Nemo Suspended Possession Order

[im4347]

Hi

 

We have an outstanding mortgage of £145K approx plus £4K arrears

and a secured loan for £90K plus £19K arrears.

We are both self employed and earn enough to cover our initial mortgage and bills.

 

The Secured loan monthly payment is obviously extortionate compared to our mortgage,

and therefore is crippling us financially.

 

We are considering to sell our house to our friend and would really appreciate some advice as we are trying to avoid the Repossession of our house as we can't keep up with our monthly payments for both.

 

Our mortgage has already spread our £4K arrears over the next 2 yrs, which is fine

but the loan is ridiculous as they are spreading the arrears over the remainder term

but the interest is so high that we will never end up paying this loan off.

 

We don't have long to sort this out, as we can only manage this months payments and want to start the ball rolling asap for the sale.

 

Any advice would be highly appreciated.

 

Thanks

IM

[Ell-enn]

If you are serious about selling the house to your friend then you should start the process right away so if you start to miss payments on the secured loan you can prove that you are in the process of selling. Is there enough equity in the property to pay off both the mortgage and secured loan?

[im4347]

Hi Ellen

 

Thanks for replying, appreciate it.

 

There is enough equity to pay for the Mortgage but the loan company won't get anything......

[Ell-enn]

In that case the loan company can prevent the sale by not agreeing to release the charge they have on the property

[im4347]

I have told the Loan company that if the house was repossessed, the Mortgage would benefit and not them.....they said thats a risk they have to take and that they do have customers who have negative equity......

 

 

What would you suggest we do in this situation........

[Ell-enn]

It might be a good idea to take advice from a solicitor - there should be a firm in your area which does free initial consultations (usually in the evening)

[im4347]

Thanks Ellen, appreciate it.

[im4347]

Hi

 

Me and my partner have a secured loan of £65K which includes £20K arrears with Nemo.

 

The arrears are from several years ago

we have been paying the contractual amount plus some towards the arrears for a few years now through a repayment plan,

hence reducing the arrears.

 

 

We broke the arrangement by a day

we informed them and they agreed to set up a date to make the payment, which was also confirmed by a letter.

 

 

When we called into make the payment as arranged, we were told that the management have overruled the new payment arrangement and are instructing solicitors for a suspended possession order!

 

A letter before action was sent dated 6th April 2016 allowing us 21 days to come to an arrangement

and they will be instructing solicitors 29th April 2016.

 

 

We have spoken to a family member who is willing to help us clear the full loan

depending on what offer they are willing to accept as a full and final settlement.

 

We would appreciate it if we could have some advise on how to go about this full and final settlement

as they are very difficult to deal with and have caused us a great deal of stress.

[martin2006]

Not my area but I'll flag it for our specialist

[im4347]

Thanks martin2006

[im4347]

Any advice would be much appreciated

[martin2006]

Have you asked them what they would accept if they refused your previous arrangement,

Re iterate your last offer as a response to the lba. Ask them what level they are expecting.

At the moment its a threatogram

If they issue a claim for a SPO then we can help with that too

[im4347]

The last I spoke with them they said they were happy to continue with my current arrangement

but they are adamant that they want to secure it with a SPO.

 

We are trying to avoid the SPO by raising the funds through family friends to help clear the loan.

I asked them for a full and final settlement figure but they said I need to make the offer for them to consider.

 

This loan will never go away as the interest is extortionate and is crippling us,

and the constant threat of repossession is too stressful.

 

 

This is why we don't know what type of full and final offer to suggest to them

as we know they are an unreasonable company to deal with.

 

Also, do you think it's worth sending them an SAR as we know there are many charges on the account?.....

[martin2006]

But you have made them an offer, albeit rejected.

If you up the offer before any counter offer from them then they will keep you offering more and more and refusing to give you a figure to settle at in the hope youll just keep going up and up, hence why i suggested re iterating your previous offer. Negotiations need to be 2 way.

[dx100uk]

get all those unlawful fees reclaimed thats for sure!!

 

 

dx

[im4347]

Hi there

 

Just an update, we have the hearing in a few days for a SPO, we tried to raise the arrears to avoid this all together but wasn't possible. We have sorted out the budget planner and we will be talking to Nemo to try and get this plan set up without the SPO, and failing that if they still want to set up the arrangement with an SPO then we want to try and do this without both parties attending the hearing to save on costs.

 

If there is anything else that anyone can advise us on before we speak and arrange an arrangement with Nemo would be very much appreciated.

 

Many thanks

IM

[stu007]

Hi

 

I can understand your concern please be patient as its a Bank Holiday it's a bit quieter.

 

What is the exact date for the SPO hearing? (this is to help those advising to the time limit)

 

If you have the POC are you able to post this removing any personal detail etc? (See Below)

 

HOW TO UPLOAD DOCUMENTS / IMAGES ON CAG IMMEDIATELY: http://www.consumeractiongroup.co.uk/forum/showthread.php?431533-How-to-Upload-Documents-Images-on-CAG-Immediately-(you-do-not-need-10-posts)

[im4347]

Hi Stu

 

The hearing is on Thursday.

[honeybee13]

Hi Stu

 

The hearing is on Thursday.

 

I've sent an SOS for you, im4337.

 

HB

[im4347]

Thank you Honeybee, appreciate it.

 

Regards,

IM4347

[AndyOrch]

In the meantime im43 I notice you have not read the following thread....

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?172226-Nemo-Repossession-hearing-please-help***SUSPENDED***/page15

 

Plenty of guidance and good advice from Ell-enn in that successful thread.

[Ell-enn]

Hi, have you sent a defence statement to the court detailing your offer.

 

I would strongly advise you to attend the hearing so you know what is being said.

[im4347]

Hi Ell-en

 

No I haven't sent the defence back yet, I'm just waiting for a call back from their legal team to sort out a payment plan.

 

We have tried calling them today but that section is extremely busy and we have requested an urgent call back today.

 

Regards,

IM4347

 

Hi Ell-en

 

Didn't get a call back today, did try them again before they closed but no joy, hopefully we should hear from them in the morning.

 

In the meantime, if they go ahead with a payment plan under a SPO when do i claim the charges i.e Returned DD charges etc that have been applied to the account as i have roughly calculated £450 and that's excluding the interest?

 

I thought i'd get this cleared up before i speak with them in the morning.

 

Many thanks

 

IM

[Ell-enn]

If you can't get anywhere with them in the morning, you need to come back here asap so we can sort out a statement for you to take to the hearing.

 

These lenders have a habit of leaving things till the last minute, then telling you that you don't need to attend the hearing - however, the also frequently "forget" to tell their legal team and therefore the hearing goes ahead and if you're not there they could get possession by default.

 

You need to keep on the ball with this

[im4347]

Thanks Ell

 

I will be on their case in the morning for sure, will revert back here straight away.

 

Just another quick question, would i need to discuss the charges with them tomorrow?