Hi there - does nayone have a good template for me to write to the mortgage company to hand back the keys and explain that there is no point chasing the debt?
Hi Andy - We are in a position where we could enter into an IVA but my partner is not in agreement with this at present... It seems that my partner wishes to try and negotiate with the mortgage company for a freeze on interest and pay them £200 per month indefinately - I think this is unrealistic as the shortfall is bound to be around 60 K once keys returned and eventually sold - advice on this Andydavie would be great
Whilst not an IVA expert, and am not commenting in an IVA capacity. I deal with homelessness and would worry about entering into something like a voluntary repossession. My experience of these are that interest and payments will still accrue until the property sold and not when keys handed back so check this thoroughly. I would strongly urge you to contact your local housing advice office for independant housing advice, some are offering mortgage rescue (obviously there is a criteria to meet so I can't state whether you would be successful) but also they will offer impartial advice as to the implications of this, for instance you volunteering to hand keys back in and applying to your local council as homeless you may be deemed intentionally homeless and only guidance and advice given and not another property. Some CAB offices are providing a fairly comprehensive service these days so could be worth calling them to. Welfare rights can offer good advice too. Hope this helps.
That is great advice from Kate - welcome to the forum by the way! And food for thought for anyone currently considering handing back their property to the mortgagee.
There are matters that can also be attended to whilst you are in the property. There is alot of assistance offered by the Local Authorities - certificated help for example with the rental deposit.
Enquiries need to be made available locally however as assistance available between boroughs can differ.
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
We were repossessed by the lender. As pointed out already, we would, had we pursued the route, been at the top of the list for housing by our local council. Had we handed the keys back voluntarily this would not have been the case. The arrears, shortfall and secured loan were included in the IVA. In fact, they are the only reason we have an IVA!
we had to go down the road of voluntary reposession as part of our iva, we held on until we were in rented accomodation and new bank accounts had been set up,then went in our local halifax and put the keys on the table, a form was filled in and it was sorted within 5 mins, a painless but upsetting expierience !!!! but it is just bricks and what price sanity ? best of luck
