Stuck in a shared ownership property and its getting worse,please help.

[MissyB12]

Hi all,just wondering if anyone had any advise for me please.
I'm currently living in a shared ownership property and i'm really struggling.Got in months of rent arrears which my mortgage lender has now paid off for the second time.The arrears are going to happen again,as i'm now in more debt elsewhere just trying to keep my head above water.Its been going on like this for a while now,i've been trying very hard keep up with things but its coming to a head now,and have a feeling the next step might be repossession if i'm not careful.I know some mortgage companies have things they can do to help you for a short period of time,but to be honest i can't see my financial circumstances changing anytime soon,if anything they are getting worse,as my boss is slowly cutting hours down at work.It seems my problem is just getting worse.Yes i do recieve a little HB on the rent side of things but its still proving difficult to stay here.I would sell,but not sure i would make anything on this place,by the time the arrears have been taken out for each time they have bailed me out,plus the fees it costs to sell a place,i'm pretty sure i would be left with not much at all, if anything.Plus theres the big problem that i would thens been homeless with my 8 year old son.I know its a hard one,but any advice at all would be much appreciated.

Thank you for reading.

First off, I am not a lawyer so don't take this as legal advice.

Looking at your situation, you've been in arrears twice so far and about to do it for a third time. Regardless of how it was paid off you have some budgeting issues at the heart of your problem. You've found yourself in arrears at your current income level and are saying that now your boss is going to reduce these further, fundamentally you cannot afford to live where you are at the moment.

If the lender goes down the repossession route, you could very quickly find yourself in a situation where bankruptcy is a real possibility. One way or another you are living beyond your means, the fact that the debt keeps piling up is evidence of that so something has to give somewhere.

You should have a look on the Shelter website and see what advice can be gained from there. The sooner you start dealing with the root causes the better your outcome is likely to be.

go and see Citizen's Advice Bureau as soon as possible,

they will check you are getting all the benefit income you are entitled to and can give you good debt advice.

Always put your rent and mortgage first, over other bills and debts. NEVER pay loans , credit cards etc instead of housing costs.

Would you be better off by selling? if it's part ownership, I would imagine that private rental could be more expensive than your rent/ mortgage combined. You might be best off fighting to stay where you are, but you can only know this by going through your options very carefully.

Are you getting CTC, WTC, CB, can you find another job, can you take a lodger, what can you do to get enough to pay for your housing each month?

Im claiming all those and working what hours i can.A lodger isn't an option as only 2 bedroom property and my son is nearly 8 so must have his own room.
As far as i'm concerned,i can't do anything.What i need to do is sell up now and cut my losses.But its the problem of making myself intentionally homeless then,so nobody will help then.It just all seems very unfair.I'm trying my best and getting up and working juggling childcare etc in order to,but when i need help i don't get.Seems if you sit on your backside you get the help when you need it.
Thank you for replying,means alot!

Poor you, it seems very unfair. Are there any charities that may help? Or ways of generating extra income (work from home in the evenings, take in language students for a few weeks at a time, pet sitting, etc.) If you could consolidate your other debts maybe you wouldn't be struggling to meet your rent. Get yourself down to CAB and see if they help.

Some shared ownership companies have charitable status so may be able to do more to help than they let on, could you look into that?

Is there any way you could sublet your house and rent a flat?

Have you been to CAB?

Arrange a face-to-face meeting with your housing officer.

Go through everything, be honest, and ask how they can help.

Some HAs will buy shares back, some will buy the house back and rent it to you. Some will allow you to sub let while you rent somewhere smaller/cheaper.

Speak to your mortgage lender as well.

It's in everyone's best interests that you are able to continue living in the house and paying the mortgage/rent.

As has been said, see the CAB, make sure you are claiming HB/tax credits, etc.

It's horrible, but if you can lay everything out to everyone involved, and come up with a plan you can stick to (and your DS will need to understand he'll probably have to lose some luxuries).

Selling up and working out a plan to pay back any loss whilst in HA rented may be your best option for now. The above people can advise you of this.

Hope things get less stressful for you soon.

Thanks everyone.I'm going to get down to CAB and arrange a meeting with my HA officer.See what options i got.
Thanks to all who's replied,you have helped lots just by listening x