our house

[Spent2much]

Re: our house

Kensington was fined £1.25 million by the FSA for not Treating Customers Fairly with mortgage arrears. Trust me they won't want another one of those fines. I'll be back tomorrow with more info

http://www.fsa.gov.uk/library/commun...2010/065.shtml

thank you so much feeling better again , i have been in tears because i do love this house but just looking for the best way to survive.
thank you x

[PlanB]

Re: our house

Kensington was fined £1.25 million by the FSA for not Treating Customers Fairly with mortgage arrears. Trust me they won't want another one of those fines. I'll be back tomorrow with more info

http://www.fsa.gov.uk/library/commun...2010/065.shtml

[Spent2much]

Re: our house

Yes to all of that

Pre action protocol says that lenders musn't repossess a home except as a last resort after all other options have been explored and failed. Tomorrow I'll post up the options a lender must consider first

thank you x

[Spent2much]

Re: our house

Yes to all of that

Pre action protocol says that lenders musn't repossess a home except as a last resort after all other options have been explored and failed. Tomorrow I'll post up the options a lender must consider first

we are already two months in arrears we managed to pay last month , but his month is bad once again and our mortgage provider are Kensington who are quite aggressive and i have heard they go for repossession after three missed payments .

When we phoned to make a payment plan we knew we needed a month to get square but they wouldn't allow it .

[PlanB]

Re: our house

Yes to all of that

Pre action protocol says that lenders musn't repossess a home except as a last resort after all other options have been explored and failed. Tomorrow I'll post up the options a lender must consider first

[Spent2much]

Re: our house

Many people have managed to stay for years even after having a possession order hanging over them!

When a house gets repossessed, lenders invariably add a lot of charges on top of your mortgage and sell the properties at a lower price, which means a bigger shortfall that they will expect to recover from YOU!

You must have heard repos are always regarded as bargains, often snapped up by investors, lenders want to get the properties off their books as quickly as possible even if this means getting much less from them than they could, after all they can chase you for the next 12 years!

do you think the mortgage company would lower the amount we have to pay off the arrears , at the moment its £30 on top of the mortage which makes it £480 a month, it might not sound a lot to some but where we live we have low incomes and this is expensive especially right now,

I could potentially take in two lodgers which would bring in £100 a week ,but i don't know if it will effect the council tax rebate and we need that to help us out .

The other problem is that we haven't got the full mortgage this month we only have £150 tops , don't know what to do i really don't .

[PlanB]

Re: our house

Then there is the charge on the house which will need paying too, selling costs another £1000 .

If we are going to lose it anyway may as well just let it go now .

Maybe it's not as simple as "let it go" because the shortfall will follow you for 12 more years Sleep on it and as Vint says reconsider when you have all the facts in front of you

You have a market business but I'm not sure what it is you trade. If it's a market then I guess you'll have a pitch to pay for. You also said you have experience with websites and I wonder whether you could carry on your business trading online with limited overheads and no DWP hassle over 14 hours work per week My mate has just set up an online organic pet food business and she's coining it in. She takes the orders and the money upfront, and then her supplier dispatches the goodies to pooches all over the country afterwards. She's targetted Brighton because of the gay community and their love of dogs and the Pink Pound (2 adults no children) and her business is rocking after just 3 months

[Spent2much]

Re: our house

Honestly if i was in your position the last thing i would think about would be allowing a repossession.

Renting is a shit market and if you have the deeds to a property then by all means do your best to keep it.

Have you thought of getting a lodger at all?? as a lodger would bring in a tax free amount that i stand to be corrected but wouldn't go against benefits (although if it does it would help cover shortfalls in Mortgage payments etc

thought of the lot and whatever way we turn the bastard governement take it out of the other hand .

Hubby works a four day market but only brings in about 15 hours pay , because its a four day market we cannot claim income support to help with the mortgage , there is just nothing that will help other than letting it go ,if there was a way we would do it but we haven't got this months mortgage to pay and i don't know what the mortgage company will say .

[kilasuit]

Re: our house

Honestly if i was in your position the last thing i would think about would be allowing a repossession.

Renting is a shit market and if you have the deeds to a property then by all means do your best to keep it.

Have you thought of getting a lodger at all?? as a lodger would bring in a tax free amount that i stand to be corrected but wouldn't go against benefits (although if it does it would help cover shortfalls in Mortgage payments etc

[Spent2much]

Re: our house

Then there is the charge on the house which will need paying too, selling costs another £1000 .

If we are going to lose it anyway may as well just let it go now .

[Spent2much]

Re: our house

Are you saying you will NOT try to sell the house? Surely repossession should be avoided at all costs, not least because lenders often auction off your propery for peanuts instead of trying to get full Market value, then chase you for the shortfall for 12 years!

You could get a better offer for your house, why not try to sell it instead?

If the mortgage company let us stay while we sell it we would but its wasted money paying a mortgage that will get repossessed anyway .

[vint1954]

Re: our house

Give it a few days then recap on your descission.

If there is a shortfall on the Mortgage, the Mortgage company will still chase for payment. Mortgage debts do not become statute barred for 12 years.

[Spent2much]

Re: our house

After a lot of discussion and adding up we have finally come to a decision .

We are letting the house go , we have found a private landlord who knows all about our situation with the business and he has houses for rent for £90 a week , we have gone onto the turn2us and on the amount of wages we bring in we will be entitled to £50 a week off the rent . We would even be able to manage if we had to let the business go , so for peace of mind and our health as we both had a migraine over the weekend we feel this is the right way forward for us .

We also have some peace of mind in the fact we know i get an inheritence from my parents when they leave the house to me and my two brothers , so whatever happens we know we can rebuild our lives from scratch and still work for a better future .

As for the shortfall of the sale of the house and the other debt attached to the house we will cross that bridge when we come to it , but for now we feel easier and know we for now we can manage quite comfortably in a smaller cheaper house .

Anyone who has any information of anything after house repossession please post it as the more we know the better armed we are when we have to cross that bridge .

But for now we feel relaxed and the stress is leaving us slowly, we just went to the supermarket and bought a good shop which we haven't done in months, but on the bright side i got weighed at my mum's this morning and since last August i have lost 3 stone, now am sitting here with a much deserved cuppa

[Spent2much]

Re: our house

Hi all, thank you some good suggestions from you and i do appreciate it.

Hand on heart i don't want to lose the house , my son is going to ask one of his mates if he wants to rent the front bedroom so this is looking positive .

We are not doing anything as yet not jumping into anything i mean so we will see how things go , I have a freind and we have just been talking about a new business idea which we are putting into action on Tuesday hopefully it will boost our income .

I am not one to sit around though i like to get things moving so will keep everyone updated .

[PlanB]

Re: our house

Here's another thought You've got 4 bedrooms and two bathrooms. Your son has just got married so has presumably left home. Why not fill your empty nest with a lodger or two. You and Hubby get to stay put while the money rolls in from your spare capacity You can earn up to £4,250 p.a. without paying tax on the Government's Rent-a-Room Scheme

http://www.direct.gov.uk/en/MoneyTax...ome/DG_4017804

I had three lodgers at one time and it was fun as well as lucrative, and they provided free babysitting too I'm still in touch with some of them by email from all over the world (are you near a city with foreign language students on short stays for example?). This rental income may impact on your benefit entitlement but I bet you'll make more with house guests then you will get from JSA.

I don't know which part of the country you're living in but it seems a pretty area from the photos you've posted elsewhere, so how about running a B & B then you don't get guests for too long if you're keen on privacy

You really do have lots of options before you throw in the towel and sell up