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Original poster

Repossession

58 replies

Pleasehelpmesavemyhome · 03/06/2023 22:15

Please be kind as I am hanging on to life by a thread.

In three weeks our home will be repossessed and I cannot let it happen. Somehow I have to raise 200K. I am beyond devastated and do not know where to turn.

We have no mortgage and 100% equity but we took out a loan against our house for a business we lost in 2020. I did not want to buy the business but was pressured very heavily by my DH. I was pregnant with DC2 and he said if I did not agree we would not be able to afford to live on his wage.

The business was between four of us but because the loan was under joint and several conditions, we are being repossessed as we have no mortgage and they do. I was kept in the dark throughout and never told anything. A second 12K unsecured loan was taken out just before the business folded which I knew nothing about and it was this that made my DH bankrupt. I know during the course of the business my signature was forged several times.

My mental health has been horrendous and I have not been able to deal with this mess at all but I now know that I cannot continue to deny what’s happening. I have let my children down so badly. How can I save our home because the alternative is unthinkable.

OP posts:
Hoppinggreen · 04/06/2023 10:51

Pleasehelpmesavemyhome · 03/06/2023 23:00

@endofthelinefinally
So much had happened over the years and I cannot allow him to go this to us. So much more to the story (not drip feeding but it would take me days to explain it) We really have to save our home. There is no alternative. I have no idea how but there has to be a way. If I can survive 30 years with DH I can do this. I just need a lightbulb moment.

OP
Very kindly you may not be able to keep your house. There doesn’t “have to be a way”.
Last minute miracle reprieves generally only happen on The Hallmark Channel.
If you have looked at all GENUINE possibilities, including speaking to the creditors then you may have to face reality.
58 is not too old to make a fresh start, you don’t have small DC and you may be able to get some equity from the house too.
I really feel for you, my father put us in similar positions on several occasions but we were ok and the last time he did it my Mum decided to see it as an opportunity for a new life

Newusernameaug · 04/06/2023 10:59

I’d say the best bet for a miracle solution is to go to the police asap, accuse them of fraud and that you didn’t know anything.
if you have also seen your dr about your mental health, def raise the vulnerable card and that you were not able to make informed decisions due to this.

Thats the only way I can see this working. Capability is a big thing, you were not capable of making an informed decision and your ‘d’h lied and frauded you is the root I’d go down. Oh and divorce!

RedHelenB · 04/06/2023 11:07

Even if there was fraud, they could still get the house, you'd only be entitled to half of it and where would you get £100 000?

Itsanotherhreatday · 04/06/2023 11:27

Well £100,000 is more achievable than 2!

WhoToBeToday · 04/06/2023 16:29

How much is the house worth?

toxiccreature · 04/06/2023 16:33

if he has been made bankrupt and there is equity, the house will be sold

DrFoxtrot · 04/06/2023 17:15

So the other partners aren't affected because they've got a mortgage? Sorry OP, I agree with the others, you are not going to magic 200k.

I'd be looking to divorce my H and distance myself from everyone involved.

Premiumbondbaby · 04/06/2023 19:29

@Pleasehelpmesavemyhome you need independent legal advice ASAP. If any of your forged signatures were in relation to using your home as security you may, just may, be able to halt the repossession. However, you would probably need to take legal action for fraud against your DH and the other business partners.

So the debt is £200k - how do you, and the other signatories to the debt plan to pay this back? The 4 of you must have had some thoughts on how you can do this as it won’t have come out of the blue.

The 4 of you to work out how you can repay the £200k. If you have jobs how much can each of you raise as mortgages? Just because the other couple have a mortgage there is nothing to stop them increasing their mortgage e.g. £100k each or £75, £125 I know your ages are relevant but you may be able to raise enough funds to stop the repossession.

What jobs do you have and how much can you cut back to put towards repaying the mortgage/loan each month. If you don’t have jobs, start applying. Look for jobs/promotions etc.

Have you spoken/engaged with the loan company and offered a repayment plan?

Ultimately the £200k needs to be repaid, forcing repossession is costly in legal fees etc. offering reasonable options to repay is much better for the loan company

Do the 4 partners have savings, expensive cars that can be sold, pension pots that can be used etc. how much exploring of what you can scrape together can be done.

Finally, talk to CAB as this is not just your debt how do you make the other partners pay their share.

I feel for you but you need to start demanding answers about how this money is going to be repaid.

Original poster
Pleasehelpmesavemyhome · 04/06/2023 21:07

@notapizzaeater Yes I have an income but it’s really bad as a TA so unable to remortgage.

