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set1077
Starting Member
United Kingdom
34 Posts |
 Posted - 04 November 2009 : 08:02:25
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I am waiting for our house to be repossessed. Unbelievably the mortgage company after 4 missed payments sent a very pleasant letter asking if we need their help to get back on track. Our loan company though has sent a mortgage cllr to the house whom we avoided.
Firstly I am awaiting the fallout in the form of the County Court Bailiffs to appear pretty soon. I have got into the habbit of keeping doors and windows locked but I am concerned about the car. It's only worth under £1500.00 but I know people on here have said to park it away from the house. This isn't as easy as it seems and I have a six month old as well. Its not on a driveway anyway just in the street with all the other cars. My partner also uses it back and forth work often. When you say to park it away from the house, how far do you mean? Would around the corner do? Do the bailiffs lay in wait and watch these things? Can they check cars to see who owns them? Would it be worth it changing owner to my partner now? Please help on this I am very concerned and it doesn't help that I live in a very clicky little village and if I park it down the road there will be a lot of curtain twitching.
As well as this I contacted my local estate agent recently to ask procedures they follow and honestly explained my situation. She was very helpful and said that it was up to the individual landlord but she also strongly advised for me to get impartial advice about bankruptcy as she was adamant I couldn't put the debt from the house on there. I explained that if we let the house get repossessed first then the debt then becomes unsecured and therefore is able to be put on the bankruptcy. She then said that she had heard horror stories of companies trying to reclaim lost interest 15 years later? She also tried to hard sell me a solicitor advising in bankruptcy so I guess this is why?
Thanks for any help you can give me. |
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set1077
Starting Member
United Kingdom
34 Posts |
Posted - 04 November 2009 : 09:28:57
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| Anybody? Please help. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 04 November 2009 : 09:56:01
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Hello set1077,
Try not to panic - someone will assist you and make some suggestions 
Has your mortgage company started possession action against you?
Do you have a second charge on the property and if so, have they started action against you?
Up until my BR, I was an estate agent. What you have described is not unusual insofar as an estate agent recomending a solicitor - I never did it as I was of the view that if I recomended a firm and it went wrong then the person would remember me too (for the wrong reasons!)
It is likely that if they are recomending a firm to act for you they will receive a fee from the firm for an instruction. Nothing illegal in that - it happens every day - however, he or she should have explained that to you.
Come back with some more detail and I will try to assist with some coments and suggestions.
Have you a family? By this I mean a young family with children of school age
Have you any health problems that are likely to cause you problems long term?
Reason being, you may be able to seek advice and assistance from the housing department at your local council.
Once again, do NOT panic - I know that is easy to say - but someone else will also be able to assist on the car question - if I have more info on your lender and your arrears (if any) then I will try to help again.
My regards, Richard
"There are no problems - only solutions..." |
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set1077
Starting Member
United Kingdom
34 Posts |
Posted - 04 November 2009 : 11:06:50
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Thank you Richard.
We stopped paying the mortgage about 4 months ago so about £2200 behind, the secured loan is about 3 months behind £1200. Neither have started proceedings which amazes me.
We have a six month old and none of us have health problems. I am on maternity and intend to get a part time job in the new year. My fiance has a permanent job. We'll probably privately rent.
We were in negative equity and were finding it very tight in keeping our heads above water especially with our little one and my wage halving. So we decided to go br and wipe the slate clean to have a fresh start. Which will take enormous pressure off us.
We have saved a bit now so I am just waiting for a suitable house to come up for rent and then we were going to move, give the keys back and then declare br. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 04 November 2009 : 11:45:58
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Hi Sarah,
I see the bigger picture now - you have your hands full with your little six month old treasure - we are on the grandchildren now and we can give them back!! We have an 8 year old granddaughter, a 1 year old grandson and a third due Christmas - so I know what they are like! Enoy them whilst they are young - they soon grow up - we were away this weekend with our granddaughter and on the way back we popped into a town in Surrey where we lived some years ago and I saw the scholl that ours went to - it soon goes by. Anyway, onto your situation:-
it seems to me that you are of the view that the property cannot be rescued - have you spoken to them as yet? The Government is trying to reduce the nuumber of repossessions and there are "rescue" schemes that you could look at - I am not trying to persuade you to stay in your home and continue to battle with your payments, I am simply making you aware that there are schemes that could save the property if that is your preference.
I do, of course, realise that you may have battled for so long now that you feel to lose the home is the best overall option.
If you have other debts as well as the secured loan and the mortgage then it may be the best option. In my professional life I have seen so many people lose their home when there were options to save it. (Before I was an estate agent and letting agent, I was a Director of Housing for a local council). In 29 years I sadly, have seen so many hundreds of people become victims and it frustrates me - I try (even though I am BR) to assist people whenever I can.
In any event, you will need to speak to your mortgage company - you never know, they may have an offer to make to save it - if you dont ask...
I see that you have thought about private renting - this, of course, is an option, but does not give you very much security - you may well find the local council will be in a position to assist you - with that a council tenancy is secure - with an assured shorthold tenancy, in the private sector,you may have to move every six months. (Again, I am trying to offer you the full range of options. The local authority are required in law to give you advice and I suspect with a six month old child, may have a duty to assist you with housing -ask them - make an appointment - do not seek advice over the phone - face top face is far better.
Finally, is that a Cornish surname? I live in Plymouth - although am Welsh - I went to school in Launceston in Cornwall.
Good luck and post back if you want to share any of the ideas I have put forward, Richard
"There are no problems - only solutions..." |
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BAILIFFS and SECURED DEBT? Help.....
