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Original poster

I have a friend who hasnt paid the mortgage this month...

20 replies

charliecat · 23/09/2005 21:18

They have been in finincial hell for years now, overdraft eating the wages, bank charges, debt management companys etc etc but this is the first month they havent paid the mortgage.
Shes been stressed over money for so long she is not in a state about it but id like to know what happens now.
They wont be able to scrape together the money.

OP posts:

misdee · 23/09/2005 21:20

has she asked the mortage compnay for a 'break' they can usually arrange these for upto a 3month period to try and get things sorted. (they did when we were having problems)

Original poster

charliecat · 23/09/2005 21:21

dunno, they remorgaged recently if they could get a break im positive they would have had one by now.

OP posts:

Hattie05 · 23/09/2005 21:23

The idea of a 'break' is that you overpay before hand to allow yourself a break if you need one. This they will obviously not have done. But they can speak to the mortgage company to explain their situation and ask for some help. Either by taking a break or by paying interest only for a couple of months.

misdee · 23/09/2005 21:24

didnt the remortage cover their debts?

Original poster

charliecat · 23/09/2005 21:25

I think this is the beginning of the end...house being repossed etc...how does it work?

OP posts:

Original poster

charliecat · 23/09/2005 21:26

No misdee whoever the company was said if they remorgaged with them they would then be OKed for a loan. They werent.

OP posts:

misdee · 23/09/2005 21:27

oh dear. hope they get something sorted soon.

Orinoco · 23/09/2005 21:57

Message withdrawn

nutcracker · 23/09/2005 22:24

Our house was repossessed Charlie when dp took voluntary redundancy and then couldn't get another job.

We paid the mortgage until the money ran out and then asked them for help and they refused (mortgage was with Abbey National).

I was really annoyed because our friends down the road had their mortgage with Abbey and they had given them payment breaks and interest only payents loads of times before.

Anyway, it went on adn on for a bit with us trying to find the money but then they said they were going to repossess and i found us a house to rent as there was no way i wanted to be there for that.

Was quite honestly the worst day of my life when we left there.

Gobbledigook · 23/09/2005 22:26

Oh nutty

biglips · 23/09/2005 22:27

its called "payment holiday" as we have used them twice and its a relief to able us to have a break from paying

biglips · 23/09/2005 22:28

or best to pay "interest only"

nutcracker · 23/09/2005 22:28

It's funnny cos i've just realised that it's been ages since i thought about it. I used to go over and over it in my head and drive myself mad, but time has obviously healed things a bit.

My dad and brothers still live in the road the house was in, so it's a bit hard to drive past it sometimes, but we're here now and finally settled and happy so spose it happened for a reason really.

expatinscotland · 23/09/2005 22:28

Aw nutty! As someone who went through bankrupcy (back in the US), I feel for ya. I didn't have a house to lose, but going through the whole court process and all that was awful.

QueenOfQuotes · 23/09/2005 22:29

We didn't pay out mortgage at the end of July. they tried 2 times to take the payment but that bank refused (DH had asked them the month before for a payment break but they said "no").

Anyhow, he phoned them up again and explained the situation (and that he'd literally just got a new job). And they gave us a break for the July and August payments, and this month we only have to pay half.....then it's back to full mortgage payments.

Definitely speak to them

Original poster

charliecat · 23/09/2005 22:39

Well her hubby came in and suggested she ring them and ask if they can pay half now and half next month. Fingers crossed.
Didnt know that nutty

OP posts:

nutcracker · 23/09/2005 22:42

I would say to them to try anything and everything basically, cos i sometimes think maybe we didn't fight enough and I regret that.

Hope they get it sorted Charlie.

misdee · 23/09/2005 22:44

we sold our place to stop it being repossed. the idea was we were going to buy a cheaper larger place in MK, but our mortage company wouldnt put a mortgae on the new place. so we went into rented accomadation. in a way i am glad we did, as peter fell ill 5months later, and there would be no way we'd be living there now, as we wouldnt have been able to afford the mortage.

misdee · 23/09/2005 22:45

i had a job and everything lined up in MK as well.

Original poster

charliecat · 23/09/2005 22:45

Im wondering if they ever will, dont think theres been a month in the 7 years ive known them that they have had 100 quid in a month that has truely been theres, and not borrowed, to spend.

OP posts:

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