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01-09-2008, 13:58   #1
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I recently lost my job and while i am looking every day for something new, I am struggling financially. We have a mortgage and loans secured on the house. No lectures please!

The mortgage is up to date but one of the loans is going to be short this month and goodness knows where i am going to find any money for next month.
My partner works and pays all the bills so hardly has any left for these payments.

My question is... how many payments have to be missed before things start get really serious and repossession is talked about?

Had PPI on mortgage and loan but neither will pay since i lost my job so I've canceled them. I can't borrow anything from family as I had to do that this month.

Please help!
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01-09-2008, 14:02   #2
Ouija
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I think it depends which lender you are with? Some are apparently more aggressive than others. If you had insurance that should have covered the interest at least, while you found another job, unless they consider your partner's income (you don't say whether it's a joint mortgage)?

I would recommend contacting your lender about it if you think you might miss a month's payment. They may be more inclined to be lenient if you keep them aware of what is happening.

Whilst you are looking for a permanent job, you could try temping agencies. The money might be less than you were getting before but it's better than nothing/JSA/Income Support.
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01-09-2008, 14:03   #3
Helly
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The best thing you can do is phone and let them know asap and you tend to find they're more understanding.

When I worked in VAs it was the case that 60 days arrears was when action started but if the companies involved were notified straight away and a payment plan was put in action it was usually easier.
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01-09-2008, 14:04   #4
Kthebean
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Normally three payments before your lender will start any legal proceedings. This does depend on your lender. Your best bet is to keep in contact with them by phone and letter and try and pay something (anything) every month. Also get some advice from Shelter, CCCS or Citizens Advice.

If you are paying something every month, no matter how small, and you make every effort (keep proof) to keep in touch with your lender, and you take external advice judges will often be sympathetic towards you.

Good luck x
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01-09-2008, 15:09   #5
Chopsie
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One thing I have seen in my experience (7 years as a mortgage advisor) is that second charge lenders (secured loans other than your mortgage) are far more aggressive in suing for repossession than the majority of mortgage lenders. With most large banks and building societies, provided you speak to them before you start missing payments, they will arrange a payment plan with you, usually putting the loan on interest only to reduce your monthly outgoings. Once you're then eligible for state benefits, your mortgage interest will be paid by the DWP direct to your mortgage lender (but can be a nightmare to sort out - but if you're in the process of claiming, your mortgage lender will more than likely be patient provided you are making some sort of payments to them). Occasionally, the amount the DWP pay may be slightly less than your actual interest payment, but not usually by a huge amount.

Because this benefit isn't available to pay second charge loans, this is why it is often these loans that result in a property being repossessed. Often you don't have the option to change to interest only, and they will go straight for repossession after three missed payments. You need to speak to those lenders ASAP to see where you stand, and I would also speak to the CAB as they can help you draft letters and the like to send to your creditors. Daft as it may sound, it may actually be better for you to make more of an effort to pay the second charge loans than your mortgage.

Whatever happens, I hope you manage to keep your home - I'm sure you'll get another job before it becomes an issue.
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01-09-2008, 17:43   #6
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The best thing to do before you miss payments is go to your lenders and let them know what is going on. they may have a 1 off delay for such cases as yours.
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01-09-2008, 20:08   #7
Deerobe
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Quote:
Originally Posted by Helly View Post
The best thing you can do is phone and let them know asap and you tend to find they're more understanding.

When I worked in VAs it was the case that 60 days arrears was when action started but if the companies involved were notified straight away and a payment plan was put in action it was usually easier.
The above advice is sound. It might be better to redirect some of your partner's money to pay at least part of the mortgage. Paying something will delay repossession proceedings and Also inform the utility companies as they too may be able to help you spread your payments.

Citizens Advice Bureau can also help you. I believe they have specialist advisers. Also go and sign on you don't know how long this situation is going to last.

You do not say why the PPI companies would not pay out but I know many of the policies are not worth the paper they are printed on.
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01-09-2008, 20:16   #8
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There are Companies that will deal with all this for you. The only one l know of is Sterling Green think you might find them on google, the sort all the ppl out as to what you can afford to pay based on what income you have coming into the house.
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01-09-2008, 20:45   #9
savbaby
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contact http://www.cccs.co.uk/ they are a charity and can help you sort out any debts/payments. they can give you a lot of advice on where you stand ..
good luck .x
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01-09-2008, 21:20   #10
brianthedog
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Sorry to hear the position you're in. I have been there and I know how hard it is.

Get in contact with the lender asap. Paying a small amount - enough to cover the interest, ideally - will pacify them. However, they are all very nervous at the moment so make sure you keep them informed of any payment you can or cannot make and ask their advice for the best resolution for all parties.

Good luck.
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02-09-2008, 07:16   #11
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I have changed my mortgage to interest only but this has only reduced it by 100 month. Will ring the utilities to talk to them.

Just don't want to lose my house and am worried sick and it's causing some real tension at home.

I have been told by the loan companies that they want their money first, as the if your house is sold/repossessed then the mortgage company gets their portion of the money first. They are just so unhelpful though.
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02-09-2008, 07:25   #12
Sheilabowing
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There might be ways you can juggle your finances. If you posted your outgoings, maybe we could suggest ways of cutting back in the short term? eg on your food bills or luxury expenses?
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