Ive missed a mortgage payment today

silvercar

Missing 1 mortgage payment in 17 years does not mean someone cannot afford their house. Get real!

OP clearly has a cash flow problem, brought about by the reasons outlined. Increasing income in the short term, until the self-employed income stream kicks in, seems the sensible way forward.

Its very easy for employed people to say that the self-employed can't afford X, Y or Z, when they themselves have the security of a regular pay check. Being self-employed means that your income can fluctuate and this needs managing.

michellefromessex

Update:

Spoke this morning with Mortgage company, I paid them £200 and told them our plans for the car going up for sale this weekend (MOT on Friday) they asked when I will be making another payment, I told them that normal monthly payment will be on 29th Feb and hopefully the car will sell by the end of the month to clear the rest of the arrears but that it could run into March, I did say that even if we didnt clear the full amouth by the end of the month we would try to get another couple of hundred knocked off, fingers crossed for a quick sale now of our car.

michellefromessex

UPDATE:

Am really annoyed, notice this morning that my mortgage company have tried to take last months payment again today, making me go overdrawn again and another £38 charge added, even though I paid them the £200 on Tuesday and spoke with them about getting the rest of the arrears cleared ASAP. I received a letter from them the following day (weds) which obviously overlapped with my conversation as they state that they will not be going to credit agency as long as I am not 1 month in arrears at the end of the month , so paying the £200 has avoided this so far.

I am angry though today that they thought they would still try for the £865 payment as well as receiving £200 from me already, cannot speak with them until Monday oh and the bank will not refund me (£76 in total now).

TEDDYRUKSPIN

Under the terms and conditions each lender have the right to charge you for missed or late payments. This applies to credit cards and many more.

Although the company is closed for the weekend, I suggest you to phone them up and get someone to leave a memo on the system.

Each company will demand at least the interest payment to be paid. Once you miss at least 3 months payments, they have the right to bring in the debt collector.

All the above have giving you good advice. I do not believe putting the house on sale is even a fast option.

You must pay the arrears back somehow!

You are now in a vicious cycle and this can spiral out of control. It does seem you are over committed and the interest rate you have already shows you went through a self certification or through an IFA.

Phone them up asap. You have no other option.

motch

-as above-

plus have you ever thought of or have room for a lodger

Andy_Hamilton

when you say that your are tied in your mortgage until next year, have you worked out what the cancellation fee would be? you could get a much better deall and colsolodate your debt at the same time.

As above, get a lodger could also help

ALIBOBSY

Good luck in sorting this out. Don't think I can add anything else other than saying watch the news for the results of the bank charges test case. If it goes against the banks you will be able to get at least some of your charges back and any others in the last 6 yrs, but this may be a while off. When we had a problem a few years ago the bank let us spread the arrears (1 month) over the next 3 months ontop of our normal monthly payments. Wouldn't they do something like this for you, especially as you have paid something towards the arrears already. The direct debit may have been automatically represented by the banks computer system, so they may not have been able (or didn't think) to stop it after your call.
Good luck
ali x

michellefromessex

No possibility of a lodger, 3 kids of which one is a toddler and two teenagers already share a room. The mortgage company have not charged me its the bank that have for going overdrawn, although mortgage company will add a £50 month charge at the end of the month for anytime that we are 1 month behind, but now paid £200 we are not a whole month behind anyway. I have already reclaimed bank charges (got them back last Jan) and signed an agreement with Natwest stating that I accepted their offer and would not claim against them in the future.

I have already tried to phone mortgage company today to ask why they have represented to the bank even though they accepted a payment on tuesday but it was closed, no option to leave message just "welcome to blah blah unfortunately offices are now closed, our opening times are blah blah".

We are not over committed (we had an emergency last month) we took a mortgage out on a libor rate that has gone up and up over the last 2 years, our penalty to come away early is £7,000 and adding this plus solicitor fees on top of our mortgage is something we do not want to do, we can only go for self cert mortgage so will always be stung with a higher interest rate.

Car is going up for sale as soon as my numberplate can be removed onto retention (going to DVLA office on Monday to get that ball in motion) then we will have enough money from the sale of this to pay off our arrears and buying a smaller more economical car.

silvercar

Car is going up for sale as soon as my numberplate can be removed onto retention (going to DVLA office on Monday to get that ball in motion) then we will have enough money from the sale of this to pay off our arrears and buying a smaller more economical car.

Sell the number plate!

michellefromessex

Not an option as its not ours to sell.