repossession, but why? not being reasonable

ailuro2

little_miss_spender wrote: »

I believe very much that life is already planned out for you and no matter what choices you make, those choices have already been made for you even if you knew about them before hand, you still couldnt change your future. It has been decided already and there is nothing you can do about it.

Little Miss Spender- interesting nickname you chose for yourself.:p

There is a path we go through in life, but not all of it is pre-ordained. I believe, in many things, we have no choice, but in others we can determine which path we choose, and thereby make our own luck. If you believe the house will be repossessed, then it will.If you believe it wont, it still might, but at least you will fight tooth and nail to sotp that happening.
Is there any way for you to increase your income to get over this debt- delivering leaflets,ebay,ironing for a friend/neighbour?
Because as you have found once you are in an 'owing' situation it is increasingly difficult to get out of because of the penalty charges that are added.
Short term extra work to get out of this rut would put you on a better path of choices,imho of course.

Good Luck, take care of yourself.

dunstonh

Gosh, you're all heart you aren't you? I do hope you never fall on difficult times like the OP has She isn't asking to be "let off" as you so eloquently put it, she's just asking to be allowed to pay the arrears off without them slapping charges on left, right and center, which I actually don't think is *too* unreasonable.

As Conrad says, posts which are all cuddly and sympathetic do nothing to help the OP. You have to look at the situation with an understanding of the real world. Also, if you read the post you will see that I quoted a post from someone else and not the OP.

Having a mortgage is not a right and taking one out is not risk free. You either accept the risks or you insure yourself against them or you stay in rental property. A decent emergency fund and a PHI policy would have avoided all this. That doesnt help the OP as its too late now but there are others reading who this hasnt happened to yet who may see this as an opportunity to look at their own situation and resolve it.

AirCooledHeaven

dunstonh wrote: »

They are not charities.

The lender has a responsibility towards other borrowers and its shareholders and staff. If they let people off with not paying their mortgage it puts the financial security of the lender at risk. So, jobs will go and products will be less competitive. It hits the profitability of the company and the share price will suffer. In turn that will hit the performance of investments and pensions.

So what responsibility have lenders shown in allowing people to borrow far more than they can ever hope to repay?

AirCooledHeaven

Conrad wrote: »

Miss Spender

I think most of recognise mental illness is very real and potentially debilatating, afterll a brain is merely a collection of billions of cells which are made of water, carbon and so on, which means it can malfunctuion just like a lung or a car for that matter.

There are 2 ways people can advise you;

1) Is what I would term false help, that is people who dish lots of sympathy your way but dont actually help you solve your underlying problems which means you will suffer again and again possibly

2) Give you honest frank advice which sometimes hurts but at least atrtempts to solve the 'real' issue.
So here goes; We all suffer terrible times at some point or another where it seems many loved ones are ill or dying, and at the same time the car breaks down, and your partner threatens to leave and you fall out with a neighbour etc etc.

THE POINT IS THIS; You will cope better by a) expecting those tough times and so putting money aside for the inevitable
b) By not over spending and not being conned by the Kerry Catona 'Mums gone to Iceland' types into being parted with cash for completely meaningless collections of atoms (plastic toys etc)

c) By not making too many bad choices. For example if you go to a rough pub you might end up with a rough partner - and everything that flows from this such as rough freinds etc


It took me a long time to really understand that we all do have choices to make each day and that those choices lead to the outcomes we experience.

If I play playstation all night instead of excercising I get fat. If I read hello Magazine instead of Nature - I learn nothing.
If I watch soaps and shopping channels instead of BBC2 documentaries - I learn less.

So best of luck and I hope you get better, but please do focus on the tiny seemingly insignificant choices you make and you might find your life outcomes will be better.

Well I certainly agree with your general sentiments although it is a shame you have delivered them in such a condescending way.

Maybe if you add some understanding and compassion to all of your "correct choices" you will find that your own life has a "better outcome"

dunstonh

So what responsibility have lenders shown in allowing people to borrow far more than they can ever hope to repay?

Not a lot at all but that doesnt mean they should continue doing it. However, it also takes two to tango and no doubt had the lender turned the person down they would have gone to another lender until they found one willing to lend them money.