OP posts:
Original poster
Pleasehelpmesavemyhome · 04/06/2023 21:10

@WhoToBeToday worth around 350/380K

OP posts:
Original poster
Pleasehelpmesavemyhome · 04/06/2023 21:13

@endofthelinefinally
im sorry you went through that. If we lose our home there will not be enough left to buy another. We have pets who are not allowed in rented. The pets mean the world to the kids and me. I have been beaten down for 30 years and just cannot allow him to lose us our home. I know miracles are rare but I really do have to find one somehow.

OP posts:
Original poster
Pleasehelpmesavemyhome · 04/06/2023 21:21

@Eyesopenwideawake Is that true? I just assumed I would turn up and they’d say repossessed and that would be it.

OP posts:
Original poster
Pleasehelpmesavemyhome · 04/06/2023 21:27

@Premiumbondbaby
Becausd the loan was taken out under joint and several terms, it means we are liable for majority of debt because we have no mortgage and 100% equity so have to pay most of it

OP posts:
Wizzbangfizz · 04/06/2023 21:43

This sounds like an awful situation - what is your DH solution to this or is he just burying his head in the sand? You realistically only have the option of a loan if you know someone rich enough to provide one. If you are made homeless the council will be obliged to rehome
you I believe? Have you a friend or relative who could look after the pets short term?

Quitelikeit · 04/06/2023 21:48

Do you have legal cover on your home insurance? Maybe give them a call

can you remortgage? What are the other people doing?

Surely they are liable for some of the debt? It doesn’t sound logical that four of you went into business yet they are only coming after your assets

Quitelikeit · 04/06/2023 21:49

And presumably you’ve had lots and lots of contact from the debtors to solve the situation before they have asked for a repossession order?

IWantToVote · 04/06/2023 21:56

I hope you get good advice on Monday. It's such an awful situation.

HamBone · 04/06/2023 22:00

I'm so sorry this is happening, OP. I can’t offer any legal advice, but my best advice is that you should take charge of this horrible situation yourself and fight for yourself and your DC’s. Forget your “D” H, he’s got you into this mess.

Get independent legal advice, explain what you think may have happened (forging your signature, etc.) and find out what can be done. It may be that you’ll still lose the house, but four people were involved in the business and you need to find out how the two who aren’t losing their homes can also be held accountable. Why can’t they each contribute £50K and you/your husband £100K?

SquishyGloopyBum · 04/06/2023 22:09

Pleasehelpmesavemyhome · 04/06/2023 21:27

@Premiumbondbaby
Becausd the loan was taken out under joint and several terms, it means we are liable for majority of debt because we have no mortgage and 100% equity so have to pay most of it

Are you sure this is right?

The fact you have children as dependants might be a factor here.

Plus that fact your signature was forged.
You need to get solicitors involved and report the fraud as well.

Are you still with your H?

KissyMissy · 04/06/2023 22:10

Why haven't you answered if your divorcing you 'd' h?

HamBone · 04/06/2023 22:13

Yes, @SquishyGloopyBum , something doesn’t sound right.

OP, please get independent legal advice without your husband. Your business partners might be keeping quiet in the hope that you/your H will cover the debt-fight back.

Laureltime · 04/06/2023 22:31

HamBone · 04/06/2023 22:13

Yes, @SquishyGloopyBum , something doesn’t sound right.

OP, please get independent legal advice without your husband. Your business partners might be keeping quiet in the hope that you/your H will cover the debt-fight back.

That’s not really how it works, this will have been going through legal for years, and they will take all assets to pay the debts. To get to this stage will have taken a long time.

op, I’m not really sure what you’re posting, are you only just aware of this now? How have you both just advised a solicitor now, there would have been years of legal proceedings to get to the stage that repossession to service the debt is in 3 weeks.

if you are 58 and low income and your husband is now bankrupt, it will be impossible for you to raise 200k. At this stage it’s done. I’m sorry, if it was possible to raise 200 grand then it would have been done since the business folded. How long ago was that?

HamBone · 04/06/2023 22:35

@Laureltime i suppose I just can’t understand why only two of the four partners are paying off the debt. Why aren’t the other two obliged to make any contribution?

Laureltime · 04/06/2023 22:39

HamBone · 04/06/2023 22:35

@Laureltime i suppose I just can’t understand why only two of the four partners are paying off the debt. Why aren’t the other two obliged to make any contribution?

She said the majority of the debt, not all, they will take all the assets off all of them, but they are the ones mortgage free, so the others will lose what little they have, they will need to sell their homes and give the equity too. Unless the terms she refers to means he used his house as security.

I don’t think thr op has the full facts or she’s not giving them.

but this takes years, for the company to go into administration , for him to declare bankruptcy, for all assets to be identified, all creditors identified, the legal proceedings, the agreement to repossess. Lawyers and an insolvency firm , court etc will have been involved.

This is the last step, this didn’t start yesterday.

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