Lilly's Repossession

[lilly1203]

My husband took out a joint secured loan in approximately 2005 with GE money for £10 000. My husband died in 2010 and I am left paying this debt which is crippling myself and my two teenage children. I am not in default and have managed to keep up all the payments but this means that at times my children have to go without. I don't recall signing any documents and it is a possibility that my husband forged my signature. Can anyone advise on how I might be able to resolve this issue.

[mgfboy]

Re: Secured loans UE

Hi

I assume that you have checked though any paperwork that you may have at home?

[lilly1203]

Re: Secured loans UE

Yes, I've checked through everything but have no paperwork for the original loan.

[MrsD]

Re: Secured loans UE

The problem is probably that you have been paying it, they will come back and ask why you haven't asked sooner, hard but probably true.

I would definitely be asking for the paperwork, probably sar them so that you get everything and then we can have a look at what you get back and take it from there.

[pezman65]

Daughter

Hi Guys, just wanted some advise, my dauhters husband died in 2010, he was 36, he was diabetic and had a hypogylcemic attack in his car and did not survive. He left her with a mortgage of £147,500 and a secured loan for £9000. The house is being valued tomorrow (approx £160,000 I think). She has come to the decision that she needs to sell and pay off her debts and then rent a smaller house for her and the two children. Nothern Rock have issues reposesion court proceeding for £11,000 arrears Court date March 28th. Just wondered what should she do next. Any advice would be appreciated, many thanks Pez

[diddlydee]

Re: Daughter

I am not the best person to help, but I'm sure someone will come pop along soon to assist.

I do need to ask though, was there definitely no life cover for the mortgage? Did her hubby have any sort of pension?

These things are often forgotten in times of grief.

xx

[MrsD]

Re: Daughter

I'm not an expert either but have Northern Rock been informed of the circumstances and was it a joint mortgage?

[pezman65]

Re: Daughter

I am not the best person to help, but I'm sure someone will come pop along soon to assist.

I do need to ask though, was there definitely no life cover for the mortgage? Did her hubby have any sort of pension?

These things are often forgotten in times of grief.

xx

Hi Diddlydee, thanks for your response, he had cancelled the life cover without telling her, and he had no pension at all. There was no savings and the funeral was done via berevement benifit. Cheers Pez

[pezman65]

Re: Daughter

I'm not an expert either but have Northern Rock been informed of the circumstances and was it a joint mortgage?

Hi MrsD, Yes they are fully aware and have been no help at all, they refused all offers she has given them stating they want an extra £200 a month to cover arrears as well as the £800 she normally pays, cheers Pez

[Never-In-Doubt]

Re: Daughter

ouch what an awful situation to be in....

However, if your daughter has had a valuation and is looking to sell-up then within the claim form for the PO she'll be able to say that she's selling and request time to sell - as there is positive equity the court may allow 6 months or so to sell, however it's always best to get it on the market BEFORE the court date as they're more likely to be accepting to your case if the house is already up for sale.

Sadly, unless she can come up with a good repayment proposal for the arrears (a couple of hundred a month) then the PO may well be awarded regardless of the fact the courts shouldn't rush in with such decisions (possession) when there are children involved - sometimes they have to, if for instance there is no possible way to repay the arrears.

So depends on her situ and what she wants to do; depends on the options available and how to go forward.

[Never-In-Doubt]

Re: Daughter

Hi MrsD, Yes they are fully aware and have been no help at all, they refused all offers she has given them stating they want an extra £200 a month to cover arrears as well as the £800 she normally pays, cheers Pez

Well we pay £1500 per month for ours..... it's fucked. We could rent a bigger house than we have for £900 in the same village.

But I understand the reasoning behind £200p/m arrears.... that is what I hinted at above (ie a large amount).

[pezman65]

Re: Daughter

ouch what an awful situation to be in....

However, if your daughter has had a valuation and is looking to sell-up then within the claim form for the PO she'll be able to say that she's selling and request time to sell - as there is positive equity the court may allow 6 months or so to sell, however it's always best to get it on the market BEFORE the court date as they're more likely to be accepting to your case if the house is already up for sale.

Sadly, unless she can come up with a good repayment proposal for the arrears (a couple of hundred a month) then the PO may well be awarded regardless of the fact the courts shouldn't rush in with such decisions (possession) when there are children involved - sometimes they have to, if for instance there is no possible way to repay the arrears.

So depends on her situ and what she wants to do; depends on the options available and how to go forward.

Hi Niddy, thanks for the reply, she has resigned herself to having to sell but wanted to keep control of the situation herself rather than have it reposesed which may mean she still owes money after they sell, especially if they sell at a low price, she wants to pay off the £9000 if possible. We are getting a valuation tomorrow and will put it on the market asap. Thanks for the advise we will ask for time to sell and see what happens. Cheers Pez

[pezman65]

Re: Daughter

Well we pay £1500 per month for ours..... it's fucked. We could rent a bigger house than we have for £900 in the same village.

But I understand the reasoning behind £200p/m arrears.... that is what I hinted at above (ie a large amount).

She only earns £1200 (inc widows benifit) a month so there is no way she can pay the £200 a month they want. She pays £800 mortgage, £150 to GE for the secured loan with GE, then CTax - Elec and Gas etc etc then of course the kids eat and need clothes (how dare they)LOL, cheers mate

[Never-In-Doubt]

Re: Daughter

Maybe, based on the above, selling isn't such a bad idea - at least she can then have some form of life and provide for the kids.....

If she sells then she can stop paying the secured loan - the lot. They cannot get blood from a stone and with no assets then they can't do much - period!

Just saying, sometimes it's best all round to sell-up if affordability becomes an issue, ie a couple ending up a sole mortgagee.

Best of luck/.

[pezman65]

Re: Daughter

Maybe, based on the above, selling isn't such a bad idea - at least she can then have some form of life and provide for the kids.....

If she sells then she can stop paying the secured loan - the lot. They cannot get blood from a stone and with no assets then they can't do much - period!

Just saying, sometimes it's best all round to sell-up if affordability becomes an issue, ie a couple ending up a sole mortgagee.

Best of luck/.

Yes, I think she has come to that decision, just wondered wether she should stop paying mortgage now, also stop the GE loan payment, that would enable her to get a deposit together for rented property, cheers Pez