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

sourcrates

Malibu1 wrote: »

Hi Sourcrates,

Thank you for your reply. I am surprised too that it hasn't already been repossessed... Thank you for being gentle with me... I am a bit fragile at the moment.

I really have/am trying the best I can... What happened / what was your situation when you were in same position, if you don't mind me asking?

My situation was slightly different to yours, my then wife had a life changing accident, and could not work, we went from a combined income of £50,000 to almost half that virtually overnight, needless to say, the arrears built up, we had a secured loan as well as a mortgage, plus a lot of unsecured debt to service, tried all kinds of things to get by, but the inevitability of repossession was there for all to see.

Our situation got to the point where we had no money, and no way of paying the 6k of arrears plus all the charges etc (£50 per month arrears charge) plus interest, this was in 2007, things moved a lot quicker back then, so we handed back the keys to the house, we were lucky, as we had somewhere to go to (family home) but it was a very low part of my life.

Malibu1

Hi,

Just wanted to add as well...

I really do appreciate that you can only offer advice on information you have and some have suggested bankruptcy...

I really believe every persons situation is unique and in some situations I think bankruptcy is the best possible option, although really don't feel that it the best thing for me to do...

I wouldn't be able to afford the bankruptcy fees, but do recognise that some peoples' situations, that would be the best option...

I went through a bankruptcy about 11 years ago and at the time, that was the only and best option for me... But my situation was very different to my situation now and although the bankruptcy helped me in many ways, it also caused me many years of problems (not to say that would happen to anybody else facing bankruptcy), but for my personal situation, I really do not feel that is the best option for me, for many reasons, and my situation is far worse than it was then and really would not like to go through that again - I honestly don't think I could cope with it...

Really appreciate any advice, support & guidance...

Many Thanks
Malibu x

Malibu1

sourcrates wrote: »

My situation was slightly different to yours, my then wife had a life changing accident, and could not work, we went from a combined income of £50,000 to almost half that virtually overnight, needless to say, the arrears built up, we had a secured loan as well as a mortgage, plus a lot of unsecured debt to service, tried all kinds of things to get by, but the inevitability of repossession was there for all to see.

Our situation got to the point where we had no money, and no way of paying the 6k of arrears plus all the charges etc (£50 per month arrears charge) plus interest, this was in 2007, things moved a lot quicker back then, so we handed back the keys to the house, we were lucky, as we had somewhere to go to (family home) but it was a very low part of my life.

Hi Sourcrates,

Sorry to hear that - That sounds like a very traumatic experience...

I know people who have experienced similar situations and were doing all they could and throwing as much money as they could at the mortgage lender to try and avoid repossession, but ended up going bankrupt & handing the keys back... They luckily had a little bit of money to rent, although went through hell with no food or heating etc... Did you go bankrupt?

I expected the worst when I fell into this situation and was desperately trying to raise some funds to move into rented, but sadly all my savings are tied up in the house and no way of raising any funds to move.... My family have tried to get a loan to help me move some months ago, but loan fell through and they have no money/their own problems...

I've had to put up a pretty big fight to not be evicted, but have not really had much choice and the fight is far from over sadly... I have very limited options at the moment.

Kentish_Dave

It doesn’t sound as though you will have the time to wait 12-18 months. You don’t need to be the cheapest house by much to sell, you just have to be a bit less than the others.

You can come out of this with no debts, money in your pockets, and the ability to look ahead with more optimism, but you do need to ensure that you are not doing the wrong thing by pricing it too high.

Two months is enough time for a sale if it’s pitched right.

Malibu1

Kentish_Dave wrote: »

It doesn’t sound as though you will have the time to wait 12-18 months. You don’t need to be the cheapest house by much to sell, you just have to be a bit less than the others.

You can come out of this with no debts, money in your pockets, and the ability to look ahead with more optimism, but you do need to ensure that you are not doing the wrong thing by pricing it too high.

Two months is enough time for a sale if it’s pitched right.

Hi Kentish Dave,

Property is already underpriced, but might look at reducing further next month... Please rest assured it is not priced too high - Neither I nor the estate agents would have any possible benefit from doing so....

The timescale of selling property does I believe vary greatly depending on area of UK, type of property and other factors...There is also factors involved such as how financially stable potential buyers are and many property sales can fall through for various reasons... I trust 100% that the agents marketing my property are doing the best they can and really can't do much more in respect of trying to sell the house than I already am...

Malibu

Kentish_Dave

If it’s not priced too high then what is wrong with it?

Malibu1

Kentish_Dave wrote: »

If it’s not priced too high then what is wrong with it?

Not sure what you mean?... Property where I live does not normally sell within 2 months?... Which part of country are you from?

Malibu1

Hi,

Just wanted to give an extra thank you to everybody who has taken the time to reply to my post... It really does mean a lot to me..

So, to give a very brief update on current situation with main mortgage lender... I managed (albeit with great difficulty) to obtain a hearing to defend/suspend their warrant of eviction...

The judge gave their rep (Dryden Fairfax solicitors) a good telling off and the eviction was suspended on basis of me making normal mortgage repayments (plus a little extra towards arrears) commencing at end of August. I did request a longer period of time, however am grateful that the judge did all they could on the basis of my court application at that time.... This happened 3 days before eviction by Bailiffs was due to take place...

The mortgage lender have since written to me demanding payment in July (which goes against court order) and threatening to apply for eviction again if I don't pay... They currently have a suspended possession order, which gives them a high level of power and am extremely distressed by the situation....

I may need some assistance & support with an N244 application in the near future and would like to be prepared...

I hope you can help!

Malibu x

Malibu1

Most of my communications with creditors to date have been over the phone... I think the best option for me right now would be to send letters to each creditor (mortgage, secured and unsecured)...

I have various creditors ranging from mortgage, secured loans, unsecured loans, credit cards, overdraft, council tax & utilities....

I understand that certain debts take priority over others, however getting appropriate letters sent to each creditor would really help to take a lot of stress and worry away - Regardless of any outcome of letters...

I have some ideas in mind for letters, but could really do with help with drafting them and some template letters may be relevant to send to a few of the creditors, but some may require a more personalised approach...

It might be easier if I set out a brief outline of more details of each creditor and what current situation is - Could anyone possibly help me with wording for letters?...

I may also need help with drafting N244 court application if anybody has any experience with that and would possibly be willing to help with that?

I apologise for being so needy and normally wouldn't have any problems writing letters, but am so confused and due to nervous breakdown etc, really am struggling to think clearly and any support & guidance would be very much appreciated.

Many Thanks
Malibu x

gizmo111

Hi Malibu
You need to separate your unsecured debts from your secured debt
Then complete. Statement of affairs on the debt free board to help with budgeting
Comply with the court order re possession
Support With mental health
Make a plan to address all of above