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| T O P I C R E V I E W |
| potless |
Posted - 21 January 2009 : 09:44:58
can anyone advise? How long will northern rock take to repossess me?
I came to an arragement with my lender in september last year when i hit financial difficulty and reduced my payments from £900 to £300 per month for a three month period, which I paid ok.
Im now in a position when Ive had to sign on the dole as I have no savings left and i cannot afford to pay the £300. I intend to BR later this month once I have fees together as i have unsecured debts of £50k with negative equity in my property. I want to keep my family home (wife and two kids) if I can and Im trying to put myself in a position where I can afford the mortgage payments without all my other debts and start a fresh but its taking time to find work and I feel Im running out of time.
Northern rock have not threatened reposession yet and Im just trying to get an idea of how long I have to try and save the house. Is it worth telling the lender im going BR or not?
My mortgage is intereset only and I have £30k with them unsecured (together mortgage) which i was hoping would be included in the BR.
Sorry for all the questions, just a tad desperate and flappin a bit. |
| 3 L A T E S T R E P L I E S (Newest First) |
| syeddh |
Posted - 21 January 2009 : 15:10:06
Potless
Don't worry and hold fire...I also have a NR mortgage and am social benefits now. You are not in as bad a situation as you think. Being on benefits for 13 weeks entitles you to Mortgage Interest Benefit. The government will pay the interest on up to 200,000 for 2 years. As long as you pay NR some money towards your mortgage, they will not go for repossession - you have to be in arrears of more than 3 months for them to start the procedure. As for the loans - its brilliant that its all unsecured. If your on Income based jobseekers, or you get child tax credits, you can opt for either a debt management package or an IVA which reduces your unsecured debts by up to 85% - wiped off...gone! Don't go BR if you want to keep the house just yet..you will get the mortgage interest benefit for 2 years....its not a loan, its your entitlement. As for the creditors now, send them a letter stating you are now on benefits and can pay a sum of £5 per month...I done it to 4 creditors and two so far have accepted. As soon as you get confirmation of your entitlement to the mortgage benefit and you know that the mortgage is sorted, go to an insolvency practitioner and find out about IVA or Debt Management - and do it before any of your creditors force you to allow them to put a charge on the house. It may be better to put the creditors off for a month or so...buy some time, get the mortgage benefit sorted, then advise them your on benefits. Don't let them have what you've worked so hard for! I've learnt from research that with BR its very important that you do things at certain times and stages...don't just rush in...and start building a hard 'shell' around yourself...when the phone you, be firm and tell them they'll have to be flexible - the more polite and considerate you are, the more they'll push you for the cash.
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| potless |
Posted - 21 January 2009 : 15:04:03
thanks for the advice |
| JulianDonnelly |
Posted - 21 January 2009 : 15:01:27
Hi Potless,
how long is a piece of string? Could be anything from 3 to 6 months before they commence reposession action.
I would suggest keeping your plans quiet for now as your creditors could make life difficult for you with legal action and/or debt collectors.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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