Threat of repossession - plz help

funkymonkeymoney

I have a commercial mortgage on my shop and flat. I have been in and out of arrears for the last six months, as we have been a bit quiet over winter.
I am one month in arrears, and the lender has stated that unless I bring it up to date this week they are to commence recovery action via solicitors or receivers.

I can not pay in full this month, if they commence repossession proceedings do I still have the same rights at court ie. to put forward a realistic repayment proposal with the aim of getting a suspended repossession order, as this is my family home as well as my shop premises.

Please help

homer_j_3

comercial mortgages are not regulated the same as residential ones so I do not think that they will be held to the same rules.

Is it realistic that you will be starting to earn more money if you can get through this month?

If so, it may be worth showing the lender your accounts which shows that it is just a seasonal issue and they may hang on but if you are just struggling generally, you have a bigger question to ask yourself.

Trollfever

Try Business Debtline:


http://www.bdl.org.uk/

funkymonkeymoney

Cheers guys,

Income is due to go up next month, but repossession costs will be huge, as their is 3 yrs interest payments on circa 200K as a redemption penalty.

I get the feeling the lender is just after getting their hands on the equity and as muych of the 3 yrs interest as possible from forcing me into bankruptcy.

Selling the property will probably not even break even as very few commercial mortgages are available, so shop prices will have fallen as they need cash buyers.

neas

Hope it works out for you