Threat of Reposession from First Plus Solicitors **SUSPENDED**

[Surfer01]

It does seem as if the judge was on your side however unforunately the FP solicitor was correct about you keeping up payments on non-priority loans and thsi will go against you should it come up in front of a judge again. You can lose your house by not keeping up the payments on the secured loan which si why it is a priority debt.

Consider making proposals to the unsecured loan lenders to make lower payments. It might also be a very good idea if you went onto a Debt Managment Plan as this will show the judge that youa re making an effort to contain your debts with professional help.

Hopefully others will be able to offer further advcie.

[Surfer01]

It does seem as if the judge was on your side however unforunately the FP solicitor was correct about you keeping up payments on non-priority loans and thsi will go against you should it come up in front of a judge again. You can lose your house by not keeping up the payments on the secured loan which si why it is a priority debt.

Consider making proposals to the unsecured loan lenders to make lower payments. It might also be a very good idea if you went onto a Debt Managment Plan as this will show the judge that youa re making an effort to contain your debts with professional help.

Hopefully others will be able to offer further advcie.

[newstarter]

Not a good day but not a bad one either,you have bought some time here,and my guess is there will be a hearing early in the new year,if you think about it you have gone neither forwards or backwards with this.Other than give you some moral support i have not really commented on your situation,however i will now as i can see a problem,firstly the C.A.B,the National debt line,even the goverments own advice on debt on their web site states that priority debts should be paid first above all else,and a loan secured on your property is a priority debt,the fact that you are 10k in arrears with it makes it an even bigger priority and this where F.P,s solicitors are comming from,restructuring unsecured debt is not the same as being asked to default on it.Now,i think that the solicitors for F.P are being totally unreasonable by not accepting the offer that you put forward,its an offer you can afford and the arrears is being reduced on a monthly basis,the problem is the secured loan is a priority debt because its tied to your mortgage,the other two are not,if you cannot show a judge that you have given the above some consideration a lender friendly judge or one having a bad day may side with F.P. I would go back to their solicitors and (as you have some further time) see if you can make a deal,im sure there is some room for negotiation here and it would look bad on your part if you didnt because thats why the judge ajourned the hearing to give you time to strike some sort of deal with them to stop further action.A final point here is that Tesco,s and this other company from which you had the emergency loan couldnt evict you F.P can,of course unsecured debt can be (through the courts) become secured in the form of charging orders but these can be dealt with in the future,you cannot deal with a full possession order and subsequent eviction later on.

[newstarter]

Not a good day but not a bad one either,you have bought some time here,and my guess is there will be a hearing early in the new year,if you think about it you have gone neither forwards or backwards with this.Other than give you some moral support i have not really commented on your situation,however i will now as i can see a problem,firstly the C.A.B,the National debt line,even the goverments own advice on debt on their web site states that priority debts should be paid first above all else,and a loan secured on your property is a priority debt,the fact that you are 10k in arrears with it makes it an even bigger priority and this where F.P,s solicitors are comming from,restructuring unsecured debt is not the same as being asked to default on it.Now,i think that the solicitors for F.P are being totally unreasonable by not accepting the offer that you put forward,its an offer you can afford and the arrears is being reduced on a monthly basis,the problem is the secured loan is a priority debt because its tied to your mortgage,the other two are not,if you cannot show a judge that you have given the above some consideration a lender friendly judge or one having a bad day may side with F.P. I would go back to their solicitors and (as you have some further time) see if you can make a deal,im sure there is some room for negotiation here and it would look bad on your part if you didnt because thats why the judge ajourned the hearing to give you time to strike some sort of deal with them to stop further action.A final point here is that Tesco,s and this other company from which you had the emergency loan couldnt evict you F.P can,of course unsecured debt can be (through the courts) become secured in the form of charging orders but these can be dealt with in the future,you cannot deal with a full possession order and subsequent eviction later on.

[Worried6]

Hi

I have been active since my last post. I contacted a Housing Rights Service who provide an advisor to assist in Court. They have been in touch with Tesco and we are seeking to renegotiate with them. However there has not been an agreement yet. The down side is that the court proceedings have been scheduled before Christmas - Tuesday 21st. We have dreadful weather here and I am not even sure I can make the date. I have not been able to leave home since last Thursday. Also the advisor has been unavailable as well due to weather.

Is there ever a case for an individual to make contact with court to get a different date in circumstances like these?

I plan to ring FP Solicitors tomorrow with an improved offer. I will renegotiate with Tesco eventually but meanwhile I am going to reduce my payment to them anyway.

