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LPA Receiver appointed. What to expect?
gwynlas
Posts: 2,502 Forumite
Starting new thread as the nearest situation I could find on search related to borrower having to raise personal loan to clear debt.
Having fallen into arrears with my BTL and not communicating with lender they have appointed Receiver. However this only happened within last few weeks and I will be able to clear this on sale of another property completing in 10 days. BTL does have tenants who are paying rent which more than covers mortgage. I have written to lender explaining cause of arrears(illness and loss of other rental income pending sale) and method of repaying this asking if can resume management once clear.
All correspondence regarding this was sent to a previous address and picked up last weekend. I had defaulted on other mortgage but I am in regular communication with lender and they are happy that arrears will be cleared soon.
Does anyone have experience of dealing with a situation such as this?
What are my options as technically I will be up to date, though have broken contract?
I have defaults related to CC on file but will also be able to make inroads into these now partners pension commenced.
Please don't flame me for burying my head in the sand I did look at secured lending for consolidation but interest horrendous as they wanted to include all debts and mortgages and this appeared better
option.
Having fallen into arrears with my BTL and not communicating with lender they have appointed Receiver. However this only happened within last few weeks and I will be able to clear this on sale of another property completing in 10 days. BTL does have tenants who are paying rent which more than covers mortgage. I have written to lender explaining cause of arrears(illness and loss of other rental income pending sale) and method of repaying this asking if can resume management once clear.
All correspondence regarding this was sent to a previous address and picked up last weekend. I had defaulted on other mortgage but I am in regular communication with lender and they are happy that arrears will be cleared soon.
Does anyone have experience of dealing with a situation such as this?
What are my options as technically I will be up to date, though have broken contract?
I have defaults related to CC on file but will also be able to make inroads into these now partners pension commenced.
Please don't flame me for burying my head in the sand I did look at secured lending for consolidation but interest horrendous as they wanted to include all debts and mortgages and this appeared better
option.
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