Serious mortgage arrears

Ad_&_Blair

Hi there, I have come over from the mortgage and endowments part of the forum and was advised to come on this section. This is my message :

We have mortgage arrears totalling approx 4 months. We are with GMAC (!) as we have bad credit from previous debts. GMAC have actually been very patient with us and are accepting payments as and when we can make them. Does anybody know if they can repossess our house or threaten us with this if we are still making some form of monthly payment, albeit less than the actual monthly payment? Also, we have about 2 years to run on this mortgage before we can get away from the redemption fee - is there any way this can be gotten round and are there any high street lenders who might consider remortgaging us. We are falling behind because the interest rate is so high and we are on interest only too. Our outgoings aren't exceptionally high - we don't go out, we don't drink, my husband smokes roll ups and gets his tobacco duty free from a friend. We do run two vehicles but our situation is such that we need to - we would not be able to manage without one of them as my husband uses his for his work and I do everything else in mine - transporting myself and my daughter to school and work, shopping, etc. I did try it without a car but public transport charges and the inconvenience was a pain in the bottom and I didn't save any money.
Looking forward to any suggestions that might help.

Snaggles

Hiya, I'm not sure about the repossession, but if you are willing to pop your SOA on here (statement of affairs - basically your income and outgoings - see the sticky thread for newbies at the top of the debt free wannabe forum), we can have a look to see if we can make any suggestions that might help you get on top of your payments.

tallyhoh

Hi:D
It is inconvenient without a motor but have you really totalled the cost? I was shocked when I did mine. The actual car is paid for but when I used the budget planner I found that with tax, insurance, service, petrol ( no repairs factored in) it was costing me about £120 a month. Would local transport be that much?

Mozette

tallyhoh wrote: »

Hi:D
It is inconvenient without a motor but have you really totalled the cost? I was shocked when I did mine. The actual car is paid for but when I used the budget planner I found that with tax, insurance, service, petrol ( no repairs factored in) it was costing me about £120 a month. Would local transport be that much?

This absolutely true - obviously depends on your local public transport, but I found my car was costing £135 a month (not even including repairs, but don't go there). My bus pass is £38 a month. On the few times that I need to use a car, generally at weekend, I can hire one, and that will be no where near coming to £100 a month.
Obviously depends on your circumstances, but don't dismiss it out of hand. I never imagined me doing without a car, but for me at least, it's not at all bad.

mummytofour

I worked out that to have our 2 old cars (repairs, insurance and tax) not including petrol and pwing nothing on them is costing us about 2k per yr.

Jhayda

Oooh dear...mine costs almost 2k a year in diesel alone!