i am currently 1100 in arrears on my mortgage and they was going to reposse my house but have ordeed me to pay 7 50 a month to them lots of money we are currently struggling to keep it and have gone on council wating list is it best to let them reposse it or try sell it first or sell at a lower value as there is no value in the house as we owe 111000 and value of house is 110000
Always prioritise your debts. Forget about unsecured loans or credit cards,pay off mortgage and secured loans first,then utilities and council tax,then worry about what you havent got to pay the rest,protect your home at all costs.
Talk to an Insolvency firm(or 3) to see what they think you should do.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
If you go into an IVA though, any shortfall can be included in that.
Have you looked around at private lettings as well?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you can afford to stay in the property and live a reasonable lifestyle, then you might be better off staying put and hoping that the property market will improve in the future.
If you cannot afford the property, you might be better off trying to sell it rather than handing the keys back and ending up with a large debt for any mortgage shortfall.
What you need is professional advice. It appears that your only problem is the mortgage. Plasticraft is right. If you cannot afford the mortgage payments look into renting or council housing.
If the house is re-possessed you will be liable for the shortfall and it may be appropriate to seek a debt resolution solution.
You need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the appropriate advice and it is free.
Let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
