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Hi All,

 

This is my first post and not sure if I'm in the right place, but hopefully someone will be able to help.

 

I have a mortgage with a balance of £161,000 and a secured loan (with Firstplus!!) with a balance of £49,000. I am self employed, but am getting less and less work.

 

The secured loan is our biggest problem, so for the past year and a half I have been trying to sell the house. Have had no offers despite reducing the price several times. At the moment the house is up for £208,500 but is still not getting any offers!!! Total unsecured debts are: Personal £5000, Credit cards £4000 and rising.

 

Credit cards are now being used just to survive and as of next month I won't have enough to pay the mortgage and secured loan as I have no work this month!! My husband is in remission from cancer and has had to move in with his parents in Spain, because the stress of trying to juggle everything was getting too much.

 

So far I haven't missed any payments and have never defaulted, but that will all change next month and from there on it will get worse! The house isn't selling and the only option seems repossession as it's just not worth my or my husbands health to try and hang on.

 

What can I do? What are my options..............I know this doesn't sound too bad, but my health is suffering from this and I don't want my husband under any more stress. I can see no way out.

 

I don't want to just walk away from any responsibility, but I'm getting to the point of having no money and no assets.

 

Any suggestions please??

J

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Hi Jace

 

Firstly, I sympathise with your predicament. I am in the same position as yourself but have now decided to jump ship and let them repossess as I know for a fact that First Plus will not let a sale go through if there is a short fall.

 

Again, it depends on situations here, I managed to get FP to reduce the loan for a few months and then consolidate it over the rest of the loan, also my main mortgage company did the same, gave me breathing space for a few months.

 

I am a bit luckier as I am divorced and a mate had a three bedroomed house for rent at a reasonable rate, saving £500 from my main house. Now to get to the point, you have to decide if your work is going to pick up or is this really flogging a dead horse !!!!!!!!!

 

Can you re-mortgage and get those Barclays First Plus gangsters off your back.

 

Is your main mortgage interest only ???? if not could you change it to interest only.

 

My decision was based on my financial circumstances and personal circumstances, I have jumped ship and have invited the main mortgage company to take Voluntarily repossession which they are going to do. Yes there will be a massive shortfall for First Plus but hey ho with £42k of personal debt and being 53 years of age BR is my only option as soon as the First Plus money becomes unsecured.

 

All I can do is warn you should you get a buyer and there is a short-fall First Plus are very nasty and will block the sale even for as low as £2,000

[sIGPIC][/sIGPIC]Happyhippy1959

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Hi Happyhippy1959,

 

Thanks for your reply.

 

Unfortunatyely FP refusing to let the sale go through is one of my biggest concerns. I don't want to get to the point of incuring costs with solicitors etc and then find they say no! I don't understand why they would seem to prefer to put me even deeper into dept by allowing the house to be repossessed and then sold for a lower price than I am likely to get (if I could get an offer of course!). I just need this house and all the stress associated with paying FP gone!! My husband's health is far more important than any house!!

The mortgage is already interest only, so there's not a lot else I can do there either, so it looks like voluntary repo is the only way to go. To be honest it will be a bit of a relief, and at least I can finally live with my husband again!!

 

If I do have to hand the keys back I also think that BR will be my only option, although I don't know how easy that will be from outside the UK?!

 

I would appreciate any help with regard to the repo.....what did you do with utilities companies, FP etc?? Any more charges that I'm likely to incur??

 

Thanks again for your reply........it's kind of reassuring to know I'm not the only one in such a situation.

J

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Hi Jace

 

Firstly, take a deep breath and honest, once you have made your decision your life will return. I am in the process of getting the main charger to take possession. First Plus have tried to get there pet DCA to try and get the arrears of the past 7 months total £3,157 with threats of all sorts but as I pointed out to them this is a secured loan and until it is sold hot air away. They even tried to say they would take me to court and attach earnings all the phis and wind.. As I said to them, it's secured on the property boys go forth and multiply.

 

You ask why FP are so pedantic, I do not know the reason why, it makes no business sense but remember these are the dodgy group Barclays who tampered with LIBOR so there greed no's know limit really. Now I see you are outside the UK, well this is an advantage to you, it would be an absolute lottery for them to try and pursue through a foreign court ( cost wise as well ) what they will probably do is wait for you to return to the UK, they will have 12 years to pursue any short-fall.

 

As I said, why spend your money on selling only to be told bog off from FP, you only live once and think it is only money and these bad-boys Barclays have been milking us the consumer with inflation busting interest rates on our FP loans. I hummed and arghed for months before I took the plunge, now I am out of the house and am not spending 91% of my wages on two mortgages. I have a nice rented house and hope that life is now going to sparkle. Yes I know they will come for the short-fall but I have already saved my £750 for the BR courts.

[sIGPIC][/sIGPIC]Happyhippy1959

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If you feel that giving up possession is the way forward, then you'll need to get some face to face advice on your specific circumstances, as frankly it is usually not the best way forward for anyone.

 

You state that your husband has health issues - would these fall under a disability? If yes, then the mortgage rescue scheme may be in a position to assist you. You will need to contact the local authority housing department and ask to speak to the team who deal with assistance to those facing repossession. I appreciate that you are not yet in that situation, but they can provide you with help and guidance on what to do before things get too desperate.

 

Shelter have some information on voluntary possession here: http://england.shelter.org.uk/get_advice/debt_and_arrears/mortgage_arrears/handing_back_the_keys

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Just to add to Lea_HTH's advice, she is correct, before deciding get some advice. I was a financial and mortgage advisor for many years prior to me returning to the NHS, but even so I sought a second opinion from CAB, it's nice to let others chew over your predicament and you may have missed something, however well you have researched or know. At the start of my reply I did say it was MY DECISION AND PERSONAL CIRCUMSTANCES. Because basically I could not afford it, the mortgage and FP secured loan was taking 93% of my take home money and with Cuts and overtime stopped I could not see anyway out. Best of luck whatever/

[sIGPIC][/sIGPIC]Happyhippy1959

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