Just one question bothers me I understand the issue over priority debt and that I need to show the court that I have tried to renegotiate - what if Tesco just says no (and why wouldn't they). Will I look irresponsible by adjusting the payment to them myself without an agreement? This seems my only option at this late stage.

 

Thanks

W6

Edited December 19, 2010 by Worried6
Typo

[Worried6]

Hi

I have been active since my last post. I contacted a Housing Rights Service who provide an advisor to assist in Court. They have been in touch with Tesco and we are seeking to renegotiate with them. However there has not been an agreement yet. The down side is that the court proceedings have been scheduled before Christmas - Tuesday 21st. We have dreadful weather here and I am not even sure I can make the date. I have not been able to leave home since last Thursday. Also the advisor has been unavailable as well due to weather.

Is there ever a case for an individual to make contact with court to get a different date in circumstances like these?

I plan to ring FP Solicitors tomorrow with an improved offer. I will renegotiate with Tesco eventually but meanwhile I am going to reduce my payment to them anyway.

Just one question bothers me I understand the issue over priority debt and that I need to show the court that I have tried to renegotiate - what if Tesco just says no (and why wouldn't they). Will I look irresponsible by adjusting the payment to them myself without an agreement? This seems my only option at this late stage.

 

Thanks

W6

[newstarter]

Right,as i mentioned in the previous post you have two unsecured debts with creditors,these creditors could not evict you from your home,the worst that could happen is each apply for a charging order to be placed on the mortgage should you default,F.P can and (lets face it are trying to) repossess your home.The simple fact is everyone wants their cash,F.P,Tesco,s and the third lender and its a fact your not going to please them all.Every debt charity and advice company that ever was states priority debts first and at the top of the list (if you have one) is your mortgage.F.P have argued that you must re-negotiate with your unsecured creditors and as yet you have had no joy so to your question and the best advice i can give you is to tell you what i would do in you position.

 

Firstly i would reduce the payments to my two unsecured creditors by 50% and put this towards clearing the arrears with F.P,mention in court that you have increased payments to F.P by the above amount,i would suspect they would agree to said arrangement,thus defaulting on the two unsecured loans,this will create its own problems but not one where you do not have a roof over your head.Once F.P and yourself have the agreement in place (reinforced by the court order) you will then be in a position to negotiate with the two unsecured creditors,they might make life difficult for you and ultimatley you may end up with a ccj or two on your credit file,but if you pay both creditors what you can there would be little that they could do in real terms.Just one final point,if my house was at risk of being repossessed this week i would not be letting the snow stop me from getting to that court on the 21st,the sooner you put this problem with F.P to bed the better.

[newstarter]

Right,as i mentioned in the previous post you have two unsecured debts with creditors,these creditors could not evict you from your home,the worst that could happen is each apply for a charging order to be placed on the mortgage should you default,F.P can and (lets face it are trying to) repossess your home.The simple fact is everyone wants their cash,F.P,Tesco,s and the third lender and its a fact your not going to please them all.Every debt charity and advice company that ever was states priority debts first and at the top of the list (if you have one) is your mortgage.F.P have argued that you must re-negotiate with your unsecured creditors and as yet you have had no joy so to your question and the best advice i can give you is to tell you what i would do in you position.

 

Firstly i would reduce the payments to my two unsecured creditors by 50% and put this towards clearing the arrears with F.P,mention in court that you have increased payments to F.P by the above amount,i would suspect they would agree to said arrangement,thus defaulting on the two unsecured loans,this will create its own problems but not one where you do not have a roof over your head.Once F.P and yourself have the agreement in place (reinforced by the court order) you will then be in a position to negotiate with the two unsecured creditors,they might make life difficult for you and ultimatley you may end up with a ccj or two on your credit file,but if you pay both creditors what you can there would be little that they could do in real terms.Just one final point,if my house was at risk of being repossessed this week i would not be letting the snow stop me from getting to that court on the 21st,the sooner you put this problem with F.P to bed the better.

[newstarter]

One final point i would make is this, i often think people place too much importance on their credit file,ok the above would make obtaining credit more difficult but in this day an age is that such a bad thing?Most banks and lending institutions are next door to impossible to lend from at the moment with a near perfect credit rating.If it came down to a choice between spoiling my credit rating or watching a court bailiff changing the locks on my doors and windows i know what i would do.

