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we are struggling with mortgage payments and secured loan as I have 10 hours cut at work and my husband who is self employed has to wait sometimes weeks to be payed I have contacted my mortgage company but they are not very willing to help,I asked for the mortgage to be exstended they said they wouldnt do that I am 2 months in arears with this month creeping up and very little money coming in.we have had working family tax credit and meeting our bill every month have not been an issue but as 2 of my daughters leave school in may the credits will greatly reduce,then with the loss of hours at work we are down nearly 600 month

Hi df
If you post how much equity there is in your property, your income and your outgoing expenditure excluding payments to unsecured debts then someone will be along to advise.
No worry there is always a solution, you are better to deal with it now than let the situation worsen.
Be patient they will wake up soon.

Ang

Hi df and welcome to the forum

How much is your property worth, and how much do you owe on the mortgage and secured loan? It may be possible to consolidate the two into just one mortgage, but the maximum you would be able to borrow would be 95% loan to value. If this is possible for you, then you could put the whole thing onto an interest only basis, thereby benefiting from lower monthly repayments.

Try and do something about this as soon as possible, because once you hit three missed mortgage payments this gives the lender the right to commence possession proceedings against the property.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk