Repossession, Heavy Debts - Damsel In Distress - Help & Support Needed

Malibu1

Hi, Thank you for the replies...

I will try to answer questions as best I can:

- Yes house is currently on market with multiple agents, although hasn't been on the market for very long... Confident it will sell, but just really need to keep creditors at bay and try to avoid repossession / eviction until then.
- Yes there is sufficient equity to repay secured debts and really need the remaining equity to be able to move forward and have a fresh start.
- I have no family I can move in with and credit rating completely destroyed due to situation. Re-homing my pets not possible - They are my world and are like my children to me... I live for them.
- Don't want to hand the car back as is a lifeline to me and could not live without a car... I would have no way of buying another... I have paid vehicle finance company over £7000 to date and their debt collection actions so far have been outrageous... I still have the car, but struggle to sleep also worrying about it being repossessed and panicking it won't be there when I wake up.
- I am eligible for benefits but have had a battle with them, which is ongoing and still haven't received a penny of support since applying over 6 months ago. Throughout the winter I had no heating, food, all phones/internet cut off and family have been helping me with small amounts of money for food & essentials.

I have worked hard my entire life for my home and to lose my equity would just be so devastating for me and my health would deteriorate. I just really don't want to lose my home and trying to keep my babies safe.

Would really appreciate any help & guidance with drafting relevant letters for secured & unsecured debts and court forms as well if / when needed.

Many Thanks

Malibu1 x

WhenIam64

Could you explain the equity calculations.

I paid approx £25,000 deposit & have paid over £20,000 in repayments

This suggests that you've invested around £35K if we assume have the repayments were capital.

- Approx £120,000 - £150,000 equity in property

Seems to indicate a jump in value from when you bought it, despite it being "uninhabitable when I purchased & did not realise until after moving in"

Did you contribute more than the deposit and the repayments?

aimeemum

I'm not really very knowledgeable about these things but would one of those house-buying services (the ones that buy houses up for cheap but quickly) be of any use? If they make a reasonable offer (i.e. more than the auction value/the outstanding monies owed) that would expedite the situation and get this sorted under your terms?

Please disregard this advice if it's not helpful...as I say, no experience but it was just a thought.

Kentish_Dave

You seem to want to hold onto everything, and not take any financial hit here, but that’s exceptionally unlikely to happen, and unless you get things sold right now, you could be left with absolutely nothing.

You are complaining about the “outrageous” efforts of companies to get their money back, and I think that you need to set your outrage to one side, you have to get your house and car sold, now.

Kentish_Dave

And to add, you mention threats. If you are being threatened you need to call the police.

If you are being told that failure to pay will result in repossession, plus myriad costs, that’s not a threat, it’s the route that will be takes so lenders can recover their money as soon as possible.

You are talking about bullying, threats, and harassment. These sound like criminal offences, are you sure that you are right here, as these are serious allegations to make?

Malibu1

WhenIam64 wrote: »

Could you explain the equity calculations.



This suggests that you've invested around £35K if we assume have the repayments were capital.



Seems to indicate a jump in value from when you bought it, despite it being "uninhabitable when I purchased & did not realise until after moving in"

Did you contribute more than the deposit and the repayments?

Hi WhenIam64,

Yes, I have spent a lot of money on the property since purchase.

Malibu1

aimeemum wrote: »

I'm not really very knowledgeable about these things but would one of those house-buying services (the ones that buy houses up for cheap but quickly) be of any use? If they make a reasonable offer (i.e. more than the auction value/the outstanding monies owed) that would expedite the situation and get this sorted under your terms?

Please disregard this advice if it's not helpful...as I say, no experience but it was just a thought.

Hi aimeemum,

I contacted a couple of these companies a while ago unsure of how they worked and they wanted to buy the house at over £100,000 less than market value, plus 5% of sale price... This would leave me bankrupt, so not really a good option for me.

Malibu

Malibu1

Kentish_Dave wrote: »

You seem to want to hold onto everything, and not take any financial hit here, but that’s exceptionally unlikely to happen, and unless you get things sold right now, you could be left with absolutely nothing.

You are complaining about the “outrageous” efforts of companies to get their money back, and I think that you need to set your outrage to one side, you have to get your house and car sold, now.

Hi KentishDave,

I feel I've already taken a huge financial hit as have suffered a pretty severe nervous breakdown due to harrassment & the repossession actions and loss of earnings etc as a result of that.

I can't sell the car as that would not cover the outstanding finance and I would be unable to buy another car - Which I need as my car is a lifeline to me.

Malibu1

Kentish_Dave wrote: »

And to add, you mention threats. If you are being threatened you need to call the police.

If you are being told that failure to pay will result in repossession, plus myriad costs, that’s not a threat, it’s the route that will be takes so lenders can recover their money as soon as possible.

You are talking about bullying, threats, and harassment. These sound like criminal offences, are you sure that you are right here, as these are serious allegations to make?

Hi Kentish Dave,

Many of the debt collection attempts that have been made I believe have been malicious communications, made with intent to cause distress..

I consider excessive phonecalls & letters demanding payment & threatening legal action to be harrassment and the threat / action of taking somebodies roof over their head is pretty distressing. One of the creditors has been making dozens of phonecalls a day.

I've also had several agressive debt collectors visit my home, trespassing on my property and quite frankly terrorising me... I have most of them recorded on CCTV and had to call the police on one occasion as I was so petrified... They have smashed on my front door, stalked around the house trying to open doors, shining flashlights through windows, trying to open car door, taking photos of property etc... I regard that as harrassment.

The vehicle finance company for example - I have always paid my debts with diligence and had always made payments on time, but was late with payment by only a couple of days and they did the above.

I complained to the mortgage lender about the debt collector they sent to property terrorising me and they apparently credited my mortgage account with £20 compensation - Which I only found out about when I received SAR documents from them. I consider the damages caused by their actions to be far in excess of £20.

Malibu

Malibu

aimeemum

Malibu1 wrote: »

Hi aimeemum,

I contacted a couple of these companies a while ago unsure of how they worked and they wanted to buy the house at over £100,000 less than market value, plus 5% of sale price... This would leave me bankrupt, so not really a good option for me.

Malibu

That's a shame that they undercut so drastically. Worth looking into though - sorry I can't help more. Good luck x