Stay or go

[PlanB]

Re: Stay or go

The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

I'm going to ask samsmum to update this thread so we can deal with the next stage away from her unsecured debts

Hi. Been a long time i know.Hope everyone's ok. Had a very black period but time to put it behind me and move on. Since i was last on here we've had the house repossessed and are now living in a much cheaper but ok rented property.

. . . We also have a mortgage shortfall of £12,500 and a secured loan of £8,000 chasing us. Good to be back. Have looked in many times but only just plucked up the courage to return

[Undercover Elsa]

Re: Stay or go

Thread moved to Debt and Housing section which is more appropriate

[PlanB]

Re: Stay or go

The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

Yay !!

I'd like to say NRAM are doing this to be philanthropic but the fact is they're doing this because Pre-Action Protocol says they must.

I told you so!

[fluffystuff]

Re: Stay or go

Thanks for the replies. Unfortunately we would only be able to rent the house out for about £450 pm which is nowhere near what the mortgage will cost. The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

A little bit of good news for a change, someone's watching over you.

[samsmum]

Re: Stay or go

Thanks for the replies. Unfortunately we would only be able to rent the house out for about £450 pm which is nowhere near what the mortgage will cost. The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

[pompeyfaith]

Re: Stay or go

With the house being in negative equity have you thought about seeing what it is worth renting it out? Because house prices are on the rise again so you could see it coming out of negative.

You maybe be able to earn enough in rent to meet the mortgage payment and pay a bit extra to pay down the arrears and other debts all swings and roundabouts I know and the rental will depend on many things like condition of house, amenities shops bus routes nearby etc

If there is a collage/university nearby you could even rent the rooms out as a shared rental which could bring in even more.

Worth looking into aswell and finding out the rental value.

[Never-In-Doubt]

Re: Stay or go

Any more thoughts or suggestions on this please?

I'd suggest you do what is right for you - whatever that may be. Whatever gives you the best outcome for a peaceful and easy life.....

[samsmum]

Re: Stay or go

Any more thoughts or suggestions on this please?

[samsmum]

Re: Stay or go

No worries. Fully aware that we all have stuff that happens and takes priority. Got our own little family crisis this week (yep...another) that makes us realise debt is just about money. I know what i mean

[PlanB]

Re: Stay or go

I feel really bad at not posting on here recently

I'm aware that as you head towards the end of the month and your mortgage payment becomes due again you'll be feeling blah. I'm also pleasantly aware that you're not entirely convinced you should sell your home despite what you said previously which means I want to post up your options on both sale and rent scenarios next week.

I should have done this sooner but another member needed a spot of crisis intervention because they already have a suspended possession order on their home so the clock is ticking For this reason I allowed a bit of queue jumping which doesn't mean you're less important

Why not read their thread and see if there is anything in it which is still relevant to you until I'm back next week in my usual cheerleader mode

http://forums.all-about-debt.co.uk/s...ad.php?t=10451

* apologies to anyone who doesn't have access to the legal section because you won't be able to read that thread yet. I'm sure once their problem is resolved it will be moved to the general Housing Section

[PlanB]

Re: Stay or go

I've sent you a PM

Age is relevant to all this and that's one thing we girls never discuss in public

[samsmum]

Re: Stay or go

Ah bless ya. That made me giggle. I'll wait patiently in the queue. Do appreciate how busy you are. Speak soon. Thank you

[PlanB]

Re: Stay or go

Any more thoughts on this anyone please. My brain hurts from trying to decide

Auto-response from PlanB's voicemail:

"You are being held in a queue. You are slowly moving up the queue and your call will be answered shortly. You are currently number 1,479 in the queue".

Joking aside, I'm so sorry I haven't got back to you sooner. I know that dreadful end-of-the-month time when the mortgage goes out and there's nothing left in the kitty

If it's any consolation deepie has been waiting for three weeks for me to reply to his PM

I'm not around tomorrow but I will reply sensibly on Wednesday

[samsmum]

Re: Stay or go

Any more thoughts on this anyone please. My brain hurts from trying to decide

[Enforcer]

Re: Stay or go

Sorry to have to point this out, but. They will literally give your house away!
At the peak, mine was valued at £84,000 23 years ago, I paid £63,000 for it. It was sold for £47,000, they chased me not only for the shortfall, but interest charges and the cost of selling it.
I am telling you how it works.