[newstarter]

One final point i would make is this, i often think people place too much importance on their credit file,ok the above would make obtaining credit more difficult but in this day an age is that such a bad thing?Most banks and lending institutions are next door to impossible to lend from at the moment with a near perfect credit rating.If it came down to a choice between spoiling my credit rating or watching a court bailiff changing the locks on my doors and windows i know what i would do.

[Worried6]

Thankyou for taking the trouble to come back and for your forthright comments. I have been niave about the re-negotiation of other debts especially when I had other reactions on this thread which seemed to imply that FP were out of line in their demand for me to increase my debt burden in this way.

I have decided that I will contact FP Solicitors tomorrow and inform them that I have reduced payments to the unsecured debtors and try to reach an agreement before court. They have already said if the repayment proposal was increased to £300 then they would agree to suspend. Hopefully we can get to a figure that they will accept.

I am not too concerned about my credit file I think it is well shot now anyway.

 

Thanks again and I'll post tomorrow what I've managed to arrange .

 

W6

[Worried6]

Thankyou for taking the trouble to come back and for your forthright comments. I have been niave about the re-negotiation of other debts especially when I had other reactions on this thread which seemed to imply that FP were out of line in their demand for me to increase my debt burden in this way.

I have decided that I will contact FP Solicitors tomorrow and inform them that I have reduced payments to the unsecured debtors and try to reach an agreement before court. They have already said if the repayment proposal was increased to £300 then they would agree to suspend. Hopefully we can get to a figure that they will accept.

I am not too concerned about my credit file I think it is well shot now anyway.

 

Thanks again and I'll post tomorrow what I've managed to arrange .

 

W6

[newstarter]

lol, Sorry if i sounded blunt in the above.What i try to do is look at a particular thread from both sides of the coin so to speak,if you can see things from both sides,ie the creditors side as well as the borrower,if you can look at the whole picture rather than just your side of it,then by doing this your own arguments can be so much stronger because you build your case from the full picture rather than just one particular view,ie your own.F.P are being a pain in the butt we both know that but looking at the bigger picture i dont think they will repossess,all they really want is the arrears cleared up and normal payments to resume,their reps are out to get the best deal they can for F.P their client,and in doing that they are doing nothing wrong.Just a word of caution,if they agree to your offer,check,check and check again that your case has been dropped at your county court,dont just take their word for it whatever you do communication between creditors and theirreps and the courts can be diabolical.

[newstarter]

lol, Sorry if i sounded blunt in the above.What i try to do is look at a particular thread from both sides of the coin so to speak,if you can see things from both sides,ie the creditors side as well as the borrower,if you can look at the whole picture rather than just your side of it,then by doing this your own arguments can be so much stronger because you build your case from the full picture rather than just one particular view,ie your own.F.P are being a pain in the butt we both know that but looking at the bigger picture i dont think they will repossess,all they really want is the arrears cleared up and normal payments to resume,their reps are out to get the best deal they can for F.P their client,and in doing that they are doing nothing wrong.Just a word of caution,if they agree to your offer,check,check and check again that your case has been dropped at your county court,dont just take their word for it whatever you do communication between creditors and theirreps and the courts can be diabolical.

[Worried6]

Hi

I appreciate your advice and that you took the trouble to think this through. You are right I am now totaly absorbed in my side of the story and the nerves are getting in the way of everything.

I'm heartened to hear you still think they will negotiate with me.

They say what doesn't kill you makes you stronger - well I should be invincible after this!

 

Thanks Again I'll post later.

[Worried6]

Hi

I appreciate your advice and that you took the trouble to think this through. You are right I am now totaly absorbed in my side of the story and the nerves are getting in the way of everything.

I'm heartened to hear you still think they will negotiate with me.

They say what doesn't kill you makes you stronger - well I should be invincible after this!

 

Thanks Again I'll post later.

[Surfer01]

Your credit rating is going to be shot anyway as FP may have placed defaults on your account by now so that is the least of your worries. Look at paying the full amount of your mortagage and also the full amount to FP. Then look at what you have left and split it 50/50 between the unsecured lenders. Also of the three lenders, FP more than likely has the highest interest rate.

At least you will still have your house and when things improve the equity in the hosue will increase. Always try and pay the priority debts in full. Judge will not be too bothered about how much you are going to pay the other lenders as that is not really his concern as his concern is the current case FP have raised against you for defaulting on your loan.

[Surfer01]

Your credit rating is going to be shot anyway as FP may have placed defaults on your account by now so that is the least of your worries. Look at paying the full amount of your mortagage and also the full amount to FP. Then look at what you have left and split it 50/50 between the unsecured lenders. Also of the three lenders, FP more than likely has the highest interest rate.

