Im In Trouble, Repossession, Secured Loan and Court. Please Help!

GeorgeUK

Done a little hunting on the internet and it doesn't look too good.

From what i've read, the loan is secured against the property, so if you cannot clear the amount owed, the remainder will still be secured against the property and any buyer will not want to be landed with someone elses debt.

Have you tried calling the charities? Hopefully they may be able to advise of an alternative. Have you tried taking a mortgage holiday, or is this too late now?

tallyhoh

Sorry, I missed the secured loan.

Wimb

GeorgeUK wrote: »

Done a little hunting on the internet and it doesn't look too good.

From what i've read, the loan is secured against the property, so if you cannot clear the amount owed, the remainder will still be secured against the property and any buyer will not want to be landed with someone elses debt.

Have you tried calling the charities? Hopefully they may be able to advise of an alternative. Have you tried taking a mortgage holiday, or is this too late now?

Im going to call the charities tonight and see if they can help, mortgage break is out of the question due to arrears.

Any idea how long I will have to leave the property if the judge orders possession?

GeorgeUK

What kind of mortgage did they give you? Was it an endowment mortgage? Can you check if it was missold?

Can you request a copy of the consumer credit agreement for the loan. There are certain things that must be on the agreement for it to be valid. This thread has some template letters in it. http://forums.moneysavingexpert.com/showthread.html?t=578486

This is really me clutching at straws here, but if you show the court that you had recentlly changed jobs which was the reason for the default and that there are irregularities with the paperwork from GE money, then hopefully you may get some leeway. Are you paying PPI on the loan? Were you missold this? (Being told it was compulsory etc)
http://www.moneysavingexpert.com/./reclaim/ppi-loan-insurance

Wimb

GeorgeUK wrote: »

What kind of mortgage did they give you? Was it an endowment mortgage? Can you check if it was missold?

Can you request a copy of the consumer credit agreement for the loan. There are certain things that must be on the agreement for it to be valid. This thread has some template letters in it. http://forums.moneysavingexpert.com/showthread.html?t=578486

This is really me clutching at straws here, but if you show the court that you had recentlly changed jobs which was the reason for the default and that there are irregularities with the paperwork from GE money, then hopefully you may get some leeway. Are you paying PPI on the loan? Were you missold this? (Being told it was compulsory etc)
http://www.moneysavingexpert.com/./reclaim/ppi-loan-insurance

Thanks George I will check all of the paperwork tonight when I get in.

Is it possible the judge will let me pay the arrears off with a small addition to my monthly payment? This would at least give me more time to sell up.

Will I get kicked out straight away if he orders re-posession?

GeorgeUK

Still reading up on this repossession stuff so can't really give you an answer. Reposession is a last resort for the courts so if you are sure you can pay and not fall behind again, then it is possible if you prove that you will be able to meet the payments. Was the new job a better salary? This could go in your favour at the hearing.

I would make a statement of affairs (SOA) to show all your income and expenditure. This calculator is quite helpful. It should hopefully show how much you have available to pay towards the arrears and that you will be able to manage the repayments.
http://www.makesenseofcards.com/soacalc.html

Found a bit of information from a "dead" website. I do not recommend using a company like this, but they seem to have some information that may be of use. Link here (you may need to scroll down to read it)

Have you tried to come to an arrangement with their solicitors?

CCCS_Sarah

Hi Wimb,

I’m a debt counsellor for the CCCS, just been reading your post it’s really hard to advise via the forums as I don’t have all the information. I would suggest giving our helpline a call and they will be able to book you in for an appointment with a trained Mortgage Counsellor.

Sometimes if there is negative equity on your home this could cause problems when it comes to selling - on your appointment your counsellor would be able to look at your budget and give you advise based on your circumstances and details on what to expect etc.

If you would like to call for an appointment our helpline can be contacted on 0800 138 1111. If you have any specific questions you would like to ask then feel free to give me a shout.

I have also attached a link to another charities website that you could have a read over in the meantime Link to shelter website

Wimb

GeorgeUK wrote: »

Still reading up on this repossession stuff so can't really give you an answer. Reposession is a last resort for the courts so if you are sure you can pay and not fall behind again, then it is possible if you prove that you will be able to meet the payments. Was the new job a better salary? This could go in your favour at the hearing.

I would make a statement of affairs (SOA) to show all your income and expenditure. This calculator is quite helpful. It should hopefully show how much you have available to pay towards the arrears and that you will be able to manage the repayments.
http://www.makesenseofcards.com/soacalc.html

Found a bit of information from a "dead" website. I do not recommend using a company like this, but they seem to have some information that may be of use. Link here (you may need to scroll down to read it)

Have you tried to come to an arrangement with their solicitors?

Thanks again George your a star.

Im going to speak to everyone involved and try and get something worked out.

Wimb

CCCS_Sarah wrote: »

Hi Wimb,

I’m a debt counsellor for the CCCS, just been reading your post it’s really hard to advise via the forums as I don’t have all the information. I would suggest giving our helpline a call and they will be able to book you in for an appointment with a trained Mortgage Counsellor.

Sometimes if there is negative equity on your home this could cause problems when it comes to selling - on your appointment your counsellor would be able to look at your budget and give you advise based on your circumstances and details on what to expect etc.

If you would like to call for an appointment our helpline can be contacted on 0800 138 1111. If you have any specific questions you would like to ask then feel free to give me a shout.

I have also attached a link to another charities website that you could have a read over in the meantime Link to shelter website

Thank Sarah I am going to call after work.