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Hi all just a quick query or ask for some advice. My husband went bankrupt six years ago. As the property was in negative equity I bought out the official receiver for a nominal sum of £1.- plus costs. Ever since then it's only my name on the deeds but both our names on the mortgages. We have a first main mortgage with Nat West and a secured loan with Picture which, after they folded, was sold to a company called Webb Resolutions. The property is still in negative equity as we have paid Picture / Webb for almost 8 years (£555 per month) but have hardly paid anything off. There is still apparently an outstanding debt of over 50 K although the loan taken out almost 8 years ago was 'only' 64 K We have never received any annual statements from them. I would like to separate from my husband but financial worries are a concern. Due to my income I can pay the first mortgage on my own but would struggle to pay both the first and second mortgage as I also have got two young children to look after. My husband can only afford to pay a certain amount towards the costs of the house as he has to pay rent and live himself , too. My plan was to try and agree reduced monthly payments with Webb Resolutions, but I have never had any dealings with that company as we always paid our bills and do not have any arrears, so do not know what their reaction will be. If they decline or only agree to a reduced amount for a limited period I could be up in dire straits quickly as they also have horrendous charges for arrears and 'administrating' arrears. Now the issues that interest me: If payments are kept up on the first mortgage can the second lender start repossession proceedings even though they would hardly get any money out of a sale, as the first lender Nat West would be paid off first and would get most if not all the money ? Would Nat West even agree to that as they may even see a shortfall on what they are owned if the second lender goes for repossession ? How would that work out Any suggestions or ideas ?
I have a secured loan on my home which is currently in arrears (the company say arrears of £9000) but this is made up in part with excessive charges, compund interest, visits from 'mortgage counsellors', etc.My first charge (mortgage) is up to date and never been in arrears.The second charge is threatening litigation, reposession, etc. What is the worst that they can actually do? My home is in Scotland.Thanks for any advice.