At least you will still have your house and when things improve the equity in the hosue will increase. Always try and pay the priority debts in full. Judge will not be too bothered about how much you are going to pay the other lenders as that is not really his concern as his concern is the current case FP have raised against you for defaulting on your loan.

[Worried6]

Hi All

 

This is my first chance to get back on line. The case went well last week and the court gave a suspended order.

The negotiations with Tesco are on going. I spent a lot of time speaking with them on 20th but they would not agree to any changes prior to the court hearing I was disgusted. They asked for a new Financial Statement. So I spoke with the FP Solicitors before going into court and they accepted an offer of an additional £100 p month towards arrears with the normal payment re-instated.

The Judge (a lady) was very fair. She listened to the issue over Tesco and recognised that I was doing all I could with them. She agreed to suspend the Possession Order and has given me to 28th Feb before starting payments. I will have a DD in place starting 1st February though.

I just want to say a big thankyou to all of you who helped me along the way. This was the worst thing that ever happened to me and the advice and support from this site helped me get through it. I have learned a lot and hopefully I will be able to pass on what I can to help someone else.

Debt will continue to loom large in my life for a while we are definately not out of the woods yet. I suspect a row brewing with Tesco but you know I think I am stronger to deal better with them.

For now I want to just try and relax a bit and that takes time.

Happy New Year to you all.

 

W6

[Worried6]

Hi All

 

This is my first chance to get back on line. The case went well last week and the court gave a suspended order.

The negotiations with Tesco are on going. I spent a lot of time speaking with them on 20th but they would not agree to any changes prior to the court hearing I was disgusted. They asked for a new Financial Statement. So I spoke with the FP Solicitors before going into court and they accepted an offer of an additional £100 p month towards arrears with the normal payment re-instated.

The Judge (a lady) was very fair. She listened to the issue over Tesco and recognised that I was doing all I could with them. She agreed to suspend the Possession Order and has given me to 28th Feb before starting payments. I will have a DD in place starting 1st February though.

I just want to say a big thankyou to all of you who helped me along the way. This was the worst thing that ever happened to me and the advice and support from this site helped me get through it. I have learned a lot and hopefully I will be able to pass on what I can to help someone else.

Debt will continue to loom large in my life for a while we are definately not out of the woods yet. I suspect a row brewing with Tesco but you know I think I am stronger to deal better with them.

For now I want to just try and relax a bit and that takes time.

Happy New Year to you all.

 

W6

[Worried6]

PS

Hi Newstarter, sorry meant to ask. Could you tell me how to go about verifying a case has been dropped - see your comments below:

 

"check,check and check again that your case has been dropped at your county court,dont just take their word for it whatever you do communication between creditors and theirreps and the courts can be diabolical."

 

No hurry though just if you get a moment.

 

Cheers

W6

[Worried6]

PS

Hi Newstarter, sorry meant to ask. Could you tell me how to go about verifying a case has been dropped - see your comments below:

 

"check,check and check again that your case has been dropped at your county court,dont just take their word for it whatever you do communication between creditors and theirreps and the courts can be diabolical."

 

No hurry though just if you get a moment.

 

Cheers

W6

[Surfer01]

Hi All

 

This is my first chance to get back on line. The case went well last week and the court gave a suspended order.

The negotiations with Tesco are on going. I spent a lot of time speaking with them on 20th but they would not agree to any changes prior to the court hearing I was disgusted. They asked for a new Financial Statement. So I spoke with the FP Solicitors before going into court and they accepted an offer of an additional £100 p month towards arrears with the normal payment re-instated.

W6

Pay Tesco what you can afford and don't let them bully you. Your house is more important than their debt.

[Surfer01]

Hi All

 

This is my first chance to get back on line. The case went well last week and the court gave a suspended order.

The negotiations with Tesco are on going. I spent a lot of time speaking with them on 20th but they would not agree to any changes prior to the court hearing I was disgusted. They asked for a new Financial Statement. So I spoke with the FP Solicitors before going into court and they accepted an offer of an additional £100 p month towards arrears with the normal payment re-instated.

W6

Pay Tesco what you can afford and don't let them bully you. Your house is more important than their debt.

[Worried6]

I'll try my best. I will open another thread in the General Debt Forum for guidance as I take this forwards. Meanwhile I'm just so relieved to get this bit dealt with now.

 

W6