has any one heard of this?

chappers

As others have said the reality is that you can't afford your mortgage and outgoings at the moment. If you take out amother mortgage how is that going to help.
Unfortunately you seem to be able to only raise £82K which is well short of the redemption figure from your current lender.
I see it that you basically have three options.

1. continue as you are now in a downward spiral until you get repossesed, just hoping that something will come along and save you.

2.Sell up clear your debts and have a bit of cash left over and enjoy what time you have left, rather than worrying about bills, money etc.

3. Stick with your current mortgage amd try and find the extra money from somewhere. I would seriously pop over to the DFW board and tell them of your situation, post your SOA and I bet they could find ways you could save some money, you will get more emotional support over there, away from the meanies on here:p . but if you need more practical advice with regards to your mortgage etc then you can do little better than here, everyone isn't trying to be mean to you and having a go , but just laying out the facts that need to be taken into account if you want to sort this out and come out the other end in a better situation.

Did you ring your lender as suggested by your FSA, I don't think you have as much chance as this


but you never know if you don't try.

Good luck I think the ball is firmly back in your court.

Conrad

lillymay1975 wrote: »

beecher- they are, i have told them our situation over and over again, and even after the car accident last year, we went to our doctor and he wrote GMAC a letter stating his injuries and what's been happening, i have been very ill, with a life changing illness, and i really need support here, not "i told you so attitude" perhaps i should just stop posting on here, as there no support or sympathy, you are making me out to be the only person here with debt problems? is that the case, if so what are you doing reading and posting here?

Lilly,

You are fundamentally missing the point here.

The point is this. If everytime each of us encountered hardship as we all do, and then expected everyone else not to get paid as a result, the world would be in chaos. Nothing would work as we would all be owed debts all the time.

To get you to understand what I mean, consider this; - imagine you workder for a small company and the owners were injured due to a car accident and they then didnt pay your wages for 3 months.
Now you would still have to pay all your bills, so how is fair your employer stopped paying you?

Do see where Im comming from?

We all experience hardship but most of us still pay our bills. Planning ahead and saving is the key.

homer_j_3

OK, so your husband is wanting to stay put because its a measly few grand. I think that when you are earning 2-3k a month, the measly few grand will be probably just that.

When you are earning much less, which I presume you are due to the posts you have made and payments that you are struggling with - its not measly, it is a large amount of money.

This debt will increase a lot more quickly than you realise and you have to understand that none of us on here have anything to gain by telling you to move. We are telling you this because we do not want your house to be only worth 90k in 12 months time and your debt to be 100k and repossession taking place and then you not having any money in the bank to rent and still have debt over your head as the lender will chase you for the money that you owe.

So with the benefit that you have equity and the benefit that you are not so deep in that there is no return, you need to spell out the facts.

The debt will increase - costs will get added everytime you miss a payment, and solicitors are instructed and court dates are made. The interest you owe of £5-600 (or whatever it was that you paid) is being added each month.

It doesn't take a mathamatical whizz kid to say that you may have around 2 years left before all your equity is eaten, (could be a lot sooner too if charges are incurred and house prices drop).

Just imagine how you would feel, tell the neighbours that you think that the house prices have peaked and you are taking your equity and renting for a year or 2 to see what has happened. You do not lose face and you can go and rent with no phonecalls, no court dates, you will be able to sleep at night.

Your home is where you are and your posessions - not the bricks and mortar around it.

lillymay1975_2

Hi all

i see all your points, my FA rang she is going back the the lender, and see ing if they can come up with something else. We are in the process of trying to get narly £8000 back from mis-sold PPI with HFC, the Finacial Ombudsman is on the case, as they think we could have a case, so i know we should not do it, but we may may not have this money coming, and i am hoping to god that is does come, we paid off a secured loan aroun d 17 years early, and was never refunded the PPI we had on the secured loan, the loan only lasted 2 years. We were totally ,mis-sold my hubby had a back problem, and i was ill at the time as well, we told HFC this but they told us it would be ok, how wrong we were, after 12 months into the loan, my hubbys back went, we rang and aksed for payment insurance to kick in and they said, no due to a pre-exsisting conditon. doh, yeah we told you that? so we have had no luck with loans/mortgages since HFC. I know it sounds like i am making excuses but we have had a bum deal over the past few years, and we just want a bit of slack?
I have written to GMAC just now, and asked if they won;t review the redemption figure, could they add the arrears to the mortgage and then our monthly payments will come down by a bit, this would then be more realistic for us again.

I have also cancelled loads of things, the dogs insurance, sky, we got a loan with provident, just reduced that for a few months as well, it's just the food shop now tomorrow, but were going to aldi from now on and iceland, jsut live on the basics for a year, well maybe not that long for me, it's just my hubby cannot take time off work either to come with me for treatment, this is killing him as well, he has holidays, but i want him to keep that, just in case.
Thanks again, i'll keep you updated with my FA if she rings back and thanks for the tough love, i do need it some times, just not this week?

chappers

well done, be brave and put up your SOA over on DFW you will be surprised how some of those crafty devils can get blood out of a stone.
Just a quick thought, a bit morbid I know but, do you have any life insurance that may pay out in the event of a diagnosed terminal illness, also are there any benefits you can claim.

Good luck and keep up the fight. But please do not ignore the reality that at the moment you just can't make ends meet.

Conrad

lillymay1975 wrote: »

so we have had no luck with loans/mortgages since HFC.

Lilly, yours is a common problem I see over and over again.

Essentially a layman trusts advisers / institutions and this leads to bad outcomes.

This could happen to me - but it does'nt and the reason is I never trust anyone, afterall that person may not be around when you need them to back you up.
As such I always get everything in writing and never take anything as red unless I have it in writing.

If someone makes me a promise verbally I expect them to back this up with written documents.

Secondly you must read everything no matter how complex. If you dont understand it dont sign it and remember sales people will aleays imply theres nothing to worry about, just sign!!!!!

Thirdly where ever possible always EXPECT EVERYTHING TO GO WRONG - I DO. This enables me to pre guess whats around the corner. If an electrician alters your wiring get it all in writing and dont deal with a firm who might be gone tommorow - you might need thier corroboration when the house burns down and the insurance fails to pay out!

Fourth - - use RECORDED DELIVERY. Dont rely on postie to deliver that vital letter you sent the insurer about your back pain.

Lastly - record everything - the phone number, the persons full name (refuse to deal with people who wont give you a surname), that time and date of call. This for example is vital when it comes to you proving you said something in the past as many firms record calls.


If you follow this pattern for the rest of your life you will find your luck improves

beecher

lillymay1975 wrote: »

Hi all

Thanks again, i'll keep you updated with my FA if she rings back and thanks for the tough love, i do need it some times, just not this week?

I'm glad you don't think we're being nasty, and hope you do come back when the FA rings back. I also hope you post on the Debt forum - as I said before, they seem better than us at the virtual hugging stuff

chappers

Yes sir to a large extent you make your own luck.
As Sandy Lyle once said, after he chipped in a shot out of a bunker, in reply to an onlooker who said that was lucky.
" that maybe the case but it's strange that the more I practice the luckier I seem to get"

lillymay1975_2

Thanks all, still awaiting my FA, she only works 3 days a week, so i should get a call Tuesday, if not i will ring her, i paid £180 off the mortgage on Friday as well, my hubby gets paid every week, so we are starting, shopping was good as well, only spent £43.89. So we are getting there? thanks again all and i'll keep posting xx

poppy10_2

Good luck, lilly, hope you didn't mind the "tough love."