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

Malibu1

PinkandPurpleGlitter wrote: »

And how much is the property actually worth?

About £500,00

System

Thing is op and I mean this gently The mortgage company DO have the right and they WILL repossess leaving you owing the associated legal fees.

Courts do tend to side on the customers side but they will insist that the customer is being proactive.

The other thing is the stuff about mental health - The mortgage company don’t care and the courts will only look upon it sympathetically for so long.

Malibu1

PinkandPurpleGlitter wrote: »

Thing is op and I mean this gently The mortgage company DO have the right and they WILL repossess leaving you owing the associated legal fees.

Courts do tend to side on the customers side but they will insist that the customer is being proactive.

The other thing is the stuff about mental health - The mortgage company don’t care and the courts will only look upon it sympathetically for so long.

Hi PinkandPurpleGlitter,

Do you have personal experience of this type of situation ?

System

So secured debt is worst case scenario £355k and unsecured is £50k - Total £405k - you can afford to drop the price considerably to save the situation.

You need to get actual figures to help inform your decision op.

System

I used to be a team manager in the mortgage collections for one of the big UK banks so yes I’ve got personal experience.

strongboes

This is a complete wind up, if it isn't then OP you are being repossessed because you have defaulted on your mortgage, time to stop being a victim and take some responsibility for your situation.

Malibu1

WhenIam64 wrote: »

Let's take 2 working assumptions

1. You want to hold onto the house.

If you can get access to Universal Credit, after a time (9 months) you should be able to access Support for Mortgage interest which will pay the interest element of the mortgage (as a second charge on the property). Keeps you in the house and the mortgage alive. When you come to sell in a better market, mortgage and second charge are repaid.

Alternatively look to see if you can get the New Enterprise Allowance if you want to keep your self-employment going. Some income will allow you to make some payment to your creditors to keep hopes alive.

As you've discovered at court, the court will look at keeping a contractual arrangement alive over its term. As long a the Loan to (Auction) Value ratio is positive, then you can argue to stay. as there is the prospect of the mortgage being repaid (or interest if you get SMI)

2. Assumption 2 is that you don't want the house but you want the money as a deposit for elsewhere.

If this is the case, you have to ensure you don't fall foul of the LTAV and risk the lender's capital.

If you move to rented, and are in receipt of benefits, you can get a contribution to your housing costs - as long as you have less than £16K.

You have options - plans B, C and D - but so do your creditors. You just have to make a decision on where you want to go and how to get there.

Brief reply to your post - If I was able to sell the property myself and avoid eviction in the meantime, then the equity I would have would then make me ineligible for benefits... However in the meantime, from what I understand, I AM eligible for benefits and in great need of that support and have not been given that support from the state (which I have paid into my entire life)... I need to eat and in addition to trying to keep the roof over my head / prevent eviction & being made homeless onto the streets, I also have other priority survival needs...

Malibu1

strongboes wrote: »

This is a complete wind up, if it isn't then OP you are being repossessed because you have defaulted on your mortgage, time to stop being a victim and take some responsibility for your situation.

You know what, you're absolutely right!... I will just go and live on the streets alongside heroin addicts shall I??... Yes... That would be best.... Or live off the state on benefits for the rest of my life paid for by the taxpayer... Is that what you think is best, strongboes ?

Malibu1

PinkandPurpleGlitter wrote: »

So secured debt is worst case scenario £355k and unsecured is £50k - Total £405k - you can afford to drop the price considerably to save the situation.

You need to get actual figures to help inform your decision op.

I didn't say the property is up for sale at £500,000... And NO, I cannot afford to drop the price and you do not know all the facts of my situation and repeated, irrelevant debates about the price of my property is just wasting everybody's time

System

Hmm that was a bit rude. We are all trying to help. I’ll leave you to it op.