I can’t stop the nightmare and it’s killing me...

Babushka69 · 19 August 2020 at 9:17PM

Since my ex partner and Carer stole all my savings, I have been struggling to survive on just Disability Benefits that do not even cover basics, never mind bills and my mortgage. As a result, a broker arranged a loan for 3 months while I tried to sell my beloved cottage, and then refinanced it to a 6 month Bridging loan to be repaid in April. Of course, this was scuppered by lockdown which prevented selling, and despite asking for the Account to be put on hold until I could proceed, the (unregulated) company issued repossession proceedings straight away. They are not following guidelines of the regular banks with any consideration of the different circumstances out of my control, and in fact are still adding £5,000/month interest. The Court have held it up for a few months, but by the time it comes around, the initial loan will have increased from £80k to over £110k. It has devastated me. I have a severe chronic physical illness that leaves me mostly bedbound, am totally alone with no support, and so suicidally depressed that I am going to lose my only security for a second time. I have just had to rehome all of my pets to try claw back some more income, but the loss has broken me. I will not have any equity left to buy another home, have nowhere to go, and no one to help. My mental state has become so overwhelmed that I cannot think, or do anything that may help, and am lost. I have stopped opening letters, answering the phone and door, and cannot face anything that may remind me of my hopeless situation. I have come so far escaping from an abusive relationship to try building my own independence, but am so gutted I have failed completely. I cannot face having to leave my home, and don’t have the physical or mental ability to deal with this threat, cannot see a way out.

killerpeaty · 19 August 2020 at 11:21PM

I'm so sorry that you are having a terrible time. First of all, you need to look after your mental health, if you need to then give the Samaritans a call, I hear they can be very good when you are in your darkest moment.

Did you report the theft of your savings? I believe you can do this through action fraud.
Have you checked whether you are getting all of the benefits you are entitled to? There are calculators available, the one I am most familiar with is on Entitledto, which allows you to look for any grants available. The Citizens Advice Bureau is also a great resource.

I cannot be much help, but didn't want to read and run.

TheAble · 20 August 2020 at 12:06AM

How much a month do you get in benefits, and how much is your mortgage? You borrowed £80k - why? £5k a month interest equates to 75% APR - is that right?
Sorry, the numbers just sound a bit (lot!) strange.

sourcrates · 20 August 2020 at 12:11AM

Hi,
Don’t quite understand why you felt the need to get a bridging loan ?

Normally the mortgage debt would be repaid from the sale of the house, whenever that happens.
Bridging loans are notoriously high interest affairs, and I fail to see a need for one here, I think you have been very badly advised on this.

I would suggest contacting your local council about emergency accommodation.