Merlot

Merlot wrote: »

Hi Little Miss Spender,

Why don't you pop over to the DFW (debt Free board) and we will try and help you cut your expenditure. Have you taken advice on your situation yet from the CAB? I really would advise you to do so, cause this may seem harsh, but there's a real possibly you are going to lose your home.

Little Miss Spender quote -Your honest approach Merlot would have been ok if it was actually helpful advice you were giving. But it isn't it is your opinion, which doesnt help in the slightest.

I did try and help, if you read the above post, you need advice from the CAB, not from a forum who cannot see your paperwork.

Merlot

jamesd

Little Miss Spender, how much do they claim you are in arrears by?

If it's the two months of 565 at the half rate Income Support is paying that would be 1130 and you're being charged 50 a month in admin fees, plus the mortgage interest? If so, the 50 a month is equivalent to an APR for a loan of 68% on 1130.

If this is the actual situation you might consider using a personal loan spread over many years to make the payments affordable, even if you have to pay 30-40% interest rate on it, because that would be cheaper than continuing with the mortgage fees. Just be 100% sure that the loan payments plus the mortgage payments are affordable - get a long term loan with low monthly payments and save to pay it off early rather than risk committing to pay more than you can afford.

But better not to do this: get help from the CAB instead. That will be cheaper and should more effectively solve the problem.

fatbelly

natalie1974 wrote: »

There was a legal case which set a legal presidence (sp?) , I have tried Googling it , I think it was something like Morgan Vs Cheltenham & Gloucester but any decent solicitor will know this .

It's C&G versus Norgan - the judge in that case decided that the starting point for determining the 'reasonable period' for repayment of the arrears was the remaining term of the mortgage. That doesn't mean that that formula is used in every case. But it does mean that the lender cannot insist on the arrears being repaid over a ridiculously short period. Quite often a suspended possesion order is granted that clears the arrears in 3 to 5 years, so something like 'possession suspended on payment of contractual monthly instalment plus x/50 per month' where x is the total arrears.

natalie1974

fatbelly wrote: »

It's C&G versus Norgan - the judge in that case decided that the starting point for determining the 'reasonable period' for repayment of the arrears was the remaining term of the mortgage. That doesn't mean that that formula is used in every case. But it does mean that the lender cannot insist on the arrears being repaid over a ridiculously short period. Quite often a suspended possesion order is granted that clears the arrears in 3 to 5 years, so something like 'possession suspended on payment of contractual monthly instalment plus x/50 per month' where x is the total arrears.

Thank you for quoting the correct legal case . In my case the judge added the arrears to the remainder of the mortgage , froze the interest on those arrears as well . It helped in my case as well that I had £100k equity in my place at the time of the court proceedings and i took along copies of other houses in my road/estate (only 3 roads on it) , all 2 bedrooms the same as mine , that had recently sold and got the estate agents to write and sign what the sold price had been . Also take along as much medical evidence as you can . See if your doctor will do a letter for you explaining your mental illness so you can present this to the judge . But importantly when you get in front of the judge ask him to stop the £50 a month admin fee , he can do this , he has the power to do this . My judge stopped all fees being added to my arrears . You must make it very clear to the judge that you are willing and able to pay "x" amount off the arrears each month and have been doing so but are getting nowhere fast with this £50 each month being added .

If you can , go to the county court before your hearing and ask the court clerk who is the "nicest" judge . I did this and then asked that my case be seen by him and no one else . I can not guarantee this will happen for you but it will not harm you in asking .

But once again the most important thing you need to do is see the CAB , I was lucky I represented myself as my mum had a legal background so i could quite confidently stand up and spout the law to the judge without feeling inadequate .

I don't wish this on anyone to be going through this , I know what it is like to live on Income Support money , I lived on £42 a week for me and my baby .

I wish you all the best and as hard as it may seem please try not to worry about this , easier said than done I know , but this really won't be helping your mental state of mind either and after having come so far on the road to recovery it would be such a shame for you to slip back down the hill again so to speak .

Take care , Natalie xx

natalie1974

just to make you aware that once the final court round had been completed , after several court dates , my arrears stood at approx £2,200 , only approx £300 of this was my missed mortgage payments , the rest was p*xy fees ! can't remember exact figures as was 8 yrs ago now .