what you should be using your saved up monies for (getting a bond and deposit) NOT for a bankruptcy fee - that is far less important and can happen in due course.
Also it is far harder obtaining a private rent after BR than it is before BR as despite your credit rating probably being shot now, a BR order will knock it for six.
Save up, get housed, go bankrupt.
As for the mortgage adviser / field agent, he almost certainly WILL turn up as he has been paid by the mortgage company to assist them to comply with the pre action protocols required prior to possession action in the county court.
However, you still do not have to talk to him, that is up to you. If you do talk to him / her, then just limit it too you cant afford the property - you would like to stay but you cant. They will want to make a financial statement with you - again that's up to you.
Anything you sign BEFORE BR cannot make you liable for any shortfall, although I would still advise sign nothing.
I appreciate others have suggested that the field agent is unlikely to turn up, but that applies to general creditors / debt collectors who threaten these things with hardly ever the intention of popping round.


DD

luvchocolate

Totally agree with above...housing must come first as your credit rating will be showing missed mortgage payments when they do the credit checks, unless you are renting from a family member/friend who may not do the checks but estate agents will.
I had a field visit regarding one of my properties, explained I had no funds to pay as explained to lender and he went away no problem, polite man doing his job;
good luck...keep at it and remember br should be the last thing you do....get all your ducks in row....I love that makes me smile everytime

Bella_Smythe

thing is, last time I mentioned council housing I got shot down in flames. but because of my health problems we SHOULD qualify for social housing. but in order for this we would need a letter from the Building Society or the courts to say we had to be out by such and such a date. I didnt really want to say about this as like I said, i got some very mean answers when I last asked about council housing.
if we DONT qualify, we had people we could stay with short/medium term, also we know people who rent out houses, although can't guarantee they would have one available at the right time, obviously.
Thanks for the advice anyway
Bella

luvchocolate

ohhh sorry Bella I did not realise that, good luck with the council...I understand now x

debt_doctor

Absolutely no reason why you should not apply for re housing under the homeless legislation - I did, and was successful.
So presumably you feel that your health condition will allow you to pass test 3 - priority need. It's a tough test to pass, but good luck with it, and you do have a back up plan in living with someone short term.
I would still hold off BR just in case the council thing doesn't work, then you will still have some cash to get re housed.
You might want to give the Housing Associations a shot too, but their rents tend to be higher.


DD