S*** has hit fan !!!

dancingfairy

If you post an SOA we'll see if we can suggest any ways to get the money together to pay it off as quick as poss. Apologies if this is on your other thread.

angie1624

On Mon of this week I deceided to take the plunge and apply for a 0% Balance Transfer credit card.(with help of this site of course !) You cannot imagine my total disbelief when the answer came back instantly with "CONGRATULATIONS YOU HAVE BEEN ACCEPTED" This is the first time in 10 years that I have never been declined when applying for credit.I stared at the screen for about ten minutes and have printed those words out onto paper and still cannot beleive it.!!! Last year we had to eventually admit that our debts had gone way way to far and that all we were doing week after week was robbing Peter to pay Paul.Our credit card limits were at max and we knew we had to let go of the house which we had a fair amount of equity in due to the housing market boom. It was the saddest day of my life moving from my lovely house to rented accomodation but it gave us money in the bank and paid of the worst debts.we paid money into credit cards but the interest was still high on the outstanding balance and when I looked at the latest statement I realise that I was paying the min £100 repayment to have nearly £85 taken off in interest !! So thats when I applied for the card.never ever expecting to be accepted. But with a combination of determination to stick to meeting on time minimum repayments and the lifting of a 6 year court judgement it was ! So when I read the sad,upsetting cases of the people on here that are in debt then I can symathise totally. I know what its like its horrible,degrading and you always feel as if you are the only one its happening to. I used to dread the post coming ,the phone ringing and we have even had the baliffs at the door but you can get through it .We have we just had to make some huge sacrafices but we are really happy now and love our Flat that we are in ,and now hopefully in the near future we may try to buy a house but will never ,ever get ourselves into that mess again.So chin up every one . there IS light at the end of the tunnel

jazzybabes

Thanks to all who have replied to me, I am so grateful.

Teeni, you mentioned that if I can pay off arrears in three months I can apply for an adjournment, How do I do this as I would prefer to go down this route.

teeni

It is obviously up the judge whether he accepts this so you have to have a full explanation with evidence to back up your ability to pay within three months when you go to the court. It will also depend on the equity left in the property after all secured loans are taken into account.

Technically you have breeched the agreement so he has every right to allow the possession order to be granted, however the court can allow an adjournment if you can evidence that you can pay the debt of in a very short period of time i.e. three months.

I would suggest that you contact the solicitors for loan company and ask them if they would agree to an adjournment by consent for a period of three months as you can clear the debt in that time and show them how you intend to clear it. This will allow them to return to court in three months if you have failed to comply without having to resubmit the application documents. If they agree the judge will normally allow the adjournment to take place. You would still have to go to court for a hearing. If the judge says no he intends to grant the possession order you can them ask him to suspend it on the terms previously given to allow the debt to be brought back up to date.

You will have to explain what the circumstances were that caused you to miss the payments and what has changed now to allow you to meet the original figure and an amount to cover the arrears

I would still suggest you get local advice from Shelter/ housing advice centre as they can represent you at court if you have any entitlement to legal aid ( don't automatically assume you wont meet the criteria, they can help at court under a special help at court scheme which is used if you are not defending the action.

There is so much at stake here and it has to be worth running the court papers and your offer past a legal advisor close to your home to get an opinion on what the court in your area is likely to do. If there is no housing advice centre/shelter in your area a legal aid solicitor (see Phone book ) will usually give you a free or cut price initial interview where they can take instructions advise on eligibility for legal aid and give advice on your options. At least if you then represent yourself at court you will be fully informed.

I don't know a judge that will take a home from a family lightly if there is any chabnce they can clear the arrears without detriment to the lender.

Another reason to see asolicitor is to check whether the original loan agreement and the court papers are valid, if not you could have a defence to the action and you would definately need a solicitor for that.


Good Luck

Teeni

cat4772

Jazzy,

My DH has always been crap with money, but I thought it wasn't too big a problem until Easter this year when I found a loan agreement. It took four months to work out exactly what was owed, where, when etc.

DH and I did an awful lot of arguing (I felt really resentful that I've got to take control of the money). Sometimes I'm amazed that we're still together, but it has helped that we've communicated.

Plates I've thrown at his head counts as communication doesn't it? Seriously, we've talked, he's written me letters, I've replied (sometimes writing it down is easier than having to say the words). We now have a weekly chat about money - often me saying "here's your spending money for the week, we've got X amount in the bank, I'll be paying Y & Z this week". BUT it is communicating about it!

All the best, and keep us posted.

Cat.x

csarina

Jazzybabes................Get yourself over to the OS board, we are a very helpful lot over there, we will be able to suggest ways that you can have a 'lean' couple of months to help make the cash you need..............

I have a husband who does nothing regarding money, sometimes it is very hard, I have made mistakes giving in to him when he wanted something, but learnt my lesson, we have regular talks about money. We have to live on a very fixed income, and earlier this year had to use my overdraft when we had to move, we now have a constructive plan to pay back what we owe within 12 months..........at the same time clearing a CC which is on a life of balance time scale, no spending on it, only use cash now, or my debit card.........and keep a close eye on balances.

jazzybabes

teeni, thanks for info.

I did speak with the loan co solicitors but it seems they want to go down the suspended possesion order route, so no luck there.

If I managed to pay full amount of arrears before court date (I might ask my family for a temporary loan) would this stop any further court action.

I feel much easier talking to you lovely people on here not some scary legal official.

I am now at wits end, not sleeping, constantly stressed and if ever I get thru this situation I will Never, Never, NEVER get in this mess again.

I am in process of making soa which makes me feel sick looking at the bigger picture, but I am determined to sort my life out once and for all.

Thanks to all who have taken time time post with their help, it really is much appreciated.

Cheers
JB