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Update on the mortgage situation.........

7 replies

HRHQueenOfQuelNoel · 14/12/2005 13:52

well the deadline for paying this months payment was on Friday - and the letter arrived in the post this morning.

BUT instead of saying "we want the outstanding £X,XXX that you owe us" or else - it asked us to contact them within 7 days with another repayment offer" - and if we didn't then they would take furhther action, such as removing our banking facilities (well that's ok - we can use my bank account - the HSBC is just in DH's name) and then they could demand the full amount we owe.

DH and I breathed a massive sigh of relief - ok it's still not great, but we were expecting "give us the money now or else" type letter. AND 7 days after the date of the letter is next Tuesday - when DH is getting payed - with 2 months worth of bonuses (because work screwed up last month) - which will be enough to pay them what they wanted this month.(and have money for next months too) AND DH's sales have really picked up and so he's 99.99% certain to be getting his bonuses each month now. Hopefully we'll be able to offer another repayment plan.

And we should be able to offer more as some of the people the business owed money too have 'written' off the debts - as we were a limited company - and DH didn' sigh a personal guarantee form with them). the amounts we owe most of them were too small to really justify them chasing us through the courts for it.

So - apart from 1 creditor (who's agreed monthly repayments that we can afford) we don't owe any business related money now .

Just our own massive debts to clear now. But it certianly seems at least for the time being the house is still going to be ours .

OP posts:
NomDePlumPudding · 14/12/2005 13:54

I'm glad you've been granted a bit more breathing space, QoQ

SilentBite · 14/12/2005 13:55

just thinking of the recent thread, could you switch for a bit to interest only until you are over this hurdle?

SantaClausFrau · 14/12/2005 13:57

This reply has been deleted

Message withdrawn at poster's request.

HRHQueenOfQuelNoel · 14/12/2005 14:08

SB - they're be unlikely to let us do that - and we'd rather get the arrears payed off without getting behind on the other payments.

2006 is going to be a good year for us (well it cant' be any worse than 2005 has been LOL)

OP posts:
heavenis · 14/12/2005 14:38

Excellent news for you HRH I've been following your thread.
Here's to a better 2006 Cheers

spruceylucy5 · 14/12/2005 15:02

Thank God HRH, some good news. I bet you are hugely relieved. It's so much pressure but it looks like there is light at the end of the tunnel.

PruniStuffing · 14/12/2005 15:15

Haven't been following this but glad things are looking better - sounds like things have been v grim.

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