On August 8th received a possession claim and need advice. I have arrears of £2,906.55 and the hearing is on Tuesday, September 15th. I am self employed and over the last two years business has collapsed. So much so that since Christmas I have made only about £1,000. I have been to CA and have an appointment next week to see the finance people there. In the meantime, I found an old insurance account and have been told by the company it has a surrender value of £4,750. They tell me it takes 10 days to send the forms to me for sign and perhaps 10 more before I receive payment. I requested the surrender on August 14th. This means I can pay off the arrears in full. What steps should I take now to stop the court action? I am no longer trading and today my wife (partner) and I are going to sign on. The total mortgage is £105,000. House value £195,000. We have no dependant children.

Thank you DX. I rent the property and have a gentleman's agreement with the owner. I have explained my situation to him and doubt if he will be shocked to see me close.

Hope someone can help. Business last year was awful and this year's so bad that I am having to close down after over 30 years. I managed to make two business council tax payments and have just received a court summons to pay the whole lot. I have used all my savings. cashed in a pension policy and there is nothing left apart from equipment which I am trying to liquidate. Do I have to pay the whole year or just the last five months (two already paid). I have only a small income from the pension policy. I am closing the doors at the end of this month.