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larry
Starting Member
17 Posts |
 Posted - 24 October 2010 : 11:53:51
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Can you help please,
I am one month in arrears with my mortgage, I do not live in the property as it is rented out.
Which the mortgage company do not no of as yet. Should I tell them now and should I tell the manageing agents to find another property for my tennants to live in.
My mortgage company keep phoning me twice a day to get me to pay off the arrears, I was thinking of taking money from a credit card to pay them is this a good idea.I owe 795.25 I only have about 300.00 spare cash, should I offer this.
Your help please |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 October 2010 : 12:08:52
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Hi
Your arrears are not high and certainly the lender will not take any action at one months arrears.
You may tell them, BUT, they may ask you to be on a different interest rate and that may cause problems. I would not tell you to decieve the lender.
Are you in work?
Do you have another property?
If so, is that a BTL?
Is your tenant paying the rent and does that cover the mortgage?
Is the mortgage a repayment or interest only?
Do not use a creduit card if you can avoid it
Is there other debt problems in your life and if so how much?
Your managing agent should have checked that you had your lenders authority before taking the instruction (However many letting agents do not!)
Post back with a bit more detail and I will try to assist you
Do NOT despair...
Richard
"There are no problems - only solutions" |
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larry
Starting Member
17 Posts |
Posted - 24 October 2010 : 16:29:40
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Thanks for your reply Housing,
Yes I am in work a self-employed Gardener (not doing very well)
I have no other property, Living with my wife in rented property,
The tenant is paying rent they are on DHSS and have been in there for over a year. But there is a short fall of 300.00 per month on the mortgage.
The mortgage is on a interest only.
Other dept I have Credit cards 20,000
Loan 14,000 |
Edited by - larry on 24 October 2010 17:11:11 |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 October 2010 : 19:08:51
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Hi again Larry,
You may want to seek some wider ranging advice from an expert. (On left of page)
I suggest Paul or Ken from Reviva to look at the bigger picture
I am assuming the house is in negative equity from what you are describing - the c/cards and loan are all unsecured I am thinking - a chat with Reviva would be helpful - no commitment - they will walk you through your options
Come back if you need housing advice and I will try to guide you a bit further
Regards, Richard
"There are no problems - only solutions" |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 25 October 2010 : 12:30:00
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Larry,
one thing you need to be aware of, is that if you petition for bankruptcy, and you are currently renting out your house, the OR will not view it as your family home, and they will appoint agents to manage and collect the rent.
As you mentioned previously, you may want to think about moving back in before you become bankrupt, otherwise you could lose the house. At least if your living in it,you can still deal with the arrears, and buy out the interest in the property, if it's in negative equity,that will be £1 plus the OR's costs of £211.
Big Al |
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larry
Starting Member
17 Posts |
Posted - 25 October 2010 : 16:44:33
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Thanks to Housing and bigal4748,
The house is in Peterborough and I now live in Kent so I will not be moving back into it.
How long does OR keep renting the house for or would it be better to let the house go I.E. repossion before going BR.
The house is in negative equity loan and credit cards are unsecured.
I have had a phone chat with Reviva but they are very expensive if you let them do the work for you. |
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debtinfo
forum expert
2826 Posts |
Posted - 25 October 2010 : 17:57:03
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| Hi larry, as far as the house in concerned if you are not going back to it then you can just eave it to the trustee to sort out, it will eventually get repossessed either way |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 26 October 2010 : 13:24:41
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Hi Larry,
more importantly, any shortfall resulting from the repossession will be claimed by the lender in bankruptcy...assuming you go down that route.
Big Al |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 27 October 2010 : 11:56:17
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hi larry just out of interest you say Reviva is expensive??? they were not with me or my friends, how much did they want and what did they propose to do for you?
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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larry
Starting Member
17 Posts |
Posted - 27 October 2010 : 15:26:55
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Thanks for your reply,s debtinfo and bigal 4787.
Chester2005 Reviva has quoted me 1,200.00 to fill out forms go to court and hold my hand Etc.That a lot of money on top of the 600.00 to go BR |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 27 October 2010 : 15:53:41
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i suppose its a matter of perspective... i know that they act as an intermediary between yourself and creditors , secured and unsecured, they make sure that everything is just right and paperwork done so that no anomalies are thrown up causing problems like IPAs etc.
they are normally very flexible in their fee payment structure , i have even heard they take cars as payment!!!
from a personal note in my case it was money Very well spent for the peace and satisfaction value.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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larry
Starting Member
17 Posts |
Posted - 11 November 2010 : 14:04:37
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Thanks for your reply Chester 2005.
What you have been saying about the money being well spent for the peace and satisfaction value.
Thats what I was looking at as well.
What is worrying me is that being self-employed is getting an IPA.
As a gardener with the weather the way it is you have to work when you can so no regular income. |
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mortgage arrears
