our house

[Spent2much]

Re: business is bad again

Bare in mind that you have a charging order on this property which your solicitor will want to pay in full when you complete on your sale. You haven't said who the creditor was (Eversheds are solicitors) or how much is the balance and whether you're paying this by instalments at the moment

http://forums.all-about-debt.co.uk/s...02&postcount=1

The good news is that once you've sold your house and moved into rented accommodation you won't run the risk of getting any more COs will you

Yes this is true, the charge is originally £6000, but i believe we have got it down to £4800 , but i think the judge allowed them to add interest of 8% i posted on here about it to see if anyone could look over the final charge and see if this is how i have read it .

[Spent2much]

our house

if this is in the wrong place sorry, never knew where to put it .

Ok then, we keep struggling on and trying to find ways of cutting down, but we simply cannot anymore. We are thinking of either selling the house evn though it won't make us anything , it will probably pay off the charge and thats it.

If we pay say £100 to the mortgage company which is all we can pay this month will it delay them taking possession of it or will they just go for repossession, we are trying to help ourselves by putting it on the market so will they hold off repossession until we sell it ?

Our mortgage provider is Kensington

[SXGuy]

Re: our house

Hold up for a sec, can you explain or point me to a thread which gives reasons for why you should sell your house or are worried about repossession? selling your house should be the last resort.

But on the point of payments, usually, you can take a payment holiday, which will add the payments to the end of the mortgage, or in most cases, if you miss one payment its fine because they dont actually mark it as missed for a further 14-28 days.

My mother was told this when she had to delay a payment to her mortgage company.

If you really feel you wont meet the next payment, telephone them and they will try and help you to delay a payment, they wont bite your head off honestly.

Also, have you considered UE for your debts before considering selling your house to pay them?

[Spent2much]

Re: our house

Hold up for a sec, can you explain or point me to a thread which gives reasons for why you should sell your house or are worried about repossession? selling your house should be the last resort.

But on the point of payments, usually, you can take a payment holiday, which will add the payments to the end of the mortgage, or in most cases, if you miss one payment its fine because they dont actually mark it as missed for a further 14-28 days.

My mother was told this when she had to delay a payment to her mortgage company.

If you really feel you wont meet the next payment, telephone them and they will try and help you to delay a payment, they wont bite your head off honestly.

Also, have you considered UE for your debts before considering selling your house to pay them?

we are already doing the UE for the debts on here.
Our mortgage is on interest only and we are already supposed to be paying an extra £30 a month off the arrears .

[PriorityOne]

Re: our house

I also don't get why you would even consider selling your house to pay off debts. Your mortgage and any secured borrowing are priority debts.

Where are you going to live if you sell you home? Rent will still have to be paid and that's a road to nowhere.... with insecurity thrown in.

[Spent2much]

Re: our house

I also don't get why you would even consider selling your house to pay off debts. Your mortgage and any secured borrowing are priority debts.

Where are you going to live if you sell you home? Rent will still have to be paid and that's a road to nowhere.... with insecurity thrown in.

not selling to pay off debts, eversheds got a charge on the house four years ago it was originally a virgin credit card.
We are self employed and the business is struggling, i have applied for jobs all over with no luck and so has hubby, we live in a crap area where no jobs hardly .

If there was a way of keeping the house we would , its just too expensive , we could give th business up and sign on but we would not be able to make up the interest payments as support for mortgage interest would leave £162 a month short and we are already in arears and supposed to be paying it back at £30 a month. jsa is only £111.45 a week so it dosn't leave much to pay for electricity and food does it,neither of us smoke or drink so it isn't like we spend money on that .
We will have to live in a caravan on a friends farm .

[PriorityOne]

Re: our house

not selling to pay off debts, eversheds got a charge on the house four years ago it was originally a virgin credit card.
We are self employed and the business is struggling, i have applied for jobs all over with no luck and so has hubby, we live in a crap area where no jobs hardly .

If there was a way of keeping the house we would , its just too expensive , we could give th business up and sign on but we would not be able to make up the interest payments as support for mortgage interest would leave £162 a month short and we are already in arears and supposed to be paying it back at £30 a month. jsa is only £111.45 a week so it dosn't leave much to pay for electricity and food does it,neither of us smoke or drink so it isn't like we spend money on that .
We will have to live in a caravan on a friends farm .

Ultimately, it is your decision and you have to do what you think is best. My first house was repossessed, so I know what it's like to fight the fight and then think.... feck it all! I was in negative equity with that house though.... and my (now) ex was a complete

I'm assuming that the £162 shortfall you speak of is because DWP don't pay mortgage interest straight away for properties bought after October 1995.... ?

