Dear Forum, During the last recession i was forced to hand back the keys on my house. I have been paying back the mortgage company an agreed sum every month for the last 11 years to a total present figure of just over £9000 The amount of the oustanding mortgage in 2001 was £ 54600 and they were prepared to accept a lump sum of £11000 which i could not afford.They are now requesting an increased monthly payment. What would be a reasonable settlement figure to offer?
How much can you afford to offer Paul. The ability to offer is rather in your hands rather than theirs. If you cannot afford the payments any more, wouldn't bankruptcy be an option to seriously consider as well?
Hello Paul and welcome. I would have to agree with Melanie that BR is worthy of serious consideration.
There are lots of people on here who have been through BR so you can have a read of their blogs to get some idea of what happens - Skippy's is a very good one.
I was repossessed this year and fortunately the shortfall is included in my IVA. There is no way I could afford rental on my new home as well as a payment to my former lender.
Good luck and keep posting!
Last edited by angelrainbow on Mon Sep 29, 2008 7:10 am, edited 1 time in total.
