Please Help - Arrears and Threat of Repossession/Court Date

ArronAdam

Hello all.

I am new to this board and this is my first post, I am sorry if I have posted in the wrong section.

In December 2006 I bought my first property for 93k with 5k down as deposit and a monthly re-payment of £563.

I thought this payment wouldnt be a problem as I had been promised decent monthly bonus on top of a 17k salary at work.

Well the bonus' never came and I have ended up in 5 months arrears with the mortgage company which is called Oakwood.

I received a letter from the court last week saying that I need to attend on Tuesday the 6th November for repossesion hearing.

I have tried to borrow the 3k from lenders to clear the arrears and put this to bed but due to my existing debt (10k secured loan, 3k in personal, £250 credit card) and very adverse credit rating nobody will entertain me.

I really dont know what to do, I cant ask any family for money and am totally at a loss.

I would really appreciate anyones advice on what I should do to get out of this mess.

I see adverts in the back of the tabloids that say they deal with this type of thing but dont know anything about them.

Please help and thank if you can

Regards

Arron

RAS

Hi

What would the property be worth on the market now?

ArronAdam

RAS wrote: »

Hi

What would the property be worth on the market now?

Hi

Its worth approx 115k

Whizzygx6

Hi I have been in the same situation in Feb this year.

I seeked advice from the CAB, my mortgage lender and phoned every free solicitor service I could find in the yellow pages.

I was advised by my lender to draw up a proposal to clear my arrears in 24 months, this would be on top of my normal payment.

I attended court, the lenders solicitor told the judge that I had a propsal to clear the arrears, the judge asked if I could stick to it, to which i replied I could and he suspended the reposseion, although urged me not to miss a payment in the 24 months as the lender could reposses without attending court again.

The experience was very hard and draining, but I had got myself in the mess so i had to be brave enough to face it.

I suggest speaking to your lender and their litigation team. Also phone as many solicitors as you can to see if they can offer free advice, search the courts web page, there should be some helpfull advice there too.

Chin up, let us know how you get on.

Whizzygx6

lindens

To be honest it sounds like you cant afford to live here and you should sell up. You said you moved in Dec 2006 so between then and now you have had 11 mortgage payments to make, you have only managed 6 of these.
Maybe there are other options such as renting a room/rooms to a lodger or renting out the whole thing if rent will cover your mortgage. Maybe then you can move in with your parents and asve money that way

ArronAdam

Whizzygx6 wrote: »

Hi I have been in the same situation in Feb this year.

I seeked advice from the CAB, my mortgage lender and phoned every free solicitor service I could find in the yellow pages.

I was advised by my lender to draw up a proposal to clear my arrears in 24 months, this would be on top of my normal payment.

I attended court, the lenders solicitor told the judge that I had a propsal to clear the arrears, the judge asked if I could stick to it, to which i replied I could and he suspended the reposseion, although urged me not to miss a payment in the 24 months as the lender could reposses without attending court again.

The experience was very hard and draining, but I had got myself in the mess so i had to be brave enough to face it.

I suggest speaking to your lender and their litigation team. Also phone as many solicitors as you can to see if they can offer free advice, search the courts web page, there should be some helpfull advice there too.

Chin up, let us know how you get on.

Whizzygx6

Thanks very much I will do that today.

chipbeck

Sorry to hijack the thread but I'm in the same situation with Barclays. I'm in court next week. Do you think I should contact their litigation team now? The number is on the CAG website.
The annoying thing is that if my bank charges claim with Barclays hadn't been stayed I could have paid off my arrears. Maybe their litigation team will do a deal :rotfl: :rotfl: :rotfl: . Yeah right!

ArronAdam

chipbeck wrote: »

Sorry to hijack the thread but I'm in the same situation with Barclays. I'm in court next week. Do you think I should contact their litigation team now? The number is on the CAG website.
The annoying thing is that if my bank charges claim with Barclays hadn't been stayed I could have paid off my arrears. Maybe their litigation team will do a deal :rotfl: :rotfl: :rotfl: . Yeah right!

Do they generally not entertain such proposals?

chipbeck

ArronAdam wrote: »

Do they generally not entertain such proposals?

Don't know bud. None of the wise ones have answered yet. Give it time the people on here are great.

kaleoma

Get yourself in touch with your local CAB and explain the situation. They can perhaps get you an appointment with a housing advice worker like Shelter, who can really help you negotiate with your mortgage provider. The CAB advisor can draw up a financial statement and will assist you to negotiate more affordable repayments with your creditors. Your mortgage is a priority debt and they will help deal with this one first. Best of luck

ArronAdam

Does anyone know anything about these?

http://www.repossessionspecialist.co.uk/