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

dmg24

Hi Arron,

Welcome to MSE.

I think that your issue will be best addressed on the Debt Free Wanabee board.

Best of luck x

ArronAdam

dmg24 wrote: »

Hi Arron,

Welcome to MSE.

I think that your issue will be best addressed on the Debt Free Wanabee board.

Best of luck x

Thanks, I have posted it there sorry for putting it in the wrong section.

dmg24

No probs - no harm in trying two sections - means you might get two sets of people to answer!

Hope you get something sorted x

Conrad

It may that selling asap is your only option. A repossession on ones credit file is extremely detrimental. Remember a repo is jusy a forced sale. Instead of them enacting the sale, take charge and sell it yourself if no other avenues look more viable.

TotallyBroke

I don't know what you can do now as court hearing so close. When it happened to me I had already arranged a repayment plan with the mortgage company and had been paying for months. So when it got to court the Judge didn't grant the possession order on the property as the agreement was already in place and working. In fact he actually reduced the amount by half that I had to pay. BUT if I ever miss a payment again I will have a possession order slapped on. I would suggest ringing the company and see what repayment plan you can come up with, they put me on interest only and the difference between interest only and the repayment went to clear the arrears off.

Perspective

I believe that you should sit down with a professional, be it a mortgage advisor or whoever and work a plan out, indpendent for your current lender. One you have a plan you will feel much better. Simon

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.