Abbey threatening repossession!!

[punto64]

Hi, it's my first time here, my first time in any on-line forum, so please bear with me. Simply, though perhaps not eloquently put, I'm in melt-down and need help. My mortgage provider, Abbey, have advised me that on the 5th Feb I will have accrued the equivalent of 3 missed payments. Apparently this automatically triggers their legal dept to start proceedings to repossess.I am receiving incapacity benefit and for 6 months the DSS have made 4 weekly payments to Abbey of £278 which falls £200 short of the £477 due each month. Arrears have therefore mounted at a rate of £200 per month and the expectation is they will continue to do so. The DSS maintain the sum they pay represents a 'full' award based on the original purchase price of my home and 'allowable' additional borrowing. My mortgage outstanding is 82.5k. The DHS award allows for only 63.5k.

My mortgage is made up of 4 loans, 3 of which are at a fixed rate of 6.4% until 2013 and on an interest only basis. The other is for 15k @ 4.23% on a repayment basis.I have an appt with CABX this week but my 10yr old child and I seem to be staring down a barrel

[Sammythebest]

I have limited knowledge on this, but the banks are only repo'ing on extreme cases of which this does not seem one. There are plenty of things you can do, but i think other people are more qualified on this one.

[punto64]

Thank you - I so hope your right:)

[42man]

I'm not experienced on repossession cases, but in the first instance I would definately try the National Debtline - Their advice and help is free and impartial and confidential - National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

[punto64]

many thanks I'll follow that up tomorrow.

[jansus]

Do you have any other income in the house that would enable you to make full payments?

 

Do you see any time in the future that you will be able to resume payments- in other words are you hoping this is a temporary situation?

 

Did you have any PPI policies with any of the loans?

 

do you have equity in the property?

 

Have you checked you are getting every bit of available help?

 

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