[Spent2much]

Re: our house

Ultimately, it is your decision and you have to do what you think is best. My first house was repossessed, so I know what it's like to fight the fight and then think.... feck it all! I was in negative equity with that house though.... and my (now) ex was a complete

I'm assuming that the £162 shortfall you speak of is because DWP don't pay mortgage interest straight away for properties bought after October 1995.... ?

the £162 is what would need to paid every month as the government only pay a percentage of the interest and so we have to make the rest up .

[Spent2much]

Re: our house

Not quite, the government reduced the waiting time from 39 weeks to 13 weeks in 2009 after the credit crunch.

But interest is only paid on mortgages up to £200k (was previously £100k ) and only at the Bank of England’s average mortgage interest rate, which currently stands at 3.6%. If your mortgage isn't with a mainstream lender you'd probably be on a much higher rate, sounds like this may be the case with Kensington.

This is the case Flowerpower, the interest rate is higher than high street banks mortgages .
I do have to say though that kensington have been really good about this they have listened and tried to help , the only thing they never listened to was the fact that we told we had no money to pay last months mortgage and that the repayment plan for the arrears was too high for us , but they insisted that is what they wanted , this is why we can never get ahead of our mortgage payment .

This year has been the worse for business for us, first the weather stopped people coming out , then the jubilee, then the olympics. The fact the council keep having special events right outside the market dosen't help either , it stops customers coming through to the indoor market so we get left out .

If it was a two day market we could claim income support as hubby would be working under 16 hours which would help to pay the mortgage and also give us a bit of income support payment each week and we would be able to stay in the house , but because it is a four day market even though its not making any money for two days because of slow business we cannot get the hlep from income support , we were told this from the C.A.B , so nothing seems to be on our side for the business at the moment .

[PlanB]

Re: our house

If it was a two day market we could claim income support as hubby would be working under 16 hours which would help to pay the mortgage and also give us a bit of income support payment each week and we would be able to stay in the house , but because it is a four day market even though its not making any money for two days because of slow business we cannot get the hlep from income support , we were told this from the C.A.B , so nothing seems to be on our side for the business at the moment .

Is there any reason why you couldn't work two days at the market and your husband work the other two days which would keep you each under the 16 hour rule? I don't know anything about benefits but I presume you're assessed seperately

Don't completely give up on the idea of renting out your house for a while if you have somewhere else to go. You were very enthusiasic about that option only a few days ago. But it would probably be better to let it to strangers than your son. My daughter never paid her rent when I let her have a flat of mine and I had to throw her out in the end

http://forums.all-about-debt.co.uk/s...305#post223305

[Undercover Elsa]

Re: our house

Hi Spent2much,
I might be stating the obvious, but what if your husband just worked the 2 busier days and you did the two quiet days, so he'd be on 16 hours?

Any potential for renting your house out at a good rent for a couple of years while you stay in the caravan, till you get back on track?

Elsa x

[Undercover Elsa]

Re: our house

LOL posts crossed ( I was eating my toast) ..great minds PB

[vint1954]

Re: our house

not selling to pay off debts, eversheds got a charge on the house four years ago it was originally a virgin credit card.
We are self employed and the business is struggling, i have applied for jobs all over with no luck and so has hubby, we live in a crap area where no jobs hardly .

If there was a way of keeping the house we would , its just too expensive , we could give th business up and sign on but we would not be able to make up the interest payments as support for mortgage interest would leave £162 a month short and we are already in arears and supposed to be paying it back at £30 a month. jsa is only £111.45 a week so it dosn't leave much to pay for electricity and food does it,neither of us smoke or drink so it isn't like we spend money on that .
We will have to live in a caravan on a friends farm .

Don't forget, if the house is owned in joint names and the debt is in only one persons name, it cannot be a full charge over the property.

The solicitor at sale, only has to notify the charge holder of the sale, not pay him off. If you get the right solicitor, they notify them late in the day, too late to collect on the order before completion.

[PlanB]

Re: our house

LOL posts crossed ( I was eating my toast) ..great minds PB

If two people think this is a good idea then surely it must be worth considering

[vint1954]

Re: our house

These are comments from the Land registry

"Restriction


The restriction which can be entered on the register where a charging order is made against one of joint proprietors is in the following form :-
No disposition of the registered estate is to be registered without a certificate signed by the applicant for registration or his conveyancer that written notice of the disposition was given to [name of person with the benefit of the charging order] at [address for service], being the person with the benefit of [an interim] [a final] charging order on the beneficial interest of (name of judgment debtor) made by the (name of court) on (date) (Court reference.…).
You are therefore correct in saying that when the Land Registry receives an application to register, for example a transfer, we will not ask to see the consent of the person who has the benefit of the charging order. We will only want a certificate from the applicant for registration or his conveyancer that the person who has the benefit of the charging order has been given written notice of the transfer.

If both joint owners sell the land to a third party the restriction will be cancelled when the transfer to the purchasers is registered."